Diana Olick was right - the home price double dip is not only here, it is getting worse. RealtyTrac reported overnight that general foreclosure activity (i.e., default notices, scheduled auctions and bank repossessions) — were reported on 338,836 properties in August, a 4 percent increase from the previous month. One in every 381 U.S. housing units received a foreclosure filing during the month. The spin is that this was a modest decline (5%) from August 2009, but represents another inflection point in a trend which up to now had been declining. “The trend lines of decreasing default notices and increasing bank repossessions converged in August, with virtually the same number of new default notices and bank repossessions for the month — a clear indication that the clogged foreclosure pipeline is being carefully managed on both ends by lenders and servicers,” said James J. Saccacio, chief executive officer of RealtyTrac. “On the front end, seriously delinquent loans are rolling into foreclosure at an unusually slow rate, while on the back end the dammed-up inventory of properties already in foreclosure is moving to REO in steady stream rather than a flood — presumably to prevent further erosion of home prices.” Of course, banks are doing all in their power to prevent the realization by the consumer class of just how much lower home prices have still to go. Most notably, the bulk of the foreclosure action in August occurred in bank repossessions, which came at 95,364 U.S. properties in August, the highest monthly total in the history of the report and about 2 percent higher than the previous peak of 93,777 bank repossessions (REOs) in May 2010. August REO activity increased 3 percent from the previous month and was up 25 percent from August 2009 — the ninth straight month where REOs have increased on a year-over-year basis. In other news, we expect Jim Cramer to come out with another call, like his wrong summer 2009 pronouncement that the bottom of housing is here.
More from RealtyTrac:
Nevada, Florida, Arizona post top state foreclosure rates in August
Nevada continued to document the nation’s highest state foreclosure rate for the 44th straight month, with one in every 84 housing units receiving a foreclosure filing in August — 4.5 times the national average. Nevada maintained the nation’s highest state foreclosure rate despite a 25 percent year-over-year decrease in foreclosure activity in August — the 11th straight month where Nevada foreclosure activity has decreased on a year-over-year basis.
Florida foreclosure activity decreased on a year-over-year basis for the fifth straight month in August, but the state’s foreclosure rate still ranked second highest among all states. One in every 155 Florida housing units received a foreclosure filing in August — 2.5 times the national average.
One in every 165 Arizona housing units received a foreclosure filing in August, the nation’s third highest state foreclosure rate, and one in every 194 California housing units received a foreclosure filing in August, the nation’s fourth highest state foreclosure rate.
One in every 220 Idaho housing units received a foreclosure filing in August, the nation’s fifth highest state foreclosure rate. A total of 2,915 Idaho properties received a foreclosure filing in August, an increase of nearly 9 percent from the previous month and an increase of 11 percent from August 2009. Idaho was the only state with a top 5 foreclosure rate to document a year-over-year increase in foreclosure activity.
Other states with foreclosure rates ranking among the top 10 in August were Utah, Georgia, Michigan, Illinois and Hawaii.
Five states account for more than 50 percent of national total
California alone accounted for 20 percent of the national total in August, with 69,143 properties receiving a foreclosure filing during the month — a 3 percent increase from the previous month but a 25 percent decrease from August 2009.
Florida accounted for nearly 17 percent of the national total, with 56,877 properties receiving a foreclosure filing — a 10 percent increase from the previous month but a 9 percent decrease from August 2009. Florida default notices were down 46 percent from August 2009 but increased 2 percent from the previous month, ending five straight months of month-over-month decreases in Florida default notices.
Michigan, Illinois and Arizona each accounted for about 5 percent of the national total in August, with 17,764 Michigan properties receiving foreclosure filings, 16,808 Illinois properties receiving foreclosure filings, and 16,510 Arizona properties receiving foreclosure filings.
Other states with foreclosure activity totals among the nation’s 10 highest in August were Georgia (16,366), Texas (14,290), Ohio (13,479), Nevada (13,385), and Washington (6,760).
Metro foreclosure hot spots continue downward trend
All 10 metro areas with the nation’s highest foreclosure rates in August posted year-over-year decreases in foreclosure activity for the second month in a row.
The Las Vegas-Paradise, Nev., metro area documented the highest foreclosure rate among metropolitan areas with a population of 200,000 or more, with one in every 73 housing units receiving a foreclosure filing, despite a 25 percent decrease in foreclosure activity from August 2009.
Foreclosure activity in Modesto, Calif., decreased 10 percent from August 2009, but the city still documented the nation’s second highest metro foreclosure rate, with one in every 95 housing units receiving a foreclosure filing in August. Six other California metro areas had foreclosure rates ranking among the top 10: Stockton at No. 3 (one in every 100 housing units receiving a foreclosure filing); Merced at No. 6 (one in 111); Riverside-San Bernardino-Ontario at No. 7 (one in 113); Bakersfield at No. 8 (one in 120); Vallejo-Fairfield at No. 9 (one in 124); and Sacramento-Arden-Arcade-Roseville at No. 10 (one in 125).
Two Florida metro areas registered foreclosure rates among the top 10: Cape Coral-Fort Myers, Fla., at No. 3, with one in every 104 housing units receiving a foreclosure filing; and Miami-Fort Lauderdale-Pompano Beach at No. 5, with one in every 111 housing units receiving a foreclosure filing.
