The Soda Group Shares REO Forecast
Shadow Inventory May Delay Housing Recovery, but Sarasota Will Fare Better Than Other Florida Regions
Sarasota, FL, November 11, 2011 --(PR.com)-- As lenders put foreclosure filings on hold to work out robo-signing and other legal issues, they have created a ballooning shadow inventory that brings uncertainty to the housing recovery, according to the Soda Group, a Realtor team at Keller Williams Realty Sarasota-Lakewood Ranch.
“The shadow inventory everyone is talking about appears to be for real,” said Jim Soda, who recently returned from the REO Forecast and Housing Recovery Update conference in Miami. “Lenders have been putting their house in order and will start to sort it out in first quarter of 2012, which result in more foreclosures coming to the market in all price ranges,” Soda continued.
However, the Sarasota/Bradenton area will be less affected than other regions in Florida, according to Frank Lapasso, the REO specialist for the Soda Group, who also attended the Miami conference.
While 1.2 million bank-owned properties are expected to be released into the Florida market during the next year, “the number one foreclosure market in Florida is Orlando, number two is Tampa and number three is Miami/Dade,” Lapasso said. "I don't think you will see as many foreclosures in Sarasota because Sarasota is not a big city. People live here because they want to, not because they have to.”
The REO conference, held in Miami Lakes, featured a panel of experts representing Fannie Mae, Freddie Mac/HomeSteps, Wells Fargo, Chase and Bank of America. Sponsored by the National Association of Hispanic Real Estate Professionals, South Florida Chapter, the conference focused on the state of the REO market over the next three to 36 months.
"We're starting to see a shift -- opportunity is coming back,” Lapasso continued. "We’re already seeing bidding wars on the staple, reasonably priced homes. Florida is Florida; it has always rebounded. Now it’s just taking longer.” He said baby boomers represent a lot of ready, willing and able buyers.
"We are starting now to see more activity, receiving additional properties in our pipeline,” Soda confirmed. “Frank’s conversations with asset managers also indicates they are getting much busier getting bank owned properties to the market."
During his career, Lapasso has worked for the country’s largest real estate auction company, which specialized in developer close-outs and lending institution work-outs. He is a licensed Realtor in Illinois and Arizona and a licensed broker in Florida.
The Soda Group can be reached at the Keller Williams Lakewood Ranch office, 6710 Professional Parkway West, Suite 301, Sarasota, Florida 34240. Website: www.thesodagroup.com.
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“The shadow inventory everyone is talking about appears to be for real,” said Jim Soda, who recently returned from the REO Forecast and Housing Recovery Update conference in Miami. “Lenders have been putting their house in order and will start to sort it out in first quarter of 2012, which result in more foreclosures coming to the market in all price ranges,” Soda continued.
However, the Sarasota/Bradenton area will be less affected than other regions in Florida, according to Frank Lapasso, the REO specialist for the Soda Group, who also attended the Miami conference.
While 1.2 million bank-owned properties are expected to be released into the Florida market during the next year, “the number one foreclosure market in Florida is Orlando, number two is Tampa and number three is Miami/Dade,” Lapasso said. "I don't think you will see as many foreclosures in Sarasota because Sarasota is not a big city. People live here because they want to, not because they have to.”
The REO conference, held in Miami Lakes, featured a panel of experts representing Fannie Mae, Freddie Mac/HomeSteps, Wells Fargo, Chase and Bank of America. Sponsored by the National Association of Hispanic Real Estate Professionals, South Florida Chapter, the conference focused on the state of the REO market over the next three to 36 months.
"We're starting to see a shift -- opportunity is coming back,” Lapasso continued. "We’re already seeing bidding wars on the staple, reasonably priced homes. Florida is Florida; it has always rebounded. Now it’s just taking longer.” He said baby boomers represent a lot of ready, willing and able buyers.
"We are starting now to see more activity, receiving additional properties in our pipeline,” Soda confirmed. “Frank’s conversations with asset managers also indicates they are getting much busier getting bank owned properties to the market."
During his career, Lapasso has worked for the country’s largest real estate auction company, which specialized in developer close-outs and lending institution work-outs. He is a licensed Realtor in Illinois and Arizona and a licensed broker in Florida.
The Soda Group can be reached at the Keller Williams Lakewood Ranch office, 6710 Professional Parkway West, Suite 301, Sarasota, Florida 34240. Website: www.thesodagroup.com.
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The Soda Group
Sheila Brannan Longo
(941) 355-3006
Thomas & Brannan Communications
Sheila Brannan Longo
(941) 355-3006
Thomas & Brannan Communications
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