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foreclosures: Investors push Southern California home sales higher - 01/17/12 05:35 PM
Dataquick stated that investors have pushed home sales in Southern California apx. 14% higher in December than November. The real estate research firm also reported that there were a total of 19,247 resale, new homes and condos sold in Southern California California area in December. 
Demand grew for homes priced under $300,000. The fact that more lower-cost homes were sold during the period pushed the median Southern California sales price down to $270,000, compared to $275,000 a month earlier.
The median home value in the area fell 46.5%, when compared to the medain price of $505,000 in mid-2007.
The number of … (0 comments)

foreclosures: Rising foreclosure rates to impact home prices - 11/07/11 06:04 PM
According to a Fitch Ratings report, reflecting the impact of last year's robo-signing scandal, rising foreclosure start rates will add to the distressed property inventory driving  home prices down further. 
More than 10% of severely delinquent loans in private-label residential mortgage-backed securities are now moving into foreclosure each month, the ratings agency said. That's nearly double the rate from a year ago when the moratoria instituted by lenders and servicers in the wake of the robo-signing debacle were in place. It's also edging closer to the 14% rate seen between 2000 and 2010.
Home prices are expected to dip another 10% … (3 comments)

foreclosures: Foreclosure starts decline in September - 10/20/11 04:19 PM
View Maibu foreclosures here. 
Following a steep spike in August, foreclosure starts returned to levels more in line with prior months in September, and were below the numbers reached at the peak.  California has seen a drop in activity of 56 percent since its peak, from 58,623 Notice of Default filings in March of 2009 to 25,778 today.
Foreclosure sales were mixed in September. There were declines in Arizona, California and Nevada, while Oregon and Washington had increases. Despite the declines, the percentage purchased by third parties, typically investors, was at or near peak levels. In California, third parties made up … (0 comments)

foreclosures: More than 20,000 foreclosures in 2006 took 4 years to resell - 10/19/11 04:28 PM
According to CoreLogic, a little over 23,000 foreclosures in 2006 sat unsold until the second quarter of 2010. More than 355,000 properties were studied. Investors bought at the courtsteps about 1/3. The remainder went back on the books, becoming REOs.
Of the remaining 2/3rds, 90% were sold to third-party buyers which still took time to sell. 1/2 took 6 months and over 20% took over 1 year. 
Governments will have to hold these unsold homes, as REO sales have yet to peak. These are the many properties that fell into the foreclosure process before the system passed its maximum capacity. 
Stats … (2 comments)

foreclosures: The new slap in the face of foreclosure - 09/21/11 02:54 PM
Every American upset with the state of mortgage lending should read the Fox Business News article on strategic default in order to meet the "New Face of Foreclosure."
Strategic defaulters are underwater borrowers who intend to remedy their "upside-down situation" by simply walking away from their mortgages.
The Fox Business article paints a clear picture of a 67-year-old strategic defaulter who is walking away from a $166,000 loan.
So is this man a distressed borrower who lost his job, fell ill or landed on unexpected hard times? No, not really. Those situations tend to garner sympathy, and rightfully so.
Instead, this man admits … (0 comments)

foreclosures: Foreclosures made up 31 pct. of home sales in 2Q - 08/27/11 07:42 PM
Foreclosures made up roughly one-third of all home sales this spring. While that's a smaller share of sales from the previous quarter, it's six times the percentage of foreclosures in a healthy housing market.
Foreclosure sales, which include homes purchased after they received a notice of default or that were repossessed by lenders, accounted for 31 percent of the market in the April-June quarter.
The share of the market would likely have been larger this spring if not for a state and federal investigation into faulty paperwork by banks and servicers. The probe has led many banks to delay foreclosure sales. … (0 comments)

foreclosures: Home values drop 6.2% from last year - www.4Malibu.com - 08/09/11 07:34 PM
Home values across the United States fell 6.2% in the second quarter from a year earlier with a slight 0.4% gain from the first quarter, according to Zillow.
The average home values hit $171,600 during the three months ended June 30, but remain nearly 30% below the peak of June 2006, according to the online real estate services firm.
Values dropped in 142 of the 154 metropolitan statistical areas covered by Zillow. About two-thirds of the MSAs experienced home value appreciation.
At the same time, the rate of foreclosure resales fell from the peak in March when 21.4% of all sales were … (0 comments)

