Posts Tagged ‘Foreclosure’

Arizona and Colorado Home Foreclosures Raised 10 Percent in April

By ForeclosureWarehouse.com
Published: Tuesday, Apr. 26, 2011 – 4:15 am

NEW YORK, April 26, 2011 — /PRNewswire/ — ForeclosureWarehouse.com recently reported that in April, the top five states with more foreclosure opportunities were California, Florida, Colorado, Arizona, and Georgia. From March to April, only Florida saw a decrease at -12.07 percent in foreclosures. California foreclosures increased 4.95 percent, Colorado was up 13.98 percent, Arizona was up 11.96 percent, and Georgia was up 7.22 percent.

Borrowers lost 1.67 million homes in 2010 as some 27 percent of U.S. mortgage holders were underwater (owed more than their house was worth) by the end of 2010. 2.9 million homes received foreclosure filings in 2010, and there would have been more if not for court interference after it was discovered that some lenders hired inexperienced people to process foreclosures without following procedures and verification of facts (robo-signing).

More than 1.8 million homes are projected to be taken this year in foreclosures, short sales and voluntary dispossessions, paving the way for astute investors to purchase homes in desirable areas for a steep discount on their actual value.

Housing will remain weak in the next few months amid the high number of houses in foreclosure. Demand for homes is likely to remain quiet as unemployment of almost 9 percent continues to plague the labor market and credit market conditions remain firm.

The outlook of more foreclosures looming, declining prices of excellent homes in prime neighborhoods, and an unemployment rate expected to average about 8.7 percent this year means a housing recovery may take years to evolve. Foreclosure filings will climb about 20 percent, reaching a peak for the housing crisis in 2011.

Top 5 states with more foreclosures in April:  
State Number of properties  
California 10,388  
Florida 8,224  
Colorado 7,779  
Arizona 5,038  
Georgia 3,833  
   

 

Even with all the government intervention and assistance efforts, the U.S. housing market remains under pressure from a poor employment outlook and oversupply of houses. The national political climate for budget tightening means homeowner assistance programs will lose support and no new programs will be started.

Recent rumblings in the markets about inflation do not seem to affect the housing industry. There is a glut of distressed properties on the market. The average rate on a 30-year fixed loan increased to 4.98 percent the week ended April 8; still an excellent rate for purchasing a home.

This is all good news for the investor or home buyer. This is an ideal time to buy a home if an individual is in a good position to purchase a house; the buyer has job security, has a credit score high enough to be approved for a loan, has enough money for a down payment (usually 20 percent), and is ready to establish roots in a community, for example.

A large part of the buyers’ market will continue to be short sales and foreclosure sales as bargain-hunting investors and borrowers continue to find value in short sale and foreclosed properties, choosing these properties over traditional sales.

Lenders will increase the number of short sale and foreclosures properties they release to the market in anticipation of the settlement of the government “robo-signing” lawsuit furthering the opportunities for buyers to purchase at substantial price discounts.

After the government receives the $25 billion settlement from the financial institutions in trouble for the robo-signing debacle, there will not be nearly enough for the estimated $800 billion necessary to support all the underwater mortgages in the U.S.

The rising price of gasoline and other factors may prevent many potential buyers from venturing into the housing market. Oversupply together with weak demand for homes will likely keep housing prices low and declining for the remainder of 2011.

– RSS news feed for ForeclosureWarehouse:

http://send2pressnewswire.com/author/foreclosurewarehouse-com/feed

– Logo 72dpi: http://send2pressnewswire.com/image/11-0127-fcwarehs_72dpi.jpg

This release was issued on behalf of the above organization by Send2Press(R), a unit of Neotrope(R). http://www.Send2Press.com

SOURCE ForeclosureWarehouse.com

Enhanced by Zemanta

Fewer local, state homeowners entered foreclosure process last quarter

By Robert Lewis
rlewis@sacbee.com
Published: Tuesday, Apr. 19, 2011 – 11:13 am

The number of homeowners entering foreclosure dropped sharply regionally and statewide last quarter, according to new figures LaJolla-based researcher DataQuick Information Systems released today.

Notice of default filings dropped 19 percent in Sacramento County last quarter when compared to the first quarter of 2010. Statewide the drop was 15.8 percent.

In all 68,239 notices of default – the first step in the foreclosure process – were filed statewide from January through March. That’s the lowest quarterly total since the second quarter of 2007 when 53,493 notices were recorded, according to DataQuick.

