Home Buying in 32459>Question Details

Peter Mohyls…, Real Estate Pro in Sandestin, FL

Shadow Inventory

Asked by Peter Mohylsky, Sandestin, FL Thu Jul 19, 2012

Any body have any insight into at what rate properties will be released into the market. Rentals are booming this season, helping cash flow but are mortgages being satisfied, and will the original buyers ever return to the point they bought into the property.

Help the community by answering this question:

Answers

6
BEST ANSWER
Statistically in Okaloosa and Walton Counties both, inventory is decreasing. When this occurs the market is showing signs of a slow recovery. I have the statistical reports that I can share with you. I just need your email address to do so. In Okaloosa County (Destin area) the number of Lis Pendens went up by 124% last month over May and for the year they are up 139%. A Lis Pendens is a notification of Foreclosure. So yes, I am beginning to see the shadow inventory reintroduced back into the market again.

In Walton County there has only been a 50% increase of Lis Pendens for the year to date figure. The market is stonger now than it was even six months ago. Although I notice a lot of price decreases on the local "hot sheet" report that I review daily, I am also beginning to see a few price increases.

I would be happy to further discuss at length if you wish.

Warmly yours,
Kelly Klein, Broker
Lifeguard Real Estate, Inc.
850-420-2480
0 votes Thank Flag Link Thu Jul 19, 2012
I agree completely with Shay Dassa. I work 30A Santa Rosa Beach areas and Panama City Beach as well...we have been swamped with sales and many more buyers than we have seen in a few years and inventory is way down. Not only cash buyers but a huge increase in financed properties.
I have talked with several Banks and Lenders and yes there is definitely many more SS and Foreclosures on the horizon. It's true that many Lenders are holding out for higher prices for longer periods of time...they need to release more so we can sell them!!! Good luck in your journey :)
If you would like to contact me directly please feel free to do so. Sincerely, Karen Oliver Beachy Beach 30A Real Estate 850-960-2555
1 vote Thank Flag Link Fri Jul 20, 2012
Peter, all I can tell you from our experience working out on 30A, is that there are only 9 properties in Foreclosure in areas 17-18 in the MLS. That number was 44 last year. Foreclosures are hitting the market and getting snatched up by buyers and investors alike. I see that number shrinking. Several residential projects in Destin, such as One Water Place, have seen a 30% increase in sale prices from last Summer. I do not believe that prices will go up like they did during the unrealistic boom we had back in 2003-2006, but when they do go up, they will go up to stay ,as buyers are coming with cash or they must qualify the "old fashioned way" to obtain a loan these days.

Hope this helps a little, as we feel the bottom was last year and anyone looking for a "deal" has about another 12 months to get in on the action. Good luck to you !
1 vote Thank Flag Link Thu Jul 19, 2012
There are hundreds if not thousands of houses that owners have not made payments in several years.

I know a woman who has not paid on her mortgage in more than 4 years. Moved out when lis pendens was filed about 3 years ago. House has not been foreclosed yet, not even any further action taken by the bank to pursue the foreclosure. This is not the only person I know of in this situation.

No matter what actually shows up on the banks rolls of inventory owned, there's much more hiding in the shadows.

Nadine Mauro
Highlight Realty
561-414-0864
NadineSellsHouses@gmail.com
http://www.floridahouseseller.com
0 votes Thank Flag Link Thu Jul 19, 2012
Hi Peter,
I don't think anyone knows for certain at what rate banks are releasing their owned properties but I suggest calling a few larger banks in your area as they might be able to give you a better idea or at least point you in the direction on how to find out.

I read that some agents in California are accusing the banks of holding onto their properties longer than is necessary because home values are rising in some areas. They say that the banks are waiting to release their inventory so as to obtain a higher price as the market values rise in these neighborhoods so the homes are sitting for a long while vacant.

Good luck!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Thu Jul 19, 2012
I dropped EQUATOR because I'm tired of waiting for them:
I've given them hundreds waiting a dripple; nothing!

It could be tomorrow, and it could easily be next year:
The Government is putting no pressure on them to release the inventory,
and you know that they work by incentives.
0 votes Thank Flag Link Thu Jul 19, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer