Showing posts with label foreclosed homes. Show all posts
Showing posts with label foreclosed homes. Show all posts

Wednesday, June 29, 2011

Bank Repossessions Down 29% Over 12 Months

Foreclosure filings experienced their eighth straight month of declines, according to RealtyTrac.In May, filings fell 33% from a year earlier and 2% month-over-month, according to the online marketplace of foreclosed properties. The number of homes that were repossessed (referred to as REOs or real estate-owned properties) in May also declined to 66,879, down 3.8% from April and 29% year-over-year, the firm said.

The huge year-over-year drop in foreclosures doesn't necessarily mean the housing market is staging a recovery, however, James Saccacio, the CEO of RealtyTrac, says the declines are likely due to lingering effects of the "robo-signing" scandal, which broke last September, when it was discovered that banks were playing fast and loose with foreclosure documents.

In some cases, it was found that banks brought foreclosure proceedings upon homeowners when they had no standing to do so. Sloppy paperwork sometimes made it impossible to tell which entity was the rightful owner of the mortgage notes.

To help fix the mess, foreclosure proceedings were temporarily suspended. Even though the suspension has since been lifted, the pace of foreclosures remains significantly slower as banks more thoroughly review each case to ensure they are being handled legally and properly.

"Foreclosure processing delays continue to mask the true face of the foreclosure situation," said Saccacio. "Lenders are somewhat unevenly pushing batches of bad loans through foreclosure as they overhaul their paperwork and documentation procedures."

There's another factor at play, as well. The banks can't sell the homes they've already seized so they aren't as incentivized to repossess more homes.

"[There's] weak demand from buyers, making it tough for lenders to unload their REO inventory," said Saccacio. "Even at a significantly lower level than a year ago, the new supply of REOs exceeds the amount being sold each month."

The banks don't want to take on the expense of maintaining the homes -- property taxes, heating costs, repairs and insurance -- if they can't sell them quickly.  Selling off the inventory of repossessed homes is crucial to the housing market, said Jim Gillespie, CEO of Coldwell Banker. Sold at steep discounts, REOs compete with new homes for buyers and have severely depressed new home sales.

"That's a critical element for the economic recovery," said Gillespie. "If new homes were selling anywhere close to their levels of five years ago, it would add a full point to the GDP."

The steepest drops in filings have come from judicial states, ones in which the courts are involved in repossessions. In these states, where foreclosure proceedings are subject to the scrutiny of the courts, it appears banks are taking special care to make sure they've stamped out the last vestiges of the robo-signing issues.

Nevada, where most cases are handled outside of court, continued to be foreclosure central. One of every 103 households received a notice of some kind in May. However, that was an improvement of 23% compared with May 2010. Arizona, with one filing for every 210 households, and California, one for every 259, were second and third.

The judicial state of Florida, where the housing market is no better, has seen a much greater drop-off in filings over the past year, down 62%. It now has the eighth highest foreclosure rate, of one filing for every 461 households. A year ago, it was in the top four, along with the other "Sand States." provided by cnn money.

Even though bank repossessions are down they are still going on since the unemployment rate is still high in the US up to 9.1%, Florida at 10.6% and California at 11.7%. When employment goes down then the repossession are going to be down as well.


Tuesday, February 08, 2011

Find Foreclosed Homes and Bank Owned Homoes in Encino




Encino Homes Available For Sale  Bank Owned, Short Sales, Probates On a Residential Area

AvailabLe and Must Sell Quickly

From 2 Bedroom and up

Browse Home Listings On This Website



Sign in To Get A Free List of Homes On Your Cities and Prices of Choice By E-mail

Click Here






lic 01200694



Monday, August 16, 2010

Foreclosed Homes in July 2010

The number of homes in the US lost to foreclosure surged in July, since the lenders are moving quickly to take back properties from homeowners behind their mortgage payments.

Lenders repossessed 92,858 properties last month, up 9% from June, an increase of 6% from July2009.
Banks have stepped up repossessions this year to clear out the backlog of bad loans. July makes the eighth month in a row that the pace of homes lost to foreclosure has increase on an annual basis.  The number of properties receiving an initial notice of default rose 1% last month from June, but tumble 28% versus July 2009.

More than 1 Million American households are likely to lose their homnes to foreclosure this year. 325,229 properties received a foreclosure warning  in July, 4% up from June, that translates to one in 397 US Homes. All this is according to Realty Trac Inc