1 Million Homes Reposessed

January 17, 2011 by  
Filed under 1 Million Homes Reposessed in 2010

1 Million Homes Reposessed in 2010

The number of foreclosures that we saw in 2010 was astronomical.  There were over 1 million people who lost their home! Realtytrac reported close to 2.9 million foreclosure notices.

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Nevada has led the pact with foreclosures for the fourth year in a row.  One in every 11 homes received a foreclosure filing.

Overall, 2010 was a rough one for the mortgage industry. The big news was the robo-signing scandal, which erupted in the fall amid allegations that banks were foreclosing on homes without having read the documentation.

In the first quarter of 2010, eyes were still focused on Obama’s HAMP program, while many analysts were still optimistic about saving their homes.  But as time progressed it was quite obvious that the HAMP program was losing the fight against foreclosures.

Then the next shoe to drop came in June, with a report from Fitch Ratings that showed HAMP modifications re-defaulting at a high clip. The company forecast that three-quarters of all HAMP mods would ultimately fail.


The next few years are looking to be very difficult on the economy and the housing industry.   Some industry analysts, such as Laurie Goodman, head of Amherst Securities mortgage group, say that as many as 11 million mortgage borrowers are in potential danger of default.

However, Rick Sharga, RealtyTrac’s spokesman, predicted 4 million to 5 million and scoffed at quantifying the magnitude of the potential disaster, comparing it to “taking inventory of deck chairs on the Titanic.”

Only time will tell, but if you have any questions regarding your home and the position you are currently in, feel free to call us at 888-877-0078.

Underwater Homeowners Buying New Homes

July 28, 2010 by  
Filed under Underwater Homeowners Buying New Homes

Underwater Homeowners Purchasing New Homes

Blame the America dream for the ingenuity in this new trend that we are now seeing.  People are fixated on the fact of owning a home, even if they are currently upside down on their existing property.   Some people are trying to sell their existing homes at a loss (short sale) and purchase bigger homes at a similar cost in today’s market.

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Some experts say it makes a lot of sense, since homeowners can get out of bad, old mortgages and get into fresh, larger ones, without raising their monthly payment much. That’s because home prices have dropped and interest rates have gone so low.  What are your thoughts?

Foreclosed Homes 30% Off

July 13, 2010 by  
Filed under Foreclosed Homes 30% Off

Foreclosures, Foreclosures, Foreclosures…

Foreclosures took the cake for the first 3 months of 2010, accounting for nearly 1/3 of all sales.  Many of these foreclosures were selling at a 30% discount.

When we are referring to these  foreclosure sales they include properties sold in short sales or after a bank repossession, known as REOs in industry terms.

REOs are the homes that are already taken back from the borrowers, selling for on average average 34% less than conventional sales while pre-foreclosures averaged only 15% less.

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Part of the reason for the bigger price cut for REOs is that many of them come to the market in poor condition, their previous owners either unable to or unwilling to maintain them.

A fascinating statistic is that during 2009, more than 1.2 million property sales involved foreclosures. That grew 25% compared with the year before, and 2,500% from 2005.

Housing Assist Coldwellbanker