Home Foreclosures Drop To 2007 Levels
Home Foreclosures Drop
Just reported today: According to foreclosure-data firm RealtyTrac the number of homes getting a foreclosure filing, hit a 49-month low in December, as legal issues, documentation delays and weak housing demand all served to stall the processing of mortgage delinquencies. Read more 
Home Foreclosures Likely to Rise
Banks have stepped up their actions against homeowners who have fallen behind on their mortgage payments, setting the stage for a fresh wave of foreclosures. Read more
Home Foreclosures
San Diego real estate – home foreclosures
San Diego real estate
Being in the trenches … the front line of local San Diego real estate activity, it’s hard for me to believe that we just passed through the “Summer of recovery” at least it was according to this administration’s proclamations.
Although many of the real estate reports for San Diego indicate that sales have increased last month, they also show that home prices have continued to fall. The sales increase in my opinion can be totally attributed to normal seasonal factors. What is really troubling, is the fact that during our seasonally strong traditional marketing period which just ended last month, home prices in San Diego were still in decline. Read more
Home Foreclosures 51% of California Home Sales
home foreclosures
Home Foreclosures
The foreclosure listing firm RealtyTrac Inc. said in a report today that home foreclosures accounted for 31 percent of the market in the second quarter of 2011. The good news was that this was a smaller share of sales when compared to the previous quarter. Unfortunately this percentage of home foreclosure sales is approximately six times the amount that would be seen in a normal housing market! Read more
Real Estate Short Sale
short sales
What is a short sale? To put it simply, a short sale transaction is a sale of a property in which the outstanding debt (in the form of mortgages – such as purchase loans, refinance loans, home-equity loans, or one of the various other types of loans secured by your property) was more than the price for which the property was sold. Example: 1st and 2nd mortgages totaled $470,000.00 and the property was sold for $325,000.00. The sale price was $145,000.00 “short” of the amount that the seller had originally borrowed – thus the term “short sale.” Since the banks/lenders were essentially paid back less than what you borrowed, you could be deemed to have received a debt “forgiveness” of $145,000.00. A sale of this type requires bank/lender approval. Read more
Bank of America To Resume Foreclosures
bank foreclosures
Bank of America announced it reviewed its process for resubmission of foreclosure affidavits in the 23 judicial states with key stakeholders and has begun the process of preparing foreclosure affidavits for submission in 102,000 foreclosure actions in which judgment is pending.
Bank of America also said it will continue to delay foreclosure sales in the remaining 27 states, including California where the vast majority of foreclosures are non-judicial and conducted without a court order, until its review is complete on a state by state basis.
The bank anticipates that over the course of the temporary moratorium, less than 30,000 foreclosure sales will have been delayed.