All this talk about how long it takes to complete a foreclosure in Florida is so much lies and misinformation. The figures commonly quoted about the time to foreclosure are grossly misleading, but there is something far more curious and sinister that no one is talking about.
Why are all the banks taking back their homes after foreclosure rather than letting these properties make it onto the free market?
What kind of perverse financial incentives are operating to keep the free market from working and keep hundreds of millions of dollars in real property in the hands of the federalized institutions?
WHY ARE WE THROWING PEOPLE INTO THE STREETS SO THE BANKS CAN KEEP HOMES?
THERE IS SOMETHING VERY WRONG HERE….
In years past, most foreclosure auctions would result in third parties purchasing the homes then rehabbing and selling them. Despite all this national talk and all this effort to move homes through the pipeline, THAT IS NOT HAPPENING.
In Pinellas County, Florida there were (only) 706 foreclosure auctions January 1, 2012 through February 29, 2012. Rough estimate there were less than 2% that made it into the hands of third party purchasers….WHY ARE THE BANKS TAKING THESE HOMES BACK RATHER THAN LETTING THE MARKET DECIDE WHAT THEIR PRICE IS?
I have confirmed this all over the state….what is going on here?
Here are the totals from the online website:
(total sales) (total balance) (fees paid to clerk) (taxes paid)