Friday, June 07, 2013
Founding of Father's Day
The founder of Father's Day was Sonora Smart Dodd, according to many historians. She was the daughter of a widowed Civil War Veteran who hd raised her ob his own. Dodd came up with the idea whe listening to a Mother's Day sermon in 1909. She held her own special tribute for her father on June 19m 1910, in Spokane, Washington, and began a campaign for an official celebration thereafter.
Initially, the idea of Father's Day was met with skepticism in the US. But in 1926 a National Father's Day Committee was formed in New York City, and in 1966 President Lyndon Jonson signed a proclamation designating the third Sunday in June as Father's Day. But it wasn't until 1972 that President Richard Nixon officially recognized it as a national holiday. The holiday migrated to Canada soon after.
The official flower of Father's Day is the rose: Red for Fathers who are still living and White for Fathers who have passed away.
Alberto Pacheco
818 481 9211
Wednesday, May 22, 2013
Monday, May 13, 2013
Sunday, May 12, 2013
Saturday, May 11, 2013
Thursday, May 02, 2013
Short Sale vs Foreclosure
Do You Know The Difference?
Hard working people everywhere are having to make tough decisions that affect their financial future,not just today,but for years to come. If you don't know how to protect your rights and weigh all of your options.
Call me today and you deserve a face to face conversation. Call 818 481 9211 Alberto Pacheco Keller Williams Granada Hills
Call me today and you deserve a face to face conversation. Call 818 481 9211 Alberto Pacheco Keller Williams Granada Hills
Saturday, April 27, 2013
Small Probate Courts in Los Angeles County Are Closing
All of the local probate courts are closing on June 30, 2013. All new filings for Van Nuys have to be done in Los Angeles Superior Court Probate section. They are scanning all the documents and in the future they will be sharing them over the net the way they are doing it today physically.
The City and County of Los Angeles are looking to save money doing this movement and centralize all the cases in one roof. This is good for them buy very inconvenient for the decedent family, attorneys,etc,. Since parking in Los Angeles is hard to get and very expensive as well.
Alberto Pacheco 818 481 9211 Keller Williams Granada Hills
Granada Hills CA Real Estate Market Update For April 2013
As of today 04/26/13 there are 76 home owners with Notice of defaults that are on the Trustee Sale
(Foreclosure Sale) some due in April, other May, June or July this year. Homes Listed For Sale in
Granada Hills as of Today: 34 Listings There is only one Bank Owned Home (Reo aka Foreclosed
Home) and three are short sale listings so the rest which are 30 are standard sales.
Lowest priced listing: $ 299,000 Average Listing Price % 563,792 Highest Listing Price $ 1,450,000 Average days on the market: 37 SALES There are 32 homes sold up to today: Minimum Listing Price $ 313,425
Minimum Sales Price $ 355,000 Average Listing Price $ 430,323 Average Sales Price $ 444,771
Highest Listing Price $ 689,000 Highest Sales Price $ 680,000 Average days on the market: 31 days
The inventory of homes for sale in Granada Hills is very low, if there were no more listings taken
starting today the inventory will be sold in 30 days or less
. We are on a sellers market and any listing price right that hits the market gets offers within 24 hours and opens escrow in two to three days from acceptance. Most homes are sold above the asking price, some way above it. If you are a home seller in this city, I urge you to take advantage of this market and call me to help you with your home listing / sale.
(Foreclosure Sale) some due in April, other May, June or July this year. Homes Listed For Sale in
Granada Hills as of Today: 34 Listings There is only one Bank Owned Home (Reo aka Foreclosed
Home) and three are short sale listings so the rest which are 30 are standard sales.
Lowest priced listing: $ 299,000 Average Listing Price % 563,792 Highest Listing Price $ 1,450,000 Average days on the market: 37 SALES There are 32 homes sold up to today: Minimum Listing Price $ 313,425
Minimum Sales Price $ 355,000 Average Listing Price $ 430,323 Average Sales Price $ 444,771
Highest Listing Price $ 689,000 Highest Sales Price $ 680,000 Average days on the market: 31 days
The inventory of homes for sale in Granada Hills is very low, if there were no more listings taken
starting today the inventory will be sold in 30 days or less
. We are on a sellers market and any listing price right that hits the market gets offers within 24 hours and opens escrow in two to three days from acceptance. Most homes are sold above the asking price, some way above it. If you are a home seller in this city, I urge you to take advantage of this market and call me to help you with your home listing / sale.
