Tag Archives: foreclosure rates

Real Estate

Foreclosures Rise Slowest in Four Years

U.S. foreclosure filings rose 6% in February from a year earlier, the smallest increase in four years, according to RealtyTrac.

RealtyTrac Chief Executive James J. Saccacio added the leveling of the foreclosure trend isn’t necessarily evidence that fewer homeowners are in distress and at risk for foreclosure, but rather that foreclosure-prevention programs, legislation and other processing delays are capping monthly foreclosure activity.

The market researcher reported foreclosure filings on 308,524 U.S. properties in February, up 2% from January. Default notices, meanwhile, were up 3% from the prior month but down 3% from a year earlier. Scheduled foreclosure auctions and bank repossessions were both down from January, but grew from a year earlier.

Nevada posted the top foreclosure-filing rate for the 38th consecutive month despite a 30% year-over-year decrease. One in every 102 Nevada homes received a filing, more than four times the national rate. Even with a 9% decline in February from the prior month, Las Vegas was the worst metropolitan area, with one filing for every 90 homes.

California, meanwhile, posted a 15% year-over-year decline in February. Six California and Arizona metro areas were in the top 10 nationally, while Florida again had two.

Source: Wall Street Journal

Do you know that it’s getting to be a seller’s market in the under $250,000 price range? Almost every home in that price range seems to have multiple offers now. Interest rates are low. This combined with federal tax credits and investors still  buying is continuing to fuel sales.

John J. O’Dell
Real Estate Broker
Search Foreclosed Homes And Short Sales
At click here JohnO’DellRealty.com

Real Estate

Foreclosure Floodgates Opened?

foreclosed-home

Depending on your perspective on the market, the promised wave of foreclosures may have already hit California—but there’s a huge difference between filing for foreclosure and foreclosing, and that difference may be making all the… difference.

RealtyTrac on Thursday released its U.S. Foreclosure Market Report for the third quarter, which shows that foreclosure filings (default notices, scheduled auctions and bank repossessions) experienced a 5% increase from the previous quarter and an increase of nearly 23% from Q3, 2008. That means one in every 136 U.S. housing units received a foreclosure filing during the quarter. That’s the highest quarterly foreclosure rate since RealtyTrac began issuing its report in 2005, according to the real estate information service.

The news was much worse for California. With 250,054 properties receiving foreclosure filings, California accounted for nearly 27% of the nation’s total, according to RealtyTrac. In fact California, Florida, Arizona, Nevada, Illinois and Michigan accounted for 62% of the nation’s total foreclosure activity in the third quarter, the RealtyTrac report states.

Source LBPost.com