September 13, 2012 by patrickgalloway1
As the sale of Lehigh Acres foreclosures dropped for the second half of the year, more inventories are expected to flood the markets in the coming months.
There was a reported decline in the sales of foreclosed properties from the months of April to June. Florida is still in second place. Sales of foreclosed homes listed to 9,657 units or 24.6% from the second quarter of the year. This figure was considered lower from the reported data of 32.5% from the same period last year.
As more foreclosure notices get mailed, this increase in inventories would really affect Lehigh Acres’s path to recovery. With the new batch of homes hitting the market, sellers would be dominating the market. This could drive home prices further down.
Nationally, Florida has posted a 42.8% residential sales for foreclosed homes from the months of April to June.
There has also been a decline of foreclosed homes sales nationwide. There have been a total of 224,429 homes sold in the country from the months of April to June. This number is down 12% from the first quarter of the year and down by 22% from the same period of last year.
In most key cities, Florida has posted 45% home sales that involve foreclosed properties. The city had landed on 5th place nationwide for this figure of homes sales for the 2nd quarter of 2012.
With the new law taken into effect, banks have to undergo a more rigid guideline of foreclosing property and cannot immediately enforce the foreclosure to the homeowners who are in default. This has resulted in the decline of homes that underwent foreclosure and the numbers homes have remained low.
Though there is still a low number of foreclosed inventory in the market, the surge in supply are expected to hit the market by next year, either by February or by March where people will feel its effects in the market.
As the number of foreclosed vary per month. From May, there were 521 listed foreclosed homes, for June, there were 629 homes. For the month of July, there were 914 homes and for August another 1000 homes are expected to hit last month’s numbers. As more foreclosed homes hit the market, buyers and sellers would be assured of a steady stream homes in the coming months.