From the Associated Press: “Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis. The increase in home repossessions came even as the number of properties entering the foreclosure process slowed for the seventh month in a row, foreclosure listing firm RealtyTrac Inc. said Thursday. In all, banks repossessed 95,364 properties last month, up 3 percent from July and an increase of 25 percent from August 2009, RealtyTrac said.”
Now we know what the White House meant by Recovery Summer.
The banks are recovering all those buildings from all those deadbeats they should not have loaned money to.
The Associated Press report:
LOS ANGELES – Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis.
The increase in home repossessions came even as the number of properties entering the foreclosure process slowed for the seventh month in a row, foreclosure listing firm RealtyTrac Inc. said Thursday.
In all, banks repossessed 95,364 properties last month, up 3 percent from July and an increase of 25 percent from August 2009, RealtyTrac said.
August makes the ninth month in a row that the pace of homes lost to foreclosure has increased on an annual basis. The previous high was in May.
Banks have been stepping up repossessions to clear out their backlog of bad loans with an eye on eventually placing the foreclosed properties on the market, but they can’t afford to simply dump the properties on the market.
Concerns are growing that the housing market recovery could stumble amid stubbornly high unemployment, a sluggish economy and faltering consumer confidence. U.S. home sales have collapsed since federal homebuyer tax credits expired in April.
That’s one reason fewer than one-third of homes repossessed by lenders are on the market, said Rick Sharga, a senior vice president at RealtyTrac.
“These (properties) are going to come to market, but very slowly because nobody wants to overwhelm a soft buyer’s market with too much distressed inventory for fear of what it would do for house prices,” he said.
As a result, lenders are putting off initiating the foreclosure process on homeowners who have missed payments, letting borrowers stay in their homes longer.
The number of properties receiving an initial default notice — the first step in the foreclosure process — slipped 1 percent last month from July, but was down 30 percent versus August last year, RealtyTrac said.
Initial defaults have fallen on an annual basis the past seven months. They peaked in April 2009.
Still, the number of homes scheduled to be sold at auction for the first time increased 9 percent from July and rose 2 percent from August last year. If they don’t sell at auction, these homes typically end up going back to the lender.
More than 2.3 million homes have been repossessed by lenders since the recession began in December 2007, according to RealtyTrac. The firm estimates more than 1 million American households are likely to lose their homes to foreclosure this year.
In all, 338,836 properties received a foreclosure-related warning in August, up 4 percent from July, but down 5 percent from the same month last year, RealtyTrac said. That translates to one in 381 U.S. homes.
The firm tracks notices for defaults, scheduled home auctions and home repossessions — warnings that can lead up to a home eventually being lost to foreclosure.
Among states, Nevada posted the highest foreclosure rate last month, with one in every 84 households receiving a foreclosure notice. That’s 4.5 times the national average.
Rounding out the top 10 states with the highest foreclosure rate in August were: Florida, Arizona, California, Idaho, Utah, Georgia, Michigan, Illinois and Hawaii.
Economic woes, such as unemployment or reduced income, are now the main catalysts for foreclosures.
Lenders are offering a variety of programs to help homeowners modify their loans, but their success rates vary. Hundreds of thousands of homeowners can’t qualify or fall back into default.
The Obama administration has rolled out numerous attempts to tackle the foreclosure crisis but has made only a small dent in the problem. Nearly half of the 1.3 million homeowners who enrolled in the Obama administration’s flagship mortgage-relief program have fallen out.
The program, known as Making Home Affordable, has provided permanent help to about 422,000 homeowners since March 2009.
Regardless, many troubled borrowers have seen their efforts to get a loan modification stymied.
Larry Book of Winter Garden, Fla., was one packet away from a permanent loan modification from Chase under the Obama administration’s foreclosure prevention plan after more than a year of back and forth and one failed attempt.
But his modification never went through. Instead, his loan was transferred from Chase to IBM Lender Business Process Servicers in July and he was told he owed $9,562.62 and must bring his mortgage current by Sept. 15 or foreclosure proceedings will begin.
“It just becomes too exhausting,” Book said about the modification process. “That’s why some people walk away. But I’ve invested too much and given up too much to just let it go.”
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Bill Simmons on breaking <b>news</b> in a Twitter universe » Nieman <b>...</b>
A brief treat for sports fans and future-of-media junkies: Bill Simmons' column at ESPN.com about his accidental tweeting last week about Patriots wide receiver.