Alberto Pacheco
Realtor Calbre Lic 01200694
818 481 9211
Keller Williams Porter Ranch
Real Estate Consultant
http://www.granadahills.kwrealty.com Real Estate News, Mortgages, Trends
Friday, April 19, 2013
Arleta Home Sales Statistics For January 2013
Thirteen homes were sold in January 2013
Minimum Listing Price $ 180,000 Minimum Sales Price $ 215,000
Maximum Listing Price $ 352,900 Maximum Sales Price $ 315,000
Average Listing Price $ 264,331 Average Sales Price $ 272,032
The sum of all Listings $ 3,436,299 and the sum of all Listings Sold $ 3,536,418
Minimum Days on the Market:1
Maximum Days on the Market: 248
Average Days on the Market: 44
From those 13 home listings, four of them were homes on short sale, three were bank foreclosures, one probate sale and the rest five of the were standard sale homes. As we can see the number or standard sale homes is rising everyday since March 2012.
If you are looking to buy a home in Arleta, do not hesitate to do so since the market is on the way up.
Alberto Pacheco 818-481-9211 Keller Williams Granada Hills www.stoppayngrentinla.com
Minimum Listing Price $ 180,000 Minimum Sales Price $ 215,000
Maximum Listing Price $ 352,900 Maximum Sales Price $ 315,000
Average Listing Price $ 264,331 Average Sales Price $ 272,032
The sum of all Listings $ 3,436,299 and the sum of all Listings Sold $ 3,536,418
Minimum Days on the Market:1
Maximum Days on the Market: 248
Average Days on the Market: 44
From those 13 home listings, four of them were homes on short sale, three were bank foreclosures, one probate sale and the rest five of the were standard sale homes. As we can see the number or standard sale homes is rising everyday since March 2012.
If you are looking to buy a home in Arleta, do not hesitate to do so since the market is on the way up.
Alberto Pacheco 818-481-9211 Keller Williams Granada Hills www.stoppayngrentinla.com
Get a Free Report on Granada Hills House Prices
Tuesday, February 19, 2013
Free Report For Granada Hills Home Owners
Free February 2013
Report On Granada Hills House Prices |
If you’re thinking about buying a home in Granada Hills, here’s an easy way for you to find out what homes are selling for in today’s market.
Plus: Get a free report with up-to-the-minute statistics based on all the homes for sale and sold in Granada Hills over the last six months in all price ranges.
To get your free February 2013 report on Granada Hills house prices, just call 888-836-1426 ext 51 For a 24 Hour Free Recorded Message or go to the website:
|
Reports provided by
Alberto Pacheco, Realtor Keller Williams North Valley 818-481-9211 Dre Lic 01200694 |
Find Out What The Owner at 7301 Lennox E10 Did
It May Come As A Surprise To You – But They’ve Been Plotting For A Long Time!
Your neighbors at 7301 Lennox E10 have decided to sell their townhome, and they listed it with Alberto Pacheco of Keller Williams Realty.
They thought about it long and hard, and interviewed him and chose him as their realtor.
And now that they have made the decision to sell, they need your help to do it.
Alberto has prepared a special report called The 10 Dumbest Mistakes Smart People Make when Buying or Selling a Home that he would like to offer to you or anyone you know.
