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		<title>Foreclosures Fall Due to New Laws</title>
		<link>https://homesmillbrae.com/2009/foreclosures-fall-due-to-new-laws/</link>
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		<pubDate>Fri, 15 Feb 2013 05:37:17 +0000</pubDate>
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				<category><![CDATA[Real Estate News]]></category>
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		<description><![CDATA[Foreclosure activity fell 28 percent from a year ago nationally, according to a new report from RealtyTrac, but in California, they were down nearly 40 percent. More telling is foreclosure starts, the first notice of a foreclosure filling. In California &#8230; <a href="https://homesmillbrae.com/2009/foreclosures-fall-due-to-new-laws/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
			<content:encoded><![CDATA[<p>Foreclosure activity fell 28 percent from a year ago nationally, according to a new report from RealtyTrac, but in California, they were down nearly 40 percent.  More telling is foreclosure starts, the first notice of a foreclosure filling.  In California they fell 62 percent from December and 75 percent from a year ago.  The new law went into effect January 1st, 2013.  </p>
<p>&#8220;I do think some of these delinquent properties will still end up as foreclosures down the road,&#8221; notes Blomquist.  &#8220;But this type of legislation is also forcing lenders to consider other creative ways of disposing of the delinquencies that may not be as difficult as foreclosure has become.&#8221;</p>
<p>That includes short sales, deeds in lieu of foreclosure and a growing trend of selling off bad loans to investors.  The investors, since they are buying at a deep discount, are able to offer more drastic modifications to keep borrowers in their homes.</p>
<p><em>(Read More: Americans Are UsingTheir Houses as ATMs Again)</em></p>
<p>Short sales, when the property is sold for less than the mortgage, are becoming ever more frequent.  Nearly 26 percent of Southern California home sales in January were short sales, according to DataQuick, while just 15 percent were foreclosure sales.  Investor and cash buying was at or near record levels.</p>
<p>&#8220;A lot of today&#8217;s housing demand is fueled not by spectacular job growth and soaring consumer confidence, but by super-low mortgage rates and unusually high levels of investor and cash purchases. Take away any one of those elements and it will matter,&#8221; said John Walsh, DataQuick president.</p>
<p>With legal changes in California, Florida now has the dubious distinction of having the most properties with foreclosure filings in the nation.  One in every 300 homes had a filing in January, according to RealtyTrac.  That is twice the national average.</p>
<p><em>(Read More: Big Banks Told to Review Their Own Foreclosures )</em></p>
<p>States that require a judge in the foreclosure process, like Illinois and New Jersey, saw big January jumps in foreclosure auctions (sales back to the bank or to an investor), but non-judicial states saw the biggest increases in newly started foreclosures.  In Nevada, where new legislation slowed the process dramatically last year, foreclosure starts were up 87 percent from a year ago.</p>
<p>While the numbers can be parsed in many ways, the bottom line is that while fewer borrowers are getting into trouble, an enormous backlog of distress is still moving through the foreclosure system, in some places quite quickly, and in others ever more slowly.  Until the overall numbers come down to a more normal level, any speculation on overall price stability is risky at best.</p>
<p><em>(Read More: Mortgage Mess StillMires US Housing Recovery)</em></p>
<p>Article source: <a href="http://www.cnbc.com/id/100460456">http://www.cnbc.com/id/100460456</a></p>]]></content:encoded>
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		<title>Why Aren&#8217;t Candidates Talking More About Housing?</title>
		<link>https://homesmillbrae.com/1682/why-arent-candidates-talking-more-about-housing/</link>
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		<pubDate>Fri, 31 Aug 2012 09:15:19 +0000</pubDate>
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		<description><![CDATA[There has been plenty of political talk about the economy this week, but precious few words about one of the biggest drags on the economy: housing.  Despite recent signs that the housing market is improving, it is far from healthy. &#8230; <a href="https://homesmillbrae.com/1682/why-arent-candidates-talking-more-about-housing/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
			<content:encoded><![CDATA[<p class="textBodyBlack"><span />There has been plenty of political talk about the economy this week, but precious few words about one of the biggest drags on the economy: housing.  </p>
<p><a name="StoryImage" />
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<p><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/bd53c_home_sales13.jpg" border="0" align="Left" height="150" width="200" vspace="0" hspace="0" title="Why Arent Candidates Talking More About Housing?" alt="bd53c home sales13 Why Arent Candidates Talking More About Housing?" />
