Manatee Repo Numbers
Posted on May 5, 2008
Filed Under Repos | Leave a Comment
The foreclosure figures in Manatee County are neither walking nor running – these are on a jumping spree. There have been 484 repo homes – it being three times the number of April 2007 when there had been only 159 foreclosure postings. The latter had been, at that time, broken records of the previous month.
The number this year shows that on an average on each working day 22 foreclosures had been filed. Court clerk Very Reyna complains that this has meant a three-fold increase in their work schedule. The court authorities have been compelled to seek help of extra staff from other departments. The novices are struggling to make things run. It does not seem that the problem is only a short-term hiccup.
In 2007 the repos race began to pick up speed. It was usual at that time to handle three to five sales per day but today sometimes 15 cases have to be dealt with. The malaise is not confined to particular regions or embracing certain price brackets. It is affecting all categories of house – from the least expensive ones to waterfront luxury mansions.
The sub-prime market had intoxicated the market and the lenders had gone on the rampage like drunken sailors. Some lenders however did not get involved in this dubious peddling of loans. But many did and they are responsible for what is happening today. Lender activity is being reined in but this is negatively telling on those who had acted judiciously. These lenders are now paying the price for something they had not done. Genuine buyers too are being denied loans. The net result is that the real estate market is suffering.
Short sales seem to be the answer but this is leading to the same problem – mounds of paper work stacked on desks. It often happens that a short-sale unit lands up in foreclosure for no other reason but delay in processing of files. With more foreclosures coming in, the delay is going to worsen.
However some are gaining. First time nest builders are getting a fair chance to move into affordable houses to set up homes. A decent house is available for $150,000 – something impossible few years ago. Overseas investors are also taking advantage of low interest rates and falling value of the dollar to snap up deals in the foreclosure market. They are purchasing with cash power.
Search Repos
Popularity: 3% [?]
Comments
Leave a Reply