Tag Archive: distressed properties

May 30

Zillow reports one-third of homeowners underwater with mortgage

Zillow just reported that their data shows nearly 16 million homes in this country are now in a negative equity position where the house is worth less than the mortgages on the home. This number is dramatically higher than the approximate 11 million reported by other entities. Why the huge difference? Zillow professes to take into consideration ALL …

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Apr 18

New Foreclosure Wave: What Will Be the Impact?

KCM Blog reported two months ago that foreclosures will significantly increase this summer as a result of The National Mortgage Settlement. This month, both Reuters (Americans brace for next foreclosure wave) and CNNMoney (Flood of foreclosures to hit the housing market) concurred. However, we believe this increase in distressed properties will have a much different impact on the housing market than previous increases …

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Feb 21

The true cost of buying a foreclosed home: your foreclosure calculator

Homebuilders are working harder to tell their story The cost of a new home from a builder is all built into the price. Compare that with a foreclosure that sells ‘as is,’ but may wind up costing more than a new home because of the ‘fixes’. Online Truth Squad In Phoenix, one large builder, Fulton …

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Feb 13

National Mortgage Settlement: What You Need To Know

Last week, the Federal government and 49 state governments (Oklahoma being the exception) agreed to a $25 billion settlement regarding robo-signing and the challenges it created in the foreclosure process. We want to give a synopsis of the settlement and some perspective on what effect it will have on the housing market in 2012. The …

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Jan 16

Home price prediction in Puget Sound

The number of foreclosure filings last year fell for the first time in at least five years, but don’t break out the champagne glasses yet says a recent Seattle Times article. Filings fell by 34 percent nationwide, 24 percent in Washington state and 21 percent in the Seattle metro area, according to foreclosure listing firm …

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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 26

Advice for buying a home: ignore the peanut gallery!

Among all the other challenges of purchasing a home, today’s buyer often has an added burden: the advice of friends, co-workers and family. And what do these well-meaning-advice givers saying their very ‘knowing’ tones of voice? Well, a sampling of advice might include: (a) How dirt cheap ‘those foreclosures’ are; (b) How much of a …

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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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