short sales: Foreclosure Auction Sales Surged In October 2013 - 12/21/13 05:04 AM
With the 4th quarter of 2013 under way and talk continuing about recovering prices, Foreclosure Auction sales are a category of national housing sales not typically discussed frequently.  One fact many may not have noted was, October 2013 picked up the pace on foreclosure auction sales. 
 RealtyTrac, a national foreclosure tracking and data firm recently released its October 2013 Residential and Foreclosure Sale Report.  This report includes all transactions of condos, townhomes and single family homes nationally, including bank owned property and foreclosure auctions.
According to RealtyTrac, the projected yearly pace is 5,649,965 total residential sales.  This is 13% higher … (0 comments)

short sales: Chicago’s housing inventory drops 50%! Or did it? - 05/06/13 03:27 AM
According to the Midwest Real Estate Data, MRED, the amount of homes available for sale has dropped between December of 2010 and December 2012. 
It is true that there are areas in the city where most of the properties have been sold, which creates less options, multiple offers per properties, and results in increasing prices.
It is also true that there are areas of Chicago which will continue at diminished values due to the number of distressed properties in that area.
Russ Bergeron, CEO of MRED, is anticipating appreciation throughout 2013.  From a homeowner’s perspective I can see how this … (0 comments)

short sales: Will The Real Home Ownership Rate Please Stand Up - 09/04/12 09:43 PM
 According to the most recent report released by the census bureau, the homeownership rate is 65.5%, but  John Burns Real Estate, a research firm, claims that a more clearer picture of true homeownership rate  is one that included all borrowers who were 90 days or more delinquent on their mortgage and therefore at high-risk of default. Reports by the firm show this figure to be 62.1%
  On a regional basis, the Northeast, Midwest, South and the West all posted lower homeownership rates in the first quarter than a year earlier. The Midwest had the highest homeownership rate at 69.5 percent, … (0 comments)

short sales: Short Sales Increased By 11% in 2011 - 04/03/12 01:14 PM
Short sale definitely increased in 2011, but nearly as high as predicted. 
Last week, Housingwire.com reported that the Office of the Comptroller of the Currency issued a report on year-end loss mitigation activity for the nation's largest banks.
There were 227,570 new short sales completed in 2011.  This was a 12% increase from the year prior and in excess of 100% more than the 112,000 completed in 2009, according to the report.
Currently, predictions call for increasing levels of short sales due to the loosening of the effects of robo-signing as well as the new requirements under the attorneys general settlement.
Michael Hobbs, … (0 comments)

short sales: What IF There's 10% Further To Fall? - 03/11/12 02:32 PM
Yesterday, I noted that Fitch Rating's Sustainable Home Price (SHP) model indicates further declines in home prices.
"The agency revised its Sustainable Home Price (SHP) model to fall an additional 9.1% nationally before arriving at a level that is supported by market fundamentals," noted an article in Default Servicing News.
Indeed this is not good news and even could spell a disastrous increase in short sales and strategic defaults...but I'm just speculating at this point.
 
If Fitch is right, what do you think will happen?
 
Michael Hobbs, PahRoo Appraisal & Consultancy
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