SEARCH

Entries in RealtyTrac (30)

Thursday
May312012

26% of US Homes Sold in First Quarter Were in Foreclosure

iStockPhoto/Thinkstock(NEW YORK) -- Foreclosures sales are still dominating the U.S. housing market.  According to RealtyTrac, they accounted for 26 percent of all home sales nationwide in the first quarter of 2012.

Daren Blomquist with RealtyTrac says the figure is indicative of the country's sluggish economic growth.

"The housing market is going to continue to be weighed-down by these foreclosure sales, and in turn when that housing market is weighed-down that is going to weigh-down the overall economy," he explains.

So when can Americans expect relief?

"We're not going to be completely out of the woods until we get down to a point where foreclosure sales only represent about 5 percent of all sales rather than what we're seeing now is foreclosures are representing 26 percent of all sales," Blomquist says.

Noting that there's still a 17-month supply of foreclosures on the market, he says,"It's going to be at least another year and a half to two years before foreclosures stop dominating the housing market."

Copyright 2012 ABC News Radio

Thursday
May172012

Foreclosure Filings Down to Lowest Level Since 2007

iStockPhoto/Thinkstock(NEW YORK) -- Is the foreclosure crisis in the U.S. nearing its end?  New numbers out Thursday by RealtyTrac show that foreclosure activity is down to a near five-year low across the country.

"In April 2012, there were less than 189,000 properties with foreclosure filings during the month.  That was a 57-month low.  That's the lowest level we've seen since July 2007," says Daren Blomquist with RealtyTrac.

Blomquist credits the decrease partly to banks being more willing to work with struggling homeowners.

"More properties that would have become foreclosures otherwise are actually becoming short sales.  The lenders are becoming much more aggressive in agreeing to short sales," he explains.

This has likely helped lead to a drop in the number of filings in the West.  Foreclosure activity is down in Arizona, California and Nevada -- states that were hard hit by the foreclosure crisis -- according to RealtyTrac.

But, Blomquist cautions homeowners are not out of the woods yet.

"It's not that foreclosures have completely gone away by any means, but at least they're heading in the right direction and finally have kind of gotten through this very big batch of bad loans that triggered the foreclosure crisis in the first place," he says.

And while the outlook has improved on the West coast, the picture is grimmer towards the East.  Filings are up year over year in Florida, Indiana, Michigan, New Jersey and Pennsylvania, RealtyTrac reports.

Copyright 2012 ABC News Radio

Thursday
Apr262012

Foreclosure Activity Rose in Major US Cities During First Quarter

iStockPhoto/Thinkstock(IRVINE, Calif.) -- Foreclosure activity rose during the first quarter of this year in more than half of the nation's largest metropolitan areas, RealtyTrac reported on Thursday.

"Some of those included Pittsburgh, which was up 49 percent from the previous quarter," RealtyTrac Vice President Daren Blomquist elaborated.  "Indianapolis was up 37 percent.  Philadelphia up 30 percent, even New York City, which in the past, has largely escaped the foreclosure crisis of the past five years, was up 24 percent from the previous quarter."

The increases were due to delayed foreclosures that took a long time to process, the foreclosure tracking firm said.  And the situation may get worse before it improves.

"There's going to be some more bumps in the road because of these delayed foreclosures.  As those come on to the market, at least in those markets where it's happening, it's going to continue to weigh down home prices," Blomquist explained.

But it's not all bad news for the housing market.

"Overall, nationally, foreclosure activity was down in the first quarter to the lowest levels since the fourth quarter of 2007," Blomquist said.

As more foreclosures hit the market, prospective homeowners will be at an advantage.

"The good news for buyers this year, is it's still going to be a buyer's market.  There's going to be more foreclosures coming on, coming on the market, which means there's going to be opportunities for these buyers to get a good deal," he said.

Sellers will also see benefits down the line.

"The good news for sellers is that the quicker these markets can absorb the foreclosure inventory, those sellers then will be in a position where they don't have to compete as much with foreclosures if they go to sell their home," Blomquist added.

