Sales of homes listed in bank foreclosure listings in Fort Myers, Florida soared in June, according to local real estate sales data.
Sales of existing homes increased in June by a staggering 121 percent in Fort Myers.
Home sellers in Fort Myers reported that they have sold a total of 1,586 pre-owned homes in June.
The sellers also reported that over 56 percent of home resales in June were properties included in bank foreclosure listings and that more than 15 percent of total distressed sales in June were short sales.
Short sale prices are always lower than the loan amounts and they are completed only when the banks approve the lower prices. Short sales are resorted to by many troubled homeowners to prevent foreclosures and to protect their credit records from being completely destroyed by foreclosures.
Of the nearly 1,600 home sales in June in Fort Myers, about 23.9 percent were conventional sales.
Real estate groups in the area also said that more than 7,000 single-family houses are listed in their foreclosure listings, but they said the number is significantly down from the number of homes in their foreclosed listings in June 2008. They said the drop is more than 5,000 units, representing a decline by almost 41 percent.
They said the total inventory of homes for sale is equivalent to 3.5 months’ worth of inventory, based on the current rate of sales. The inventory represents a substantial decline from the nearly nine months’ worth of supply in June 2008.
Despite the significant decline in the inventory of homes for sale in June in some areas, housing analysts and economists are insistent in their prediction that a significant increase in foreclosures will occur in the coming months due to several factors, including the rise in the unemployment rate and the expected re-adjustment of alternative-rate mortgage loans.
In June, the median sales price for non-foreclosed single family homes and properties listed in foreclosure listings declined to $83,000, a substantial drop of nearly 48 percent from the median sales price in the area in June 2008.
The median sales price for non-foreclosures was $175,000 and the median sales price for short sales was $105,000. For sales of properties in bank foreclosure listings, the median sales price in June was $69,000.
All in all, the low prices of residential properties in bank foreclosure listings pushed down median sales prices for all types of homes in Fort Myers in June.
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