Foreclosure Numbers Down in Southwest Florida and Other Key Areas

The number of bank owned homes and other properties undergoing the different stages of foreclosure have gone down in Southwest Florida and other areas in the country.

In the second quarter of 2012, home sales relating to foreclosures have totaled to 23% as reported by RealtyTrac.  For this percentage a total of 224,429 homes were sold nationwide. 

There was a 12% decrease from the 1st quarter of 2012 and this figure was also down from last year recorded data of 22%.   This was the first decline seen by experts over the last 5 quarters where increases in homes sales were reported.

Other key areas that posted the highest number of foreclosure related sales in Florida are Miami-Fort Lauderdale-Pompano Beach and Orlando-Kissimmee areas. The total number of residential sales that the state of Florida posted for the 2nd quarter was at 12,153 homes which were also down compared to the 1st quarter of 2012 and last year’s records.

The number of foreclosure related sales in the Cape Coral totaled to 776 properties for the second quarter of the year. The figure was down by 7.4% compared to last quarter’s posted sales.  Compared to last year’s data, the figure was down by more than 38%.

In other parts of the Southwest Florida such as the Naples-Marco Island, the area was able to post some positive figures.   From the second quarter, there were 277 foreclosure related sales which was slightly higher than the 1st quarter of this year. However this slight increase is still considered lower by 33% from last year’s records.

Nationally, the sales for homes related to foreclosure have gone up.  The sales during the 2nd quarter have gone up, 6% up from the total sales posted on the 1st quarter and up from last year’s records by 7%.  This is considered the highest gains since the last quarter of 2006.

From the data that was released by RealtyTrac, the number of available foreclosed properties for sale keeps going down.  This is a clear indication that market players would have lesser supply to work with and this condition might push the prices of properties upwards as indicated by the quarterly and annual reports that were submitted.

However, among all the metros in the country, the city of Modesto CA has posted the highest number of foreclosure related sales among 100 cities in the country.  The city was able to post a total of 57% of all residential sales.
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