Foreclosures and home sales High in August
San Francisco, CA -- (SBWIRE) -- 10/03/2012 -- Temperatures were not the only thing that soared in August for Lee County, as foreclosures and home sales both were at an all-time high.
The director of the Southwest Florida Real Estate Investors Association, Jeff Tumbarello, comments on the situation by stating “They’re kind of letting it rip.”
The association’s findings show that lenders that lenders filed 756 mortgage foreclosures in August. That is an increase from last year, where 505 mortgage foreclosures were filed in August.
Those are not only foreclosures that are at an all time high, as home builders are also being affected. A separate report by Lee County’s Department of Community Development points that builders pulled 41 to build single-family homes. This is a decrease from the 63 permits pulled in July. Nevertheless, it is an improvement from last year’s 37 permits.
This decrease can be seen in other locations, such as Fort Myers, where 44 single family permits were pulled. Last year For Myers saw 55 foreclosures pulled.
The bigger picture, as it is the case in Lee County, is that there is an increase in permits in general. Fort Myer had 22 permits filed, with Bonita Springs having only 13 and Sanibel claiming only three.
Tumbarello explains that banks pull increase foreclosures in the third quarter of the year to have impressive fourth quarters. The increase is still impressive:
“It would probably rival what was happening at the peak” in 2008 and 2009 because of large commercial buildings and more expensive homes being foreclosed by banks, he said.
Summertime is historically known as a slow time for house-selling in the Southern Florida region and thus this is important to keep in mind, Bob Knight, vice president and co-owner of Cape Coral-based Paul Homes, reflects.
He states that the home-building industry is “still staying pretty strong for the summertime as far as the activity we’ve seen.”
It may not be all doom-and-gloom for the home-building industry, as Knight states, “There’s activity, with people inquiring, and there wasn’t a couple of years ago. You see some activity and we’re still signing some contracts.”
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