The number of new lis pendens filed in February 2009 dropped dramatically from the number filed a year ago. In February 2008 there were 1,277 filed in Pinellas County while this year the number is 948, a decline of 19%. Lis pendens is the term used to indicate a legal action is pending related to title to land. The number of new filings has been steadily declining since September 2008 when there were 1,875 filings in the county. September was also the peak for the entire Tampa Bay area at 5,644 lis pendens filed that month.
The decline in this number is certainly an interesting one to watch over the next few months. At this point it is too early to say the wave has crested, but we’ll be keeping our eyes on the situation. Assuming this trend continues this will be a clear sign of local improvement for the Tampa/Clearwater real estate market.
To see the February 2009 lis pendens chart and data:
http://blogs.tampabayrealtor.com/media/blogs/statistics/02-09%20Lis%20Pendens%20Tampa%20Bay%20Area.pdf
The decline in this number is certainly an interesting one to watch over the next few months. At this point it is too early to say the wave has crested, but we’ll be keeping our eyes on the situation. Assuming this trend continues this will be a clear sign of local improvement for the Tampa/Clearwater real estate market.
To see the February 2009 lis pendens chart and data:
http://blogs.tampabayrealtor.com/media/blogs/statistics/02-09%20Lis%20Pendens%20Tampa%20Bay%20Area.pdf
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