<b>News</b> - Joy Behar, Bill O'Reilly Continue Trading Insults <b>...</b>
She accuses him of making "hate speech"; he says he refuses to sugar coat "harsh realities"
Fox <b>News</b> Ratings HUGE For Final Chilean Miners' Rescue
Fox News saw a staggering 7 million viewers as the final miner was rescued in Chile Wednesday night. The network averaged 7.066 million total viewers in the 8PM hour (when the final miner was rescued) and 4.862 million total viewers in ...
benchcraft company scam
Diana Olick was right - the home price double dip is not only here, it is getting worse. RealtyTrac reported overnight that general foreclosure activity (i.e., default notices, scheduled auctions and bank repossessions) — were reported on 338,836 properties in August, a 4 percent increase from the previous month. One in every 381 U.S. housing units received a foreclosure filing during the month. The spin is that this was a modest decline (5%) from August 2009, but represents another inflection point in a trend which up to now had been declining. “The trend lines of decreasing default notices and increasing bank repossessions converged in August, with virtually the same number of new default notices and bank repossessions for the month — a clear indication that the clogged foreclosure pipeline is being carefully managed on both ends by lenders and servicers,” said James J. Saccacio, chief executive officer of RealtyTrac. “On the front end, seriously delinquent loans are rolling into foreclosure at an unusually slow rate, while on the back end the dammed-up inventory of properties already in foreclosure is moving to REO in steady stream rather than a flood — presumably to prevent further erosion of home prices.” Of course, banks are doing all in their power to prevent the realization by the consumer class of just how much lower home prices have still to go. Most notably, the bulk of the foreclosure action in August occurred in bank repossessions, which came at 95,364 U.S. properties in August, the highest monthly total in the history of the report and about 2 percent higher than the previous peak of 93,777 bank repossessions (REOs) in May 2010. August REO activity increased 3 percent from the previous month and was up 25 percent from August 2009 — the ninth straight month where REOs have increased on a year-over-year basis. In other news, we expect Jim Cramer to come out with another call, like his wrong summer 2009 pronouncement that the bottom of housing is here.
More from RealtyTrac:
Nevada, Florida, Arizona post top state foreclosure rates in August
Nevada continued to document the nation’s highest state foreclosure rate for the 44th straight month, with one in every 84 housing units receiving a foreclosure filing in August — 4.5 times the national average. Nevada maintained the nation’s highest state foreclosure rate despite a 25 percent year-over-year decrease in foreclosure activity in August — the 11th straight month where Nevada foreclosure activity has decreased on a year-over-year basis.
Florida foreclosure activity decreased on a year-over-year basis for the fifth straight month in August, but the state’s foreclosure rate still ranked second highest among all states. One in every 155 Florida housing units received a foreclosure filing in August — 2.5 times the national average.
One in every 165 Arizona housing units received a foreclosure filing in August, the nation’s third highest state foreclosure rate, and one in every 194 California housing units received a foreclosure filing in August, the nation’s fourth highest state foreclosure rate.
One in every 220 Idaho housing units received a foreclosure filing in August, the nation’s fifth highest state foreclosure rate. A total of 2,915 Idaho properties received a foreclosure filing in August, an increase of nearly 9 percent from the previous month and an increase of 11 percent from August 2009. Idaho was the only state with a top 5 foreclosure rate to document a year-over-year increase in foreclosure activity.
Other states with foreclosure rates ranking among the top 10 in August were Utah, Georgia, Michigan, Illinois and Hawaii.
Five states account for more than 50 percent of national total
California alone accounted for 20 percent of the national total in August, with 69,143 properties receiving a foreclosure filing during the month — a 3 percent increase from the previous month but a 25 percent decrease from August 2009.
Florida accounted for nearly 17 percent of the national total, with 56,877 properties receiving a foreclosure filing — a 10 percent increase from the previous month but a 9 percent decrease from August 2009. Florida default notices were down 46 percent from August 2009 but increased 2 percent from the previous month, ending five straight months of month-over-month decreases in Florida default notices.
Michigan, Illinois and Arizona each accounted for about 5 percent of the national total in August, with 17,764 Michigan properties receiving foreclosure filings, 16,808 Illinois properties receiving foreclosure filings, and 16,510 Arizona properties receiving foreclosure filings.
Other states with foreclosure activity totals among the nation’s 10 highest in August were Georgia (16,366), Texas (14,290), Ohio (13,479), Nevada (13,385), and Washington (6,760).
Metro foreclosure hot spots continue downward trend
All 10 metro areas with the nation’s highest foreclosure rates in August posted year-over-year decreases in foreclosure activity for the second month in a row.
The Las Vegas-Paradise, Nev., metro area documented the highest foreclosure rate among metropolitan areas with a population of 200,000 or more, with one in every 73 housing units receiving a foreclosure filing, despite a 25 percent decrease in foreclosure activity from August 2009.
Foreclosure activity in Modesto, Calif., decreased 10 percent from August 2009, but the city still documented the nation’s second highest metro foreclosure rate, with one in every 95 housing units receiving a foreclosure filing in August. Six other California metro areas had foreclosure rates ranking among the top 10: Stockton at No. 3 (one in every 100 housing units receiving a foreclosure filing); Merced at No. 6 (one in 111); Riverside-San Bernardino-Ontario at No. 7 (one in 113); Bakersfield at No. 8 (one in 120); Vallejo-Fairfield at No. 9 (one in 124); and Sacramento-Arden-Arcade-Roseville at No. 10 (one in 125).
Two Florida metro areas registered foreclosure rates among the top 10: Cape Coral-Fort Myers, Fla., at No. 3, with one in every 104 housing units receiving a foreclosure filing; and Miami-Fort Lauderdale-Pompano Beach at No. 5, with one in every 111 housing units receiving a foreclosure filing.