Copyright 2012 ABC News Radio

Thursday
Apr122012

Foreclosure Filings Hit Five-Year Low

iStockPhoto/Thinkstock(IRVINE, Calif.) -- Foreclosure filings have dropped to their lowest level in nearly five years, according to the latest report from RealtyTrac.

The foreclosure tracking firm says for the first quarter of 2012, the number of U.S. households that received a foreclosure notice fell to 572,928 -- a 2 percent decline from the previous quarter and a 16 percent drop from the same time period last year. 

The figure is the lowest since the fourth quarter of 2007, when 527,740 properties were hit with foreclosure filings.

"What's driving those lower numbers is decreases in activity in some of the hardest-hit states.  California, Arizona and Nevada are the main ones that are driving that trend," RealtyTrac's Daren Blomquist explains.

Last month alone, RealtyTrac says 198,853 homes received a foreclosure notice -- the lowest monthly total since July 2007.  That figure was also down 4 percent from February and down 17 percent from March 2011.

So is the foreclosure crisis in the U.S. over?

"No, we're definitely not out of the woods," responds Blomquist.  "It's not over, but I do think there's a light at the end of the tunnel.  I mean we're past the peak in this foreclosure cycle.  The worst of this was 2009 and 2010."

Copyright 2012 ABC News Radio

Thursday
Feb162012

Foreclosure Filings Jump 3% in January

iStockPhoto/Thinkstock(IRVINE, Calif.) -- The number of U.S. households that received a foreclosure notice rose in January but was down from a year ago, according to the latest report from RealtyTrac.

The foreclosure tracking firm said Thursday that 210,941 properties were hit with foreclosure filings last month, up 3 percent from December.

Despite the increase, foreclosure activity was still down 19 percent from January 2011.  RealtyTrac Vice President Daren Blomquist says that downward trend is likely to continue nationally, citing the recent rise on delayed proceedings.

"We are definitely seeing increases in foreclosure activity in some of the states and we believe that's the result of, of lenders finally beginning to push through some of the backlog of foreclosures that have built up over the last year and a half," he says.

"Taking care of this backlog of distressed properties and foreclosures is something that's necessary to really see home prices start trending back higher; as long as we have that shadow inventory of distressed properties hanging over the market, we're not gonna see home prices start trending back upward for the long term," he adds.

Copyright 2012 ABC News Radio

Thursday
Jan262012

US Foreclosure Sales Dip Slightly in 3rd Quarter of 2011; Still High

iStockPhoto/Thinkstock(IRVINE, Calif.) -- The percentage of U.S. sales that involved residential homes in some stage of foreclosure dropped in the third quarter of 2011, according to the latest report by RealtyTrac.

The foreclosure tracking firm said Thursday that foreclosure sales fell by 2 percent from the second quarter, from 22 percent to 20 percent.  Compared to the third quarter of 2010, when they accounted for 30 percent of all sales, foreclosure sales were also down.

More than 221,000 homes nationwide were found to be in some stage of foreclosure during the third quarter of last year.  And while that number was down 11 percent from the second quarter and down five percent from the third quarter of 2010, foreclosure sales are still accounting for a large share of the market.

"That 221,000 represents 20 percent of all sales. And so, that's a high level.  In a normal, healthy market we would expect to see 5 percent of all sales be foreclosure-related," said RealtyTrac Vice President Daren Blomquist.

Western states were among the worst hit.

"The top three states in terms of percent of market-share that were foreclosure sales were, number one: Nevada, with 57 percent of all sales there were foreclosure-related.  Number two is California, with 44 percent of all sales being foreclosure-related.  And number three was Arizona, with 43 percent," he said.

But in what may be a promising sign, the average sales price of homes in foreclosure or bank-owned in the third quarter -- $165,322 -- was up 1 percent from the previous quarter.

"That is an indication that we may be getting close to a bottom, in terms of home prices with these foreclosures, which are the properties that are kind of  dragging down the rest of the housing market," Blomquist said.

