For many home buyers, mortgage financing is hard to come by these days. Lenders have tightened up credit requirements in an about-face from the lax lending of pre-crisis days that put people into mortgages they couldn’t afford and fueled record-high delinquencies.
Evidence of constricted mortgage credit was highlighted in the latest Housing Pulse report from Campbell Surveys and Inside Mortgage Finance as cash transactions set a new record, accounting for 33.7 percent of home purchases in February.
A separate study conducted by the National Association of Realtors (NAR) shows the same trend. NAR also found that all-cash sales were a record 33 percent in February. By comparison, they were 27 percent in February 2010, according to NAR’s historical data.
The Housing Pulse report notes that the increase in cash purchases last month paralleled a rise in activity among investors, who for the most part have their sights set on distressed properties that can be scooped up at a discount.
Investors bought 23.5 percent of the homes sold in February, up from 19.9 percent just two months earlier, according to the industry survey. Real estate agents participating in the Housing Pulse survey of February transactions confirmed the surge in investors.
“We are seeing investors come back into the market. One investor told me that one house he wanted came on Wednesday p.m and had nine offers by Thursday a.m.,” stated an agent in New Jersey.
“There are a number of investors and businesses buying up the short sale and REO properties and renovating them and then selling them as traditional sales,” reported an agent from Arizona.
NAR’s February report on existing-home sales noted that the median sales price on previously owned homes dropped 5.2 percent in February compared to the price points of a year earlier to hit a nine-year low.
The trade group attributed the decline to a larger number of distressed properties in the sales pool – 39 percent in February – thanks to investors with cash in their hands snapping up homes at bargain prices.
There are conflicting views within the industry as to the effect increased investor activity in the distressed property marketplace has on communities struggling to recover from the housing crisis. A separate article here on DSNews.com examines both sides of the debate over whether property investors are solving or contributing to neighborhood blight.
While investor appetite is strong for REOs and short sales that carry a discount price tag, the selection of properties that fall into this class has contracted somewhat.
The Housing Pulse Distressed Property Index (DPI) registered a slightly lower reading in February than in January, marking its first decline since last fall.
The report notes that the drop was not likely the result of a healing housing market, rather is appears to be linked to delays in the listing and sale of distressed properties as mortgage servicers continued to deal with legal and regulatory fallout surrounding title and paperwork issues following the robo-signing mess.
The Housing Pulse survey polls over 3,000 real estate agents from across the country each month to provide insight into home sales and mortgage usage patterns.
The survey also found that average transactions per real estate agent fell from 2.1 in January to 1.7 in February – a sign the home sales are slipping at a time of the year when they typically begin to increase. The report notes this may be an indicator that the spring buying season will start with a deficit.
By Carrie Bay DSN News
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Friday, March 25, 2011
Wednesday, March 23, 2011
New Home Sales Falls to Low Equal to 2003
New U.S. single-family home sales unexpectedly fell in February to hit a record low and prices were the lowest since December 2003, a government report showed on Wednesday, suggesting the housing market slide was deepening.
The Commerce Department said sales dropped 16.9 percent to a seasonally adjusted 250,000 unit annual rate, the lowest since records began in 1963, after an upwardly revised 301,000-unit pace in January. Sales plunged to all-time lows in three of the four regions last month.
Economists polled by Reuters had forecast new home sales edging up to a 290,000-unit pace last month from a previously reported 284,000 unit rate.
Compared to February last year sales were down 28 percent.
An oversupply of homes exacerbated by an increasing flood of properties falling into foreclosure is frustrating recovery in the housing market.
Data on Monday showed a steep drop in sales of previously owned homes in February, with prices tumbling to a near nine-year low.
CNBC Investor Guide to Spring Real Estate 2011 - See Complete Coverage
The median sales price for a new home tumbled 13.9 percent last month to $202,100, the lowest since December 2003. Compared with February last year, the median price fell 8.9 percent. Persistent price declines could dampen hopes of a pick-up in sales during spring.
At Februarys sales pace, the supply of new homes on the market rose to 8.9 months worth, the highest since August, from 7.4 months worth in January. There were 186,000 new homes available for sale last month, matching the prior months inventory.
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The Commerce Department said sales dropped 16.9 percent to a seasonally adjusted 250,000 unit annual rate, the lowest since records began in 1963, after an upwardly revised 301,000-unit pace in January. Sales plunged to all-time lows in three of the four regions last month.
Economists polled by Reuters had forecast new home sales edging up to a 290,000-unit pace last month from a previously reported 284,000 unit rate.
Compared to February last year sales were down 28 percent.
An oversupply of homes exacerbated by an increasing flood of properties falling into foreclosure is frustrating recovery in the housing market.