From the Associated Press: “Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis. The increase in home repossessions came even as the number of properties entering the foreclosure process slowed for the seventh month in a row, foreclosure listing firm RealtyTrac Inc. said Thursday. In all, banks repossessed 95,364 properties last month, up 3 percent from July and an increase of 25 percent from August 2009, RealtyTrac said.”
Now we know what the White House meant by Recovery Summer.
The banks are recovering all those buildings from all those deadbeats they should not have loaned money to.
The Associated Press report:
LOS ANGELES – Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis.
The increase in home repossessions came even as the number of properties entering the foreclosure process slowed for the seventh month in a row, foreclosure listing firm RealtyTrac Inc. said Thursday.
In all, banks repossessed 95,364 properties last month, up 3 percent from July and an increase of 25 percent from August 2009, RealtyTrac said.
August makes the ninth month in a row that the pace of homes lost to foreclosure has increased on an annual basis. The previous high was in May.
Banks have been stepping up repossessions to clear out their backlog of bad loans with an eye on eventually placing the foreclosed properties on the market, but they can’t afford to simply dump the properties on the market.
Concerns are growing that the housing market recovery could stumble amid stubbornly high unemployment, a sluggish economy and faltering consumer confidence. U.S. home sales have collapsed since federal homebuyer tax credits expired in April.
That’s one reason fewer than one-third of homes repossessed by lenders are on the market, said Rick Sharga, a senior vice president at RealtyTrac.
“These (properties) are going to come to market, but very slowly because nobody wants to overwhelm a soft buyer’s market with too much distressed inventory for fear of what it would do for house prices,” he said.
As a result, lenders are putting off initiating the foreclosure process on homeowners who have missed payments, letting borrowers stay in their homes longer.
The number of properties receiving an initial default notice — the first step in the foreclosure process — slipped 1 percent last month from July, but was down 30 percent versus August last year, RealtyTrac said.
Initial defaults have fallen on an annual basis the past seven months. They peaked in April 2009.
Still, the number of homes scheduled to be sold at auction for the first time increased 9 percent from July and rose 2 percent from August last year. If they don’t sell at auction, these homes typically end up going back to the lender.
More than 2.3 million homes have been repossessed by lenders since the recession began in December 2007, according to RealtyTrac. The firm estimates more than 1 million American households are likely to lose their homes to foreclosure this year.
In all, 338,836 properties received a foreclosure-related warning in August, up 4 percent from July, but down 5 percent from the same month last year, RealtyTrac said. That translates to one in 381 U.S. homes.
The firm tracks notices for defaults, scheduled home auctions and home repossessions — warnings that can lead up to a home eventually being lost to foreclosure.
Among states, Nevada posted the highest foreclosure rate last month, with one in every 84 households receiving a foreclosure notice. That’s 4.5 times the national average.
Rounding out the top 10 states with the highest foreclosure rate in August were: Florida, Arizona, California, Idaho, Utah, Georgia, Michigan, Illinois and Hawaii.
Economic woes, such as unemployment or reduced income, are now the main catalysts for foreclosures.
Lenders are offering a variety of programs to help homeowners modify their loans, but their success rates vary. Hundreds of thousands of homeowners can’t qualify or fall back into default.
The Obama administration has rolled out numerous attempts to tackle the foreclosure crisis but has made only a small dent in the problem. Nearly half of the 1.3 million homeowners who enrolled in the Obama administration’s flagship mortgage-relief program have fallen out.
The program, known as Making Home Affordable, has provided permanent help to about 422,000 homeowners since March 2009.
Regardless, many troubled borrowers have seen their efforts to get a loan modification stymied.
Larry Book of Winter Garden, Fla., was one packet away from a permanent loan modification from Chase under the Obama administration’s foreclosure prevention plan after more than a year of back and forth and one failed attempt.
But his modification never went through. Instead, his loan was transferred from Chase to IBM Lender Business Process Servicers in July and he was told he owed $9,562.62 and must bring his mortgage current by Sept. 15 or foreclosure proceedings will begin.
“It just becomes too exhausting,” Book said about the modification process. “That’s why some people walk away. But I’ve invested too much and given up too much to just let it go.”
benchcraft company scam
Bill Simmons on breaking <b>news</b> in a Twitter universe » Nieman <b>...</b>
A brief treat for sports fans and future-of-media junkies: Bill Simmons' column at ESPN.com about his accidental tweeting last week about Patriots wide receiver.
<b>News</b> - Joy Behar, Bill O'Reilly Continue Trading Insults <b>...</b>
She accuses him of making "hate speech"; he says he refuses to sugar coat "harsh realities"
Fox <b>News</b> Ratings HUGE For Final Chilean Miners' Rescue
Fox News saw a staggering 7 million viewers as the final miner was rescued in Chile Wednesday night. The network averaged 7.066 million total viewers in the 8PM hour (when the final miner was rescued) and 4.862 million total viewers in ...
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benchcraft company scam
benchcraft company scam
Bill Simmons on breaking <b>news</b> in a Twitter universe » Nieman <b>...</b>
A brief treat for sports fans and future-of-media junkies: Bill Simmons' column at ESPN.com about his accidental tweeting last week about Patriots wide receiver.
