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Foreclosures Continue to Decline

By
Real Estate Agent with RE/MAX Real Estate Consultants CA DRE #01147426

DavidBlitzer, the Chairman of the Index Committee wrote an article January 26, 2012 in the Housing Matrix about Foreclosures. He states RealtyTrac reports that foreclosure activity across the US in December, and the full year 2011, dropped sharply.

Foreclosure filings in 2011 totaled 2.7 million, down 34% from 2010 and 33% below 2009 and 19% below 2008. Overall 1.45% of US homes experienced a foreclosure filing, about one in every 69 houses. Comparable percentages for earlier years were 2.23% in 2010, 2.21 in 2009 and 1.84% in 2008. December foreclosure activity hit a 49 month low, down 9% from November and 20% from December 2010.

On the otherhand…….

Mortgage Rates Are on the Rise Due to Better Housing Reports

Wall Street Journal - Mia Lamar - Rates for fixed mortgages moved higher over the past week amid positive signals from the long-suffering U.S. housing market, according toFreddieMac’s weekly survey of mortgage rates.

Remodels See Business Improving

Mortgage News Daily - JannSwanson- Like their home-building counterparts, remodelers who are members of the National Association of Home Builders (NAHB) are displaying more confidence in their industry than they have in years. The NAHB's Remodeling Market Index (RMI) for the fourth quarter of 2011 which measures remodelers' sentiments about their business climate rose to 46.6 its highest level in five year. In the third quarter the Index was 41.7.

IMPORTANT: If you or someone you know is interested in buying or selling a home in the Palm Desert Area, try searching properties on the same Desert Area MLS Realtor’s use, or give me a call….or visit my website at Palm Springs Homes and Estates. I will be happy to give you or your referral my “red carpet service.” After the sale, I will send you a $50 Gift Certificatetowards dinner in a fabulous Palm Springs Area Restaurant so you can celebrate!

Brought to You By Your Favorite Realtor,

Nancy Hankin

Comments(7)

Dan Hopper
Dan Hopper - Gold Way RE - Westminster, CO
Colorado Broker / Referral Services

It is encouraging to see the numbers start to reduce, Nancy.  I still believe the jury is OUT, as it pertains to WHY.  The banks have been holding back on foreclosures.  I have come across too many folks that are 6-10 months behind in payments, and the banks HAVE NOT started the foreclosure process, yet. 

I am wondering if they have been holding out waiting to see what Congress and the WH was going to do.  Keep your eyes open for an influx of foreclosure notices to hit the borrowers. 

Feb 14, 2012 04:10 AM
Greg Gillespie
GumTree Realty / Genesis Realty Services,Inc - Tupelo, MS
CRS / Broker Owner

The TN board just came out with some staggering findings.  It seems that 48 % of all properties sold last month were distressed properties.  I agree with the statement from dan...I know of a lot of homes that have yet to be foreclosed on which makes me scrath my head thinking whats next...

Feb 14, 2012 04:13 AM
Patricia Aulson
BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH
Realtor - Portsmouth NH Homes-Hampton NH Homes

hmmmm.    It will take some time to get this all sorted out that's for sure.  Until all the distressed sales have been made the real estate market won't be the same, as we no (new it)  !!

Patricia Aulson/ Seacoast NH & ME REALTOR

Feb 14, 2012 04:27 AM
Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

Good news, I think...also I've never found that mortgage rates suppress or encourage property activity.

Feb 14, 2012 04:49 AM
Nancy Hankin
RE/MAX Real Estate Consultants - Palm Springs, CA

I've been a Realtor for 20 years. Perhaps many of you have been in it a lot longer.  Sad to say.....I've forgotten what the "NORMAL" even looked like.

Feb 14, 2012 01:32 PM
Jason Geary
First American Title - Highland, CA

I hope this sort of news sticks around, Looks like we may have a light at the end of the tunnel.. eventually!  Thanks for the info Nancy!

Feb 15, 2012 02:42 AM
Nancy Hankin
RE/MAX Real Estate Consultants - Palm Springs, CA
Just Guessing, but I think there will still be some hills and valleys ahead for the next few years, but I do believe we are finally headed in the right direction..
Feb 15, 2012 03:33 AM