foreclosures: Rate of Foreclosures in Kern County Holding Steady...so far! - 03/13/09 03:59 PM
Last year ended with a record number of foreclosures throughout the nation, and Kern County was no exception. See my year-end summary for detailed numbers. so far this year has been remaining fairly stable with a sharp decline from December's 663 recorded Trustee's Deeds to 487 in January. February finished with 603 foreclosures. So, the overall rate has been fairly stable since October had 520 foreclosures, but this is the same time last year that the steep climb in foreclosures began. 2008 started with 512 foreclosures in January and continued to climb until peaking in August. That rate had been increasing … (1 comments)
foreclosures: Kern County End of Year Foreclosures Update - 01/19/09 12:11 PM
As an appraiser in Bakersfield, the rate of foreclosures is an important statistic to watch for our market conditions. Again, for the purposes of this post, foreclosures are considered to be those properties where a Trustee's Deed has been recorded, indicating that the lender has taken possession of the property. In November we posted that the rate of foreclosures in Kern County, CA was on the decline. Well, the decline came to a soft stop. The foreclosure rate inched up in November to 550 from 520 foreclosures in October. Not too bad. Well below the high of 1,000 in August. However, … (1 comments)
foreclosures: Foreclosures on the Decline in Kern County - 11/18/08 12:31 PM
First of all, when I say foreclosure, I'm referring only to those properties where a Trustee's Deed has been recorded, or if it is on the market, is listed as an REO. Based on my data compiled from local listing services and the county recorder, the number of foreclosures has been declining for the past two months. That's not a significant amount of time, but it rules out that the first month decline was a fluke. For 23 months the number of foreclosures recorded each month were steadily increasing. September was the first month with fewer foreclosures than the prior month. … (0 comments)
foreclosures: Will the bleeding ever stop? - Foreclosures and Defaults in Kern County - 07/10/08 01:44 AM
If defaults and foreclosures don't slow down, falling home prices won't stabilize anytime soon in Kern County. Notices of default have been steadily increasing since May of 2005, and foreclosures have been increasing since July of 2006. From May 2005 to July 2006, most homeowners in dire straits could probably either refinance with a little equity, or sell before getting upside down. In May 2005, there were 242 Notices of Default recorded. The following May there were 572. In May of this year, there were 1,272. More and more homeowners are falling behind which means we will continue to see the staggering number of foreclosures. … (0 comments)
foreclosures: A Government Sale Concession - $7,000 Tax Credit - 06/26/08 11:19 PM
The Foreclosure Prevention Act of 2008 has been passed by both the House and the Senate. Congress is now resolving differences in amendments passed. Once this process is complete, the bill will go to the President to be signed into law. However, the President's senior advisors are recommending a veto if it reaches his desk. So, this may never come to fruition, but it poses an interesting situation for appraisers. Appraisers are supposed to report any and all concessions in a purchase transaction. The bill includes a $7,000 tax credit for buyers of foreclosed properties. Whether this tax credit will actually … (19 comments)
foreclosures: Record Mortgage Defaults in California - 10/28/07 04:51 PM
As most of you have probably heard, there was a record number of defaults in the third quarter this year. I expect teh susequent quarters to be even worse. October and November are expected to have the largest number of ARM resets which will probably result in additional defaults beginning in December and January. In Kern County there are currently over 4,000 properties in some state of foreclosure or pre-foreclosure. California is forecasted to have 191,000 foreclosures over the next two years according to a study release by the Senate Joint Economic Committee, so Kern County will get worse before it gets better. … (0 comments)
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Last year ended with a record number of foreclosures throughout the nation, and Kern County was no exception. See my year-end summary for detailed numbers. so far this year has been remaining fairly stable with a sharp decline from December's 663 recorded Trustee's Deeds to 487 in January. February finished with 603 foreclosures.
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