Sarasota County Bank Foreclosures Increase in Jan 2010

Posted by Sarasota Foreclosures.com on Wednesday, February 10th, 2010 at 11:53am.

Bank Foreclosures Increase in Jan 2010

Foreclosure activity remained strong for the first month of 2010 in Sarasota County. Several noteable trends continued, and some new ones emerged.
For the 7th consecutive month the number of homes closed as short sales exceeded the number of bank owned properties that closed.
In January 2010 there were 121 short sale closings and 110 bank owned closings.
The number of bank owned pending sales increased dramatically.

I predict in February the number of bank owned closings will surpass short sale closings. This is due to the difference in the time frame to close a short sale compared to a bank owned property. A large number properties that bANKS TOOK title to in Dec. 2009 have been listed and contracted, with an average of a 45 days from contract to clsoing. However, short sale average 184 days to close. This accounts for the huge number of currently pending short sales through out 2009.

The fall out rate for short sales is much higher than for bank owned REO.

The number of new foreclosures filed (measured by 'lis pendis' recorded) decreased significantly. However, the number of properties that lenders receved title to fell to 199. This is down significantly from Dec. 2009. It is also lower than Jan 2009 as we start to compare foreclosure stats to the same time period of previous years.
In Feb. 2010 the number of bank owned closings, listings and pendings will all most likely increase.
The # of certificates of title and new lis pendis recorded is within the new "normal". However, it will take at least 12 months of not having any new foreclosure filings just to clean out the 5000+ pending foreclosure cases.

The quantity of short sales will also increase. This is due to government programs going into effect that encourage (PAY$) lenders, homme owners, realtors, & servicers to close more short short sales.

Sarasota County Foreclosure Statistics

Feb. 2 2010	Bank Owned	Short Sales	All Foreclosures	Total
Active	324 (3.3%)	1,183 (12.3%)	1,507 (15.6%)	9,606
Pending	244 (9.8%)	1,452 (58.4%)	1,605 (64.5%)	2,486
Sold	Bank Owned	Short Sales	All Foreclosures	All Sales	Certificate of Title	Lis Pendis filed
Jan. 2010	110(15.7%)	121(17.3%)	231(33%)	699	197	599

Dec. 2009	123 (15.9%)	158 (20.5%)	281 (36.5%)	770	535	725
Nov. 2009	96 (14.1%)	149 (21.9%)	245 (36%)	679	169	722
Oct. 2009	122 (18.2%)	136 (20.2%)	258 (38.5%)	670	150	714
Sept. 2009	128 (19%)	150 (22.2%)	278 (41.2%)	674	194	693
August 2009	75 (13%)	117 (20.3%)	192 (33.4%)	574	139	694
July 2009	111 (14.1%)	118 (15%)	229 (29.1%)	786	101	933
June 2009	147 (18%)	98 (12%)	215 (26.3%)	816	134	670
May 2009	201(25.3%)	85 (10.7%)	286 (36%)	796	68	766
April 2009	242 (28.3%)	65 (7.6%)	307 (35.9%)	856	99	862
March 2009	221 (29%)	53 (7%)	274 (36%)	762	99	875
Feb. 2009	196 (32.2%)	36 (5.9%)	232 (38.1%)	609	180	760
Jan. 2009	187 (36.2%)	30 (5.8%)	217 (42%)	517	219	772
Dec. 2008	198 (28.5%)	30 (4.3%)	228 (32.8%)	695	250	638
Nov. 2008	160 (32.8%)	20 (4.1%)	180 (36.9%)	488	194	673
Oct. 2008	173 (29.6%)	17 (2.9%)	190 (32.5%)	585	276	925