Foreclosures

Jan 12

Foreclosures drop to lowest level since 2007

2011 Foreclosures down 35% from 2010 Banks filed foreclosures on roughly 205,000 homes in December, the lowest monthly total since November 2007, according to RealtyTrac. The 1.8 million foreclosures for 2011 dropped nearly 35% from 2010. Unexpected delays kept 2011 numbers from passing the previous year’s total as was originally expected. Still, one in every 69 homes received …

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Dec 30

Short Sale Vs. Foreclosure: A Short Sale Always Wins

The most prevalent question in the ever changing real estate industry that continues to permeate our times is: “Why should a seller go through the short sale process rather than letting their house be foreclosed upon?” While one cannot speak to every circumstance, one can say one thing with complete conviction:  In almost all instances in which …

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Nov 10

Investors sell foreclosures faster than banks

According to Foreclosure Radar, investors are faster at reselling foreclosures as compared to banks. Those results vary by area, with Oregon banks taking an average 232 days to offload inventory — or 156 days longer than third parties, who take only 76 days. In Washington, however, it took banks only 52 days longer than third parties …

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Sep 27

Selling? Waiting Until the Spring Makes No Sense

Late last year, banks were warned that they needed to guarantee that the paperwork necessary to start a foreclosure process on a family was both accurate and complete. Since then, the banks have slowed down the foreclosure process while they re-examined their procedures. They are now confident that all the required documentation is in order. …

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Sep 23

Homes underwater… how meaningful are the numbers?

I am re-printing this (edited) response to the graphic below… The author brings up a good point. Is it just me that wonders what percentage of the 15.8% means nothing? There are many people who purchased at the height of the market, or refinanced and took out their equity… and, they continue to make their …

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Sep 17

Bank of America shifts West Coast foreclosures into overdrive

Foreclosure starts increased in five West Coast states from the previous month: California, Arizona, Washington, Oregon and Nevada. In California notice of default filings jumped nearly 70% from the previous month. BofA initiated foreclosure procedures at a rate that more than doubled in August, jumping 116% from the previous month. Wells Fargo and U.S. Bank also showed increases …

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Aug 22

Why sell now?

Some evidence that home prices are up… Several pricing indices have reported that on a month-over-month basis, home values have actually ticked up slightly over the last quarter, causing some to call the bottom to the housing market – at least from a price standpoint. However, it is important to realize that pricing is always determined …

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Aug 01

Distressed home sales are down, but not out…

There has been much written about the falling inventories of distressed properties in many market places. Some have looked at the decreasing percentage of distressed property sales reported by the National Association of Realtors over the last four months as a sign that we are finally cleaning out the last remnants of the foreclosures. If you …

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Jul 31

For home sellers, little hope for price improvement soon

For those sellers waiting to put their home on the market until the market improves… well, that timeline appears to be lengthening. And given delays in the time it’s taking lenders to move a home from default to foreclosure and then sell the property, the housing turnaround could conceivably be pushed out to as late …

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Jul 28

Strategic default a choice?! Time to get real…

Policy makers don’t understand how big the foreclosure problem is…. Bob Simpson, president and chief executive of Investors Mortgage Asset Recovery Co., or IMARC, said the nation’s gross domestic product and employment levels are just a few economic indicators impacted by the ongoing foreclosure fiasco. Simpson said the sand states – Arizona, California, Florida and Nevada …

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