Mortgage News in the Carolinas
Posts tagged RealtyTrac
Foreclosure Rate Drops For The 12th Straight Month
0215 days
by Geoff Brown
in Housing Analysis
Foreclosure activity continues to slow throughout the United States.
According to data from RealtyTrac, a national foreclosure-tracking firm, the number of foreclosure filings dipped below 215,000 in September 2011, a 6 percent decrease from August.
A “foreclosure filing” is defined as any foreclosure-related action including Notice of Default, Scheduled Auction, or Bank Repossession.
September marks the 12th straight month in which foreclosure filings fell year-over-year.
There are several reasons why foreclosure filings are down, including an increase in the amount of time it takes banks to move a foreclosure through its pipeline. It now takes a nationwide average of 336 days from the date of initial default notice to bank repossession.
Some states work quicker than others, however, because of a combination of state law and personnel.
Homes in New York take an average of 986 days to foreclose, for example, the longest in the country. Homes in Texas foreclose the quickest, registering just 86 days.
As in prior months, bank repossessions remain concentrated by state. Just 6 states accounted for half of the country’s REO last month:
- California : 16.6 percent
- Georgia : 8.5 percent
- Florida : 8.3 percent
- Texas : 6.2 percent
- Michigan : 6.1 percent
- Illinois : 5.2 percent
Collectively, these 6 states represent just 36 percent of the nation’s population.
By contrast, the bottom 6 states were home to just 192 repossessions last month — 0.3% of the national total. Those 6 states were Alaska, Wyoming, District of Columbia, North Dakota, South Dakota, and Vermont.
For home buyers in Charlotte , shopping for foreclosed properties can be an excellent way to get “a deal”. Foreclosed homes typically sell at discounts as compared to “non-foreclosed” homes, but are often sold “as-is”. This means that homes listed for sale may be defective or out-of-code.
Before placing a bid on a foreclosed home, make sure that you’re represented by an experienced real estate professional.
Foreclosures Sink To 4-Year Low
0282 days
by Geoff Brown
in Housing Analysis
Foreclosure activity continues to slow.
According to RealtyTrac, a national foreclosure-tracking firm, the number of foreclosure filings nationwide fell 35 percent as compared to July 2010, a statistic suggesting that the housing market continues to improve.
“Foreclosure filing” is a catch-all term encompassing default notices, scheduled auctions, and bank repossessions.
Filings fell to a 44-month low in July 2011.
For all the improvement, though, activity remains concentrated in just a few states. More than half of all bank repossessions last month occurred in just a handful of states.
In July, 6 states accounted for 52% of activity.
- California : 19% of all repossessions
- Georgia : 8% of all repossessions
- Florida : 7% of all repossessions
- Texas : 6% of all repossessions
- Michigan : 6% of all repossessions
- Arizona : 6% of all repossessions
At the other end of the spectrum is Vermont. With just 11 repossessions for all of July, Vermont accounted for 0.016% of repossessions nationwide.
Distressed homes are in high demand with today’s home buyers. According to the National Association of REALTORS®, they account for 30% of all home resales. That’s no surprise, either.
Distressed homes typically sell at 20 percent discounts as compared to non-distressed ones.
But, if buying a foreclosure is in your agenda, be sure to do your homework. Buying bank-owned homes is different from buying from “people”. The contracts are different, the negotiations are different, and the homes are sometimes sold with defects.
If you plan to purchase a foreclosure in Charlotte , therefore, be sure to speak with a licensed real estate agent first. There’s plenty of available information online but when it’s time to buy, have an experienced agent on your side.
Foreclosure Activity Falls For The Second Straight Month, Drops To 30-Month Low
0493 days
by Geoff Brown
in Foreclosures
According to foreclosure-tracking firm RealtyTrac, the number of foreclosure filings nationwide dropped for the second straight month in December. After falling 21 percent in November, filings were down by an additional 2 percent in December.
“Foreclosure filing” is a catch-all term, comprising default notices, scheduled auctions, and bank repossessions.
Like most months, a small number of states dominated December’s national foreclosure figures. 6 states accounted for more than 50 percent of all bank repossessions.
- California : 17% of all repossessions
- Florida : 11% of all repossessions
- Arizona : 6% of all repossessions
- Michigan : 6% of all repossessions
- Texas : 6% of all repossessions
- Nevada : 4% of all repossessions
December’s foreclosure filings fell to its lowest levels since June 2008, but we can’t read into the report too much just yet. Foreclosure volume continue to be dampened by lawsuits and moratoriums related to controversy surrounding the so-called robo-signers.
Foreclosure activity may have lessened in December anyway, but we can’t know for certain.
Distressed properties are in high demand among home buyers, accounting for one-third of all home sales; typically sold at a steep, 15 percent discount as compared to non-distressed properties.
Buying foreclosures can be a terrific “deal”.
That said, buying a foreclosed home is different from buying a non-foreclosed home. Specifically, because you’re buying from a bank and not a person, contracts may vary from what’s “customary” and negotiations may be drawn-out.
It’s one reason why buyers in Charlotte – first-timers and investors alike — should talk with a real estate agent before writing an offer for a foreclosed property. You can learn a lot from the internet, but when it comes time to actually purchase a home, you’ll want an experienced professional on your side.
Foreclosure Activity Plunges (But With An Asterisk)
0516 days
by Geoff Brown
in Foreclosures
According to foreclosure-tracking firm RealtyTrac, the foreclosure filings fell 21 percent in November to 262,339 units nationwide. A foreclosure filing is defined as default notice, scheduled auction, or bank repossession.
November marked the first time since February 2009 that the number of monthly filings failed to surpass 300,000 units.
There were other notable November statistics, too, included:
- November’s 21 percent month-to-month decrease was the largest in RealtyTrac’s recorded history
- November’s 14 percent year-to-year decrease was the largest in RealtyTrac’s recorded history
- Nevada led the nation in foreclosure activity for the 47th straight month
However, we can’t read into November’s RealtyTrac report too much; ultimately, history may treat it with an asterisk. Controversy surrounding the so-called robo-signers forced some of the biggest banks to institute a temporary halt to foreclosures in November. Foreclosure activity did fall last month, but the moratorium makes the figures look better for housing than if there had been no interference.
The halt in foreclosures is also why Utah leaped into the #2 state for foreclosures nationwide. Perennial foreclosure-leading states like California, Michigan and Arizona posted double-digit improvements in November whereas Utah did not.
Banks have since resumed foreclosure activity so December’s results may be a better gauge for how the market is truly performing.
Foreclosures tend to be sold at discount and low home prices can entice home buyers to make an offer. If you’re such a buyer in Charlotte and want to look at foreclosed homes, talk to a real estate agent first.
Although there’s a host of online search engines that specialize in foreclosures, a licensed agent may have access to broader inventory, plus the ability to negotiate it more effectively.
