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foreclosures: Foreclosure Activity Slows Again In June 2010 - 07/15/10 09:27 AM
313,841 foreclosure filings were made in June, according to foreclosure-tracking firm RealtyTrac. The figure represents a 3 percent drop from May and 7 percent drop from June of last year. However, foreclosure filings remain relatively high nationwide. June marks the 16th straight month the filings topped 300,000. 1 in every 411 U.S. homes received some form of notice last month with foreclosure density varying wildly from state-to-state. Like everything else in real estate, it seems, foreclosures are a local phenomenon. The states with the highest foreclosures per capita were: Nevada : 1 foreclosure filing per 88 homes Florida : 1 foreclosure … (1 comments)
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foreclosures: Loan modifications and short sales are gaining traction in California - 05/16/10 10:59 PM
ForeclosureRadar: Cancellations up 174% year-over-year Foreclosure cancellations in California skyrocketed 174 percent year-over-year in April, according to a report by foreclosure data company ForeclosureRadar.
At the same time, foreclosure filings in the Golden State fell month-to-month for the first time since January. Notices of default fell 41.2 percent year-over-year and 16 percent month-to-month, while notices of trustee sale were down 3.1 percent year-over-year and 10.3 percent month-to-month.
Cancellations jumped 11.4 percent month-to-month and 174.4 percent since April 2009.
“The steady rise in cancellations leads us to believe that loan modifications and short sales are gaining traction,” said Sean O’Toole, … (1 comments)
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foreclosures: Why the predicted "Wave of Foreclosures" may just be a ripple - 05/07/10 01:13 AM
There is an interesting phenomenon going on, even while doom & gloom bloggers predict gigantic Tsunami's of foreclosures heading our way. The following is excerpted from an article out of Texas this week.
"Every week, new home sellers are hitting the market, basing their initial asking prices on recent contracts, sales, and other active listings, and influencing active market prices. And what does this have to do with foreclosures? It provides a glimpse into housing market psychology.
Homeowner Henry down in Texas is underwater in his mortgage, or at a minimum, feels some personal economic strain. He's trying to determine if he's … (5 comments)
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foreclosures: California homeowner defaults down 40% - 04/20/10 08:25 PM
California homeowner defaults down 40%
April 20, 2010, by Jeff Collins, O. C. Register
More evidence surfaced today that home-loan defaults and foreclosures are receding from historic peaks seen a year ago. However, the pace of defaults and foreclosures remain high, especially in areas where lower-cost homes predominate.MDA DataQuick reported that lenders filed 81,054 notices of default in California during the first quarter of 2010, down 4.2% from the previous quarter and down 40.2% from the first quarter of 2009.
DataQuick’s analysis shows that the greatest year-over-year declines occurred in areas with cheaper homes, with smaller declines occurred in pricier areas.“We … (0 comments)
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foreclosures: How To Buy Distressed Properties In A Period Of Rising Inventory - 04/15/10 10:12 AM
Foreclosure filings rose close to 20 percent nationwide last month versus February, according to foreclosure-tracking firm RealtyTrac.com, and for the 13th straight month, total filings topped 300,000.
In addition, bank repossessions reached an all-time, quarterly record. Through the first three months of 2010, banks reclaimed more than 257,000 homes.
Nonetheless, 4 states dominated foreclosure activity nationwide.
California, Florida, Arizona and Georgia accounted for more than half of all bank repossessions. It's a disproportionate distribution of foreclosures. Together, the 4 states represent just 23 percent of the overall U.S. population.
The RealtyTrac report revealed some other interesting statistics, too.
Foreclosure activity … (0 comments)
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foreclosures: There will be no California taxes on forgiven distressed mortgage debt - 04/08/10 09:44 PM
Finally, thousands of people across all of California can relax a little. They no longer face a double whammy of losing their homes - and then a big state tax bill on the forgiven debt. Hours ago California state lawmakers passed legislation that will exempt borrowers who lost their homes to foreclosure or short sales since January 1st, 2009, or got certain types of loan modifications from state taxes that can run into thousands of dollars. And spokesman Mike Naple, for Gov. Arnold Schwarzenegger, said he will sign it. Reaction came pretty fast throughout the state. Sacramentan Debbie Wong, who sold … (0 comments)
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foreclosures: Years after Loan Default, Homeowners May Still Owe - 03/23/10 11:05 AM
Homeowners defaulting on mortgages today may be surprised to learn years from now that they still owe thousands of dollars—and a collection agency is coming after them to get it.
That’s because lenders have been quietly selling second mortgages and home equity lines left unpaid after foreclosures and short sales. The buyers: collection agencies, which in some states have years to make a claim. If they win court judgments, these collectors could have years to pursue borrowers with repayment plans, and even garnish their wages, said Scott CoBen, a Sacramento bankruptcy attorney.