Data on Monday showed a steep drop in sales of previously owned homes in February, with prices tumbling to a near nine-year low.
CNBC Investor Guide to Spring Real Estate 2011 - See Complete Coverage
The median sales price for a new home tumbled 13.9 percent last month to $202,100, the lowest since December 2003. Compared with February last year, the median price fell 8.9 percent. Persistent price declines could dampen hopes of a pick-up in sales during spring.
At Februarys sales pace, the supply of new homes on the market rose to 8.9 months worth, the highest since August, from 7.4 months worth in January. There were 186,000 new homes available for sale last month, matching the prior months inventory.
American Eagle Realty, we are a realty company not a legal firm, we can help with all of your real estate needs including foreclosure. American Eagle Realty can help you with solid answers about your rights and options before your house is foreclosed on! We are experts in the Short Sale Process and have the experience needed to work with your bank! Loan Mods, too. Contact us we can help, We have helped others we can help you...
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Tuesday, March 22, 2011
February Home Sales Dive to 9-year Low
WASHINGTON (Reuters) - Sales of previously owned U.S. homes fell unexpectedly sharply in February and prices touched their lowest level in nearly nine years, implying a housing market recovery was still a long off.
The National Association of Realtors said on Monday sales fell 9.6 percent month over month to an annual rate of 4.88 million units, snapping three straight months of gains. The percentage decline was the largest since July.
Economists polled by Reuters had expected February sales to fall 4.0 percent to a 5.15 million-unit pace from the previously reported 5.36 million unit rate in January, which was revised slightly up to 5.40 million.
The median home price dropped 5.2 percent in February from a year earlier to $156,100, the lowest since April 2002.
"If the price declines persist, even with the job market recovery, that could hamper recovery in the housing market," said NAR chief economist Lawrence Yun.
Compared with February last year, sales were down 2.8 percent.
Oversupply of homes and a relentless wave of foreclosures are pressuring prices, holding back recovery in the sector, whose collapse helped to tip the U.S. economy into its worst recession since the 1930s.
Foreclosures and short sales, which typically occur below market value, accounted for 39 percent of transactions in February, up from 37 percent the prior month. All-cash purchases made up a record 33 percent of transactions in February.
Sales last month fell across the board, with multifamily dwellings declining 10 percent and single-family home units dropping 10.0 percent.
At February's sales pace, the supply of existing homes on the market rose to 8.6 months' worth from 7.5 in January. A supply of between six and seven months is generally considered ideal, with higher readings pointing to lower house prices.
WASHINGTON | Mon Mar 21, 2011 10:34am EDT
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The National Association of Realtors said on Monday sales fell 9.6 percent month over month to an annual rate of 4.88 million units, snapping three straight months of gains. The percentage decline was the largest since July.
Economists polled by Reuters had expected February sales to fall 4.0 percent to a 5.15 million-unit pace from the previously reported 5.36 million unit rate in January, which was revised slightly up to 5.40 million.
The median home price dropped 5.2 percent in February from a year earlier to $156,100, the lowest since April 2002.
"If the price declines persist, even with the job market recovery, that could hamper recovery in the housing market," said NAR chief economist Lawrence Yun.
Compared with February last year, sales were down 2.8 percent.
Oversupply of homes and a relentless wave of foreclosures are pressuring prices, holding back recovery in the sector, whose collapse helped to tip the U.S. economy into its worst recession since the 1930s.
Foreclosures and short sales, which typically occur below market value, accounted for 39 percent of transactions in February, up from 37 percent the prior month. All-cash purchases made up a record 33 percent of transactions in February.
Sales last month fell across the board, with multifamily dwellings declining 10 percent and single-family home units dropping 10.0 percent.
At February's sales pace, the supply of existing homes on the market rose to 8.6 months' worth from 7.5 in January. A supply of between six and seven months is generally considered ideal, with higher readings pointing to lower house prices.
WASHINGTON | Mon Mar 21, 2011 10:34am EDT
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Monday, March 21, 2011
New Home Construction Falls
WASHINGTON — Builders broke ground last month on the fewest homes in nearly two years and cut their requests for permits to start new projects to a five-decade low. The decline in construction activity is the latest evidence that the U.S. housing industry is years away from a recovery.
Home construction plunged 22.5 percent in February from January to a seasonally adjusted 479,000 homes, the Commerce Department said Wednesday. It was the lowest level since April 2009 and the second-lowest on records dating back more than a half-century.
The decline followed a surge in highly volatile apartment construction in January, which pushed the overall construction rate up to more than 600,000 units — the fastest rate in 20 months. Still, the building pace has been far below the 1.2 million units a year that economists consider healthy.
