Nov. 2008, Foreclosure Report, Lee County Florida

[Jeff Tumbarello]

Lis Pendens Filings
•1681 Mortgage Related Foreclosure filings
•1775 total Lis Pendens Filed
•88.4 Per Diem in filings
•121 per diem filings for the month prior
Deeds Via Foreclosure
682 Deeds were transferred via foreclosure from the courts.

Notes

•The same players in filings and deeds remain throughout the trend
•Fannie and Freddie getting lots of deeds
•Countrywide appears to be working on the backload. An earlier financial statement had CFS with 1 percent of its loans in default, 6 percent at technical default.
•The effect of the bailout starting to take effect. The real question is, is this the problem being solved or are we just going to quit filing foreclosures to allow the housing market to heal, or are we waiting for Fed Gov to buy these assets.
•The more people that can stay in their homes and start paying on their debts, the faster this ends.
•If the trend continues down thru 01/2009. It will be time to start doing absorption studies. Without any new houses being built for a number of years and the coming flood of retired and “forced retired†this market could get real interesting