Foreclosures in SWFL Slowly on the Rise

The number of Southwest Florida foreclosures are slowly creeping up in numbers.  In different counties, there have been increases in foreclosed homes.

In Collier County, foreclosures were checked on year over year period which started in the beginning of the month. The highest number of reported foreclosures was tracked in August with 295 homes.  From the same month last year, there were 229 foreclosed properties in the county which were 66 homes lower as presented by the county’s clerk office.

Foreclosures are also slowly increasing in Lee County with reported increase every month over a year to year span which also started in January. The highest numbers of foreclosed homes were reported back in March with 799 homes. It slowed down for the next four months before starting to increase again.  For the month of August, the county posted 701 foreclosed homes which were up from 518 homes that were reported from last year’s records.

The sudden increases in foreclosure in SWFL are due to the infamous robo signing deal where allegations of falsified documents were submitted to hasten the process of foreclosure. Major banks are now reprocessing these foreclosures after a $25 billion settlement was made last April.

The director of the Southwest Florida Real Estate Investment Association, Mr. Jeff Tumbarello, has noted that foreclosure was up again after the settlement was made on the robo-signing deal.  The association is responsible for tracking any changes in foreclosures in SWFL.

Some of the major banks that delayed their foreclosure filings are Wells Fargo, Bank of America and JPMorgan Chase & Co.  These banks now account for more than 60 % of foreclosure filings.

Yet despite of the increase of foreclosure filings in SWFL, the number of foreclosure filings went down nationally. Foreclosure filings declined by 13% for three straight months after increases on a year over year period.Some states, such as Florida, are seeing considerable numbers in foreclosure filings which started last month.

Cape Coral - Fort Myers is one of the areas in SWFL where foreclosures where it was reported the highest. A total of 1,255 homes were foreclosed for the month of August.  This number was up by 40% from the previous month but still down from last year’s foreclosure filings by 8.6%

If the current pace of foreclosure filings continues, the numbers from last year’s records would be surpassed in both Collier and Lee counties within the next few months.
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