By: Dennis Norman
There just seems to be no end in site for the sickening numbers of foreclosures we are seeing take place in the housing market. While, from an investors standpoint, it seems like a “positive” in that foreclosures often present a good opportunity for an investor to purchase property at below-market prices however it’s really a double-edged sword though as foreclosures drag down property values, which hurts an investor. Read more…
By: Dennis Norman
According to a report issued by RealtyTrac(R), there were 1,905,723 foreclosure filings (default notices, scheduled auctions and bank repossessions) on 1,528,364 U.S. properties in the first six months of 2009, a 9% increase in total properties from the previous six months and a 15% increase in total properties from the first six months of 2008. This works out to 1.19% of all U.S. homes (1 in 84) receiving at least one foreclosure filing in the first half of this year.
For the month of June there were 336,173 properties with foreclosure filings, the fourth straight month that the total exceeded 300,000 which helped boost the 2nd quarter to the highest quarterly total since RealtyTrac(R)began issuing its report in the first quarter of 2005. Read more…
Dennis Norman
By: Dennis Norman
According to a report issued by RealtyTrac(R), foreclosure filings (default notices, scheduled auctions and bank repossessions or REO’s) were reported on 321,480 U.S. properties for May. This is a decrease of 6% from April but is still up nearly 18% from a year ago.
The states of Nevada, California and Florida continue to have the highest foreclosure rates, with Nevada leading the way with one in every 64 housing units receiving a foreclosure filing in May.
The state with the lowest foreclosure rate was Vermont, followed by North Dakota, Montana, South Dakota and Virginia.
I have been saying for some time now that before we are going to see this real estate market stabilize and truly “find bottom” the foreclosure rate would have to decline back to some sort of normal range. While the decrease for May in activity is encouraging, May’s activity still represents the “third highest month on record” according to James J. Saccacio, CEO of RealtyTrac(R), so don’t break out the party hats yet.
Dennis Norman
By: Dennis Norman
According to a report issued by RealtyTrac(R), foreclosure filings (default notices, scheduled auctions and bank repossessions or REO’s) were reported on 321,480 U.S. properties for May. This is a decrease of 6% from April but is still up nearly 18% from a year ago.
The states of Nevada, California and Florida continue to have the highest foreclosure rates, with Nevada leading the way with one in every 64 housing units receiving a foreclosure filing in May.
The state with the lowest foreclosure rate was Vermont, followed by North Dakota, Montana, South Dakota and Virginia.
I have been saying for some time now that before we are going to see this real estate market stabilize and truly “find bottom” the foreclosure rate would have to decline back to some sort of normal range. While the decrease for May in activity is encouraging, May’s activity still represents the “third highest month on record” according to James J. Saccacio, CEO of RealtyTrac(R), so don’t break out the party hats yet.
Dennis Norman
By: Dennis Norman
According to a report issued by the Center for Responsible lending, the number of homes that have had foreclosure proceedings begun on this year broke the 1 million mark this past weekend. The Center for Responsible lending website has a rather depressing “foreclosure meter” that shows, in real time (sort of), the number of foreclosure starts since January 1, 2009. At the time I am writing this it shows 1,010,866.
In a related report, last week the Mortgage Bankers Association released their report on mortgage foreclosures and delinquencies for the 1st quarter of 2009 showing foreclosure starts were initiated on 1.37% of first mortgages which is over a 26% increase from the 4th quarter 2008 rate of 1.08% and a 36% increase from the rate of 1.01% a year ago. According to the report both the level of foreclosures as well as the increase in foreclosure rate from the prior quarter are record highs.
The other disturbing information in the report was that, according to the Mortgage Bankers Association, 12% of all home mortgages were delinquent in the 1st quarter of 2009 (including the ones in foreclosure). This is a record high since the Mortgage Bankers Association began its delinquency survey.
Not very encourgaging news. As I have said on several recent posts about the real estate market, I feel it is maybe nearing the bottom. However, seeing the foreclosure and delinquency rates in these reports really disturbs me. Not only do we have a record number of people and families losing their homes, the impact of foreclosures on real estate values is generally negative…therefore the “bottom” of the market we are seeing may very well be a “false bottom”. I think the true bottom is going come aftger we see the foreclosure and delinquency rates return to something closer to normal.
Dennis Norman
By: Dennis Norman
According to a report issued by the Center for Responsible lending, the number of homes that have had foreclosure proceedings begun on this year broke the 1 million mark this past weekend. The Center for Responsible lending website has a rather depressing “foreclosure meter” that shows, in real time (sort of), the number of foreclosure starts since January 1, 2009. At the time I am writing this it shows 1,010,866.
In a related report, last week the Mortgage Bankers Association released their report on mortgage foreclosures and delinquencies for the 1st quarter of 2009 showing foreclosure starts were initiated on 1.37% of first mortgages which is over a 26% increase from the 4th quarter 2008 rate of 1.08% and a 36% increase from the rate of 1.01% a year ago. According to the report both the level of foreclosures as well as the increase in foreclosure rate from the prior quarter are record highs.
The other disturbing information in the report was that, according to the Mortgage Bankers Association, 12% of all home mortgages were delinquent in the 1st quarter of 2009 (including the ones in foreclosure). This is a record high since the Mortgage Bankers Association began its delinquency survey.
Not very encourgaging news. As I have said on several recent posts about the real estate market, I feel it is maybe nearing the bottom. However, seeing the foreclosure and delinquency rates in these reports really disturbs me. Not only do we have a record number of people and families losing their homes, the impact of foreclosures on real estate values is generally negative…therefore the “bottom” of the market we are seeing may very well be a “false bottom”. I think the true bottom is going come aftger we see the foreclosure and delinquency rates return to something closer to normal.
By: Dennis Norman
According to a report this week by Realty Trac(R) there were 274,399 US properties in some stage of foreclosure during the month of January. This represents a 10% decrease from December but is still an 18% increase over a year ago. Do the math and it works out to a sobering 1 in every 466 housing units in the U.S. received a foreclosure filing in January.
Nevada maintained it’s place as the state with the highest foreclosure rate. With one in every 76 housing units in foreclosure in January. Coming in second was California with one in every 173 housing units facing foreclosure during the month and Arizona came in 3rd with one in every 182 housing units in foreclosure. Read more…
By: Dennis Norman
Today Bloomberg.com reported that, based upon data from RealtyTrac Inc., foreclosures in the US were up 81% last year with a total of 2.3 million foreclosures. According to RealtyTrac Inc this is the largest number of foreclosures they have documented in the four years they have been tracking foreclosures.
RealtyTrac Inc data indicates Nevada has the highest foreclosure rate in 2008 with 7.3% of housing units in some stage of default. Coming in second was Florida with 4.5% of housing units in default. Arizona came in 3rd at 4.49% and California, Colorado, Michigan, Ohio, Georgia, Illinois and New Jersey completed the top 10 list in terms of highest foreclosure rate states.
Read more…
