Uh Oh! Bank owned Venice at 2001 prices...

A Venice in Turnbury, that I believe has been empty for a while now, has just come on the market as a Bank-Owned sale. It was a Wells Fargo loan with the final judgement being $426,439. (the bank is asking $239,000)

The owners, who lost the home, paid $415,000 in January of 2006 and refinanced in December of 2006 for $427,500. According to the courthouse records, the owner stopped making payments in December of 2007.

The foreclosure action was initiated by the bank in March of 2008 and the home was sold at the foreclosure sale January of 2010.

Go ahead and re-read the above...there are some telling dates in the details: Last Payment - 11/07...Wells Fargo files the Lis Pendens 3/08...THEN it is 2 months shy of 2 years until it is taken back by the bank. And over 2 years since the last payment was made.

This perfectly illustrates what I have been saying about what has yet to come in this market:

• Just under 25% of all mortgages in Florida are at least 30 days behind
• Just under 1/2 of all mortgages in Florida are under water

The last reliable figure that I have for the number of Florida homes with a mortgage is 3,895,420 at the begining of 2009. Then the above figures equate to 973,000 homeowners behind on their mortgage...Think about that number...remember how long it took the bank to follow-through on the above example and then extrapolate these numbers to see that there are tens upon tens of thousands of Florida foreclosures coming in the next 2 years...scary!


***here's and update....this home is now under contract--6 days later***2/18