Are Foreclosures Increasing Or Decreasing?

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Real Estate Agent with Kona Home Team (luva llc) RS 62947
https://activerain.com/droplet/4RJn

Aloha, Lance Owens (RS) with LUVA Real Estate bringing you the latest updates on what is happening with Foreclosures and Short Sales here in Hawaii.

Recently, there has been a lot of talk about the size of the foreclosure inventory in the nation. There has been some speculation that distressed property inventories are about to skyrocket. Today, we want to reveal what is actually taking place in this segment of the housing market.

CoreLogic, in their most recent National Foreclosure Report, reported that foreclosure inventory has decreased by 23.2% since this time last year. The report also showed that foreclosure inventory has decreased in 49 of the 50 states and that 45 states have posted a year-over-year, double-digit decline (see chart below).

Other findings in the report:

  • The Seriously Delinquent Rate (homeowners more than 90 days behind in their mortgage payment) is 3.1% which is the lowest level since November 2007
  • The Foreclosure Rate is 1.1% which is also the lowest level since November 2007
  • This was the 53rd consecutive month that showed a decline in the Foreclosure Rate

BOTTOM LINE

Though foreclosures do remain in the market, the number is dramatically decreasing. The fact that mortgage delinquency rates are also decreasing means the worst of the foreclosure crisis is in the rearview mirror.

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Aloha, and have a great day 

Lance Owens (RS)

(808) 936-8383

Lance@KonaHomeTeam.com

www.KonaHomeTeam.com

LUVA Real Estate 

75-240 Nani Kailua Dr #8 , Kailua Kona, HI. 96740 (Pines Plaza

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Rainer
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Adam Feinberg
ANCHOR ASSOCIATES - Manhattan, NY
NYC Condo, Co-op, and Townhouse specialist

While the national trend has been decreasing, a lot of banks did modifications with a rate reset after 5 years. This is the reason why rates will need to stay lower for another year or two- otherwise, we risk tipping the scale of owners that are still trying to recover from the Great Recession. Some of those resets were for fixed rates- and higher than what the owner can afford- but they might be able to refinance at a savings. Those that can't refinance- well that is the reason, why I am not certain whether the foreclosure rate will continue to decrease in the short to mid term. Also consider judicial foreclosure states like NY that make it exceedingly difficult for a lender or a home owner association to foreclose.

May 18, 2016 05:40 AM #1
Rainmaker
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John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Lance Owens (RS) This is very good national foreclosure report.

May 18, 2016 10:50 AM #2
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Rainmaker
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Kona Home Team (luva llc) Lance Owens (RS)

Getting transactions done, when nobody else can!
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