Summit County Foreclosures
Posted by Susan Gunnin on Monday, March 28th, 2011 at 7:30pm.Summit County Foreclosures, March 28, 2011
The local foreclosure count is on the rise again; based on 1st quarter numbers, 2011 may have a 70% increase over 2010. In 2010, we doubled our 2009 numbers. Take a look below:
Year Summit County Foreclosures % increase over prior year
2007 11
2008 33 200%
'2009 47 42%
2010 104 121%
2011 (ytd) 44 ?
Foreclosures (aka Trustee Sales) take place every Friday on the courthouse steps in Breckenridge, the county seat. The high bidder must make payment in full on the day of the sale.
If no bids are made, or if the minimum bid required by the bank is not made, then the property will revert back to the lender. The majority (90+%) of foreclosures in Summit County revert back to the lender, and are later brought back on the market as REO sales (bank-owned sales).
Like most markets across the country, the Breckenridge and Summit County market has experienced significant loss in value since 2007. Prices are now stabilizing, or are at least not depreciating at our former levels (2009 saw the greatest level of decline). So if the market appears to be stabilizing on one hand, why are we seeing an increase in foreclosures? What does this say about our market?
I'm not a bank insider, but I think the reason for the increase in foreclosure numbers is due to the back-log of properties that are in default - the default may have happened many, many months ago and the bank is finally getting around to the solution of last resort: foreclosure. The foreclosure process can begin anywhere from one day after a missed payment to several months, even a year. With growing inventory of properties in default, the lenders are finally getting around to the unavoidable house cleaning; defaulted properties have to go through foreclosure before banks/lenders can market the property as a bank sale.
How do foreclosures and bank sales affect our market values? Our market is not heavy with foreclosures or bank sales; what is driving our market is buyer demand. Take a look at these market statistics to get a quick picture of today's market trends: Summit County Statistics.
So even though our foreclosure numbers are still on the rise, it's the shift in demand that has created the bigger impact to our market.
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