foreclosures: Shadow inventory slowing down recovery - www.4Malibu.com - 07/25/11 01:50 PM
Although the drop in default rates shows promise, the amount of shadow inventory still creates a dark loom over the future of housing prices, according to latest results from Standard & Poor's U.S. Residential Performance Index.
The shadow inventory of unresolved distressed properties is currently at an estimated $405 billion, representation four years of housing inventory and one-third of the outstanding U.S. non-agency residential mortgage debt.
The report states that full recovery will only occur once the supply of distressed properties shrinks to less than a quarter of the current volume.
Additionally, the monthly liquidation and cure rates are at about 2.5%. This … (0 comments)

foreclosures: One million foreclosures delayed to 2012 or later - www.4Malibu.com - 07/14/11 07:44 PM
Processing problems at the major mortgage servicers pushed up to 1 million foreclosure actions that should have taken place in 2011 into 2012 and beyond, according toRealtyTrac.
Lenders issued a foreclosure filing on more than 1.1 million properties in the first half 2011, down 29% from the same period one year ago. More than 608,000 properties received a filing in the second quarter, down 32% from the same period last year. And foreclosures in June were down 29% from one year ago, the ninth straight month of yearly declines.
It would be nice to report that foreclosure activity is dropping as … (3 comments)

foreclosures: Short Sale Soundoff: BofA to accept back-up offers on short sale listings - www.4Malibu.com - 07/14/11 03:15 PM
Bank of America announced this week it will accept back-up offers on short sales and will allow the back-up offer to take over if the first buyer does not complete the transaction, without requiring the process to start again.
Under this new guidance, agents will no longer have to initiate a new short sale in Equator if the original buyer walks away from the transaction.  Instead, the agent can continue with the original transaction in Equator and work with the same short sale specialist.  The file will remain open and the paperwork that has been submitted will remain active.  However, the … (0 comments)

foreclosures: Foreclosure sales dip for second straight month - www.4Malibu.com - 07/11/11 05:03 PM
Mortgage servicers completed 68,000 foreclosure sales on the courthouse steps in May, down 7% from the previous month and the second straight month of declines, according to the Hope Now alliance of insurers, counselors and lenders.
Foreclosure sales dropped 14% in April. However, servicers started 176,000 foreclosures in May, up 8% from the previous month. Roughly 2.67 million mortgages remained in 60-day delinquency, up 1% from the previous month.
Modifications remained flat at roughly 85,000 through private initiatives and the Home Affordable Modification Program.
Private modifications dipped to 53,000 in May, a 7% decrease. In April, the drop on private workouts was 26%, allowing … (0 comments)

foreclosures: Foreclosure starts and delinquencies drop in April - www.4Malibu.com - 05/31/11 01:14 PM

Foreclosure starts and delinquencies dropped significantly from a year ago, according to Lender Processing Services' (LPS: 26.47 +2.08%) Mortgage Monitor report.
Servicers started 187,423 foreclosures in April, down 14.7% from a year ago and down 31% from March.
Total delinquencies, at 7.97%, are down 16.3% from a year ago but up 2.4% from March, according to the report. HousingWire gave readers a sneek peek of the report earlier this month.
Seriously delinquent mortgages, those that are 90 days overdue or in foreclosure stood at 7.86%, down nearly 11% from a year ago.
Still, more mortgages are seriously delinquent when compared to prior years. In … (3 comments)

foreclosures: April 2011 California Foreclosure Report - www.4Malibu.com - 05/17/11 04:03 PM
Foreclosure activity slowed in April. Foreclosure filings were down in Arizona, California, Nevada and Washington, with Oregon being the sole exception where filings were up. California filings were down to levels not seen since late 2008, when governmental intervention caused a temporary but massive drop in activity. Foreclosure sales saw similar declines throughout our coverage area, except Washington. Notably, cancellations were up significantly across the board, leaving fewer propeties scheduled for trustee sale. "The drop in filings, and the rise in cancellations, is surprising," says Sean O'Toole, CEO and Founder of ForeclosureRadar.com. "Banks have had time to resolve robo-signing issues, so we … (0 comments)

