Tony Perez

I've done some digging in the Naples Real Estate Market to try to find out what is really going on with Short Sales & REO's as it relates to the following questions.

• Is there another wave coming through & if so when and how small or big will it be?
• How many seller's are still in trouble or behind on their mortgage payment?

Here's what I found at the end of all the digging. First to clarify the process, an LP (Lis Pendens) is filled once your 3 mortgage payments behind then later an FJ (Final Judgment) which states when the bank is going to sell at public auction or become an REO which then a CT (Certificate of Title) will be issued. Now based on that info here's the numbers behind the questions I have.

Here's the number of Certificate of Titles issued in each year.

• 2006 had 87 CT
• 2007 had 677 CT
• 2008 had 2,388 CT
• 2009 has 2,613 CT not including this month

Now here's the Lis Pendens that have been filed in each year.

• 2006 had 1,246 LP
• 2007 had 4,078 LP
• 2008 had 8,793 LP
• 2009 has 8,540 LP not including this month

Here's what it all means, the pre-foreclosure process on average takes 18 months to foreclose and some up to 24 months so that means 2006 and 2007 LP's most likely became REO's in 2008 & 2009 based on the CT numbers. So that first wave that came through for the most part was only 2006 & 2007 LP's. So in 2010 we'll see most of 2008 LP's become REO's and 2011 will be 2009 LP's.

So get prepared now because there's another wave coming, either get on or get out of the way the next years are going to be whatever you make it. Goodluck & stay positive, hmmm... now where did i leave my surfboard at...

We are finally under 10,000 active listings in Naples current total as of May 8th 2009 is 9,784 listings. What you might find interesting is how those listings break down.

• 81.5% of all listings are Regular Deals (though we know probably half of those listings are over priced)
• 16% of all listings are Potential Short Sales
• 2.5% are REO’s Bank Owned Properties (I thought that number would be higher)

I’m sure all of you have felt the market has changed for the better since March 2009 a lot of multiple offers going on out there making it harder to secure the deal. Here’s some stats that show just exactly what’s been going on since the beginning of 2009.

• January had 4,131 new listings and 541 sold that’s 13%
• February had 3,266 new listings and 625 sold that’s 19%
• March had 3,705 new listings and 904 sold that’s 24%
• April had 2,920 new listings and 970 sold that’s 33%

FYI- so far these first 8 days in May has shown no slow down currently 972 new listings and 299 sold that’s 31%

2nd FYI- To put the under 10,000 listings in perspective Naples was as high as 15,000 listings just over 18 months ago.

P.S. Keep doing what you have to do to get that next sale and Happy Mother’s Day to all MOMS!!!

Here's 2 bar graphs of Pending Sales in the last 12 months as well as Pending Sales per quarter over the last 4 years.  As you can see over the past 3 months there has been an increase of 36%  26%  &  37% respectively over the previous month in Pending Sales.

•·         If you compare 1^st qtr 2009 to 1^st qtr 2008 we are up 59%

•·         Compared to 1^st qtr 2007 we're up 64%

•·         This quarters 3,600 Pending Sales are in between the Pending Sales of 2^nd & 3^rd qtr of 2005 when homes were selling like hotcakes.

Share this info and buyer's it's time to get off the fence or miss out on your oppurtunity to own property in beautiful SWFLA...  Also based on last year's trend this 2^nd quarter 2009 will increase more than this 1^st quarter, possibly hitting over 4,000 pending sales so get out there and make sure you grab a piece of paradise.

FORECLOSURES

There could be new meaning to "home for the holidays." Gov. Crist said Monday he's considering a temporary freeze on housing foreclosures in Florida to provide some holiday relief from housing and financial turmoil.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n1-112508.cfm

DEVELOPERS

Saying they've been labeled "toxic" by lenders, Florida's home builders are upset over the way lending institutions are using the $700 billion bailout fund that Congress and President Bush approved in October. They say the money isn't being passed along to the slumping construction industry.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n4-112508.cfm

REAL ESTATE ECONOMY

"October was the height of the economic crisis, and the shock factor for consumers has not yet been fully reflected in home sales," NAR Chief Economist Lawrence Yun said on Friday at NAR's convention in Orlando. But Yun notes that some of the hardest-hit areas of the country, including Florida, show "consistent, solid gains" in pending home sales.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n2-111008.cfm

BUYERS & SELLERS

NAR released its latest consumer survey of home buyers and sellers. A key finding: First-time buyers have risen in market share, and they plan to own their homes longer than buyers in the past.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n4-111008.cfm