Canadian rating service, DBRS, reports that 51% of foreclosures in the U.S. during 2010 occurred in one of 5 states: Arizona, California, Florida, Illinois, and Michigan. Approximately 1.5 million foreclosures were completed in these five states during the year. Foreclosures were up 2% nationally over 2009, but they were actually down by 33% and 18% respectively in California and Arizona.
RealtyTrac detected a 21% drop in foreclosures during November month over month, and 14.4% drop since November 2009. The slow-down is predictable based on the delays caused by robo-signing paperwork problems and normal seasonal slowdown (7 to 10%) in foreclosure filings. It is the largest drop in foreclosure filings since 2005.
The RealtyTrac statistics for third quarter sales are in and they indicate that 25% of all residential sales were for homes that were either in pre-foreclosure (Short Sales), bank-owned, or were sold at a foreclosure auction. The total of distressed properties sold to third parties between July and September were 181,748.
The Interthinx Mortgage Fraud Report is the mortgage industry’s standard for tracking instances of risk for fraud on a quarterly basis throughout the country. This gives the industry a picture of the “hot spots” where mortgage fraud is most likely to occur. The report does not track actual instances where court cases have been brought, but rather where the common indicators for fraud occur in mortgage documents.
Posted on October 19, 2010 in
economy,
foreclosures,
housing news with
1 comment
RealtyTrac’s estimate of foreclosure filings jumped 4% in the 3rd quarter of 2010 compared to the third quarter of 2009. One in every 139 households received a foreclosure filing during the quarter, a total of 930,437 properties.
Posted on October 11, 2010 in
economy,
housing news with
1 comment
Clear Capital’s quarterly report of housing prices indicates that home values are weakening again in the first quarterly drop since May. On a national basis home prices in the July – September period fell .2%.
Posted on September 29, 2010 in
economy,
housing news with
1 comment
Trulia noted that there were $29 billion in price reductions accepted by U.S. home sellers in the month of September. This is the third straight month where the percentage of homes requiring price reductions price reductions to sell has gone up. The good news according to Trulia is that slashing prices is moderating in some markets.
The tide appears to be turning on the number of mortgages that exceed value. CoreLogic has calculated that 11 million homes have loans outstanding that are more than the value of the home, or 23% of all outstanding loans on residential properties. That’s the good news.
Realtytrac has reported that 75% of the major markets in the first half of 2010 showed a marked increase in foreclosure activity. A total of 154 of the 206 markets with populations of 200,000 posted year over year increases in foreclosure activity. Interestingly, at the same time foreclosure activity decreased in 9 of the 10 top foreclosure markets.
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