Tag Archives: Foreclosure Moratorium

In September, foreclosure resales accounted for 19 percent of all homes that were resold, a decrease from 19.2 percent in August and 44.4 percent in September 2011. In March 2009, foreclosure resales peaked at 66.2 percent.

A sharp drop in distressed sales is one of the main drivers behind the steady rise in home prices seen in certain areas throughout the country, according to the monthly Campbell/Inside Mortgage Finance HousingPulse survey. In September, the HousingPulse Distressed Property Index (DPI) hit a record low of 38.6 percent based on a three-month moving average. HousingPulse respondents reported major banks seem to be keeping many REO properties off the market this year, but suggested banks may look to release ""significant amounts"" of bank-owned properties next year, which could lead to lower home prices. When real estate agents were asked about the impact of the upcoming national elections, responses were mixed.

Instead of finding clever ways to chase shadow inventory, Zillow has decided to make things easy for thrill-seeking homebuyers and investors who are trying to track down unlisted, invisible inventory. The real estate data provider announced Thursday it is providing a listing of 1.2 million pre-foreclosure and foreclosed properties at no cost. The homes provided through Zillow are not found on any Multiple Listing Service (MLS).

From the second quarter to the third quarter of this year, 62 percent of metropolitan areas with a population of 200,000 or more saw a decrease in foreclosure activity, or 134 out of 212 metro areas. Year-over-year, foreclosure activity was down in 131 out of 212 metro areas, representing 62 percent of the metros tracked. RealtyTrac VP Daren Blomquist explained the decrease indicates ""most of the nation's housing markets are past the worst of the foreclosure problem.""

Foreclosure starts fell dramatically in all five West Coast states tracked by Foreclosure Radar, further confirming suspicions that a foreclosure wave may not arrive. ""The continued decline in Foreclosure Starts clearly shows that even though servicers are now apparently in compliance and clear to move forward with foreclosures, they are still in no rush to foreclose on the majority of delinquent borrowers,"" said Sean O'Toole, CEO of ForeclosureRadar.

The shadow inventory that previously darkened industry outlook is beginning to fade. In fact, we may soon begin to see the sunlight on the horizon. In July shadow inventory - unlisted homes that are seriously delinquent, in foreclosure, or held as REOs - declined 10.2 percent year-over-year, falling to 2.3 million homes, according to CoreLogic's Shadow Inventory Report released Tuesday. Seriously delinquent homes – those 90 or more days delinquent – are the most common type of home in today's shadow inventory, making up 1 million of the 2.3 million-home total.

In August, lenders in Massachusetts completed the least number of foreclosures since February 2011, according to a report from The Warren Group.Lenders in August completed 566 foreclosures, marking a 40 percent decease from August 2011, when there were 947 completed foreclosures.

Investors who are eagerly waiting for bargain prices from the potential foreclosure flood are likely waiting for something that won't happen, according to the September home value forecast report from Pro Teck Valuation Services. In the report, the company explained why it believes there will be no such flood and points to the current lack of inventory in markets such as San Diego, Orange County, and Los Angeles.

Freddie Mac announced it has relief policies for borrowers impacted by Hurricane Isaac. The relief polices are specifically for Freddie Mac borrowers located in Louisiana and Mississippi jurisdictions declared by President Barack Obama as disaster areas.

A working paper released by the Federal Reserve Bank of Atlanta suggests that foreclosures may not negatively impact nearby property prices as much as originally thought. The paper examines and refutes the argument long used by experts that mortgage foreclosures greatly reduce the sale prices of properties in the area. The study actually found while neighboring home prices do tend to sink when a property becomes distressed, the effect is only minor.