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New hints of relief in local housing
But so far, that has not been the case.
In fact, the most recent foreclosure data would seem to suggest that Manatee, Sarasota and Charlotte counties may have dodged the bullet.
The great unknown is just how many loans on properties will ultimately fall into the distressed category.
Foreclosure filings in June hovered around their lowest point since summer 2009, according to data released Wednesday by RealtyTrac Inc., a California company that has been tracking the phenomenon.
Realtors will tell you that strong demand from investors and first-time buyers is taking distressed properties out of the market rapidly. Bankers will tell you that they have become proficient at handling distressed properties and at modifying loans before borrowers default.
Doing particularly well in this region are distressed properties at the low end of the price range, which are being processed most efficiently because that is where demand is the strongest — even with the end of the federal government’s tax incentives for purchasers.
“When they are priced right, we are seeing multiple offers from a mix of investors and first-time home buyers,” said Rosemary A. Mahoney, a real estate agent with Re/Max Palm Realty in Port Charlotte. “The first-time buyers are continuing to buy even without the credit because the prices and mortgage rates are so low.”
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