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Entries in RealtyTrac (30)

Thursday
Jul142011

Foreclosures Drop in First Half of 2011 Due to Paperwork Delays

ABC News(IRVINE, Calif.) -- The number of homes in the U.S. that received foreclosure filings in the first half of 2011 dropped 29 percent from the same time period last year, according to the latest mid-year report from RealtyTrac.

The foreclosure tracking firm adds that the 1,170,402 properties that received notices also marks a 25 decrease from the previous six months.

The latest figures, as RealtyTrac senior Vice President Rick Sharga explains, are not necessarily a good indication that the housing market is making a turn for the better.

"We don't really believe that the drop off in foreclosure activity is due to any particular improvement in the economy or the housing market, but rather the result of legislative paperwork and procedural delays that are plaguing the industry right now," Sharga says.

These delays could push back the housing market's recovery.

"There are over three million seriously-delinquent loans not yet in foreclosure," Sharga says. "At the current rate of foreclosure activity, it will take between three and four years just to get those homes into the foreclosure process."

He adds, "In a best-case scenario, we were expecting that the housing market might be able to recover by maybe 2014.  The delays in foreclosure proceedings an subsequent damage that's going due to the market could push that recovery out to 2015 or even early 2016."

Copyright 2011 ABC News Radio

Thursday
Jun162011

Report: Foreclosures Lowest Since November 2007

ABC News(IRVINE, Calif.) -- The latest monthly report on foreclosure activity from RealtyTrac shows a marked reduction of foreclosure filings in the United States during May.

According to the firm's data, overall foreclosure is down by 33 percent from a year ago, with about 215,000 American homes, or one in every 605, receiving some sort of foreclosure filing during May.
 
RealtyTrac says it's seeing a trend -- namely, different types of foreclosure filings spike in different states each month, likely the result of banks working through kinks in their foreclosure processes based on state laws. The industry has been accused of bypassing judicial procedures in the past and is now facing increase scrutiny of its practices.
 
"This pattern provides evidence that lenders are somewhat unevenly pushing batches of bad loans through foreclosure as they overhaul their paperwork and documentation procedures and as they determine that some local markets are able to absorb more foreclosure inventory," said James Saccacio, CEO of RealtyTrac in a press release.
 
The report says that while banks seem to be increasing their sales of foreclosed homes, they are selling into a market where there are not a lot of buyers. This likely will lead to continued drops in home values in the next few months. Foreclosed homes tend to sell at a steep discount to non-foreclosed homes.

Copyright 2011 ABC News Radio

Thursday
May262011

Foreclosures Made Up 28% of Home Sales in First Quarter

ABC News(IRVINE, Calif.) -- Almost a third of all the homes sold in the U.S. during the first three months of this year were in foreclosure, according to the latest figures released Thursday by RealtyTrac.

The listing firm said foreclosed properties accounted for 28 percent of sales, the highest percentage in a year.  During the same time period in 2010, 29 percent of home sales were in foreclosure.

According to RealtyTrac, the average price of a foreclosed home in the first quarter of 2011 was $168,321, down nearly two percent from the last three months of 2010.

With bank-owned properties being priced nearly 27 percent lower than homes not in foreclosure, potential homebuyers stand to land a good deal.  However, as RealtyTrac notes, bank-owned properties continue to be a drag on the housing recovery.

“While foreclosure sales continue to account for an unusually high percentage of all residential home sales, sales volume is well off the peak we saw in the first quarter of 2009, when nearly 350,000 foreclosure properties sold to third parties,” said RealtyTrac CEO James J. Saccacio.  “While this is probably helping to keep home prices relatively stable, it is also delaying the housing recovery."

"At the first quarter foreclosure sales pace, it would take exactly three years to clear the current inventory of 1.9 million properties already on the banks’ books, or in foreclosure,” Saccacio added.

Copyright 2011 ABC News Radio

Thursday
May122011

Foreclosure Activity Fell 9% in April; Lowest Point in Three Years

ABC News(IRVINE, Calif.) -- The rate of foreclosure filings in the U.S. dropped to the lowest point in three years last month, according to the latest report released Thursday by RealtyTrac.

The listing firm said foreclosure activity decreased by 9 percent in April compared to March.  The latest figure is also down 34 percent from the same time last year.

The lower drop in filings is not necessarily reflective of an improved housing market or stronger economy.  Mortgage lenders have come under increased scrutiny, which has drowned out the foreclosure progress.  Banks are now taking a lot longer to seize homes.

Copyright 2011 ABC News Radio

Thursday
Apr142011

Foreclosures Fall to Three Year Low

ABC News(NEW YORK) -- Foreclosure activity fell to a three-year low in the first quarter of 2011, according to the latest report released Thursday by RealtyTrac.

According to the listing firm, there was a 15 percent quarterly decrease in foreclosure activity and a 27 percent decrease from the same time period last year.

RealtyTrac's Rick Sharga says, "Unfortunately we're expecting to see foreclosure numbers go back up again."

He says the drop is attributed to lenders still dealing with a backlog of pending foreclosure cases, adding "problems in the way foreclosures were actually processed over the last year or so, that are causing the lenders to have to redo thousands and thousands of foreclosures and slowing down new activity."

Foreclosure data for March suggests the activity may be starting to creep higher.

