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Foreclosure Situation

Striking Out Again and Again

Umpire-Strike-Out

Spring training has just started but thousands of homeowners are already striking out for the second time. Black Knight reports that in January foreclosure starts reached at 12-month high. Repeat foreclosures were up 11 percent month-over-month and made up over half of January foreclosure starts; first-time starts were up just 0.33 percent. The month’s data showed that both first-time and ... Read More »

1.8 Million Bubble-Era HELOCS Could Bust

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More than half, 56 percent, of the 3.3 million Home Equity Lines of Credit scheduled to reset over the next four years with fully amortizing monthly payments replacing interest-only payments are on properties that are seriously underwater, according to a new report from RealtyTrac. With no equity remaining in the Bubble-era HRLOCs, the risk is high that the resets will ... Read More »

Flips Flopped in 2014

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Don’t tell the HGTV producers who find audiences for their endless stream of shows devoted to house flipping, but it’s looking like flipping is losing popularity. RealtyTrac® reports that last year flips fell to their lowest market share since 2011.  Some 136,269 U.S. single family homes were flipped in 2014, 5.4 percent of all single family home sales during the ... Read More »

REO’s: They’re B-A-A-A-A-A-ACK

Theyre Baaack

Four years of declining distress sales quietly ground to a halt last year and now real estate owned properties (REOs) have increased steadily for four months in a row, rising to 23.2%, based on a three-month moving average, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. The distressed property share of home sales peaked at 45.5% in March ... Read More »

Foreclosure Inventory Fell 34 Percent in 2014, but January Repos Add New Starts

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  Foreclosures in the national inventory fell to about 550,000 in December, a 38 month decline, but the New Year may break that pattern as banks ended their traditional holiday grace periods with a 55 percent increase in repossessions. The national foreclosure inventory fell by 34.3 percent year over year in December 2014 to approximately 552,000 homes, or 1.4 percent ... Read More »

Distress Sales Ride into the Sunset

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Some of us will even miss ‘em…but not for long.  Foreclosures and short sales introduced a new way of thinking about real estate and new ways to make a living, like short sales, broker price options and rental property management.  Now they have faded away in most markets. Distressed sales (REO and short sales) accounted for only 11.1 percent of ... Read More »

Only 10.7 Percent of All Mortgaged Homes Still Underwater

underwater

Nearly 950,000 homes returned to positive equity in the second quarter of 2014, bringing the total number of mortgaged residential properties with equity in the U.S. to more than 44 million. Nationwide, borrower equity increased year over year by approximately $1 trillion in Q2 2014.  Approximately 5.3 million homes, or 10.7 percent of all residential properties with a mortgage, were ... Read More »

Hello Moderation, Bye Distress Sales

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As a percent of all sales, distressed sales fell to 18 percent in July from their peak of 40.8 percent in March of 2011. The major shift in home sale type, from distressed to fair market, will continue to impact future growth potential for markets overall, reports Clear Capital’s July Market Report. Does that mean home price gains will continue ... Read More »

One State Leads the Foreclosure Marathon

Florida-two

As the Foreclosure Era enters its final months, completed foreclosures are increasingly concentrating in a handful of states and one state reports three times as many as the next runner-up.  Regions of the nation have virtually returned to normal as their foreclosure inventories dry up and are not refilled. Five states account for almost half of all completed foreclosures in ... Read More »

Spring Price Increases Barely Budge Underwater Homes

teaparty

Price increases slowed so much in the second quarter that the numbers of seriously underwater homes and the percentage of equity rich properties barely increased over the first quarter of 2014. The second quarter of 2014 saw only a small percentage decline in the percentage homes that were seriously underwater, 17.2 percent versus 17.4 percent in the first quarter of ... Read More »

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