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FORT MYERS — Lenders filed 526 foreclosures in November, an 18% drop from the same month one year ago, according to the Southwest Florida Real Estate Investment Association.
The numbers suggest that a feared second wave of foreclosures isn't likely to occur, says Jeff Tumbarello, the association's director. In a presentation to the association, Tumbarello says the number of monthly foreclosures will likely remain in the 400 to 600 range until Bank of America, Wells Fargo and JP Morgan complete their foreclosure work.
That also means there won't be a flood of bank-owned inventory of foreclosed homes dumped on the market any time soon. “There's going to be a dearth of inventory on the bank-owned side going into season,” Tumbarello says.
Realtors report that inventory of existing homes is shrinking to the point where it may not meet the growing demand, forcing prices to rise. Read a recent Business Review article on this trend here.
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