Flagler County Foreclosure Sales Scheduled for Oct 2011
Foreclosure sales are triggered by the lender. The property is sold to satisfy the final deficiency judgment against the borrower.
Palm Coast, FL – September 19, 2011 – Foreclosure numbers recently released by RealtyTrac, a California-based company again confuse. As do so many publications, the Daytona News-Journal cites RealtyTrac as their data source. In a September 15th article, the N-J reported the following:
"Flagler County last month had the 13th highest ratio of homes in some form of foreclosure of any county in the state — one out of every 348 homes, according to RealtyTrac. The county had the 30th highest ratio of homes in foreclosure in July. In June, Flagler County had the highest ratio of homes in foreclosure in the state — one out of every 191 homes."
Can you make any sense of it? I can’t. How can one county go from having one out of every 191 homes in foreclosure in June to having only one out of 348 in August? I’ve often wondered where RealtyTrac gets their numbers.
The number of foreclosure filings (measured by the number of lis pendens filed with the Flagler County Clerk of Courts) has held quite steady for the past 10 months, ranging between 51 and 76 monthly.
August signaled an increase in the number of foreclosure sales. There were 141, including all property types. Foreclosure sales are triggered by the lender. The property is sold to satisfy the final deficiency judgment against the borrower. An increase in foreclosure sales could signal that banks are more willing to proceed to final judgment in order to clear their toxic portfolio. It could also be a temporary blip as banks begin to move forward after cleaning up their documentation issues.
There are 53 Flagler County properties scheduled to be sold via foreclosure sales in October. Among them are:
October 4
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58 River Trail Drive in Grand Haven – a 2,578 SF home currently assessed at $248,324 – It was purchased in 2005 for $500,000
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Roma Court – 515 Palm Coast Pkwy SW – a 91,203 two-story commercial building- Currently assessed at $1,920,000
October 5
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230 Harbor Village Point in Yacht Harbor Village – vacant lot current assessed value of $56,000 – It was purchased in 2006 for $575,000
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296 Harbor Village Point in Yacht Harbor Village – vacant lot, current assessed value of $56,000 – It was purchased in 2006 for $575,000
October 11
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5 Hargrove Grade – a 9,964 square foot office building currently assessed for $442,000 – It was purchased in 2005 for $900,000
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69 Heron Drive in Palm Coast Plantation – vacant lot currently assessed for $43,000 – It was purchased in 2003 for $83,900
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166 Riverwalk Drive S in Palm Coast Plantation – vacant lot currently assessed for $43,000 – It was purchased in 2002 for $128,900
October 12
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Unit 521 – Cinnamon Beach– a 2,003 square foot condominium currently assessed for $340,500 – It was purchased in 2004 for $799,000
October 18
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Unit 2013 in Tidelands – a 1,575 square foot condominium currently assessed for $119,100 – It was purchased in 2007 for $290,000
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Unit 133 in Bldg 2 in Bella Harbor – a 2,325 square foot condominium assessed for $104,600 – It was purchased in 2006 for $430,500
October 19
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36 Riverwalk Drive S in Palm Coast Plantation – a 3,274 square foot home assessed for $263,710 – The building lot was purchased in 2001 for $64,900
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5 River Landing Dr in Grand Haven – a 1,919 square foot town home assessed for 163,532 – It was purchased in 2005 for $402,000
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Unit 619 in the Hammock Beach Club – a 1,435 square foot condominium assessed for $344,700 – It was purchased in 2003 for $522,000
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Unit 424 in Bldg C in European Village – a 1,250 square foot condominium assessed for $50,000 and unit P-101, a garage condominium assessed for $2,174 – They were purchased in 2006 for $388,900
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109 Waterway Pkwy in the Crossings at Grand Haven – a 1,748 square foot home assessed for $131,351 – It was purchased in 2005 for $299,000
Foreclosure sales are held at the County Clerk of Courts office in Bunnell at 11:00 AM. Private buyers occasionally bid, but in most cases, the property is "bought" by the bank for re-sale. When listed for sale, lender-owned properties are typically purchased quickly.
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