<b>News</b> - Joy Behar, Bill O'Reilly Continue Trading Insults <b>...</b>
She accuses him of making "hate speech"; he says he refuses to sugar coat "harsh realities"
Fox <b>News</b> Ratings HUGE For Final Chilean Miners' Rescue
Fox News saw a staggering 7 million viewers as the final miner was rescued in Chile Wednesday night. The network averaged 7.066 million total viewers in the 8PM hour (when the final miner was rescued) and 4.862 million total viewers in ...
benchcraft company scam
Diana Olick was right - the home price double dip is not only here, it is getting worse. RealtyTrac reported overnight that general foreclosure activity (i.e., default notices, scheduled auctions and bank repossessions) — were reported on 338,836 properties in August, a 4 percent increase from the previous month. One in every 381 U.S. housing units received a foreclosure filing during the month. The spin is that this was a modest decline (5%) from August 2009, but represents another inflection point in a trend which up to now had been declining. “The trend lines of decreasing default notices and increasing bank repossessions converged in August, with virtually the same number of new default notices and bank repossessions for the month — a clear indication that the clogged foreclosure pipeline is being carefully managed on both ends by lenders and servicers,” said James J. Saccacio, chief executive officer of RealtyTrac. “On the front end, seriously delinquent loans are rolling into foreclosure at an unusually slow rate, while on the back end the dammed-up inventory of properties already in foreclosure is moving to REO in steady stream rather than a flood — presumably to prevent further erosion of home prices.” Of course, banks are doing all in their power to prevent the realization by the consumer class of just how much lower home prices have still to go. Most notably, the bulk of the foreclosure action in August occurred in bank repossessions, which came at 95,364 U.S. properties in August, the highest monthly total in the history of the report and about 2 percent higher than the previous peak of 93,777 bank repossessions (REOs) in May 2010. August REO activity increased 3 percent from the previous month and was up 25 percent from August 2009 — the ninth straight month where REOs have increased on a year-over-year basis. In other news, we expect Jim Cramer to come out with another call, like his wrong summer 2009 pronouncement that the bottom of housing is here.
More from RealtyTrac:
Nevada, Florida, Arizona post top state foreclosure rates in August
Nevada continued to document the nation’s highest state foreclosure rate for the 44th straight month, with one in every 84 housing units receiving a foreclosure filing in August — 4.5 times the national average. Nevada maintained the nation’s highest state foreclosure rate despite a 25 percent year-over-year decrease in foreclosure activity in August — the 11th straight month where Nevada foreclosure activity has decreased on a year-over-year basis.
Florida foreclosure activity decreased on a year-over-year basis for the fifth straight month in August, but the state’s foreclosure rate still ranked second highest among all states. One in every 155 Florida housing units received a foreclosure filing in August — 2.5 times the national average.
One in every 165 Arizona housing units received a foreclosure filing in August, the nation’s third highest state foreclosure rate, and one in every 194 California housing units received a foreclosure filing in August, the nation’s fourth highest state foreclosure rate.
One in every 220 Idaho housing units received a foreclosure filing in August, the nation’s fifth highest state foreclosure rate. A total of 2,915 Idaho properties received a foreclosure filing in August, an increase of nearly 9 percent from the previous month and an increase of 11 percent from August 2009. Idaho was the only state with a top 5 foreclosure rate to document a year-over-year increase in foreclosure activity.
Other states with foreclosure rates ranking among the top 10 in August were Utah, Georgia, Michigan, Illinois and Hawaii.
Five states account for more than 50 percent of national total
California alone accounted for 20 percent of the national total in August, with 69,143 properties receiving a foreclosure filing during the month — a 3 percent increase from the previous month but a 25 percent decrease from August 2009.
Florida accounted for nearly 17 percent of the national total, with 56,877 properties receiving a foreclosure filing — a 10 percent increase from the previous month but a 9 percent decrease from August 2009. Florida default notices were down 46 percent from August 2009 but increased 2 percent from the previous month, ending five straight months of month-over-month decreases in Florida default notices.
Michigan, Illinois and Arizona each accounted for about 5 percent of the national total in August, with 17,764 Michigan properties receiving foreclosure filings, 16,808 Illinois properties receiving foreclosure filings, and 16,510 Arizona properties receiving foreclosure filings.
Other states with foreclosure activity totals among the nation’s 10 highest in August were Georgia (16,366), Texas (14,290), Ohio (13,479), Nevada (13,385), and Washington (6,760).
Metro foreclosure hot spots continue downward trend
All 10 metro areas with the nation’s highest foreclosure rates in August posted year-over-year decreases in foreclosure activity for the second month in a row.
The Las Vegas-Paradise, Nev., metro area documented the highest foreclosure rate among metropolitan areas with a population of 200,000 or more, with one in every 73 housing units receiving a foreclosure filing, despite a 25 percent decrease in foreclosure activity from August 2009.
Foreclosure activity in Modesto, Calif., decreased 10 percent from August 2009, but the city still documented the nation’s second highest metro foreclosure rate, with one in every 95 housing units receiving a foreclosure filing in August. Six other California metro areas had foreclosure rates ranking among the top 10: Stockton at No. 3 (one in every 100 housing units receiving a foreclosure filing); Merced at No. 6 (one in 111); Riverside-San Bernardino-Ontario at No. 7 (one in 113); Bakersfield at No. 8 (one in 120); Vallejo-Fairfield at No. 9 (one in 124); and Sacramento-Arden-Arcade-Roseville at No. 10 (one in 125).