Alberto Pacheco
818 481 9211
albertopacheco@kw.com
Friday, February 15, 2013
February 2013 Real Estate Update
Alberto Pacheco
818 481 9211
albertopacheco@kw.com
Keller Williams Granada Hills
Real Estate Update For January 2013
Alberto Pacheco
818 481 9211
albertopacheco@kw.com
Keller Williams Granada Hills
Monday, December 31, 2012
I Wish You a Great 2013
May The 2013
Be
A Year of Blessings, Family Union and Stability
But Above All May
GOD
Give You Wisdom
Alberto Pacheco
Keller Williams Granada Hills
818 481 9211
albertopacheco@kw.com
Monday, December 24, 2012
Wednesday, November 21, 2012
Available Foreclosed Homes in Burbank California
Foreclosed Homes in Burbank Availabe and Must Sell Quickly 3 Bedrooms and 2 Bath Home Listed At $ 389,000 On This Website You Can You Can Browse Home Listings Sign in To Get A Free List of Homes On Your Cities and Prices of Choice By E-mail Click Here FORECLOSED HOMES IN BURBANK |
lic01200694
Get Your Home Value Over The Net
Find Your Home Value Over The Net
Sign in To Get A Free List of Homes On Your Cities and Prices of Choice By E-mail Click Here CLICK HERE TO GET THE HOME VALUE |
lic 01200694
Tuesday, November 20, 2012
Wednesday, November 14, 2012
California Real Estate Market With Multiple Offers
The combination on low inventory of homes, interest rate and home prices are making the market in California to rise. Six out of then homes are getting multiple offers according to the 2012 California Association of Realtors Market Survey.
57% of the home sales received multiple offers in 2012, the highest in the last 12 years, with each home receiving an average of 4.2 offers. Seven out of ten bank owned and short sales received multiple offers, while only half of the equity sales received more than one offer.
Home buyers are realizing that this is the time to buy a home before they keep rising, but they are finding that there is a fierce competition coming from cash buyers which most of the time are investors.
Home sales are selling faster: equity sales are taking 32 days, bank owned homes 50, while short sales take 141 days.
More than 30% of home buyers paid cash, 67% of sales were to investors, and 7% percent were to buyers who purchased 2nd homes or vacation homes.
International buyers made 5.8%: From China 39.1%,Canada 13%,India 8.7% and Mexico 8.7%.
First Time Home Buyers were attracted to low price homes like: Reo's and Short Sales, they made the 35.8% of the market.
Alberto Pacheco
818 481 9211
Monday, November 12, 2012
Quote of The Day
Bank Owned Homes Will Be Sold in Bulk in California
It was announced last week that Fannie Mae (Government Gsa), Federal Housing Finance Agency and Colony Capital are involved in the near future bulk sale of more then 400 in the Inland Empire and Los Angeles.
This is going to be very beneficial for the investors, but will affect the first time home buyers that buy from the bottom sales price home to the pricey ones; also to the move up buyes.
This move will make affordability to decrease, since investors buy low, rehab the properties and flip them at higher price.
The Median Home Price in the Inland Empire increased 15% from $ 172,000 in February 2012 to $ 198,270 in September 2012, and the inventory decreased from 5.3 months to 3.8 months on the same period.
The median home price in Los Angeles has risen 37% from $ 272,920 in February 2012 to $ 373,020 in September 2012 and the unsold inventory decrease on the same period from 5.7 months to 3.7 months.
Alberto Pacheco
818 481 9211
Keller Wiliams Realty
Monday, November 05, 2012
Newsletter Video For November 2012
Alberto Pacheco
818 481 9211
albertopacheco@kw.com
www.stoppayingrentinla.com
Saturday, November 03, 2012
Day Light Savings Ends on November 04 2012
Tonight Saturday November 03 2012 and Before You Go To Bed
Make Sure You Roll Back You Clock
1 HOUR
Since at 2AM Sunday Morning
is The Daylight Savings End.
Tuesday, October 30, 2012
Valencia California New Homes Available
For More Information Contact Me
Alberto Pacheco
818 481 9211
Keller Williams Granada Hills
Saturday, October 13, 2012
Housing Forecast For California 2013
Sunday, September 09, 2012
Down Payment Assistance For Inland Empire First Time Home Buyers
If you are a First Time Home Buyer(s) and planning to buy a house, I have good news for you.
There is Down payment assistance available, in order to qualify for it you need the following documents:
3 year Income Taxes with the W2 forms
Last 4 Pay stubs
Last 4 Bank Statements
Copy of your Drivers License
Copy of your Social Security Card
Another requirements is to not Own a home or being on anybody's mortgage loan in the last 3 years. There is more details to it, for that you can email me at: albertopacheco@kw.com or you can call me at 818 481 9211 and I will be happy to assist you.
