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Entries in Realty Trac (3)

Wednesday
Oct272010

Majority of Cities Saw Foreclosure Activity Increase in Third Quarter

Photo Courtesy - ABC News(NEW YORK) -- Sixty-five percent of the nation’s cities saw foreclosure filings increase in the past year.  That's according to new data released Thursday by RealtyTrac, which shows foreclosure filings for 200,000+ metro areas across the country during the third quarter of the year.

As has been the case for some time, the highest rates of foreclosure are in cities in California, Florida, Nevada and Arizona.

Ground zero for foreclosure activity continues to be Las Vegas, with one in 25 homes there subject to some type of foreclosure-related filing during the July to September time period.

Of note, nine of the top-10 metros for foreclosure activity saw foreclosure filings drop in the past year, but that trend is confounded when you look at the balance of the list.

In aggregate, more than 930,000 properties received some sort of foreclosure filing, down about one percent from the 2009 third quarter numbers, according to RealtyTrac. However, that slight reduction on the national level doesn’t mean the foreclosure crisis is abating.

The recent foreclosure sales moratoria are likely going to affect the broader residential real estate market in the fourth quarter, and possibly beyond.

Also, the underlying reasons for foreclosure have yet to be adequately addressed.  Unemployment and underemployment are at the root of many of the missed payments that are keeping millions of Americans from paying their home loans on time.

“The underlying problems that are causing homeowners to miss their mortgage payments -- high unemployment, underemployment, toxic loans and negative equity -- are continuing to plague most local housing markets,” said James Saccacio, CEO of RealtyTrac. “And these historically high foreclosure rates will continue until those problems are resolved.”

Copyright 2010 ABC News Radio

Wednesday
Sep292010

Report Says Foreclosure Sales Account for 1 in 4 Residential Sales

Photo Courtesy -- Getty Images(IRVINE, Calif.) -- On Thursday, RealtyTrac, an online marketplace for foreclosure properties, released its Q2 2010 U.S. Foreclosure Sales Report.  RealtyTrac reports that "foreclosure homes accounted for 24 percent of all residential sales in the second quarter of 2010," and "the average sales price of properties that sold while in some stage of foreclosure was more than 26 percent below the average sales price of properties not in the foreclosure process -- down slightly from a 27 percent average discount in the first quarter."  James J. Saccacio, chief executive officer of RealtyTrac, noted however that "while foreclosure sales increased in the second quarter, non-foreclosure sales increased even more, spurred on by the homebuyer tax credit that expired during the quarter."

Copyright 2010 ABC News Radio

Thursday
Sep232010

Nevada City Tops List With Highest Foreclosure Rate

Photo Courtesy - ABC News(NEW YORK) -- Fernley, Nevada, a city that lies 32 miles east of Reno, has the nation's highest foreclosure rate through August.  Although the recession has wreaked havoc on numerous local economies, Fernley has been hit the hardest. The city has seen more than 3,500 foreclosure filings over a 12-month period among its 17,900 housing units, according to Realty Trac, an online service that collects and aggregates foreclosure data.

According to Realty Trac, August was the toughest month for homeowners, as lenders swooped in and seized more than 95,000 homes across the U.S.  The foreclosure rate is up 25 percent since August 2009.  Efforts by the government to stem the tide of foreclosures have had mixed success. The Obama administration's main anti-foreclosure program touched a 10-month low in August with 33,000 homeowners receiving assistance. The president said in 2009 that as many as four million homeowners would be helped and about 449,000 have thus far received assistance to avoid foreclosure.

Copyright 2010 ABC News Radio







ABC News Radio