Lakeland FL Short Sale | Foreclosure Market Update – July 2011

Lakeland FL Short Sale | Foreclosure Market Update – July 2011

For the month of July, the Lakeland real estate market of short sales and bank-owned (REO) properties have dropped well below the normal numbers of recent months, due to the robo-signing mess lenders faced.  It seems that Lakeland FL Short Sales are more lucrative than ever, when buyers have the patience it requires.

There were a total of only 69 distressed homes sold that were in some kind of distress, compared to the 118 homes the previous month and 106 home the previous year.

Current inventory for Lakeland foreclosures as of 9/03/11 is at 69, while 84 homes currently are under contract and awaiting closing.

What are the price ranges, buyers and investors are most interested?

Lakeland Foreclosures Market Report

$49,999 or under – 14 homes

$50,000 – $99,999 – 19 homes

$100,000 – $149,999 – 8 homes

$150,000 – $199,999 – 4 homes

Current inventory for Lakeland Short Sales as of 9/03/11 is at 350 homes, while 317 homes are under contract and waiting to close.

Lakeland Short Sales Market Report

$49,999 or under – 5 homes

$50,000 – $99,999 – 9 homes

$100,000 – $149,999 – 9 homes

$150,000 – $199,999 – 1 homes

The Graph below compares sold homes in all categories – Traditional Sales (None Distressed), Lakeland Foreclosures (REO) and Lakeland Short Sales.

  • Average days to Closing for bank-owned properties are 123 days
  • Average days to Closing for other distressed properties are 267 days.
  • 24 Lakeland FL Short Sale properties sold – average sold price$93,513 – median sold price $95,000.
  • 45 Lakeland FL Foreclosures (REO) sold – average sold price $75,463 – median sold price $72,900.

Since January 2011, 544 properties received some sort of default notice, summons and/or complaint filings from the clerk of courts and with only 69 foreclosures on the market this shows that most of Lakeland homeowners trying to get loan modifications or just living in their homes not making a single mortgage payment.

Don’t let time be against you. Don’t be foreclosed. Call your Lakeland FL Short Sale Agent – Petra Norris at (863) 619-6918 and find out about our options

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