Take advantage of this offer.
Alberto Pacheco
818 48 9211
albertopacheco@kw.com
My Website My Facebook My Twitter
There is Down payment assistance available, in order to qualify for it you need the following documents:
3 year Income Taxes with the W2 forms
Last 4 Pay stubs
Last 4 Bank Statements
Copy of your Drivers License
Copy of your Social Security Card
Another requirements is to not Own a home or being on anybody's mortgage loan in the last 3 years. There is more details to it, for that you can email me at: albertopacheco@kw.com or you can call me at 818 481 9211 and I will be happy to assist you.
Take advantage of this offer.
Alberto Pacheco
818 48 9211
albertopacheco@kw.com
My Website My Facebook My Twitter
Saturday, August 25, 2012
Granada Hills California Home Sales Statistics
GRANADA HILLS CALIFORNIA
Granada Hills is a Vibrant City located in the North East Side of the
San Fernando Valley and is Surrounded on the North East Side by Sylmar ,
South Side by Norh Hills, East side by Mission Hills and West Side by
Northridge. it can be reached by the following freeways: from the North
and South by the 405 Freeway and East- West by 118 Freeway.
There are over 12,000 single family homes in Granada Hills.
Real Estate Market Update For Granada Hills California
As of today 08/25/12 there are 60 Active detached and
attached available homes for sale, and there is three type of sales:
Standard Sale, Short Sales and Reo's aka Bank Owned Homes.
Standard Sales
The Real Estate Market is extremely active with 46 Standard Sales.
Lowest Priced Home at $ 339,000, The Highest Priced at $ 1,695,000 and
the Average Price $ 619,752. Minimum Bedrooms: 3, Maximum 6, and Average
4. Days on the Market: Minimum 1, Maximum 514 and Average 68.
Lowest square feet home 1053 with a Lot of 6817 sq feet, Maximum home
size 6380 sq feet and a Lot of of 62,290 sq feet, Average Size Home 2559
sq feet and Lot of 14,005 sq feet.
The reason of 514 days on the market is because some short sales take a
while to close and the reason behind that is that many times the
buyers walk away from the purchase since it takes a while to get
approved, some times more than 60 days. When the buyer walks away we
have to start a new short sale process from scratch.
Bank Owned Homes aka Reo's
There are only 3 available homes for sale, Lowest priced $ 286,100,
Maximum $ 569,000 and Average $ 381,667. Minimum Days on The Market 15,
Maximum 71 and Average 38. Smallest square feet home 1275 and 6952 lot
size; Biggest 2528 sq ft home and 11028 sq ft Lot, Average 1718 sq ft
home and 8728 sq ft Lot.
Short Sales
Only 11 homes for sale are short sales, the Lowest Priced is $ 248,000,
Highest Priced $ 1,499,000, and Average Priced $ 570,264. Minimum
bedrooms 3 and 2 Bath, Maximum 6 Bedrooms and 8 Bath and Average 4
Bedrooms and 3 Baths. Smallest House 1169 sq ft and Lot 6890 sq ft.
Maximium 2739 sq ft Home and 11259 sq ft Lot.
There are multiple offers within 24 hours on every listing that hits
the market, this year 2012 most home owners are going to end up with
some home equity.
Only 3 Condo / Townhomes Available in the market with 28 days in the
market, 2 bedrooms and 2 bath listed at $ 329,500 and 1112 sq ft. The
Maximum Price $ 358,990 with 49 days on the market, 4 bedrooms and 3
bath, 1528 sq ft. Average $ 342827 with 39 days on the market, 3
bedrooms, 2.67 bath and 1322 sq ft.
Pending Home Sales: 82, from those: 26 Are Standard Sales, 5 are Bank Owned aka REO, 1 Probate Sale and 50 Short Sales.
Pending Condo / Townhome Sales: 8, from those: 6 are Standard Sales and 2 are Short Sales.
Expired Listing Homes Between 08/01/12 to 08/25/12: 5, from those 4 were Short Sales and 1 Standard Sale.
Expired Condo / Townhomes 08/01/12 to 08/25/12 : 1 and was a Short Sale.
