I have heard the same story line for the past two years that the shadow foreclosure inventory is going to take us down another 15 to 20%. I don’t see it. I review the country clerk records regularly and yes there are homes with pre-foreclosure filings against them that have yet to come to market, but it is a trickle not a wave. The original Lakewood Ranch Country Club has about 1500 single family homes in it. As of November 25 there were 23 homes with foreclosure filings that have not yet come to market. 23 out of 1500 is not going to kill the market. Yes it might keep prices flat, but it is not enough to turn us back into a downturn.
Overall our market is beginning to normalize but we are not healed yet. Buyers can still get steals if they are very patient and ready to pounce. Sellers have to be very price sensitive and realize that short sales, foreclosures and new construction will continue to be competition for the foreseeable future. Sales volume will improve, but prices are not yet going up. Craig Cerreta
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