It is worth noting, however, that the average sales price was down 3 percent from the same time period in 2010.

Copyright 2012 ABC News Radio

Thursday
Nov102011

Foreclosure Filings Rise by 7% in October

iStockPhoto/Thinkstock(IRVINE, Calif.) -- The number of U.S. households that received a foreclosure notice rose again in October, hitting a seven month high, according to the latest report from RealtyTrac.

The foreclosure tracking firm said Thursday that 230,678 properties were hit with foreclosure filings last month, up seven percent from September.  The number of intial default notices also went up in October, jumping up 10 percent from the previous month.

The spike is largely due to the hold up in foreclosure proceedings that emerged last year, stemming from faulty paperwork and poor documentation.

"We've been in this kind of artificial lull in foreclosure activity over the last year honestly, but it's not because the market is improving, it's because the lenders haven't been able to process foreclosures as quickly," said RealtyTrac spokesman Daren Blomquist.  "We saw a lot of indications in the report that lenders are beginning to ramp up on foreclosure proceedings after being in a kind of extended period of delay."

Despite last month's increase, foreclosure activity is still down 31 percent from the same time period in 2010.

Copyright 2011 ABC News Radio

Thursday
Oct132011

Foreclosure Filings Rise Slightly in Third Quarter; Default Notices Up 14%

ABC News(IRVINE, Calif.) -- The number of American households receiving a foreclosure notice inched up slightly in this year's third quarter, following three straight months of decreases.

RealtyTrac reported Thursday that 610,337 U.S. properties were hit with a foreclosure filing during the summer quarter, marking a 1 percent increase from the previous quarter.  The latest figure is down 34 percent from the same time period in 2010.

RealtyTrac CEO James Saccacio said the third quarter jump was fueled by a 14 percent increase in new default notices.

"We're going to start to see more foreclosures coming through the pipeline now that the paperwork and processing from the robo signing is getting cleared up," he said.

Saccacio is referring to the hold up in foreclosure proceedings that emerged last year, stemming from faulty paperwork and poor documentation.

Copyright 2011 ABC News Radio

Thursday
Sep152011

Foreclosure Filings Jump 7% in August, Default Notices Soar 33%

ABC News(IRVINE, Calif.) -- In what comes as more unwelcome news for the U.S. housing market, there appears to be a resurgence in the number of foreclosure filings.

According to the foreclosure tracking firm RealtyTrac, 228,098 households were hit with a foreclosure notice last month.  While the figure was down 33 percent from August of 2010, it did mark a 7 percent increase from July.

But what may be more alarming is the dramatic increase in the number of homeowners hit with an initial warning saying they're in default.

"The 33 percent increase [from July] in default notices was the biggest single monthly increase we've seen since August of 2007, 48 months ago," says Rick Sharga with RealtyTrac.

That increase could be a possible indication that banks are beginning to move forward with the long-delayed foreclosure clamp down after holding up foreclosure proceedings for months over faulty paperwork and poor documentation.

"There might be a break in the log jam that has been artificially slowing down foreclosure activity," says Sharga.

Copyright 2011 ABC News Radio

Thursday
Aug252011

Rise in Short Sales Offers 'Glimmer of Hope' for Housing Market

ABC News(IRVINE, Calif.) -- Pre-foreclosure sales rose 19 percent in the second quarter of 2011, and close to a third -- 31 percent -- of all U.S. residential sales during that same time period were foreclosed homes, according to RealtyTrac's latest report released Thursday.

And, as Rick Sharga with the foreclosure tracking firm explains, that may not necessarily be a bad thing.

"The fact that we're seeing a significant increase in the number of short sales actually is a glimmer of hope in this month's report," he says.

Sharga says its a clearing out of distressed inventory which is an overall good thing for the housing market.

"It looks like the banks are getting serious about trying to move these distressed properties more quickly, more efficiently and because they're doing this at a lower discount, it also helps to bring some stability to home prices and slow down the price depreciation that's been plaguing the housing market for the last few years," he explains.

Copyright 2011 ABC News Radio







ABC News Radio