Canceled Home Listings Between 08/01/12 to 08/25/12: 9, from those 2 were Standard Sales and 7 Short Sales
Hold Do Not Show Listings Between 08/01/12 to 08/25/12: 5, from those 1 is Standard Sale and 4 Short Sales.
Withdrawn Home Listings Between 08/01/12 to 08/25/12; 1 Standard Sale.
Saturday, August 04, 2012
Thursday, August 02, 2012
Wednesday, August 01, 2012
What is Real Estate?
I AM THE BASIS OF ALL WEALTH
THE HERITAGE OF THE WISE, THE THRIFTY AND THE PRUDENT.
i AM THE POOR MAN'S JOY AND COMFORT,
THE RICH MAN'S PRIZE,
RIGHT HAND OF CAPITAL,
THE SILENT PARTNER OF MANY THOUSANDS OF SUCCESFUL MEN.
I AM THE SOLACE OF THE WIDOW,
THE COMFORT OF THE OLD AGE,
THE CORNERSTONE OF SECURITY AGAINST MISFORTUNE AND WANT.
I AM HANDED DOWN TO CHILDREN THROUGH GENERATIONS,
AS A THING OF GREATEST WEALTH.
YES,
I AM REAL ESTATE
BUY ME AND KEEP ME.
LATER I WILL KEEP YOU FINANCIALLY!
ARE YOU READY AND WILLING TO INVEST IN REAL ESTATE?
I AM HERE TO HELP.
Sunday, July 22, 2012
Tuesday, July 03, 2012
Friday, June 15, 2012
Granada Hills Home Listings Activity
As of Today 06/15/12 there are 58 home listings in Granada Hills, from those:
There are 30 listings with prices between 275K and 500K
9 of them are short sales and 21 are standard sales, no probate or bank owned homes
17 Listings priced between 501K and 750K
3 of them are short sales and 14 are standard sales, no probate or bank owned homes
8 Listings priced between 751K and 1 Million and all of them are standard sales, no probates or reo's
3 Listings priced between 1,000,000 and 1,700,000
2 of them are standard sales and 1 short sale, no bank owned homes or probates.
Price Analysis: Days on the Market
Maximum Price: $ 1,695,000 451
Lowest Price: $ 275,000 0
Average Price: $ 569,558 65
Granada Hills Real Estate Market is comprised for 78% of the market are standard sales, the bank owned homes have been mostly absent in the last 3 months.
Alberto Pacheco
818 481 9211
Keller Williams Granada Hills
My Website My Facebook My Twitter
There are 30 listings with prices between 275K and 500K
9 of them are short sales and 21 are standard sales, no probate or bank owned homes
17 Listings priced between 501K and 750K
3 of them are short sales and 14 are standard sales, no probate or bank owned homes
8 Listings priced between 751K and 1 Million and all of them are standard sales, no probates or reo's
3 Listings priced between 1,000,000 and 1,700,000
2 of them are standard sales and 1 short sale, no bank owned homes or probates.
Price Analysis: Days on the Market
Maximum Price: $ 1,695,000 451
Lowest Price: $ 275,000 0
Average Price: $ 569,558 65
Granada Hills Real Estate Market is comprised for 78% of the market are standard sales, the bank owned homes have been mostly absent in the last 3 months.
Alberto Pacheco
818 481 9211
Keller Williams Granada Hills
My Website My Facebook My Twitter
Saturday, March 10, 2012
Daylight Saving Starts on March 11, 2012
Friday, March 02, 2012
Thursday, March 01, 2012
Fannie Mae Lost Money on Last Quarter of 2011
Fannie Mae said Wednesday it lost $2.4 billion during the fourth quarter of 2011 and $16.9 billion for the full year.
It has had worse years, remarkably. Fannie lost about $60 billion in 2008 and $72 billion the following year–two of the 10 largest corporate losses ever. Sibling Freddie Mac is responsible for a third, a $51 billion loss in 2008.
Fannie Mae was established in 1938 to promote home ownership by making federal funds available to lenders. In the 1950s and 1960s, it transformed into a profit-seeking corporation, with the goal of purchasing mortgages and selling them to investors, thereby replenishing funds to banks for fresh loans. Freddie Mac was created in 1970 to spur competition.