“The only relief a consumer will have is entering … (0 comments)
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foreclosures: Foreclosures Per Capita | February 2010 - 03/11/10 08:59 AM
According to foreclosure-tracking firm RealtyTrac, foreclosure filings topped 300,000 for the 12th straight month last month as 1 in every 418 U.S. homes received a foreclosure filing.
It's a small improvement from January and a just 6 percent increase over February 2009.
On a per-capita basis, foreclosure density varied by state:
Nevada : 1 foreclosure filing per 102 homes Florida : 1 foreclosure filing per 163 homes Arizona : 1 foreclosure filing per 163 homes California : 1 foreclosure filing per 195 homes Also, as in January 2010, foreclosures across the country were concentrated. 10 states beat the national Foreclosure … (0 comments)
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foreclosures: The fallacy of the "shadow inventory" rumors. - 02/14/10 09:15 PM
Here’s a current article written by a friend of mine, dispelling much of the myth of the alleged “shadow inventory”
Written by: Blanche Evans – Feb 12, 2010 4:30:00 AM
The housing crash will resume early this year, according to a Bloomberg.com story published recently. Quoting analysts at Amherst Securities, the reporter wrote that 7 million properties “likely to be seized by lenders have yet to hit the market” creating a “huge shadow inventory” of homes.
That could have a disastrous effect on inventories, 1.35 years worth, if not another home was added to the market. High inventories would collapse prices, … (2 comments)
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foreclosures: In Pictures: The Severity Of The Foreclosure Crisis Depends On Where You Live - 02/11/10 10:43 AM
Foreclosures stories dominate the national housing news. It seems at least one foreclosure-related story makes its way to the front page or the nightly news every week.
But for as much as the foreclosure filing statistics can be astounding -- over 300,000 homes were served last month alone -- the prevalence of foreclosures depends on where you live.
As reported by RealtyTrac, just 4 states accounted for more than half of the country's foreclosure-related activity last month.
California : 22.7 percent of all activity Florida : 14.9 percent of all activity Arizona : 6.7 percent of all activity Illinois : 5.7 … (0 comments)
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foreclosures: RealtyTrac's 2009 Foreclosure Report Gives Reason For Optimism - 01/15/10 12:58 AM
Like real estate, it appears that foreclosure activity is a local phenomenon, too.
As reported by RealtyTrac.com, more than half of all foreclosure-related activity in 2009 came from just 4 states:
California Florida Arizona Illinois More than 1.4 million filings made in 2009 are attributed to the above states. Furthermore, each ranks in the Top 10 for 2009 Foreclosures Per Capita.
The other states are Nevada, Utah, Georgia, Idaho, Michigan and Colorado.
Versus 2008, foreclosures are up 21 percent nationwide and that's a big number, but a deeper look at RealtyTrac's annual reports reveals a more positive undertone on the … (0 comments)
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foreclosures: Foreclosure Activity Falls For The 4th Straight Month - 12/10/09 12:41 PM
Since peaking in July 2009, national foreclosure activity has dropped through 4 consecutive months.
On a month-to-month basis, November's foreclosure activity fell another 8 percent.
However, national foreclosure activity continues to be dominated by a minority of states.
As reported by RealtyTrac.com, more than half of November's foreclosure-related activity sourced from just 4 states:
California Florida Illinois Michigan These are the same 4 states that topped October's foreclosure activity despite three of them posting month-to-month declines last month.
The remaining Top 10 states in terms of total foreclosure activity include Arizona, Texas, Ohio, Georgia, Nevada and New Jersey.
If you've been actively … (0 comments)
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foreclosures: Are There Any Foreclosure Deals Left? - 11/13/09 09:11 AM
For the eighth straight consecutive month, national foreclosure activity in the U.S. was dominated by a small set of states.
As reported by RealtyTrac.com, more than half of October's foreclosure-related activity came from just 4 states:
California Florida Illinois Michigan The remaining Top 10 states in terms of total foreclosure activity included Arizona, Georgia, Texas, Ohio, New Jersey, and Maryland.
Foreclosures are up 19 percent from last October, but a deeper look at the RealtyTrac report revealed two positive developments for the housing market.
Foreclosure activity is down 3 percent from last month Foreclosures per Household decreased in 9 of the 10 most … (2 comments)
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foreclosures: Foreclosures Still Concentrated In Just A Few States - 07/16/09 12:39 PM
For the fourth consecutive month, the country's foreclosure activity was dominated by a small number of states.
As reported by RealtyTrac.com, more than 50 percent of the country's foreclosure-related actions in June concentrated in just 3 states:
California Florida Nevada The states rounding out the Top 10 include Arizona, Georgia, Michigan, Texas, Ohio, Illinois and Colorado.
