as reported by http://www.lirealestatereport.com/

Lis Pendens – Filed by a lender, a lis pendens is the formal notice that starts the foreclosure process. Even though this is considered a pending lawsuit, the homeowner still has possession and the right to sell or refinance the property.

The number of lis pendens suits has nearly doubled in the five East End townships from the same period in 2008.

East End Lis Pendens Statistics
Week Ending 08/01/08
Number of Filings                           11
Total Mortgage Amount          $5,507,250
Median Mortgage                          $391,000
Average Mortgage                        $500,659


Week Ending 07/31/09
Number of Filings                           21
Total Mortgage Amount          $9,663,276
Median Mortgage                          $462,000
Average Mortgage                        $460,156


The number of sales is showing a rebound, up to nearly 80% of 2008 reported sales, but the dollar volume and average sales price are down significantly from 2008.

                        East End Sales Statistics
Week Ending 08/01/08
Number of Sales                              51
Total Dollar Amount                $69,371,386
Median Price                                   $575,000
Average Price                                  $1,360,223


Week Ending 07/31/09
Number of Sales                              40
Total Dollar Amount                 $29,822,081
Median Price                                    $500,995
Average Price                                   $745,552

Advertisements