Single-family homes, which make up roughly 80 percent of home construction, fell 11.8 percent in February. Apartment and condominium construction dropped 47 percent, reversing much of January's gains.
Building permits, an indicator of future construction, fell 8.1 percent last month to the lowest level on records dating back to 1960. Permit requests for single-family homes saw the biggest decline. Apartments and condos remained flat.
Falling prices, sluggish sales and the weak construction rate all point to a housing market that is "stuck at a bottom of a steep hill," according to Moody's Analytics Economic Research.
"There are really large structural problems with the housing market," said Dan Greenhaus, chief economic strategist with Miller Tabak + Co. "This is not a run-up in oil prices. This is a multiyear build up in the housing market that is going to take more than several months or several quarters to get through."
For a housing recovery to take hold, the job market needs to improve and builders need to gain access to hard-to-get credit.
"Credit is flowing freely to large companies but not so much to the small builders," said Patrick Newport, U.S. economist for IHS Global Insight. "If builders cannot get financing to build new homes, housing will remain in the dumps."
Analysts said year-end building code changes in California, Pennsylvania and New York caused an artificial spike for permit requests in December and housing starts in January. Builders in those states rushed to file new permits before those changes went into effect.
Even with those gains, the housing market has struggled. Millions of foreclosures have forced home prices down and more are expected this year. Tight credit has made mortgage loans tough to come by. And some potential buyers who could qualify for loans are hesitant to enter the market, worried that prices will fall further.
The drop in home construction activity was felt coast to coast. It fell 48.6 percent in the Midwest, 37.5 percent in the Northeast, 28 percent in the West and 6.3 percent in the South.
The volatile housing market is weighing on the overall economic recovery. Each new home built creates, on average, the equivalent of three jobs for a year and generates about $90,000 in taxes, according to the National Association of Home Builders.
The trade group said Tuesday that its index of industry sentiment for March improved slightly to 17. That was the first gain in five months after four straight readings of 16. Still, any reading below 50 indicates negative sentiment about the housing market's future. The index hasn't been above that level since April 2006.
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Home construction plunged 22.5 percent in February from January to a seasonally adjusted 479,000 homes, the Commerce Department said Wednesday. It was the lowest level since April 2009 and the second-lowest on records dating back more than a half-century.
The decline followed a surge in highly volatile apartment construction in January, which pushed the overall construction rate up to more than 600,000 units — the fastest rate in 20 months. Still, the building pace has been far below the 1.2 million units a year that economists consider healthy.
Single-family homes, which make up roughly 80 percent of home construction, fell 11.8 percent in February. Apartment and condominium construction dropped 47 percent, reversing much of January's gains.
Building permits, an indicator of future construction, fell 8.1 percent last month to the lowest level on records dating back to 1960. Permit requests for single-family homes saw the biggest decline. Apartments and condos remained flat.
Falling prices, sluggish sales and the weak construction rate all point to a housing market that is "stuck at a bottom of a steep hill," according to Moody's Analytics Economic Research.
"There are really large structural problems with the housing market," said Dan Greenhaus, chief economic strategist with Miller Tabak + Co. "This is not a run-up in oil prices. This is a multiyear build up in the housing market that is going to take more than several months or several quarters to get through."
For a housing recovery to take hold, the job market needs to improve and builders need to gain access to hard-to-get credit.
"Credit is flowing freely to large companies but not so much to the small builders," said Patrick Newport, U.S. economist for IHS Global Insight. "If builders cannot get financing to build new homes, housing will remain in the dumps."
Analysts said year-end building code changes in California, Pennsylvania and New York caused an artificial spike for permit requests in December and housing starts in January. Builders in those states rushed to file new permits before those changes went into effect.
Even with those gains, the housing market has struggled. Millions of foreclosures have forced home prices down and more are expected this year. Tight credit has made mortgage loans tough to come by. And some potential buyers who could qualify for loans are hesitant to enter the market, worried that prices will fall further.
The drop in home construction activity was felt coast to coast. It fell 48.6 percent in the Midwest, 37.5 percent in the Northeast, 28 percent in the West and 6.3 percent in the South.
The volatile housing market is weighing on the overall economic recovery. Each new home built creates, on average, the equivalent of three jobs for a year and generates about $90,000 in taxes, according to the National Association of Home Builders.
The trade group said Tuesday that its index of industry sentiment for March improved slightly to 17. That was the first gain in five months after four straight readings of 16. Still, any reading below 50 indicates negative sentiment about the housing market's future. The index hasn't been above that level since April 2006.
American Eagle Realty, we are a realty company not a legal firm, we can help with all of your real estate needs including foreclosure. American Eagle Realty can help you with solid answers about your rights and options before your house is foreclosed on! We are experts in the Short Sale Process and have the experience needed to work with your bank! Loan Mods, too. Contact us we can help, We have helped others we can help you...