Two Florida metro areas registered foreclosure rates among the top 10: Cape Coral-Fort Myers, Fla., at No. 3, with one in every 104 housing units receiving a foreclosure filing; and Miami-Fort Lauderdale-Pompano Beach at No. 5, with one in every 111 housing units receiving a foreclosure filing.
From the Associated Press: “Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis. The increase in home repossessions came even as the number of properties entering the foreclosure process slowed for the seventh month in a row, foreclosure listing firm RealtyTrac Inc. said Thursday. In all, banks repossessed 95,364 properties last month, up 3 percent from July and an increase of 25 percent from August 2009, RealtyTrac said.”
Now we know what the White House meant by Recovery Summer.
The banks are recovering all those buildings from all those deadbeats they should not have loaned money to.
The Associated Press report:
LOS ANGELES – Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis.
The increase in home repossessions came even as the number of properties entering the foreclosure process slowed for the seventh month in a row, foreclosure listing firm RealtyTrac Inc. said Thursday.
In all, banks repossessed 95,364 properties last month, up 3 percent from July and an increase of 25 percent from August 2009, RealtyTrac said.
August makes the ninth month in a row that the pace of homes lost to foreclosure has increased on an annual basis. The previous high was in May.
Banks have been stepping up repossessions to clear out their backlog of bad loans with an eye on eventually placing the foreclosed properties on the market, but they can’t afford to simply dump the properties on the market.
Concerns are growing that the housing market recovery could stumble amid stubbornly high unemployment, a sluggish economy and faltering consumer confidence. U.S. home sales have collapsed since federal homebuyer tax credits expired in April.
That’s one reason fewer than one-third of homes repossessed by lenders are on the market, said Rick Sharga, a senior vice president at RealtyTrac.
“These (properties) are going to come to market, but very slowly because nobody wants to overwhelm a soft buyer’s market with too much distressed inventory for fear of what it would do for house prices,” he said.
As a result, lenders are putting off initiating the foreclosure process on homeowners who have missed payments, letting borrowers stay in their homes longer.
The number of properties receiving an initial default notice — the first step in the foreclosure process — slipped 1 percent last month from July, but was down 30 percent versus August last year, RealtyTrac said.
Initial defaults have fallen on an annual basis the past seven months. They peaked in April 2009.
Still, the number of homes scheduled to be sold at auction for the first time increased 9 percent from July and rose 2 percent from August last year. If they don’t sell at auction, these homes typically end up going back to the lender.
More than 2.3 million homes have been repossessed by lenders since the recession began in December 2007, according to RealtyTrac. The firm estimates more than 1 million American households are likely to lose their homes to foreclosure this year.
In all, 338,836 properties received a foreclosure-related warning in August, up 4 percent from July, but down 5 percent from the same month last year, RealtyTrac said. That translates to one in 381 U.S. homes.
The firm tracks notices for defaults, scheduled home auctions and home repossessions — warnings that can lead up to a home eventually being lost to foreclosure.
Among states, Nevada posted the highest foreclosure rate last month, with one in every 84 households receiving a foreclosure notice. That’s 4.5 times the national average.
Rounding out the top 10 states with the highest foreclosure rate in August were: Florida, Arizona, California, Idaho, Utah, Georgia, Michigan, Illinois and Hawaii.
Economic woes, such as unemployment or reduced income, are now the main catalysts for foreclosures.
Lenders are offering a variety of programs to help homeowners modify their loans, but their success rates vary. Hundreds of thousands of homeowners can’t qualify or fall back into default.
The Obama administration has rolled out numerous attempts to tackle the foreclosure crisis but has made only a small dent in the problem. Nearly half of the 1.3 million homeowners who enrolled in the Obama administration’s flagship mortgage-relief program have fallen out.
The program, known as Making Home Affordable, has provided permanent help to about 422,000 homeowners since March 2009.
Regardless, many troubled borrowers have seen their efforts to get a loan modification stymied.
Larry Book of Winter Garden, Fla., was one packet away from a permanent loan modification from Chase under the Obama administration’s foreclosure prevention plan after more than a year of back and forth and one failed attempt.
But his modification never went through. Instead, his loan was transferred from Chase to IBM Lender Business Process Servicers in July and he was told he owed $9,562.62 and must bring his mortgage current by Sept. 15 or foreclosure proceedings will begin.
“It just becomes too exhausting,” Book said about the modification process. “That’s why some people walk away. But I’ve invested too much and given up too much to just let it go.”
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benchcraft company scam
Bill Simmons on breaking <b>news</b> in a Twitter universe » Nieman <b>...</b>
A brief treat for sports fans and future-of-media junkies: Bill Simmons' column at ESPN.com about his accidental tweeting last week about Patriots wide receiver.
<b>News</b> - Joy Behar, Bill O'Reilly Continue Trading Insults <b>...</b>
She accuses him of making "hate speech"; he says he refuses to sugar coat "harsh realities"
Fox <b>News</b> Ratings HUGE For Final Chilean Miners' Rescue
Fox News saw a staggering 7 million viewers as the final miner was rescued in Chile Wednesday night. The network averaged 7.066 million total viewers in the 8PM hour (when the final miner was rescued) and 4.862 million total viewers in ...