<p class="textBodyBlack"><span />Despite recent signs that the housing market is improving, it is far from healthy. </p>
<p class="textBodyBlack"><span />Home prices are still down 31 percent from their 2006 peak according to the latest SP/Case-Shiller home price report, and nearly 12 percent of all mortgages are either delinquent or in the foreclosure process, according to the Mortgage Bankers Association. (<em>Read More</em>: <b><strong><a href="/id/48813075/" target="_blank"><strong>How Investors Are Skewing Home Price Recovery</strong></a></strong></b>.)</p>
<p class="textBodyBlack"><span />Republican presidential candidate <b><strong><strong>Mitt Romney</strong></strong></b> has said that government should stay out of the housing market and let it correct on its own. Wednesday night, his running mate, <b><strong><strong>Paul Ryan</strong></strong></b> said President Obama didn’t do enough to “correct” the housing crisis, but offered no plan of his own. (<em>Read More</em>: <b><strong><strong>CNBC Special Report: Your Money, Your Vote</strong></strong></b>.)</p>
<p class="textBodyBlack"><span /></p>
<p class="textBodyBlack"><span />You would think they would hit housing harder, given that many of the nation’s swing states also have the dubious distinction of holding the highest foreclosure rates. </p>
<p class="textBodyBlack"><span />Take Florida. It had the third highest foreclosure rate in the nation in July, according to RealtyTrac, and that’s up from the sixth highest just in June.</p>
<p class="textBodyBlack"><span /></p>
<p class="textBodyBlack"><span />The numbers there are rising because of a huge backlog of delinquent loans stuck in a judicial foreclosure pipeline. Now that the courts are starting to move again, the foreclosures are coming home to roost. </p>
<p class="textBodyBlack"><span />In addition, 46 percent of Florida borrowers owe more on their mortgages than their homes are worth, according to CoreLogic. That’s twice the national number.</p>
<p class="textBodyBlack"><span />Nevada, another key swing state which <b><strong><strong>President Obama</strong></strong></b> recently visited to push his refinance plan, has the sixth highest foreclosure rate. Sixty-three percent of borrowers there are underwater.  </p>
<p class="textBodyBlack"><span />The government’s Home Affordable Refinance Program, which lets underwater borrowers with <b><strong>Fannie Mae</strong></b> and <b><strong>Freddie Mac</strong></b> mortgages obtain lower interest rates, refinanced 422,969 loans in the first half of this year, more than all of the HARP refinances last year, according to the Federal Housing Finance Agency. </p>
<p class="textBodyBlack"><span />That is largely due to changes in the plan, one of which lifted the cap on how far underwater a borrower could be.  More than two-thirds of borrowers in Nevada refinanced through HARP. (<em>Read More</em>: <b><strong><strong>&#8216;Wind Down&#8217; of Fannie, Freddie: &#8216;Positive for Housing&#8217;?</strong></strong></b>)</p>
<p />
<p class="textBodyBlack"><span />Michigan and Ohio also rank in the top ten highest foreclosure rates, and their underwater borrower rate is also well above the national average. Neither Governor Romney nor President Obama have targeted any housing policy action at either of these states of late.</p>
<p class="textBodyBlack"><span />While many have criticized the Obama administration’s housing bailout, calling it too little and too complicated, the Romney camp has offered nothing other than to criticize the president’s home buyer tax credit that ended in 2010. </p>
<p class="textBodyBlack"><span />Last year, when asked about his plan to fix housing, Romney said, “Don’t try to stop the foreclosure process, let it run its course and hit the bottom.” Later he suggested that the housing market was unlikely to “cure” itself.</p>
<p class="textBodyBlack"><span />One thing working in both sides’ favor is that those hardest hit by the housing crash likely won’t vote. You would think that homeowners in trouble would want to make their voices heard, but the opposite is the case. (<em>Read More</em>: <b><strong><strong>Cautious Moves on Foreclosures Haunting Obama</strong></strong></b>.)</p>
<p class="textBodyBlack"><span /></p>
<p class="textBodyBlack"><span />Not only are Americans who lost their homes to foreclosure less likely to vote, but those in neighborhoods impacted by foreclosure are also less likely to vote than those in more stable communities, according to researchers at the University of California, Riverside.</p>
<p class="textBodyBlack"><span />“Neighborhoods affect the political participation of their residents,” the scholars wrote.  “Other things being equal, individuals are more likely to vote when they live in places where neighbors vigorously participate in politics, while individuals are less likely to vote when their neighbors are less civically active. Given that foreclosure creates instability in communities, areas that experience higher levels of foreclosure have lower voter turnout.”</p>
<p class="textBodyBlack"><span />There is also a large body of evidence that homeowners are more likely to vote than renters,  and that is true in high and low income neighborhoods alike. Given that more Americans are now renting, we could see a big drop in overall voter turnout. (<em>Read More</em>: <b><strong><strong>As Housing Recovers, Will Apartment Boom End?</strong></strong></b>)</p>