Whether you want buy, rent, or sell a home we can assist you.
American Eagle Realty
www.american-eagle-realty.com
502-969-1801
Friday, March 18, 2011
Rents May See Doudle-Digit Increase
(CNNMoney) -- Renters beware: Double-digit rent hikes may be coming soon.
Already, rental vacancy rates have dipped below the 10% mark, where they had been lodged for most of the past three years.
"The demand for rental housing has already started to increase," said Peggy Alford, president of Rent.com. "Young people are starting to get rid of their roommates and move out of their parent's basements."
By 2012, she predicts the vacancy rate will hover at a mere 5%. And with fewer units on the market, prices will explode.
Rent hikes have averaged less than 1% a year over the past decade, according to Commerce Department statistics, adjusted for inflation. Now, Alford expects rents to spike 7% or so in each of the next two years -- to a national average that will top $800 per month.
In the hottest rental markets, the increases will likely top the 10% mark annually for the next couple of years, according to Lesley Deutch of John Burns Real Estate Consulting. In San Diego, she anticipates rents will rise more than 31% by 2015. In Seattle rents will climb 29% over that period; and in Boston, they may jump between 25% and 30%.
This is a sharp change from the recession, when many Americans couldn't afford to live on their own. More than 1.2 million young adults moved back in with their parents from 2005 to 2010, said Deutch. Many others doubled up together.
As a result, landlords had to reduce prices and offer big incentives to snag renters.
Now that the recession is easing, many of these young people are ready to find new digs, mostly as renters, not owners. Plus, the foreclosure crisis continues unabated, and the millions losing their homes are looking for new places to live.
Apartment developers many not be able to keep up with this heightened demand, which will force prices upwards, according to Chris Macke, a real estate analyst with CoStar, which tracks multi-family housing trends.
"There will be an envelope of two or three years," said Macke, "when the rise in demand for rentals will exceed the industry's ability to meet it."
Plus, Alford added, "there's been a shift in the American Dream. We're learning from our surveys that a huge proportion of people are choosing to rent."
They've experienced the downsides of home ownership -- or seen friends and family suffer -- and don't want to take the risks or pay the higher costs of home ownership.
Where home ownership costs are particularly high, there are many more renters than owners. In Manhattan, for example, only about 20% own their homes; in San Francisco, about of third of the population does; in Los Angeles, less than 40%; and in Chicago, about 44%.
There's one factor that could rein in rent increases: the huge number of foreclosed homes that could hit the market over the next few years.
In many markets, like Phoenix and Las Vegas, there are neighborhoods filled with recently built, single-family homes going for fire-sale prices. When the cost of owning homes falls well below the costs of renting them, more people will buy.
"That's always been the biggest competition for rentals," said Deutch
American Eagle Realty, we are a realty company not a legal firm, we can help with all of your real estate needs including foreclosure. American Eagle Realty can help you with solid answers about your rights and options before your house is foreclosed on! We are experts in the Short Sale Process and have the experience needed to work with your bank! Loan Mods, too. Contact us we can help, We have helped others we can help you...
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Already, rental vacancy rates have dipped below the 10% mark, where they had been lodged for most of the past three years.
"The demand for rental housing has already started to increase," said Peggy Alford, president of Rent.com. "Young people are starting to get rid of their roommates and move out of their parent's basements."
By 2012, she predicts the vacancy rate will hover at a mere 5%. And with fewer units on the market, prices will explode.
Rent hikes have averaged less than 1% a year over the past decade, according to Commerce Department statistics, adjusted for inflation. Now, Alford expects rents to spike 7% or so in each of the next two years -- to a national average that will top $800 per month.
In the hottest rental markets, the increases will likely top the 10% mark annually for the next couple of years, according to Lesley Deutch of John Burns Real Estate Consulting. In San Diego, she anticipates rents will rise more than 31% by 2015. In Seattle rents will climb 29% over that period; and in Boston, they may jump between 25% and 30%.
This is a sharp change from the recession, when many Americans couldn't afford to live on their own. More than 1.2 million young adults moved back in with their parents from 2005 to 2010, said Deutch. Many others doubled up together.
As a result, landlords had to reduce prices and offer big incentives to snag renters.
Now that the recession is easing, many of these young people are ready to find new digs, mostly as renters, not owners. Plus, the foreclosure crisis continues unabated, and the millions losing their homes are looking for new places to live.
Apartment developers many not be able to keep up with this heightened demand, which will force prices upwards, according to Chris Macke, a real estate analyst with CoStar, which tracks multi-family housing trends.