Copyright 2011 ABC News Radio

Thursday
Mar102011

Foreclosures Fall in February

ABC News(IRVINE, Calif.) -- The foreclosure-listing firm RealtyTrac says home foreclosures in the U.S. fell to a 36-month low in February.  

Lenders delayed taking action against homeowners last month while they deal with increased scrutiny over the handling of home repossessions. "We've been hit by two tsunami waves in this particular foreclosure cycle," according to Rick Sharga with RealtyTrac. "The first wave was caused by unsubstantially high home prices and really bad lending practices. That led to an economic downturn which led to high unemployment rates which resulted in a second wave of foreclosure actions."

Realtytrac believes the economic improvements we're seeing right now will result in few foreclosure actions, but not really for another year or so. "What we're seeing right now are numbers that are artificially low because lenders, servicers and courts are very busy reprocessing foreclosure actions that were misfiled in the first place," says Sharga

Nevada tops the home-foreclosure list once again, a position it's held for over two years now.

Copyright 2011 ABC News Radio

Thursday
Feb102011

Foreclosure Activity on the Decline?? Not So Fast

Photo Courtesy - ABC News(IRVINE, Calif.) -- New numbers out Thursday from the firm RealtyTrac show foreclosure activity dropped 17 percent in January compared to a year ago. 

About 261,000 properties across the U.S. received foreclosure notices in January, up one percent from December but down sharply from January, 2010.  RealtyTrac, which monitors such activity, reports Nevada had the most foreclosures of any state for the 49th month in a row. RealtyTrac says Nevada and other states with high numbers face a couple of challenges, so by definition they're going to have higher numbers.  They had a lot of underlying conditions including over-priced homes and risky lending practices.

RealtyTrac says overall, foreclosure rates have only dropped because banks are bogged down with legal paperwork, and that numbers will likely go back up.  

Copyright 2011 ABC News Radio

Thursday
Jan272011

Foreclosure Activity Up in Most US Metro Areas

Photo Courtesy - ABC News(IRVINE, Calif.) -- Foreclosure activity went up last year in 149 of the country's 206 metropolitan areas with 200,000 or more residents, according to the latest report released Thursday by RealtyTrac.

The foreclosure-tracking firm found that cities in California, Florida, Nevada and Arizona -- with the exception of Boise City-Nampa, Idaho -- accounted for 19 of the top 20 metro foreclosure rates in 2010.  Las Vegas-Paradise, Nevada topped the list as the area with the highest rate, with 1 in 9 housing units receiving a foreclosure filing last year -- close to five times the national average.

Cape Coral-Fort Myers, Florida followed in second with one in 12 housing units receiving a filing, and Modesto, California rounded out the top three with 1 in 14 housing getting a notice.

While foreclosure activity decreased from 2009 in the top 10 metro areas with the highest foreclosure rates in 2010, filings increased in some of the nation's largest metro areas not on the top 20 list.

Houston-Sugar Land-Baytown, Texas saw an increase of 26 percent from 2009, marking the biggest spike among the nation's 20 largest metro areas.  Seattle-Tacoma-Bellvue, Washington followed with a nearly 23 percent increase and Atlanta-Sandy Springs-Marietta, Georgia came in third with close to a 21 percent increase.

Among the nation's 20 largest metro areas, Washington, D.C. posted the biggest drop in filings with a decrease of 22 percent.

Copyright 2011 ABC News Radio

Thursday
Jan132011

One in 45 U.S. Homes Received Foreclosure Notice in 2010

Photo Courtesy - ABC News(IRVINE, Calif.) -- Despite an end-of-the-year decline in foreclosures, 2010 marked a record year for home foreclosures in the U.S.

One in 45, or 2.9 million, American homes saw a foreclosure notice last year, according to a report from Realty Trac Thursday.

While Nevada, Arizona and Florida continued to see high levels of foreclosure, states like Illinois, Colorado and Utah saw an increase in foreclosures that sent them skyrocketing into the top 10 nationally.

According to Realty Trac, the foreclosure dilemma is far from over. Senior Vice President Rick Sharga told ABC News the effects of the housing crisis are likely to continue into 2014, with around seven million Americans having their homes repossessed by that time. Other analysts, however, have suggested that 2013 could bring a rebound.
 
Copyright 2011 ABC News Radio

Thursday
Dec162010

Foreclosure Filings Drop 21 Percent in November

Photo Courtesy - ABC News(IRVINE, Calif.) -- Foreclosure activity decreased 21 percent in November, according to a report released Thursday by RealtyTrac.

The foreclosure listing firm says over 262,000 households nationwide received foreclosure notices last month, marking a 21 percent drop from October and a 14 percent drop from the same time period last year.

RealtyTrac's Rick Sharga says the latest figures are "the lowest total, in terms of foreclosure activity, since November of 2008."

Sharga says the drop in foreclosures is largely due to the robo-signing controversy that occurred last month.  "In terms of the robo-signing problems, we're going to see artificially-lower numbers of foreclosure activity for the fourth quarter of this year and we'll probably see accelerated rates of foreclosures in the first quarter of next year," he explains.  "But, by the second quarter of 2011, the numbers should all be back to normal."

"There's no data right now to suggest that foreclosure activity should be diminishing," Sharga adds.  "Unemployment continues to be stubbornly high.  Demand for properties is weak.  Lending is difficult to get."

Copyright 2010 ABC News Radio

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