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Sarasota real estate market news

November 2nd, 2009 · No Comments · Real Estate Markets

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The Sarasota real estate market is in an odd situation compared to many other medium sized cities in the American South, since many key market indicators are reversed from their usual trends. Specifically, in Sarasota, home prices are declining, while foreclosures are still increasing. This is especially unusual because most cities in the region have been recovering rather well recently. According to an article written in the online edition of ABC Action News and published on October 10, 2009, “Home prices in Tampa Bay and across the nation have yet to bottom out according to a new forecast of real estate prices…The Sarasota-Bradenton market’s prediction is even worse. Fiserv says house prices in Manatee and Sarasota counties will fall 25.6% in the next eight months.¬† The forecast notes that areas with high concentrations of foreclosure sales will experience the steepest drops.”

sarasota-homesSarasota homes for sale have been adversely affected by a jump in foreclosures in Sarasota County. According to an October 15, 2009 article in the Sarasota Herald Tribune, “Foreclosure filings in Sarasota County spiked by 50 percent in September, even as an end-of-summer lull continued in Manatee and Charlotte counties. The data released Wednesday by California-based RealtyTrac Inc. confused Southwest Florida’s foreclosure experts and mortgage brokers…Filings during September dropped about 13 percent¬† in Manatee County and stayed flat to the south. Yet Sarasota County saw the huge month-over-month spike and was only down 12 percent from a year ago. Nationally, 343,638 properties entered the foreclosure process during September, a 4 percent decrease from the previous month but still 29 percent higher than September 2008.”

Interestingly, an opposite direction, one which would be more positive for real estate in Sarasota, was noted by the Tampa Bay Business Journal. An article by Michael Hinman published on October 15, 2009, noted that “People are keeping their homes in Sarasota County, and for the second month in a row, foreclosure rates year-over-year are down there. Foreclosure rates in Sarasota are down just under 12 percent September, according to new numbers released by RealtyTrac, compared to the year before. That follows a nearly 18 percent drop in August.”

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