Foreclosures, short sales and deed in lieus of property in Pinellas County was a major issue in 2009. From everything I can see, the problem and issues will be even greater in 2010. Following are scary numbers about foreclosures in 2009.
Total Number of Foreclosures Filed= 14,212
Total Number of Final Judgments Entered= 3,047
Based on these numbers, there remain more than 11,165 foreclosure cases currently pending from 2009, and based on 2009 rates we’ll be adding at least 1000 more to this number per month. The number of foreclosures will continue to drag down prices for all real estate in Pinellas County, they will continue to bog down the courts and be a drag on the overall economy.
Three scary points from these numbers:
1) The 14,000 cases filed represent a fraction of the total number of foreclosures that could be filed based on the delinquency status of borrowers.
2) The only 3,000 Final Judgments that were entered is only a small fraction of those that could be entered. Many lenders are purposely not moving for Final Judgment, they’re just sitting on the property, but that backlog in inventory presents many problems going forward.
3) Of the 3,000 Final Judgments that were entered, only a fraction of that number ended up in the possession of third party purchasers. Most went back to the lenders, many were cancelled when the borrower filed bankruptcy and in other cases the lenders either worked out an agreement with the homeowner or just didn’t set the sale because they didn’t want possession of the home and the liabilities for taxes, maintenance and insurance.
Of those cases where a Final Judgment was entered
49 were filed before 2006 (a few were filed as long ago as 2002-2003)
468 were filed in 2007
981 were filed in 2008
549 were filed in 2009
Up next, the $786 Bajillion Dollar Question, what’s happening with all these foreclosed properties and where is the crisis going from here? For more information, contact Matt Weidner at