How many foreclosures in Naples?

Posted by Tim Ryan on Thursday, February 3rd, 2011 at 4:06pm.

foreclosure_sign_234I am often asked how many Naples foreclosures there are currently for sale.  To answer this correctly it is best to back up and verify everyone is referring to the same thing. 

The properties listed on this site and other are not actually 'foreclosures'. They are REOs, real estate owned properties. The simplest terminology is that they are corporate owned or bank owned properties. These institutions are awarded ownership through a foreclosure. The owners are typically the last lender and certainly do not wish to own these properties. They acquire them through non-payment of mortgage. 

There are currently about total properties for sale in Naples. The number of REOs in the Naples MLS is close to 400. This number has fluctuated dramatically. A few years ago there were nearly 500 and one year ago there were less than 200. These are the properties that buyers are targeting, and rightly so. They are offering some of the best deals and make up about 1/3 of all Naples real estate sales. REOs have always existed. In recent years they have owned much more because the housing crisis. In all instances, banks do not want to own these properties and they do their best to unload them quickly. If you would like email alerts as new Naples foreclosures get listed simply contact us. We send an email to thousands of clients twice per week.

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