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Bill Simmons on breaking <b>news</b> in a Twitter universe » Nieman <b>...</b>
A brief treat for sports fans and future-of-media junkies: Bill Simmons' column at ESPN.com about his accidental tweeting last week about Patriots wide receiver.
<b>News</b> - Joy Behar, Bill O'Reilly Continue Trading Insults <b>...</b>
She accuses him of making "hate speech"; he says he refuses to sugar coat "harsh realities"
Fox <b>News</b> Ratings HUGE For Final Chilean Miners' Rescue
Fox News saw a staggering 7 million viewers as the final miner was rescued in Chile Wednesday night. The network averaged 7.066 million total viewers in the 8PM hour (when the final miner was rescued) and 4.862 million total viewers in ...
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Bill Simmons on breaking <b>news</b> in a Twitter universe » Nieman <b>...</b>
A brief treat for sports fans and future-of-media junkies: Bill Simmons' column at ESPN.com about his accidental tweeting last week about Patriots wide receiver.
<b>News</b> - Joy Behar, Bill O'Reilly Continue Trading Insults <b>...</b>
She accuses him of making "hate speech"; he says he refuses to sugar coat "harsh realities"
Fox <b>News</b> Ratings HUGE For Final Chilean Miners' Rescue
Fox News saw a staggering 7 million viewers as the final miner was rescued in Chile Wednesday night. The network averaged 7.066 million total viewers in the 8PM hour (when the final miner was rescued) and 4.862 million total viewers in ...
bench craft company reviews
Bill Simmons on breaking <b>news</b> in a Twitter universe » Nieman <b>...</b>
A brief treat for sports fans and future-of-media junkies: Bill Simmons' column at ESPN.com about his accidental tweeting last week about Patriots wide receiver.
<b>News</b> - Joy Behar, Bill O'Reilly Continue Trading Insults <b>...</b>
She accuses him of making "hate speech"; he says he refuses to sugar coat "harsh realities"
Fox <b>News</b> Ratings HUGE For Final Chilean Miners' Rescue
Fox News saw a staggering 7 million viewers as the final miner was rescued in Chile Wednesday night. The network averaged 7.066 million total viewers in the 8PM hour (when the final miner was rescued) and 4.862 million total viewers in ...
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Bill Simmons on breaking <b>news</b> in a Twitter universe » Nieman <b>...</b>
A brief treat for sports fans and future-of-media junkies: Bill Simmons' column at ESPN.com about his accidental tweeting last week about Patriots wide receiver.
<b>News</b> - Joy Behar, Bill O'Reilly Continue Trading Insults <b>...</b>
She accuses him of making "hate speech"; he says he refuses to sugar coat "harsh realities"
Fox <b>News</b> Ratings HUGE For Final Chilean Miners' Rescue
Fox News saw a staggering 7 million viewers as the final miner was rescued in Chile Wednesday night. The network averaged 7.066 million total viewers in the 8PM hour (when the final miner was rescued) and 4.862 million total viewers in ...
benchcraft company scam
If home ownership has been out of your reach, there's an option you should consider: bid at an auction for a home that is being foreclosed upon. You can find a great house for a fraction of what it sold for initially or what it would sell for if sold through a real estate agent.
In Parts One and Two of this series on buying your dream home via a foreclosure auction, I discussed how to find the right property and then the steps you need to take to find out whatever information you can about the property. In Part Three, (Buying Foreclosed Homes at Auction, Part III: How Much is it Worth, and How Much Will it Cost?)I focused on the financial aspects.
Part IV picks up on the courthouse steps where most sales occur. It's all about what you need to know about the actual sale process.
I've been a journalist most of my life, but for the last two years, I've been working in the foreclosure department of a real estate auction firm. For years, I asked many, many questions, and now I'm on the other side, answering lots of questions. I'm absolutely amazed time and time again by how many people will bid on a property at auction without knowing how the real estate auction process works...particularly the money end of it. People bid hard-earned money at the auction, then call our offices the next day to find out what they should do next. That's many days too late to be finding out how the process works. So I'll tell you how now.
You've done your research. You know what you want to buy, how much the house is worth, and most importantly, how much you should pay for it. Now what?
This article is focusing on what happens when you show up to bid on a property. After all of the research (see my previous 3 articles in this seriers), it would be a real shame to blow it all by not knowing what happens during that last step.
- Do a dry run. It is easy to get caught up in an auction, any kind of auction. Before you go to bid on the home you want, attend an auction. Watch those who very obviously have done it before. If you have questions of them, ask.
- Get a copy of the ad. Even if you see a listing on a Web site that lists the deposit needed to buy the property, get a copy of the ad, as there are specific terms to these auctions (many detailed in Part III of this series). Don't count on the attorney's office (ever) or the auctioneer's office to send you/fax you a copy of the ad. We see 400-500 sales a week. We cannot/will not fax copies of the ad to anyone.
- Be flexible. The top thing you need to know, and the ONE thing I hear about most from those who call me, asking for details of an auction, is concern when a sale cancels. The truth is, the vast majority of auctions will cancel before you go to bid on the property. Some cancel as the sale is being conducted. I literally am on the cell phone with our auctioneers as they are calling the sales, telling them of cancellations.
