Knowing what is taking place in the Newport Beach Market will help you make informed choices. If you are interested in Foreclosure Prevention, this is knowledge that will serve you well.
NEWPORT BEACH MARKET TRENDS IN FORECLOSURES
Newport Beach has not been sheltered from the downturn in the real estate market. While the real estate market is in far better conditions than many others, there are still 437 home in the foreclosure process. Of this total, the majoring are in the first stage of the foreclosure process, Notice of Default (NOD); 47 percent of the homes in foreclosure are at the NOD stage. Homes that are scheduled for Trustee Sales (foreclosed by the bank and up for sale), is the second largest category. A total of 158 homes went to trustee sale in September. Trustee sales have been trending downward since April. Bank owned home in Newport Beach have been slowly trending downward and now comprise 17% of all homes in Foreclosure.
If your home is in foreclosure, how long can you stay in your home?
Legally, the foreclosure process from Notice of Default to Trustee Sale can be completed in 111-days. But then we hear about people staying in their homes for years. What is the truth? Actually in Newport Beach it is more like one year. On average the foreclosure process is taking 347 days in Newport Beach and this time frame has been trending upward since the beginning of the year. One reason banks are more and more favoring short sales is the fact it is taking six months or more to sell a REO home; investors are not doing much better.
The number of home receiving Notices of Default here in Newport Beach (the first step in the foreclosure process which arrives once the homeowner is 90-days behind in mortgage payments) has ranged between 30 and 60 per month. NODs have been increasing since a low point in June, September filings however, are down by 8.3% from July. Trustee sales are following this trend with a lag – Trustee sales (when the home is sold to a third party investor or returned to the bank) lag NODs by some six months. Since peaking in June, Trustee sales have been declining; down in September filings by 39% from July.
An average of thee homes go to investors each month. Most foreclosure investors flip the properties they purchase after taking care of title, occupancy and repairs. According to Foreclosure Radar, on a State-wide basis, investor sales are taking 44.5 percent longer than it did a year ago, up from 95 days to 137.
If you are behind on your mortgage or have already received a notice of default, you are not alone. What you do need to do is know your options. You will find that there are far better solutions than doing nothing and allowing your home go into default. Short Salesare proving to be a far better solution but your time could be running out.
Take the first step and educate yourself -TemeculasNeighborhoodExpert.Com provides you with the information you need to make an informed decision. I am a Certified Distressed Property Expert (CDPE) with the education and resources to both provide you with the information you need and manage the Short Sale process. Call me if I can be of help – Robert Deane (949) 230-0325 or by e-mail at Robert@temeculasneighborhoodexpert.com