Recent losses for both agencies stem from the U.S. housing bubble that peaked in 2006. House prices fell nationwide by more than one-third since mid-2006 by one measure, the S&P/Case-Shiller index. Price changes vary by market, but for the country as a whole, homeowners erased the gains made since 2003.
Millions of homeowners defaulted on their mortgages, leaving Fannie and Freddie saddled with bad loans. Both reverted to government control in 2008.
Fannie and Freddie were once profitable, but the money they have lost dwarfs what they made in good years. During the three years leading up to the house price peak, Fannie reported annual profits of between $4.1 billion and $6.3 billion, and Freddie, $2.1 billion to $2.9 billion. During the five years since, Fannie lost a cumulative $163 billion, and Freddie, which hasn’t yet reported fourth quarter results for 2011, $91 billion.
Both Fannie and Freddie pay dividends to the Treasury Department as a condition of their government sponsorship, but both have regularly requested larger sums than they have paid. For example, Fannie said Wednesday that it paid $2.6 billion in dividends to the Treasury during its fourth quarter, but that it would soon submit a request for $4.6 billion to offset losses.
Fannie says it requested a total of $116 billion from the Treasury since the fourth quarter of 2008 and paid about $20 billion in dividends. Fannie requested $72 billion and paid $15 billion.
Total funds requested, minus the dividends paid, work out to about $1,300 per American household. That includes both owners and renters.
Sunday, February 12, 2012
Asistencia Para Los Primeros Compradores De Casa
Un primer comprador de casa es el siguiente: el que no tiene casa en los ultimos tres anos, que no esta en le prestamo de ninguna casa o en el titulo de ninguna casa.
Hay asistencia disponible para los primeros compradores de casa en la ciudad de Los Angeles ( incluye el valle de san fernando y excluye la ciudad de san fernando) si califican pueden recibir hasta $ 60,000 para el enganche, basado en el numero de miembros de la familia y el salario, se combinan estas dos cosas.
La compra puede ser una casa, un condominio o un townhouse. Hay tambien dos bancos que tienen programas disponibles, uno de ellos es un prestamo convencional fijo por 30 anos con un enganche del 3% con un salario maximo de $52,000 que puede ser extendido de acuerdo con la area que el comprador escoja.
Si desean mas informacion llamen at 818 481 9211 o envien un correo electronico a: albertopacheco5195@hotmail.com
Wednesday, February 08, 2012
First Time Home Buyers Down Payment Assistant Available
If you are a fist time home buyers ( have not own a house in three years, and are not on any loans loan) you may be elegible to receive up to $ 60,000 for Down payment or closing cost, there is money available right now.
You can buy: a house, condominium or townhome that are not tenant occupied. To qualify for it need to make an appointment with me to go over you income, number of family members and more.
You can reach me by email: albertopacheco5195@hotmail.com or by phone at 818 481 9211.
Alberto Pacheco
818 481 9211
Keller Williams Granada Hills
16842 Devonshire St
Granada Hills CA 91344
Lic 01200694
www.stoppayingrentinla.com Foreclosures, Probate Homes and Short Sale Homes Available.
www.facebook.com/albertopachecorealtor www.twitter.com/albertopacheco
You can buy: a house, condominium or townhome that are not tenant occupied. To qualify for it need to make an appointment with me to go over you income, number of family members and more.
You can reach me by email: albertopacheco5195@hotmail.com or by phone at 818 481 9211.
Alberto Pacheco
818 481 9211
Keller Williams Granada Hills
16842 Devonshire St
Granada Hills CA 91344
Lic 01200694
www.stoppayingrentinla.com Foreclosures, Probate Homes and Short Sale Homes Available.
www.facebook.com/albertopachecorealtor www.twitter.com/albertopacheco
Foreclosure Market Update
Slowly, but surely, the foreclosure crisis seems to be abating.The
number of homes in foreclosure shrunk by 130,000, or 8.4%, in 2011,
according to a report from CoreLogic, an economic research firm.
