August 2008 Lis Pendens and Foreclosure Recap, Lee County Florida

[Jeff Tumbarello]

Number of deeds conveyed by the clerk of the court via foreclosure action 1210
Number of Mortgage related Lis Pendens 2156

The trend is changing. The deeds being conveyed is starting to gain momentum.


Notes Lis Pendens Filings

• We had a reduction from July to August. The key to watch is the next 2 months
• September is the last month of QTR 3. The Filings have showed a pattern of a month increase and a 2 month decrease followed by another increase. Another factor there might be pressure to show an improvement in QTR 4 for Year End numbers.
• I would wait to pass judgment on the filings trending down until September and October are in books.
• The homestead percentage from July was updated. The Lis Pendens filings where a homestead exception are trending down by percentage. One reason for this is the lenders willingness to work out a modification with HOMEOWNERS

Notes Deeds Conveyed

• The lenders taking back deeds this month are the primary drivers of REO sales within the Market
• Expect more downward price pressure in high foreclosure markets where there is proportionately lower sales activity. IE Lehigh Acres
• The count of deeds jumped dramatically. This is due to the court system streaming things a few months back.
• The good news is the REO’s are what the market wants.
• More good news, some lenders are choosing to rent versus sell.
• Hat tip to Charlie Green and his staff as well as the judicial side. There does not appear to be a staffing up from recent years. They are handling hugely exponentially growing work load