It’s a wonderful Wednesday and we have wonderful news nationally, with the foreclosure inventory down 34% from last year.
Drilling down closer to home we find specific segments of our local market lagging behind the national trend over all. Tampa Bay and Sarasota both currently show a higher percentage of single family foreclosures below the $200,000 price point, while the faster moving segment of the market is between $250,000 – $450,000.
As of this morning:
Hillsborough County currently has 515 single family foreclosures listed in the MLS making up 11% of the market. Of those foreclosures 71% are below $200,000.
Pinellas County currently has 447 single family foreclosures listed in the MLS making up 12% of the market. Of those foreclosures 78% are below $200,000.
Sarasota County currently has 183 single family foreclosures listed in the MLS making up 7% of the market. Of those foreclosures 66% are below $200,000
According to the latest CoreLogic National Foreclosure Report, “approximately 552,000 homes in the US were in some state of foreclosure as of December 2014”. This figure is down 34.3% from the 840,000 homes in December of 2013. December marked the 38th consecutive month in which there were year-over-year declines.
Anand Nallathambl, the President and CEO of CoreLogic, is hopeful for the future, saying:
“At current foreclosure rates, we expect to see the foreclosure inventory in the U.S. drop below 500,000 homes sometime in the first quarter of 2015 which would be another milestone in the healing of the housing market.”
The map below shows the percentage of foreclosure inventory in each of the 50 states and Washington, D.C. Thirty-six states have inventory below the national rate of 1.4% and can be seen in two shades of green.
Even though some states have not recovered completely from the foreclosure crisis, the nation as a whole is on the right track as inventory decreases.
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By Christina Stramiello, PA
Broker: Robert Slack Fine Homes, LLC
3320 SW 33rd Rd, #100
Ocala, FL 34474