Dallas-Fort Worth Real Estate Investor Club

Foreclosures UP despite moratorium & legislative efforts

  • 17 Jul 2009 1:24 PM
    Message # 196633
    Deleted user

    Foreclosures up despite moratorium and legislative efforts

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    By MarketWatch

    TEL AVIV (MarketWatch) -- U.S. properties in the process of foreclosure in the second quarter rose to a record quarterly level of nearly 890,000, RealtyTrac reported on Thursday.

    The total is up 11% from the first quarter and 20% from the year-earlier period, the Irvine, Calif., online marketplace and research firm reported.

    In June, properties in foreclosure totaled 336,000, exceeding 300,000 for a fourth month and driving the second-quarter total to the highest level since RealtyTrac began its survey in the first quarter of 2005.

    As of June 30, nearly 1.53 million U.S. properties were subject to a default notice, auction-sale notice, or bank repossession, RealtyTrac reported.

    Nearly 1.2% of all U.S. housing units -- 1 in 84 -- were subject to a foreclosure filing in the first half, RealtyTrac reported.

    Despite an industrywide moratorium on foreclosures earlier this year plus legislative action and more efforts by lenders to modify the terms of mortgages, "foreclosure activity continues to increase to record levels," RealtyTrac Chief Executive James J. Saccacio said in a statement.

    People who've lost jobs "account for much" of the increase, and borrowers who owe more on their mortgages than their homes are worth represent a significant risk going forward, he said.

    "Stemming the tide of foreclosures is a critical component to stabilizing the housing market," and lenders and the government must find new approaches to the issue, the executive said.

    In the first half of 2009, properties in foreclosure rose 9% from second-half 2008 and 15% from the year-earlier period, RealtyTrac reported.

    Nevada was the state with the highest first-half foreclosure rate, 1 in every 16 housing units, RealtyTrac reported. Foreclosed properties totaled more than 68,700, up 23% from second-half 2008 and up 61% from first-half 2008.

    Arizona was second, with 1 in every 30 properties in foreclosure, and Florida was third, with 1 in 33, RealtyTrac reported.

    In absolute numbers, California was No. 1, with more than 391,600 properties subject to a foreclosure filing. That's 1 in every 34 of the state's housing units, which is the fourth-highest rate among the states. The total was up 14% from second-half 2008 and up 15% from first-half 2008.

    Florida was second, with more than 268,000 properties, and Arizona was third, with nearly 90,000.

  • 21 Jul 2009 9:36 AM
    Reply # 197838 on 196633
    Cindy Carriger (Administrator)
    Jean Sullivan wrote:

    Foreclosures up despite moratorium and legislative efforts

    Explore related topics

    Alert Email Print Share

    By MarketWatch

    TEL AVIV (MarketWatch) -- U.S. properties in the process of foreclosure in the second quarter rose to a record quarterly level of nearly 890,000, RealtyTrac reported on Thursday.

    The total is up 11% from the first quarter and 20% from the year-earlier period, the Irvine, Calif., online marketplace and research firm reported.

    In June, properties in foreclosure totaled 336,000, exceeding 300,000 for a fourth month and driving the second-quarter total to the highest level since RealtyTrac began its survey in the first quarter of 2005.

    As of June 30, nearly 1.53 million U.S. properties were subject to a default notice, auction-sale notice, or bank repossession, RealtyTrac reported.

    Nearly 1.2% of all U.S. housing units -- 1 in 84 -- were subject to a foreclosure filing in the first half, RealtyTrac reported.

    Despite an industrywide moratorium on foreclosures earlier this year plus legislative action and more efforts by lenders to modify the terms of mortgages, "foreclosure activity continues to increase to record levels," RealtyTrac Chief Executive James J. Saccacio said in a statement.

    People who've lost jobs "account for much" of the increase, and borrowers who owe more on their mortgages than their homes are worth represent a significant risk going forward, he said.

    "Stemming the tide of foreclosures is a critical component to stabilizing the housing market," and lenders and the government must find new approaches to the issue, the executive said.

    In the first half of 2009, properties in foreclosure rose 9% from second-half 2008 and 15% from the year-earlier period, RealtyTrac reported.

    Nevada was the state with the highest first-half foreclosure rate, 1 in every 16 housing units, RealtyTrac reported. Foreclosed properties totaled more than 68,700, up 23% from second-half 2008 and up 61% from first-half 2008.

    Arizona was second, with 1 in every 30 properties in foreclosure, and Florida was third, with 1 in 33, RealtyTrac reported.

    In absolute numbers, California was No. 1, with more than 391,600 properties subject to a foreclosure filing. That's 1 in every 34 of the state's housing units, which is the fourth-highest rate among the states. The total was up 14% from second-half 2008 and up 15% from first-half 2008.

    Florida was second, with more than 268,000 properties, and Arizona was third, with nearly 90,000.


    Thanks for bringing that to our attention Jean!  Good info! (Short Sale and REO's wont be going away too soon!) Also, that is why I am trying to help the homeowners who might be able to save their home via a Loan Mod.  If they have income, they can generally receive a modification, and although they could work it themselves, studies show that when an Atty. does the negotiation, the rate of retention goes from about 20% to 60%.  Anyone interested in that additional service they can offer their current clients or new clients going forward should contact me for more info. Even better, here's a link to go view a little info about the business, http://www.saveorsellmyhouse.biz  My email is cindy@saveorsellmyhouse.com (or ph. is 817-581-7520).

  • 07 Aug 2009 4:48 PM
    Reply # 204341 on 196633
    Deleted user

    Thanks for the information on the national market Jean. For the 4 county Dallas Area, foreclosures peaked for the July 7th sale at 6252 and declined slightly for the August 4th auction at 5119. Here are the figures from Alamo Foreclosure Service for last month (August 4th Sale).

    Tarrant  1664   Dallas  2226   Collin   666  Denton  563

     

     

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