<p class="textBodyBlack"><span />Perhaps that is why housing, one of the biggest issues affecting Americans today, is getting almost no voice in the political rhetoric.</p>
<p class="textBodyBlack"><span /><em>—By CNBC&#8217;s Diana Olick </em></p>
<p class="textBodyBlack"><span /><em>Questions?  Comments?  </em><em /><em>And follow me on </em><a href="http://twitter.com/diana_Olick"><em>Twitter @Diana_Olick</em></a></p>
<p><img width="100%" height="0" title="Why Arent Candidates Talking More About Housing?" alt=" Why Arent Candidates Talking More About Housing?" /></p>
<p>Article source: <a href="http://www.cnbc.com/id/48844717?__source=RSS*blog*&amp;par=RSS">http://www.cnbc.com/id/48844717?__source=RSS*blog*&amp;par=RSS</a></p>]]></content:encoded>
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		<title>New Crop of Foreclosures Is Coming</title>
		<link>https://homesmillbrae.com/1617/new-crop-of-foreclosures-is-coming/</link>
		<comments>https://homesmillbrae.com/1617/new-crop-of-foreclosures-is-coming/#comments</comments>
		<pubDate>Thu, 26 Jul 2012 05:00:43 +0000</pubDate>
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		<description><![CDATA[While fewer Americans are falling behind on their mortgage payments, the huge backlog of already delinquent mortgages is finally making its way through the banking system to foreclosure. Total foreclosure activity rose in the first half of this year from &#8230; <a href="https://homesmillbrae.com/1617/new-crop-of-foreclosures-is-coming/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
			<content:encoded><![CDATA[<p><a name="StoryImage" />
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<p><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/f71db_foreclosure_home_for_sale_200.jpg" border="0" align="Left" height="150" width="200" vspace="0" hspace="0" alt="f71db foreclosure home for sale 200 New Crop of Foreclosures Is Coming"  title="New Crop of Foreclosures Is Coming" /><br />
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<p class="textBodyBlack"><span />While fewer Americans are falling behind on their mortgage payments, the huge backlog of already delinquent mortgages is finally making its way through the banking system to foreclosure. </p>
<p class="textBodyBlack"><span />Total foreclosure activity rose in the first half of this year from the previous six months, according to online foreclosure sale site RealtyTrac, driven by a jump in new foreclosure actions by lenders. </p>
<p class="textBodyBlack"><span />“Those foreclosure starts are welcome news for prospective buyers and real estate brokers in many local markets where a shortage of aggressively priced inventory has been holding up sales activity. Markets with increasing foreclosure starts will likely see more distressed inventory for sale in the form of short sales and bank-owned properties in the second half of the year,” said Brandon Moore, CEO of RealtyTrac. </p>
<p class="textBodyBlack"><span />More than half of the 212 metropolitan areas RealtyTrac surveys saw increases in foreclosure starts, and of the top ten foreclosure rates in the nation, five of them were in California. Stockton still holds the dubious distinction of the nation’s highest metro foreclosure rate, at more than three times the national average. Despite their high ranking, however, all of the California metros in the top ten actually saw<em> decreasing</em> foreclosure activity overall. In fact, Atlanta was the only metro area with a top ten foreclosure rate to see increasing foreclosure activity in the first half of this year. </p>
<p class="textBodyBlack"><span /></p>
<p class="textBodyBlack"><span />While many of the previously hard-hit markets are seeing declines in foreclosures, other cities are seeing big gains. Foreclosure activity increased more than 20 percent from second half of 2011 in Tampa (47 percent), Philadelphia (30 percent), Chicago (28 percent), New York (26 percent), and Baltimore (21 percent). </p>
<p class="textBodyBlack"><span />Foreclosure activity dropped the most in Seattle, WA. Other cities where activity dropped more than 10 percent from the second half of 2011 were San Francisco, Detroit, Los Angeles and Boston. </p>
<p class="textBodyBlack"><span />New foreclosures, known as “starts,” rose in more than 60 percent of metro markets. RealtyTrac ranked the best markets for investing, by looking at where sales prices are increasing but foreclosure discounts are still at 15 percent or higher. Durham, NC, Boston, MA, Cleveland, OH and Phoenix, AZ all made the top ten. </p>
<p><strong><strong /></strong>
<p class="textBodyBlack"><span /><em>Questions?  Comments?  </em><em /><em>And follow me on </em><a href="http://twitter.com/diana_Olick"><em>Twitter @Diana_Olick</em></a></p>
<p><img width="100%" height="0" title="New Crop of Foreclosures Is Coming" alt=" New Crop of Foreclosures Is Coming" /></p>
<p>Article source: <a href="http://www.cnbc.com/id/48324812?__source=RSS*blog*&amp;par=RSS">http://www.cnbc.com/id/48324812?__source=RSS*blog*&amp;par=RSS</a></p>]]></content:encoded>
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