Meanwhile, June's reported foreclosure figures are consistent with the data from earlier this year, suggesting that the foreclosure remedy plans put forth by the government and by lenders can barely keep pace with the national default rate.
Foreclosure-related actions nationwide are up 5 percent from May.
The … (0 comments)
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foreclosures: Pareto Principle In Action : 80 Percent Of The Country's Foreclosures Occur In 20 Percent Of The States - 06/11/09 01:40 PM
The Pareto Principle is a statistical concept most commonly known as the 80/20 Rule.
It says 80 percent of the effects come from 20 of the causes.
Apparently, the 80/20 Rule applies to foreclosures, too -- at least according to data compiled by foreclosure-tracking firm RealtyTrac.
Based on data from May, 11 states accounted for 80% of the country's foreclosure activity. The remaining 20% was spread across the 39 others.
That's 80/20 almost to the tee.
The disparity goes deeper that that, though. The top three states in RealtyTrac's list -- California, Florida, Nevada -- were home to half of May's foreclosure-related actions.
Clearly, foreclosures … (0 comments)
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foreclosures: For The Second Month In A Row, Foreclosures Are Concentrated In 3 States - 05/13/09 09:15 AM
For the second month in a row, the country's foreclosure activity was dominated by a small number of states.
As shown by the latest stats from RealtyTrac.com, more than half of the country's foreclosure actions from April were concentrated in just 3 states:
California Florida Nevada Those 3 states are home to but 19 percent of the U.S. population.
No matter in which state you live, however, it's important to understand the far-reaching ramifications of foreclosures.
Although real estate is local, mortgage lending is not. Fannie Mae and Freddie Mac insure loans in all 50 states and when those mortgages go into default, the government entities often take losses. … (0 comments)
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foreclosures: The "Shadow Inventory" of upcoming foreclosures. Fact, or Myth? - 04/26/09 11:40 AM
Here's an excerpt from the latest Orange County Market Report from my friend Steven Thomas, of Altera Real Estate. It addresses the so called "shadow inventory" of foreclosure properties.
"Isn't there going to be a wave of foreclosures coming on the market? ( The "Shadow Inventory")
I am often asked about a foreclosure moratorium or banks holding back on releasing foreclosures so that they do not saturate the market. Distressed properties also include short sales, where a seller owes more to a lender, or lenders, than a home is worth. In the case of a short sale, even with a successful negotiation … (1 comments)
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foreclosures: The 3 States That Accounted For 50% Of The March 2009 Foreclosures - 04/16/09 11:30 AM
Since 2007, foreclosures have dominated real estate news. You can't turn on the news or open a paper without some foreclosure-related story.
But for all of the discussion, foreclosures continue to be geographically concentrated.
Adding up the latest stats from RealtyTrac.com, more than half of the country's foreclosure actions from March occurred in just 3 states -- California, Florida and Nevada.
Those 3 states represent just 19 percent of the nation's population.
Despite the local concentration of foreclosures, however, they remain a national problem. This is because mortgage lenders lend in all 50 states -- not just 3 of them -- so the … (0 comments)
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foreclosures: The Half-Truth Of The Headline "1 In 8 U.S. Homes Are Late Paying Or In Foreclosure" - 03/10/09 11:26 AM
USA Today ran this 2008 Foreclosures By State heatmap last week, reminding us of a simple truth: Headline statistics can be misleading.
According to data compiled by RealtyTrac, 1 in 8 U.S. homes were in various stages of default or delinquency at the end of 2008. This is a fact and it was widely reported by the press.
However, as the heatmap plainly shows, in stripping out just 35 of the nation's 3,232 counties, we can decrease the number of foreclosures nationally by half.
In other words, yes, 1 in 8 U.S. homes face mortgage trouble. In your neighborhood, though, … (0 comments)
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foreclosures: What The Homeowner Affordability and Stability Plan Doesn't Mean For Homeowners - 02/19/09 12:06 PM
In Mesa, Arizona, Wednesday, the President presented the Homeowner Affordability and Stability plan, a multi-pronged effort to support the housing market.
The story made the front page of nearly every newspaper in the country.
The president's plan is sweeping:
Incent mortgage servicers to work with at-risk homeowners before delinquency starts Let homeowners with good credit but little equity refinance to today's low rates Fund Fannie Mae and Freddie Mac to support mortgage markets It's a broad plan with many positive angles, but for now, we can't forget that it's just a plan. Although the White House shapes and influences housing policy, Congress, Loan … (0 comments)
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Bob Phillips, CDPE, SFR South Orange Co., CA
Coto de Caza,
CA
More about me…
Realty ONE Group
Address: 25910 Acero, #100, Mission Viejo, CA, 92691
Office Phone: (949) 643-2100
Cell Phone: (949) 887-5305
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