These are homes owned by borrowers who had slipped far behind on payments, forcing lenders to put them into the foreclosure process. The homes remain foreclosure inventory until they're sold -- either at auction or in a short sale, which is when a home is sold for less than the mortgage value -- or until homeowners are current again on payments.
There are dual reasons for the inventory drop, according to Mark Fleming, chief economist with CoreLogic.
In recent years, homes have entered foreclosure more slowly because lenders are carefully scrutinizing applicants; only very low-risk borrowers get loans. That, plus a gradual improvement in the economy, means fewer borrowers are getting into trouble.
Even borrowers in default are not going into the foreclosure process as quickly as they used to. They're being held up by a variety of judicial and regulatory constraints, according to Fleming.
For one thing, the robo-signing issue, in which banks filed sloppy and sometimes improper paperwork, made lenders more cautious about getting their paperwork in order before beginning to process foreclosures.
Once the banks do put homes into foreclosure, they're trying to speed them through it faster. One way they've done that is by encouraging short sales.Another is that they've stepped up their foreclosure prevention efforts -- often with the aid of numerous government programs such as Home Affordable Modification Program, which the government claims has helped a million Americans keep their homes.
After foreclosures are completed and the homes are back in the hands of their lenders, the homes are being sold very quickly. "This
is the first time in a year that REO sales [those of bank-owned
properties] have outpaced completed foreclosures," said Fleming.
In December 2011, there were 103 sales of bank-owned homes for every 100 homes in foreclosure inventory. That was up considerably from November 2010, when there were only 94 REO sales for every 100 in the foreclosure process.
Florida has the dubious distinction of recording the highest foreclosure inventory in the nation in December, with more than 17% of homeowners seriously delinquent and nearly 12% of homes with mortgages in foreclosure inventory The inventory in Florida is bloated because, as in more than half of all the states, most foreclosures have to go through the courts.
These are homes owned by borrowers who had slipped far behind on payments, forcing lenders to put them into the foreclosure process. The homes remain foreclosure inventory until they're sold -- either at auction or in a short sale, which is when a home is sold for less than the mortgage value -- or until homeowners are current again on payments.
There are dual reasons for the inventory drop, according to Mark Fleming, chief economist with CoreLogic.
Foreclosure deal has 40 states but others balk
"The pace at which properties are entering foreclosure is slowing," he said. "And servicers nationwide stepped up the rate at which they were able to process distressed assets."In recent years, homes have entered foreclosure more slowly because lenders are carefully scrutinizing applicants; only very low-risk borrowers get loans. That, plus a gradual improvement in the economy, means fewer borrowers are getting into trouble.
Even borrowers in default are not going into the foreclosure process as quickly as they used to. They're being held up by a variety of judicial and regulatory constraints, according to Fleming.
For one thing, the robo-signing issue, in which banks filed sloppy and sometimes improper paperwork, made lenders more cautious about getting their paperwork in order before beginning to process foreclosures.
Once the banks do put homes into foreclosure, they're trying to speed them through it faster. One way they've done that is by encouraging short sales.Another is that they've stepped up their foreclosure prevention efforts -- often with the aid of numerous government programs such as Home Affordable Modification Program, which the government claims has helped a million Americans keep their homes.
Post-foreclosure
In December 2011, there were 103 sales of bank-owned homes for every 100 homes in foreclosure inventory. That was up considerably from November 2010, when there were only 94 REO sales for every 100 in the foreclosure process.
Florida has the dubious distinction of recording the highest foreclosure inventory in the nation in December, with more than 17% of homeowners seriously delinquent and nearly 12% of homes with mortgages in foreclosure inventory The inventory in Florida is bloated because, as in more than half of all the states, most foreclosures have to go through the courts.
Foreclosure free ride: Three years and no payments
Courts have taken a much closer look at the cases coming before them, no longer taking the bank's word for everything.. Consequently, it takes a longer time to schedule an auction, which keeps many homes trapped in the foreclosure pipeline.A hard-hit state such as Nevada, which has had the highest incidence of delinquency in the nation but where most foreclosures do not go through he courts, posted a foreclosure inventory rate of less than half that of Florida.
Subscribe to:
Posts (Atom)