"There will be an envelope of two or three years," said Macke, "when the rise in demand for rentals will exceed the industry's ability to meet it."
Plus, Alford added, "there's been a shift in the American Dream. We're learning from our surveys that a huge proportion of people are choosing to rent."
They've experienced the downsides of home ownership -- or seen friends and family suffer -- and don't want to take the risks or pay the higher costs of home ownership.
Where home ownership costs are particularly high, there are many more renters than owners. In Manhattan, for example, only about 20% own their homes; in San Francisco, about of third of the population does; in Los Angeles, less than 40%; and in Chicago, about 44%.
There's one factor that could rein in rent increases: the huge number of foreclosed homes that could hit the market over the next few years.
In many markets, like Phoenix and Las Vegas, there are neighborhoods filled with recently built, single-family homes going for fire-sale prices. When the cost of owning homes falls well below the costs of renting them, more people will buy.
"That's always been the biggest competition for rentals," said Deutch
American Eagle Realty, we are a realty company not a legal firm, we can help with all of your real estate needs including foreclosure. American Eagle Realty can help you with solid answers about your rights and options before your house is foreclosed on! We are experts in the Short Sale Process and have the experience needed to work with your bank! Loan Mods, too. Contact us we can help, We have helped others we can help you...
Whether you want buy, rent, or sell a home we can assist you.
American Eagle Realty
www.american-eagle-realty.com
502-969-1801
Thursday, March 10, 2011
Foreclosure Activity Decreases 14 Percent in February 2011, According to RealtyTrac
RealtyTrac, a leading online marketplace for foreclosure properties, released its U.S. Foreclosure Market Report for February 2011, which shows foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 225,101 U.S. properties in February, a 14% decrease from the previous month and a 27% decrease from February 2010—the biggest year-over-year decrease since RealtyTrac began issuing its report in 2005. The report also shows one in every 577 U.S. housing units with a foreclosure filing during the month.
“Foreclosure activity dropped to a 36-month low in February as allegations of improper foreclosure processing continued to dog the mortgage servicing industry and disrupt court dockets,” said James J. Saccacio, chief executive officer of RealtyTrac. “While a small part of February’s decrease can be attributed to it being a short month and bad weather, the bottom line is that the industry is in the midst of a major overhaul that has severely restricted its capacity to process foreclosures. We expect to see the numbers bounce back, but that will likely take several months. And monthly volume may never return to its peak in March 2010 of more than 367,000 properties receiving foreclosure filings.”
Foreclosure Activity by Type
A total of 63,165 U.S. properties received default notices (NOD, LIS) for the first time in February, a 16% decrease from the previous month and a 41% decrease from February 2010. Default notices hit a 48-month low in February and were 55% below a peak of 142,064 in April 2009.
In states with a judicial foreclosure process (LIS), default notices decreased 19% from January and were down 48% from February 2010. In states with a non-judicial foreclosure process (NOD), default notices decreased 13% from January and were down 31% from February 2010.
Foreclosure auctions (NTS, NFS) were scheduled for the first time on a total of 97,293 U.S. properties in February, a 10% decrease from the previous month and a 21% decrease from February 2010. Scheduled foreclosure auctions hit a 27-month low in February and were 38% below a peak of 158,105 in March 2010.
Scheduled judicial foreclosure auctions (NFS) decreased 7% from January and were down 49% from February 2010. Scheduled non-judicial foreclosure auctions (NTS) decreased 11% from the previous month and were down 7% from February 2010.
Lenders foreclosed on 64,643 U.S. properties in February, down 17% from January and down 18% from February 2010. Bank repossessions (REO) hit a 22-month low in February and were down 37% from their peak of 102,134 in September 2010.
Bank repossessions in states with a judicial foreclosure process decreased 24% from January and were down 35% from February 2010, while bank repossessions in states with a non-judicial foreclosure process decreased 14% from January and were down 8% from February 2010.
Nevada, Arizona, California post top state foreclosure rates
Nevada posted the nation’s highest state foreclosure rate for the 50th straight month in February—one in every 119 Nevada housing units had a foreclosure filing during the month—despite a 22% decrease in foreclosure activity from the previous month. There were a total of 9,553 Nevada properties with a foreclosure filing in February, down 13% from February 2010.
Arizona posted the nation’s second highest state foreclosure rate, one in every 178 housing units with a foreclosure filing, and California posted the nation’s third highest state foreclosure rate, one in every 239 housing units with a foreclosure filing.
One in every 273 Utah housing units had a foreclosure filing in February, the nation’s fourth highest foreclosure rate, and one in every 298 Idaho housing units had a foreclosure filing during the month, the nation’s fifth highest foreclosure rate.
Other states with foreclosure rates ranking among the top 10 in February were Georgia, Michigan, Florida, Colorado and Hawaii.
