According to a RealtyTrac report released this week, one in five homes for sale in the United States are properties repossessed by lenders. The report also noted that foreclosure-related filings rose 8 percent from June to July, and 55 percent from a year ago.
Foreclosure-related filings include default notices, auction sale notices and bank repossessions. However, not all homes subjected to foreclosure filings are ultimately repossessed by lenders.
RealtyTrac is a real estate data aggregator and has said it now has more than 750,000 properties in its active real-estate-owned database, which represents 17 percent of the inventory of existing homes for sale in June, as reported by the National Association of Realtors.
While this is not good news for the economy of the United States, there is a bright spot for Pensacola Florida real estate. According to the Pensacola MLS, of the 6300+ homes for sale on the Pensacola real estate market, only 218 are foreclosure or bank-owned properties. Another 229 are listed as short sales.
That makes foreclosures only 3.5% of the Pensacola real estate market, and short sales just over 3.5%. This is significantly less than the estimated 20% reported by RealtyTrac.
The rate of foreclosure-related filings reported by RealtyTrac was highest in Nevada, California and Florida.
The Cape Coral-Fort Myers, Fla., area had the highest rate of foreclosure-related filings in the nation — one in 64 households, RealtyTrac said.
This shows that Pensacola has a much more stable real estate market than southern Florida, where speculators went crazy during the real estate boom years and basically ended up being part of the cause of the big crash we are seeing now in southern Florida. See my article Did Speculators Accelerate The Florida Housing Downturn? .
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