Foreclosures – Good News and Bad News

First the good news…

Foreclosures are down in Florida.

Compared to 2010, foreclosure filings in Florida are down about 62%. That adds up to 181,965 filings in 2011. That’s still a whole lot.

In Pinellas County, filings were down about 61%. Overall, Tampa Bay was down 63%.

And the lower number may not be a reflection of better economic conditions. It may just be that lenders are getting better at doing short sales… or just trying to get the bad loans off their books more quickly. So many of what would have been foreclosure filings have turned into short sales instead.

“I think more banks are getting used to the idea of getting the infrastructure in place to do short sales and avoid that longer process.”
Sean Smith
Economist, University of Central Florida

But here’s the bad news.

It’s taking much longer for a foreclosure to be completed.

It takes on average 806 days for a foreclosure to make it through Florida’s system. That’s well over 2 years before the homeowner and the lender have the problem resolved. That’s too long for everyone involved.

All the more reason to have a good foreclosure attorney on your side to make sure your situation is resolved as quickly as possible.

* much of this information was taken from The Tampa Times and RealtyTrac.