10 states account for more than 70 percent of national total
With 56,229 properties with a foreclosure filing, California accounted for 25% of the national total in February. The state’s foreclosure activity decreased 16% from January—following two straight monthly increases in foreclosure activity—and was down 18% from February 2010—the 15th straight month where the state registered a year-over-year decrease in foreclosure activity.
Florida foreclosure activity decreased 13% from January and was down 65% from February 2010, but the state’s 18,760 properties with a foreclosure filing was still the nation’s second highest for the month. Florida foreclosure activity hit a 46-month low in February and was down 71% from a peak of 64,588 in April 2009.
Arizona documented the nation’s third highest state total in February, 15,485 properties with a foreclosure filing. Arizona foreclosure activity decreased 2% from the previous month and was down 7% from February 2010.
Michigan foreclosure activity decreased 16% from January and was down 30% from February 2010, but the state’s 14,003 properties with a foreclosure filing was still the nation’s fourth highest.
Georgia posted the fifth highest state total, tallying 12,807 properties with a foreclosure filing in February—up fractionally from the previous month and up 5% from February 2010.
Other states with foreclosure activity totals among the nation’s 10 highest in February were Texas (11,562), Illinois (9,592), Nevada (9,553), Ohio (8,598) and Wisconsin (4,478).
Florida cities absent from top 20 metro foreclosure rates for second straight month
For the second month in a row, no Florida cities posted foreclosure rates in the top 20 among U.S. metropolitan areas with a population of 200,000 or more. That was in contrast to 2010, when the state accounted for nine of the top 20 metro foreclosure rates.
Some of the metro areas filling the spots vacated by Florida cities included Racine, Wis., at No. 12, Salt Lake City at No. 16, Atlanta-Sandy Springs-Marietta at No. 17, and Detroit-Warren-Livonia at No. 18.
Nevada, California and Arizona cities continued to dominate the top 20, accounting for all top 10 metro foreclosure rates and 15 of the top 20 metro foreclosure rates in February. The Las Vegas-Paradise, Nev., metro area continued to register the nation’s highest metro foreclosure rate, one in every 106 housing units with a foreclosure filing in February.
The other Nevada metro area in the top 10 was Reno-Sparks, at No. 9 with one in every 184 housing units with a foreclosure filing during the month.
Seven California metro areas posted foreclosure rates in the top 10, led by Modesto at No. 2, with one in every 140 housing units with a foreclosure filing, and Stockton at No. 3, with one in every 141 housing units with a foreclosure filing. Also in the top 10 were Riverside-San Bernardino-Ontario at No. 5 (one in 144 housing units); Vallejo-Fairfield at No. 6 (one in 147 housing units); Merced at No. 7 (one in 153 housing units); Bakersfield at No. 8 (one in 166 housing units); and Sacramento-Arden-Arcade-Roseville at No. 10 (one in 189 housing units).
The Phoenix-Mesa-Scottsdale metro foreclosure rate ranked fourth highest: one in every 143 metro housing units had a foreclosure filing in February.
For more information, visit www.realtytrac.com.
American Eagle Realty, we are a realty company not a legal firm, we can help with all of your real estate needs including foreclosure. American Eagle Realty can help you with solid answers about your rights and options before your house is foreclosed on! We are experts in the Short Sale Process and have the experience needed to work with your bank! Loan Mods, too. Contact us we can help, We have helped others we can help you...
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American Eagle Realty
www.american-eagle-realty.com
502-969-1801
“Foreclosure activity dropped to a 36-month low in February as allegations of improper foreclosure processing continued to dog the mortgage servicing industry and disrupt court dockets,” said James J. Saccacio, chief executive officer of RealtyTrac. “While a small part of February’s decrease can be attributed to it being a short month and bad weather, the bottom line is that the industry is in the midst of a major overhaul that has severely restricted its capacity to process foreclosures. We expect to see the numbers bounce back, but that will likely take several months. And monthly volume may never return to its peak in March 2010 of more than 367,000 properties receiving foreclosure filings.”
Foreclosure Activity by Type
A total of 63,165 U.S. properties received default notices (NOD, LIS) for the first time in February, a 16% decrease from the previous month and a 41% decrease from February 2010. Default notices hit a 48-month low in February and were 55% below a peak of 142,064 in April 2009.
In states with a judicial foreclosure process (LIS), default notices decreased 19% from January and were down 48% from February 2010. In states with a non-judicial foreclosure process (NOD), default notices decreased 13% from January and were down 31% from February 2010.