I had a woman who was totally irate call me. She opined that she had taken off a half a day of work to bid on a home. Opined is a nice way of saying she was cursing at me. The sale was cancelled at the last minute. It happens.
Bottom line, before you walk out the door to attend that auction, check to see if the home you want is still up for foreclosure. We maintain a Web site in real time. That is, as soon as I find out the sale is cancelled, I cross it off the list of homes for sale. If you don't have access to such a site, call the auctioneer directly.
So, be flexible. Have more than one home in mind that you want to bid on.
- Know where you are going. While some foreclosures are held on the property premises, the majority are held on the courthouse steps of the county in which the property exists. I can't tell you how many times I've gotten calls from bidders claiming that our auctioneers "didn't show up" to sell a property. The fact is, the person went to the wrong courthouse. Find out exactly where the foreclosure auctions are held in your area. On our site, we generally list the address as well as any specific info. as to where the property exists.
- Have the proper deposit in the proper form. This was covered in Part III but it bears repeating because it's also where people foul up. If you plan to bid on more than one property, know that you can have more than the posted deposit, but never less. If you have two properties in mind, and you'd like either one, bring the larger deposit. You will be refunded the difference.
- That said, know the deposit amount has NOTHING to do with the opening bid price. You won't know what that is until you get there. We can't tell you what the opening bid must be. In Maryland, our auctioneers find out the starting bid when they hit the courthouse steps. They find out shortly before you do. It has been said that you should find out what is owed on the loan, then figure 10 percent as the starting bid. That was a good rule of thumb until this odd housing market took hold. Some of the loans that have been granted on these properties are far higher than these houses are worth. Sometimes there's a correlation; sometimes not.
- Also along those lines---the deposit amount is not the price of the home. People call all the time thinking that the house will sell for the amount listed as a deposit in the ad. It's an auction, not a real estate sale.
- Show up on time. These auctions are scheduled sometimes merely a minute apart. Again, we get calls that the person was there, but our auctioneers didn't show up. The fact is, the auctioneer had come and gone. Think of all that research you've done (research, research, research!!!) that goes wasted.
- Show up. Sounds like a version of the above, but it's amazing how many people send people to bid on/buy properties because they have to work. I'm not sure how it works around the country, but in Maryland, you need to get to an attorney and give that person power of attorney (the right to act on your behalf) to sign the contract. If you fall into this category, contact the attorney listed in the ad BEFORE the auction to find out that attorney's precise rules.
- If you have a question (not one of the basic questions you should have researched beforehand), ask it. The auctioneer may not have time if he's calling sales in a row. A trustee (from the attorney's office) should be able to clarify things as well.
- Even if you make the highest bid among others bidding on the property, you may not win the house. Very few property sales are absolute auctions nowadays. The way the property was unnaturally inflated for so long, the bank may have a lot more invested in the property than what it appears on the surface. The bank reserves the option to do a Buy Back. A Buy In/ Buy Back is exactly what it sounds like. The bank didn't get the price it needed (generally near the amount owed), in order to sell that property. So you may bid the most (among other auction goers), but you may still walk away empty handed.
- Read the contract. Sign the contract. Get a copy of the contract. You'd be amazed at how often people forget one of these three points.
- Don't start calling the attorney or auctioneer the next day asking why the sale isn't done. In Maryland, it takes about 45-60 days for a sale to be ratified; that is, for the courts to deem that it is a legal and proper sale. As settlement winds on, the attorney handling matters for the foreclosing bank will contact you to tell you where/when the settlement will occur. Calling on a daily basis will not make it happen faster.
- When the settlement goes through, move in and enjoy your prize.
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Bill Simmons on breaking <b>news</b> in a Twitter universe » Nieman <b>...</b>
A brief treat for sports fans and future-of-media junkies: Bill Simmons' column at ESPN.com about his accidental tweeting last week about Patriots wide receiver.
<b>News</b> - Joy Behar, Bill O'Reilly Continue Trading Insults <b>...</b>
She accuses him of making "hate speech"; he says he refuses to sugar coat "harsh realities"
Fox <b>News</b> Ratings HUGE For Final Chilean Miners' Rescue
Fox News saw a staggering 7 million viewers as the final miner was rescued in Chile Wednesday night. The network averaged 7.066 million total viewers in the 8PM hour (when the final miner was rescued) and 4.862 million total viewers in ...
big seminar 14
Bill Simmons on breaking <b>news</b> in a Twitter universe » Nieman <b>...</b>
A brief treat for sports fans and future-of-media junkies: Bill Simmons' column at ESPN.com about his accidental tweeting last week about Patriots wide receiver.
<b>News</b> - Joy Behar, Bill O'Reilly Continue Trading Insults <b>...</b>
She accuses him of making "hate speech"; he says he refuses to sugar coat "harsh realities"
Fox <b>News</b> Ratings HUGE For Final Chilean Miners' Rescue
Fox News saw a staggering 7 million viewers as the final miner was rescued in Chile Wednesday night. The network averaged 7.066 million total viewers in the 8PM hour (when the final miner was rescued) and 4.862 million total viewers in ...
big seminar 14
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