Honest. Really. The St. Pete Times and Realtors Say So!

Break out the champagne ladies and gentleman…..

THE FORECLOSURE CRISIS IS OVER!

And the slump in real estate (and the overall economy)…..

THOSE ARE OVER AS WELL!

Good times are everywhere….Honest….just listen to what the realtors have to say:

“The market is stabilizing. The last of the short sales are pretty much gone, and (foreclosures) have slowed,” said Brad Monroe, a Brandon-based broker associate with Pangea Realty Group. “The regular market is doing very well.”

See.  The realtors say so. And so it is so.

But wait. I did an actual search looking at real data and found….946 Foreclosure Starts in Pinellas County in February…alone.  Now hold on just a cotton pickin second.  I thought that “foreclosures have slowed”  Well dadgummed….what in the world is going on here. Surely I can believe what’s on the front page of the St. Pete Times.

Oh, but wait a minute…The Times is only focusing on a small subset of data. Data provided by the Real Estate Industry.  And those cheerleaders that broadcast “informed” opinions about larger issues based on anecdotal “evidence”.  Take a step back and look at the larger picture…the whole story is based around data from 2,900 sales.  Not particularly significant given the much, much larger state of inventory across this county.

And forgive me for being a bit critical of “facts” reported by people who have no basis for those “facts”, but “foreclosures have {NOT} slowed”.  In fact, the twin demons of the 2014 Foreclosure Purge, along with the extraordinary backlog of cases in the pipeline are already producing extraordinary market changes….

One parting shot. I’m actually looking at who’s purchasing the foreclosure auction properties and guess what…..THE INVESTOR MARKET IS GONE….POOF!  It’s like the hedge fund managers in New York City finally woke up and realized….

HEY, WE CAN’T OVERPAY FOR FORECLOSED HOMES AND RUN ANY BUSINESS MODEL

Imagine that.

And what about all those Final Judgments that are being entered. (With the MIA foreclosure Auctions?  What happens with those Zombie Homes?)

478 Foreclosure Auctions in Pinellas March 2014….413 of them returned back to the Plaintiff Zombie Debt Collector Banks.

So what happens to all of them homes?

And what about this….There have been (only) 1,573 Auctions in Pinellas County in all of 2014…..and how many of them went to third parties?

A WHOPPING 258 HOMES SOLD TO THIRD PARTIES IN ALL OF 2014!

This is the single most important number in all the discussions regarding foreclosures and the impact of the legal process on foreclosures and real estate.

 And now here’s a number that’s a real hoot….1,168…That’s the number of new foreclosures filed in 2014.  Compare that number next to the number of auctions….1,573.

YIPEE! POP THE CHAMPAGNE!

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