Foreclosure auctions (NTS, NFS) were scheduled for the first time on a total of 97,293 U.S. properties in February, a 10% decrease from the previous month and a 21% decrease from February 2010. Scheduled foreclosure auctions hit a 27-month low in February and were 38% below a peak of 158,105 in March 2010.
Scheduled judicial foreclosure auctions (NFS) decreased 7% from January and were down 49% from February 2010. Scheduled non-judicial foreclosure auctions (NTS) decreased 11% from the previous month and were down 7% from February 2010.
Lenders foreclosed on 64,643 U.S. properties in February, down 17% from January and down 18% from February 2010. Bank repossessions (REO) hit a 22-month low in February and were down 37% from their peak of 102,134 in September 2010.
Bank repossessions in states with a judicial foreclosure process decreased 24% from January and were down 35% from February 2010, while bank repossessions in states with a non-judicial foreclosure process decreased 14% from January and were down 8% from February 2010.
Nevada, Arizona, California post top state foreclosure rates
Nevada posted the nation’s highest state foreclosure rate for the 50th straight month in February—one in every 119 Nevada housing units had a foreclosure filing during the month—despite a 22% decrease in foreclosure activity from the previous month. There were a total of 9,553 Nevada properties with a foreclosure filing in February, down 13% from February 2010.
Arizona posted the nation’s second highest state foreclosure rate, one in every 178 housing units with a foreclosure filing, and California posted the nation’s third highest state foreclosure rate, one in every 239 housing units with a foreclosure filing.
One in every 273 Utah housing units had a foreclosure filing in February, the nation’s fourth highest foreclosure rate, and one in every 298 Idaho housing units had a foreclosure filing during the month, the nation’s fifth highest foreclosure rate.
Other states with foreclosure rates ranking among the top 10 in February were Georgia, Michigan, Florida, Colorado and Hawaii.
10 states account for more than 70 percent of national total
With 56,229 properties with a foreclosure filing, California accounted for 25% of the national total in February. The state’s foreclosure activity decreased 16% from January—following two straight monthly increases in foreclosure activity—and was down 18% from February 2010—the 15th straight month where the state registered a year-over-year decrease in foreclosure activity.
Florida foreclosure activity decreased 13% from January and was down 65% from February 2010, but the state’s 18,760 properties with a foreclosure filing was still the nation’s second highest for the month. Florida foreclosure activity hit a 46-month low in February and was down 71% from a peak of 64,588 in April 2009.
Arizona documented the nation’s third highest state total in February, 15,485 properties with a foreclosure filing. Arizona foreclosure activity decreased 2% from the previous month and was down 7% from February 2010.
Michigan foreclosure activity decreased 16% from January and was down 30% from February 2010, but the state’s 14,003 properties with a foreclosure filing was still the nation’s fourth highest.
Georgia posted the fifth highest state total, tallying 12,807 properties with a foreclosure filing in February—up fractionally from the previous month and up 5% from February 2010.
Other states with foreclosure activity totals among the nation’s 10 highest in February were Texas (11,562), Illinois (9,592), Nevada (9,553), Ohio (8,598) and Wisconsin (4,478).
Florida cities absent from top 20 metro foreclosure rates for second straight month
For the second month in a row, no Florida cities posted foreclosure rates in the top 20 among U.S. metropolitan areas with a population of 200,000 or more. That was in contrast to 2010, when the state accounted for nine of the top 20 metro foreclosure rates.
Some of the metro areas filling the spots vacated by Florida cities included Racine, Wis., at No. 12, Salt Lake City at No. 16, Atlanta-Sandy Springs-Marietta at No. 17, and Detroit-Warren-Livonia at No. 18.
Nevada, California and Arizona cities continued to dominate the top 20, accounting for all top 10 metro foreclosure rates and 15 of the top 20 metro foreclosure rates in February. The Las Vegas-Paradise, Nev., metro area continued to register the nation’s highest metro foreclosure rate, one in every 106 housing units with a foreclosure filing in February.
The other Nevada metro area in the top 10 was Reno-Sparks, at No. 9 with one in every 184 housing units with a foreclosure filing during the month.
Seven California metro areas posted foreclosure rates in the top 10, led by Modesto at No. 2, with one in every 140 housing units with a foreclosure filing, and Stockton at No. 3, with one in every 141 housing units with a foreclosure filing. Also in the top 10 were Riverside-San Bernardino-Ontario at No. 5 (one in 144 housing units); Vallejo-Fairfield at No. 6 (one in 147 housing units); Merced at No. 7 (one in 153 housing units); Bakersfield at No. 8 (one in 166 housing units); and Sacramento-Arden-Arcade-Roseville at No. 10 (one in 189 housing units).
The Phoenix-Mesa-Scottsdale metro foreclosure rate ranked fourth highest: one in every 143 metro housing units had a foreclosure filing in February.
