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Friday, December 14, 2012

Real Estate Data - The stats are not real....

I read an article in this morning's Florida Today newspaper about national foreclose rates.  The headline was something like US foreclosure recovery outpaces county rate.

Apparently Florida has led the nation three months running with the most foreclosure activity (most recently in November 2012).  Seven of the top ten spots in the country were in Florida with Brevard County being number one.

But these statistics, if taken alone, do not represent the complete picture.

But real estate stats are just stats.  They must be interpreted within the context of the total market.

If one were to look at the foreclosure activity my guess is they would find homes that have been vacant for a long time, perhaps years

My guess is some were part of bankruptcy proceedings long ago discharged.  Some of the foreclosure filings likely include homes that have been for sale as short sales with a current pending contract.

Some may take this headline to mean Brevard County, Florida is nothing but foreclosure homes for sale!

The big picture is this.... Only 299 residential properties for sale today is listed as a foreclosure (almost 11% of the 2,805 listings).  And only 411 of the active residential listings is a short sale.

With so much real estate data available online these days, everyone is seemingly an expert. Stats are just stats that must be interpreted!

Considering selling your Viera, Suntree or Rockledge home?  Call me at 321-693-3850 for a free market analysis.


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