Sarasota homes for sale overlook latest Lender Processing Services’ “Mortgage Monitor Report” suggesting foreclosure pipeline bursting – over 13% of mortgages delinquent!
Can a person get lost in the data?
…especially when the data predicts gloom & doom?
The other day, I caught a Sarasota real estate piece in the Sarasota Herald-Tribune newspaper-online edition.
Comments nearly unanimously attacked the editor for publishing “another gloom & doom” article.
One comment particularly caught my attention among the cacophony of resentment. Something to the effect that buyers should stop analyzing and start buying…that these incredible buying opportunities won’t last long…what goes down has to go up in Florida….
These 3 statements sound just like some realtors who care only about generating commission:
- “Stop analyzing and start buying!”
- “Incredible buying opportunities won’t last long!”
- “What goes down has to go up!”
Hey, make no mistake, I’m a realtor and I rely on commissions as well. HOWEVER, don’t you believe (as I believe) an informed buyer is a happier buyer?
Click Read More below now to get your font-row seat as we examine a recent mortgage monitor report from Lender Processing Services.
13% OF MORTGAGES NATIONWIDE DELINQUENT
Sarasota homes for sale invite YOU To love where you (choose to) live!
In my mind, EVERY buyer should be concerned with (but not paralyzed by) the numbers.
Even if you plan to hold your purchase for 10+ years, wouldn’t you like to get the best deal possible?
Wouldn’t you like to inform the bank on a short sale your “lower” offer is justified because of xyz information? You ARE an informed buyer who doesn’t just throw money away…even if you have the money to throw away. 
According to Lender Processing Service’s December report:
- One in every 7.5 homeowners either fell into delinquency or foreclosure.
- The total number of delinquencies reached a record high of 9.97%, a 5.46% increase from the previous month and a 21.29% increase from November 2008.
- Loans falling into more severe delinquent categories reached 5.01% through November, compared to 1.52% of loans improved toward a current status. That’s compared to November’s mortgage monitor report, when 4.02% of current mortgages through December 2008 fell into delinquency by October 2009.
- More than 4% of the loans that were current in December 2008, fell behind by 60 days or more, including foreclosure, by the end of November 2009.
Perhaps even more startling beyond the numbers is that Lender Processing Services claims it’s the worst the market as a whole has been since LPS began reporting the data. How does THIS compare with what you’re hearing from the happy-talk crowd?
How LONG you plan to live in your new home and/or how aggressive you are when buying should influence how you feel about this report. The reality is that many people in and around Sarasota are hurting, evidenced by this report and future reports:
- The foreclosure rate in November reached 3.19%, a 1.46% increase from the previous month and an 81.41% increase from November 2008. This doesn’t include the number of homes falling into the shadow inventory of foreclosure. I’ve reported previously about “shadow inventory” (rather, empty and distressed properties sitting and rotting away. They’re not actively marketed by realtors. They appear as POSITIVE on the banks’ books, artificially propping up the banks’ books.) In the community where I live, we have 6 out of about 220 properties that reflect SHADOW inventory…6.
- Some data providers like First American CoreLogic speculate the amount of shadow inventory could be as high as 1.7 million as the roadblocks of the government incentive programs and moratoriums clog the foreclosure pipeline.
As expected, Florida heads the list with the most non-current loans, also including Nevada and Mississippi.
Got a comment, question and/or experience to share? Great, I want to hear what you have to say. Go below to the box & share your comments, questions & experiences. Write as much as your want. I WILL read and respond. Always know that I appreciate your comments. By all means, if you want to buy or sell in or around Sarasota, call me now. I want to be your Sarasota Realtor!
Sarasota homes for sale will continue selling, not because it’s Florida and everyone in the world wants to experience Sarasota (as some people apparently believe) but because Sarasota (minus manufacturing) STILL offers a strong quality of life. My intent as a Realtor is to help buyers buy smart and to inform sellers the REALITY (not pipe dreams just to score listings) of today’s market. I want you to love the opportunity you got on a new home purchase in or around Sarasota!
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