Area Foreclosure Article

[SHELLY]

Foreclosure filings still rising in Bay County

Total foreclosure filings in March 2008, February 2008 and March 2007 for Bay, Walton and Washington counties, courtesy of RealtyTrac:


• March 2008: Bay, 160; Walton, 60; Washington, 7

• February 2008: Bay, 119; Walton, 53; Washington, 10

• March 2007: Bay, 61; Walton, 49; Washington, 4

Bay County foreclosure listings jumped again in March, and a spokesman for Irvine, Calif.-based foreclosure tracking com-pany RealtyTrac said Wednesday that Florida could expect more of the same in the coming months.

There were 160 March foreclosure filings in Bay County, a 162-percent increase from the same month in 2007. There were 119 in February.

Nationally, foreclosure filings, which include default notices, auction sale notices and bank repossessions, rose 5 percent last month and 57 percent compared to March 2007.

Daren Blomquist, RealtyTrac’s marketing and communications manager, said there seemed to be a “tale of two markets,” with states such as Florida poised for more difficult times through at least the end of the year.

“In those areas, we don’t see it slowing down any time this year,” Blomquist said.

Florida’s March foreclosure rate ranked third among U.S. states, trailing only Nevada and California. In Bay County, the March foreclosure rate was one for every 594 households.

The increase in filings has kept Joe Baranowski busy. He manages Short Sale Gurus, a Carillon Beach-based company that assists buyers and sellers in the short sale process and negotiates with banks to avoid foreclosure proceedings.

Short sales involve selling a property for less than what is owed on a loan to a bank, provided the bank agrees to the terms of the sale.

Also a real estate agent with Panama City’s Keller Williams Realty, Baranowski said he was introduced to the short sale pro-cess through personal experience. Baranowski said he ran into financial difficulties with construction projects in the Water-Color and WaterSound developments. “Those projects were basically unsellable,” he said.

With a team that includes a general contractor, Realtors, an attorney and title company, Short Sale helps buyers and sellers navigate a complicated process and web of paperwork and negotiate with banks, Baranowski said.

Baranowski said he refers to each foreclosure-related short sale opportunity as a “project.” The company currently has 90 active projects, the most since he started the business.

“I think that this will continue for the next couple of years at a high rate,” he said

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[SWGB]

Also a real estate agent with Panama City’s Keller Williams Realty, Baranowski said he was introduced to the short sale pro-cess through personal experience. Baranowski said he ran into financial difficulties with construction projects in the Water-Color and WaterSound developments. “Those projects were basically unsellable,” he said.

Why buy there when he can drive 5 minutes to a bankrupt condo for you to purchase.