“Lenders and servicers have put various temporary holds on foreclosure filings while they work on procedural issues and respond to regulatory and legal challenges. It’s unclear how much of last quarter’s decline can be attributed to market factors and strategic decisions, and how much can be attributed to the formalities of the foreclosure process,” John Walsh, DataQuick’s president, is quoted as saying in a press release accompanying the figures.

The actual number of completed foreclosures – based on the number of Trustee’s Deeds recorded – was up less than 1 percent statewide. In Sacramento County, there were nearly 3,100 foreclosures, an increase of 7.2 percent year over year.

The DataQuick figures come a week after another researcher, RealtyTrac, released its own foreclosure figures. That company also showed a drop in filings. RealtyTrac has, however, taken a pessimistic view of the decline – saying there is a backlog and that there could be a spike of foreclosure activity in upcoming quarters.

To see more DataQuick figures visit the firm’s website at www.dqnews.com.

© Copyright The Sacramento Bee. All rights reserved.

Enhanced by Zemanta

Foreclosure sales increase in March

March foreclosure sales rose 35.1 percent in California, according to the latest ForeclosureRadar report. 

Notice of Default filings in California rose to their highest level since October 2010, up 17.3 percent month-over-month to 26,615 filing. Notice of Trustee Sale filings declined for the third consecutive month, down 3.3 percent overall from February.  Year-over-year foreclosure filings were down with Notice of Default filings falling 19.7 percent and Notice of Trustee Sale filings dropping 31.0 percent from March 2010. 

After a slow February, foreclosure sales rose with sales Back to Bank (REO) up 28.6 percent and properties Sold to 3rd Parties, typically investors, jumping 61.5 percent. On a daily average basis those increases were just 5.0 percent for sales Back to Bank (REO) sales and 24.3 for properties Sold to 3rd Parties. The average Time to Foreclose continues to climb, up 4.1 percent month-over-month to 302 days, a significant 83.4 percent increase year-over-year, and a new record.

More info

Enhanced by Zemanta

Fewer than three of five short sales close in California

C.A.R. released the results of a statewide survey on short sales and the challenges REALTORS® face in working with lenders and servicers. 

The most frequent problems REALTORS® cited in working with lenders and servicers during the short sale process include unresponsiveness, onerous procedures, and long processing delays.  The survey also found that fewer than three of five short sales close in California, illustrating the complexity and difficulty of navigating lenders’ and servicers’ short sale procedures. 

“The lack of standardization, long approval process, and lack of lender approvals are hampering what should be a 45-day short sale process,” said C.A.R. President Beth L. Peerce.  “Instead we’re hearing the typical response time for lenders is at least 60 days, and in many instances, their response time exceeds 6 months.”

More info

Enhanced by Zemanta

Foreclosure Sales– What Every Homeowner Should Know

 Summary: There are several procedures to be followed before a bank can make a foreclosure sale due to non-repayment by a homeowner. At any stage of this process, the homeowner can repay the bank to get back his property. There are also other options to retain the property for which a homeowner can get advice from a debt counsellor.

A foreclosure sale takes place when a borrower is unable to make payments towards his mortgage as per the agreed schedule and the bank recovers the money owed to it by selling the property. When a mortgage is entered into, the title remains with the bank and does not get transferred to the home owner until the last scheduled payment towards the mortgage is made. However, there are certain procedures to be followed before the bank can sell the property and every home owner should be aware of their rights with regard to a foreclosure.

The exact procedure for a foreclosure sale may vary from one State to another; however before the bank can sell the property, there are certain procedures to be followed. As the first step in the process, the bank has to send a formal communication by certified mail to the borrower informing him about the default in payment. The letter usually outlines the period of time and the specific amount that the home owner has to pay the bank in order to avoid foreclosure.

If the homeowner is unable to pay the amount due to the bank within the period specified in the notice, then the bank can proceed with the foreclosure either through the judicial process or a non-judicial remedy depending on the laws of the State and the clauses in the mortgage deed. Under the judicial process, the bank will have to approach the court to get a clearance to sell the property. Once the bank gets the authorization to sell, then a formal notice regarding the sale is sent to the homeowner who has to vacate the property within a specified time.

The bank then puts up the property for auction or sale and the property is sold to the highest bidder if it is close to or higher than the expected price. In case the bids are not suitable, the bank may purchase the property with the intent to resell at a later date. A point that every homeowner should be aware of is that at any stage in the process before the final foreclosure, he can choose to repay the bank the amount due and take possession of the property. There are other options available to a homeowner such as negotiating with the bank to accept a lower payment, refinancing the mortgage, selling the home, making a short sale or modifying the loan. For help in finding out the best option, contact me!

Written by Carol Pefley

www.carolpefley.com

Enhanced by Zemanta