Foreclosures Still Going Down

According to statistics released Tuesday by the Southwest Florida Real Estate Investors Association, lenders filed 526 mortgage foreclosures in Lee County during November, down from the 686 mortgage foreclosures filed in October. This November’s number is also lower when compared with the November 2011 figure, which was 643 foreclosures filed. As expected, the big banks topped the list of foreclosing lenders: Bank of America was first with 87; second was JP Morgan Chase Bank at 77, and third was Wells Fargo Bank at 55.

Looking at the broader national scene, data analysis firm CoreLogic last Monday conjectured that the housing market appears to have turned the corner this year with prices rising nationally, and that the sector could be expected to contribute to broader economic growth for the first time since 2005. According to their report, there were 58,000 completed foreclosures in October, down from 77,000 in September and 70,000 seen a year ago. Further, according to the report, about 1.3 million homes were in some stage of foreclosure in October, down 1.3 percent from the month before. That accounts for about 3.2 percent of all mortgages. Said Mark Fleming, chief economist at CoreLogic, said in the statement accompanying the report, "This is good news for housing markets as we look forward to 2013."

Fannie Mae and Freddie Mac also last Monday that they would provide a break for borrowers facing foreclosure to ensure that those having problems making monthly mortgage payments will remain in their homes during the holidays. Fannie Mae said its eviction moratorium would apply to single-family homes and two- to four-unit properties from December 19 through January 2, 2013, while Freddie Mac said it would offer the suspension from December 17 through January 2, 2013. Both Fannie Mae and Freddie Mac have also already earlier provided foreclosure-aid to borrowers with government-owned loans that are dealing with disaster-related damage resulting from super storm Sandy.

Relatively, another important indicator which shows that the housing sector is indeed on the rebound is the number of housing permits drawn. According to statistics from the county Department of Community Development, contractors in unincorporated Lee County pulled 44 permits for single-family homes in November, up from 42 in October and 34 in November 2011, while 20 permits were pulled for multifamily units in November, up from 12 in October and four in November 2011. The county commerce department also noted that general commercial activity in November was valued at more than $3.7 million, compared to $1.3 million in October and $1.8 million in November 2011.