For more information, visit www.realtytrac.com.
American Eagle Realty, we are a realty company not a legal firm, we can help with all of your real estate needs including foreclosure. American Eagle Realty can help you with solid answers about your rights and options before your house is foreclosed on! We are experts in the Short Sale Process and have the experience needed to work with your bank! Loan Mods, too. Contact us we can help, We have helped others we can help you...
Whether you want buy, rent, or sell a home we can assist you.
American Eagle Realty
www.american-eagle-realty.com
502-969-1801
Friday, March 4, 2011
HSBC Suspends All U.S. Foreclosures
HSBC Holdings PLC has suspended all foreclosure actions in the United States, according to the company’s annual regulatory filing with the Securities and Exchange Commission (SEC).
HSBC says it decided to temporarily halt foreclosure proceedings after examinations by federal regulators uncovered what the company described as “deficiencies” in its handling of legal paperwork related to foreclosure cases.
HSBC is headquartered in London and is Europe’s largest bank. It operates in the United States as HSBC Finance and HSBC Bank USA, both of which were subject to the official investigations involving mortgage servicing practices and foreclosure processing.
HSBC says it received cease-and-desist letters from both the Federal Reserve and the Office of the Comptroller of the Currency (OCC) which outlined problems in the company’s processing, preparation, and signing of affidavits and other documents supporting foreclosures, and in HSBC’s management of third-party law firms retained to carry out foreclosures.
“Management is reviewing foreclosures where judgment has not yet been entered and will correct deficient documentation and re-file affidavits where necessary,” HSBC said in its annual report. “We have suspended foreclosures until such time as we have substantially addressed noted deficiencies in our processes.”
HSBC said it is currently in discussions with the Federal Reserve and the OCC regarding the terms of the cease and desist orders, which prescribe actions to address the deficiencies noted in the joint examination, and the company expects consent orders to be finalized soon.
In addition, HSBC said it could face fines and civil money penalties imposed by the regulators and federal agencies.
HSBC is among 14 major servicers subject to the regulatory probe that could face sanctions and fines for faulty foreclosure procedures. Bank of America, Citigroup, and Wells Fargo have also disclosed in regulatory filings that they could face similar enforcement actions. 03/01/2011 By: Carrie Bay DSnews.
American Eagle Realty, we are a realty company not a legal firm, we can help with all of your real estate needs including foreclosure. American Eagle Realty can help you with solid answers about your rights and options before your house is foreclosed on! We are experts in the Short Sale Process and have the experience needed to work with your bank! Loan Mods, too. Contact us we can help, We have helped others we can help you...
Whether you want buy, rent, or sell a home we can assist you.
American Eagle Realty
www.american-eagle-realty.com
502-969-1801
HSBC says it decided to temporarily halt foreclosure proceedings after examinations by federal regulators uncovered what the company described as “deficiencies” in its handling of legal paperwork related to foreclosure cases.
HSBC is headquartered in London and is Europe’s largest bank. It operates in the United States as HSBC Finance and HSBC Bank USA, both of which were subject to the official investigations involving mortgage servicing practices and foreclosure processing.
HSBC says it received cease-and-desist letters from both the Federal Reserve and the Office of the Comptroller of the Currency (OCC) which outlined problems in the company’s processing, preparation, and signing of affidavits and other documents supporting foreclosures, and in HSBC’s management of third-party law firms retained to carry out foreclosures.
“Management is reviewing foreclosures where judgment has not yet been entered and will correct deficient documentation and re-file affidavits where necessary,” HSBC said in its annual report. “We have suspended foreclosures until such time as we have substantially addressed noted deficiencies in our processes.”
HSBC said it is currently in discussions with the Federal Reserve and the OCC regarding the terms of the cease and desist orders, which prescribe actions to address the deficiencies noted in the joint examination, and the company expects consent orders to be finalized soon.
In addition, HSBC said it could face fines and civil money penalties imposed by the regulators and federal agencies.
HSBC is among 14 major servicers subject to the regulatory probe that could face sanctions and fines for faulty foreclosure procedures. Bank of America, Citigroup, and Wells Fargo have also disclosed in regulatory filings that they could face similar enforcement actions. 03/01/2011 By: Carrie Bay DSnews.
American Eagle Realty, we are a realty company not a legal firm, we can help with all of your real estate needs including foreclosure. American Eagle Realty can help you with solid answers about your rights and options before your house is foreclosed on! We are experts in the Short Sale Process and have the experience needed to work with your bank! Loan Mods, too. Contact us we can help, We have helped others we can help you...
Whether you want buy, rent, or sell a home we can assist you.
American Eagle Realty
www.american-eagle-realty.com
502-969-1801
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