From 2009 through 2011, distressed sales accounted for more than half of Flagler County’s single-family home sales. In November, the percentage dropped below 25% for the first time since 2007.
Palm Coast, FL – December 15, 2014 – For the first time since 2007, the percentage of Flagler County home sales comprised of distressed properties (lender-owned via foreclosure or short sale) dropped below 25%. During the depth of the Great Recession (2009 to 202), distressed properties contributed more than half of all home sales. 2007 was the first year that the Flagler MLS began to report short sales and REOs separately.
The following chart illustrates the time delay between the collapse of the housing market and the introduction of distressed sales. You can see that the market to gets healthier only after the wave of home sales is followed by a wave of foreclosures, then by completed foreclosures.
The collapse of the market naturally caused an increase in new foreclosure filings. Over time, some foreclosures were resolved through refinancing. Many were resolved through short sales or a deed (back to the lender) in lieu of foreclosure. The rest end up at the final step, a foreclosure auction, resulting in a Certificate of Title being issued to either the lender or to a successful bidder. At that point, it becomes a completed foreclosure.
From 2005 through 2009, the number of new foreclosure filings exceeded the number of foreclosure completions with the result that open foreclosure cases increased. Beginning in 2010, the number of open foreclosure cases in the county began to decline as foreclosure completions outpaced new foreclosure filings.
November foreclosure completions outpaced new filings during November 51 to 31. There are currently 838 open foreclosure cases in Flagler County. Of these, 419 are homesteaded.
Home Sales for November 2014 as compared to November 2013
|2014||% of Total||2013||% of Total|
Comparison of the first 11 months of 2014 and of 2013
- Homes Sold +0.82%
- Total Revenue +1.37%
- Cash Sales -9.01%
- Short Sales -63.48%
- REO Sales +19.61%
- Non-Distressed Sales +9.69%
- New Single-family building permits + 22.2%