Foreclosures and Short Sales Nearly Dominate Market
By lender controlled I mean either owned out right because the lender obtained the property through a foreclosure proceeding or controlled by the lender because the lender must approve the sale price (i.e. a short sale). The data from the chart below is from the My Florida Regional MLS.
Bank controlled sales accounted for 44% of all unit sales for the most recent 12 month period. These were split evenly between short sales and bank owned sales (roughly 22% for each category).
This charts shows the impact that foreclosures and short sales have had on the market. Either because of pricing, perceived value, or both, bank controlled inventory has siphoned off buyers from conventional sellers causing absorption rates on conventional inventory to remain high.
The charts for Manatee County are virtually identical.