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
Today the Office of the Comptroller of the Currency (OCC) and the Office of the Thrift Supervision (OTS) released their mortgage metrics report for 1st quarter 2009. The report covers the performance of 34 million home loans in the US.
The report shows that delinquencies and foreclosures continue to increase during the first quarter of this year. However the report also shows that lenders are greatly increasing the number of loan modifications they are doing for borrowers in an effort to curb foreclosures. As you review the stats it is worth noting that the loan modifications reported happened before the “Making Home Affordable” program which was implemented after this period and should increase the number of modifications in the future.
Below are some stats from the report: 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
RealtyTrac(R) released it’s Metropolitan Foreclosure Market Report for the first quarter of 2009 showing nationwide foreclosures are up 23.63% from the first quarter of 2008.
According to the report, the 26 metros with the highest foreclosure rates were in just four states: California, Florida, Nevada and Arizona. Las Vegas had the highest metro rate with one out of every 22 homes receiving a foreclosure filing during the quarter over 7 times worse than the national average of one in 159 homes. Read more…
By: Dennis Norman
- Dennis Norman
As anxious as I am to finally see something positive come out about the housing market I am still very skeptical when I hear about reports like I referred to in the headline for this post.
Therefore, like an investigative reporter, I went searching for this report, find out who was behind it and what it was based upon. What I found was quite interesting. For starters, the person behind it is University of Virginia School of Architecture professor William Lucy along with a graduate student Jeff Herlitz. Hmm…no smoking gun, Lucy is not employed by the National Association of REALTORS(R), the National Association of Home Builders nor any other group that may be a little slanted in their opinion. So far so good. Read more…