foreclosures: Delays push foreclosures to 40-month low in April - www.4Malibu.com - 05/12/11 12:48 PM
More than 219,200 properties received a foreclosure filing in April, a 9% drop from March and the lowest level seen in 40 months, according to RealtyTrac.
Filings – default notices, scheduled auctions, or repossessions – were actually 34% lower than one year ago. It's the seventh straight month of yearly declines. Last fall, servicers came under investigation for faulty foreclosure practices and held up the process to make corrections and improvements. RealtyTrac CEO James Saccacio said these "massive delays" in the process continue to bring down filings, not a housing recovery.
According to the Mortgage Bankers Association, roughly 3.7 million properties are in … (2 comments)

foreclosures: Southern California home sales remain lackluster - www.4Malibu.com - 04/13/11 04:14 PM
Home sales in Southern California grew between February and March, but remain 5.2% below year-ago levels, data firmDataQuick said Wednesday.
The La Jolla, Calif.-based research firm said home sales grew 35.1% on a month-to-month basis in March, but signs in the housing market still point to consumer resistance as the job market remains subdued.
In the counties of Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange, DataQuick reported 19,412 new and resale home sales in March, up from 14,369 in February.
Even still, that number is trending below the 20,746 sales recorded during the same period last year.
Sales always … (0 comments)

foreclosures: Buy real estate for the right reasons - www.4Malibu.com - 04/04/11 04:42 PM
 
There were 1 million foreclosures nationwide in 2010 and there are expected to be more in 2011. Many consider now a good time to buy because mortgage interest rates and home prices are low. But how can you keep from ending up in a distressed-sale situation, or ending up underwater with a loan amount that is higher than the market value of your home?
According to Robert Shiller, a professor at Yale and known for the S&P/Case-Shiller Home Price Indices, housing bubbles aren't that common and are usually more localized than the one that began in the summer of 2006, … (0 comments)

foreclosures: Distressed home sales rising - www.4Malibu.com - 03/25/11 02:39 PM
Pending home sales rose in February, as did the share of distressed properties sold, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported this week. 
Pending home sales in California increased in February, according to C.A.R.'s Pending Home Sales Index (PHSI)*.  The index was 112.1 in February, rising 20.6 percent from January's revised index of 93.0, based on contracts signed in February.  The index was down 1.6 percent from February 2010, when the presence of housing tax credits played a strong role in home sales.  Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of … (0 comments)

foreclosures: Obama threatens to veto bills killing foreclosure programs - www.4Malibu.com - 03/09/11 05:30 PM
The Obama administration said Tuesday night that it would veto two bills that would kill foreclosure prevention programs if Congress passed them.
The House Financial Services Committee voted last week approving two bills that would terminate the Federal Housing Administration's Short Refi and the Department of Housing and Urban Development's Emergency Homeowner Loan Program.
The FHA Short Refi program assists underwater homeowners with new FHA-insured loans. The EHLP provides mortgage assistance to unemployed borrowers in the form of 0% interest loans for up to $50,000.
The Obama administration's Office of Management and Budget released two statements defending the programs.
"The Administration … (0 comments)

foreclosures: Fannie, Freddie REO continues to rise in 4Q - www.4Malibu.com - 03/02/11 05:49 PM
The amount of repossessed homes held by Fannie Mae and Freddie Mac rose considerably in the fourth quarter from a year earlier, according to financial supplements.
Fannie reports its real estate owned inventory by volume of properties. In the fourth quarter, it reported 162,489 in REO that needed to be resold, up 88% from the year before. Freddie reports its inventory in the unpaid principal balance on the underlying mortgages that the borrower defaulted on. As of the fourth quarter, Freddie held $12.9 billion in REO, up 55% from one year ago.
The government holds more REO exposure than what is … (0 comments)

foreclosures: Study shows rehabbed REO spend 5 fewer months on market - www.4Malibu.com - 01/13/11 07:24 PM
REO properties that are not rehabilitated spend an average 222 days on the market, but when the work is put in to upgrade these properties, they are sold roughly five months sooner, according to an independent study done by Field Asset Services.
FAS is a property preservation company that works on 120,000 active properties at any given time. It tracked 17,252 properties in 13 states from January to July 2010. According to the study, rehabbed REO spent just 69 days on the market before being sold, a 68% reduction from those that weren't repaired.
And the number is growing. In the … (0 comments)

 

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