Tag: foreclosures

Foreclosures hit 5-year low

     Foreclosure activity reached a 5-year low in September with only 180,427 filings made on distressed properties, according to RealtyTrac. The filings surveyed include default notices, scheduled foreclosure auctions and bank repossessions. Nationally a 13% drop from last year  Overall, September’s foreclosure numbers fell 7% from August and 16% from last year as more non-judicial foreclosure …

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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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Short Sale vs Foreclosure – Common Myths BUSTED!

It’s likely you’ve heard the term “short sale” thrown around quite a bit. But what, exactly, is a short sale? A short sale is when a bank agrees to accept less than the total amount owed on a mortgage to avoid having to foreclose on the property. This is not a new practice; banks have …

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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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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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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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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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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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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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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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