Foreclosures show mixed bag

Foreclosures are on the rise again in some of the nation's largest metro areas, including Bradenton-Sarasota.

The region had 5,702 properties with a foreclosure filing during the first six months of the year, a modest 2 percent jump from the second half of 2011 and 20 percent spike from the same time last year -- when foreclosures were still slowed by lender fraud issues, according to data released by RealtyTrac that was embargoed until midnight.

One in every 70 housing units in the greater Sarasota area has been a foreclosure this year, for a rate of 1.42 percent -- placing the area 26 on RealtyTrac's national list of the 212 worst foreclosure rates.

Half of the nation’s 20 largest metro areas in terms of population documented increasing foreclosure activity from the previous six months, led by Tampa-St. Petersburg-Clearwater with a 47 percent climb.

Foreclosure activity in the first half of 2012 was up from the previous six months in 125 of the nation’s 212 metropolitan areas with a population of 200,000 or more.

The recent surges were fanned by an uptick in new foreclosure starts, or lis pendens, which have been rising in Southwest Florida for much of the year as banks work to process the defaults that were temporarily put on hold during the robo-signing issues.

But a subsiquent report also released Wednesday by CoreLogic suggests the numbers might not be all that bad.

Foreclosure rates in North Port-Bradenton-Sarasota fell in May from the same time last year, according to the CoreLogic data.

The report shows foreclosures represented 11 percent of all outstanding mortgage loans in the greater Sarasota area in May, a decrease from May 2011, when the rate was 12 percent. Foreclosure activity in North Port-Bradenton-Sarasota was higher than the national foreclosure rate of 3.41 percent.

The local mortgage delinquency rate also slid, with 16 percent of mortgage loans 90 days or more delinquent, a 0.67 percentage- point yearly drop.

For the latest real estate news, follow me on Twitter @JoshSalman

Real estate on the up and up

Real estate in Manatee and Sarasota counties is on the upswing.

As I first reported in my story this morning, which also will appear in Friday's Bradenton Herald, home sales across the area continue to move at their fastest pace since the historic boom.

Existing single-family home sales have been on the rise for much of the year, with 1,402 homes in Manatee County closing to date, a 14.4 percent jump over the same time in 2011 -- a year that saw the healthiest real estate market since the recession, records show.

At the same time, foreclosures have faced a lull for some time now. Although new home defaults have increased of late, the recent slowdown from the lender fraud issues have allowed buyers to catch up on the once overwhelming prensence of distressed housing.

The end result has been a housing market with its thinnest inventory in a decade.

Aside from bottom-dweller scratch-and-dent properties, which are causing problems of their own, and multimillion dollar estates,  there's simply not much left for the typical middle-class buyer who requires financing.

With just more than four months worth of existing inventory between the two counties, new home construction is picking back up. Developers typically like to see about six months worth of housing supply available before building speculation homes, the crossroads between a buyer's and seller's market.

We passed that benchmark months ago.

There were 174 new single-family building permits issued in Manatee in June, a 51 percent jump from the 115 and May and 49 percent climb over the 117 recorded at the same time a year ago, according to country records.

New home building permits measure when a developer is cleared to begin work on a new house, but it doesn't necessarily mean building activity will commence immediately.

Either way, it's a good sign.

When new construction picks up, construction hiring picks up.

And for the 350,000 construction workers in Florida who lost their job since 2006, that's the best news yet.

For the latest business updates, follow me on Twitter @JoshSalman

Mall deal progresses but nothing's final

Waiting, waiting and waiting some more. That's been the story with the DeSoto Square Mall deal now in the works.

As I first reported in my story early last month, Simon Property Group Inc. has found a dance partner for the aging Bradenton mall, which has slipped into foreclosure.

The buyer has not been identified, but a commercial broker familiar with the deal said the company carries a recognizable name and plans to renovate the property into a discount-oriented shopping center once the transaction closes.

Waiting and waiting.

More than a month later, the deal seems to be progressing, but nothing is final at this point. A special servicer assigned to case has not posted any new notes since June 6. The letter of intent on the property remains in place.

Simon, the world largest shopping mall owner, has been delinquent on its payment 10 of the last 12 months. The company's $61.9 million loan on the 492,997-square-foot portion of the mall it owns fell into danger of immanent default in 2010, according to Trepp, a real estate analytics firm.

Waiting and waiting.

Now, Patrick Berman, senior director of the retail brokerage at Cushman & Wakefield of Florida Inc., has been ordered to stop commenting. This comes after he claimed last month to not only know the buyer, but also was aware of its intentions for the property as well.

Of course Simon, and the commercial firm it has hired to market the mall, won't comment.

Waiting and waiting.

For the latest business updates, follow me on Twitter @JoshSalman

Fresh Market store gears up

A new Fresh Market specialty grocery store now under construction on Manatee Avenue West has penciled itself for a late summer opening.

The store targets wealthy communities and consumers who are more health-conscious. Known for its massive produce department -- with many items locally sourced -- and organic groceries, the retailer has thrived through a period of tame consumer spending.

As I reported in my story today, construction is ahead of its initial schedule, which first called for a fall opening. The store will bring 90 new jobs to the area.

It also will bring competition for Publix and Sweetbay, which each have a strong base of loyal customers in Southwest Florida. Calls made to officials at both stores weren't responded in time for deadline, but the beauty of the Internet is I can share those comments with you now.

Shannon Patten, corporate spokeswoman for Publix Supermarkets on Bradenton's new Fresh Market store, which becomes the second in Manatee County:

"Over the years we have seen the retail grocery landscape change significantly.  We believe that competition is healthy; it makes us all step up our game and ultimately the customer wins.

Regardless of the stores that open in markets in which we operate, we are always reviewing aspects like promotions, product mix and store environment in an effort to provide our customers with the best overall shopping experience.

Publix has been a strong and stable company for more than 80 years. These days, people can get grocery items at many different places, but we have very loyal customers who appreciate the environment and service we offer them every single day."

So there you have it. Publix is not too concerned.

I'm a Publix guy myself, but my wife loves Fresh Market and constantly frequents the store on University Parkway. Where do you like to shop for groceries? Are you excited about the new Fresh Market? And could you see yourself shopping there regularly?

For the latest business updates, follow me on Twitter @JoshSalman

And Happy Fourth of July! Celebrate safely!