U.S. Foreclosure Rates Remain Steady In June 2012 With California, Florida, Michigan, Texas And Georgia As Top Five Foreclosure States

31 07 2012

There were 60,000 finished foreclosures in June, the same as in May, and down from the 80,000 seen in June 2011, CoreLogic said. Since the financial crisis erupted in September 2008, there have been about 3.7 million foreclosures. About 1.4 million homes, or 3.4 percent of homes with a mortgages, were in some stage of the foreclosure process. That was down from 1.5 million homes, or 3.5 percent, a year ago and unchanged from May. The five states with the highest number of foreclosures in the last 12 months were California, Florida, Michigan, Texas and Georgia. Those states alone accounted for 48.4 percent of all completed foreclosures.

U.S. Housing Market Made Up Of “Dozens Of Individual Housing Markets” With Home Prices Moving Independently; Phoenix Moves 8.6% Higher While Atlanta Drops 17% In Latest Year

28 07 2012

In reality, what we have in the United States are dozens of individual housing markets that move independently. They are not linked by some invisible force. They have their own forces of supply and demand. After falling 57 percent from 2006 through last October, Phoenix metro housing prices rose 12 percent through April and have continued upward since, according to the Standard & Poor’s/Case-Shiller home price indexes. In Atlanta, meanwhile, the housing recession is far from over: Home prices fell 17 percent in the year through April to their lowest point since 1997, according to Case-Shiller.

The lowest mortgage rates in history, courtesy of a recession-fighting central bank, coupled with the biggest drop in housing prices since the Depression, have made homes the most affordable since 1970, according to the National Association of Realtors. But people can’t scrape up a down payment when mortgages on their current residences are underwater. Banks have tightened lending standards even as the bad economy has lowered many borrowers’ credit scores. And the country is stuck in the longest period of 8 percent-plus unemployment since the government began keeping track in 1948.

Although the so-called shadow inventory of unsold real estate has shrunk since its 2010 high, CoreLogic calculates that there are still 1.5 million homes in various stages of delinquency or foreclosure that don’t show up in measures of housing supply. “The broad dynamics are still quite scary,” says Michael Feder, chief executive officer of housing data company Radar Logic, in a July 24 report.

For more:  http://www.businessweek.com/articles/2012-07-26/housing-a-long-way-from-normal

California Housing Market Remains Under Pressure With Ten Metro Areas Having Highest Foreclosure Rates In U.S.

27 07 2012

Half of the nation’s 20 largest metro areas in terms of population documented increasing foreclosure activity from the previous six months, led by the Tampa-St. Petersburg-Clearwater metro area in Florida with a 47 percent increase. Foreclosure activity during the first half of the year increased more than 20 percent from second half of 2011 in Philadelphia (30 percent), Chicago (28 percent), New York (26 percent), and Baltimore (21 percent). Seattle foreclosure activity in the first half of 2012 decreased 24 percent from the previous six months, the biggest drop among the nation’s 20 largest metro areas. Other large metro areas where first half foreclosure activity decreased more than 10 percent from the second half of 2011 were San Francisco (21 percent), Detroit (17 percent), Los Angeles (13 percent), Boston (12 percent), and San Diego (11 percent). Despite a 9 percent decrease in foreclosure activity from the previous six months, the Riverside-San Bernardino-Ontario metro area in Southern California registered the highest foreclosure rate among the 20 largest metro areas, followed by Atlanta, Phoenix, Miami and Chicago.

“Ready4Remodel” REO Homes In Florida: 14901 Winterwind Dr, Tampa, FL 33624 Is Listed At $129,000 With FHA 203k Renovation Financing Through Prospect Mortgage

19 07 2012

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“Ready4Remodel” REO Homes In California: 3718 Ocana Ave, Long Beach, CA 90808 Is Listed At $369,900 With FHA 203k Renovation Financing Through Prospect Mortgage

18 07 2012

“Click on Prospect For FHA 203k Financing”

Housing “Shadow Inventory”: Lenders Withholding Up To 90% Of REO Properties From Market

16 07 2012

But the extent to which lenders keep their stock of REOs — industry parlance for “real estate owned” properties — off the market may be much larger than most people think.

As many as 90 percent of REOs are withheld from sale, according to estimates recently provided to AOL Real Estate by two analytics firms. It’s a testament to lenders’ fears that flooding the market with foreclosed homes could wreak havoc on their balance sheets and present a danger to the housing market as a whole.

Online foreclosure marketplace RealtyTrac recently found that just 15 percent of REOs in the Washington, D.C., area were for sale, a statistic that is representative of nationwide numbers, the company said.

Analytics firm CoreLogic provided an even lower estimate, suggesting that just 10 percent of all REOs in the country are listed by their owners, which include mortgage giants Fannie Mae and Freddie Mac as well as the Federal Housing Administration. As of April 2012, 390,000 repossessed homes sat in limbo, while about 39,000 were actually listed for sale, said Sam Khater, senior economist at CoreLogic.

For more:  http://news.firedoglake.com/2012/07/16/the-great-housing-swindle-shadow-reo-artificially-boosting-prices/

Riverside-San Bernardino, CA Area Ranked As America’s Worst Housing Market With Highest Negative Equity, 12.3% Of Homeowners 90-Days Delinquent On Mortgages And Home Prices 55% Below 2006 Peak

14 07 2012

1) Riverside-San Bernardino-Ontario, Calif.
Average annual list price decline: -1.8%
Rental vacancy: 9.4%
Homeowner vacancy: 4.4%

Riverside is the third California metropolitan area suffering from a sick housing market. In this region, homeowners paying a mortgage have $41.5 billion in negative equity, the fifth-highest amount in the nation. Many of these homes are under water because median home prices plunged by 55.6% from their peak in 2006. The metro had an annual unemployment rate of 14.3% in 2010, the highest among the largest cities in the country (it was 11.8% in May 2012), and 12.3% of homeowners with a mortgage are 90 or more days delinquent on their payments — the ninth-highest rate. According to Southern California’s City News Service, the assessed value of all taxable property in the county is estimated to be $204.8 billion for the 2012-2013 fiscal year, a $300 million decline from the $205.1 billion assessment in the previous fiscal year. While the decrease is lower than previous years, it means things have yet to improve.

For more:  http://realestate.yahoo.com/news/sickest-housing-markets-in-america.html