Foreclosure filings up in most markets
DAILY REAL ESTATE NEWS
April 27, 2012
Foreclosure filings up in most markets
RealtyTrac: distressed homes 'coming out of hibernation'
By Inman News
Inman News®
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The number of homes hit with foreclosure-related filings picked up during the first three months of the year in more than half of markets tracked by public records aggregator RealtyTrac, "an early sign that long-dormant foreclosures are coming out of hibernation in many local markets," the company said.
The number of homes subjected to some type of foreclosure filing increased in 114 of 212 markets with populations of 200,000 or more, compared to the fourth quarter of 2011.
Foreclosure-related filings were up from quarter-to-quarter in 26 out of 50 of the nation's largest metropolitan areas, including Pittsburgh (up 49 percent), Indianapolis (up 37 percent), Philadelphia (up 30 percent), New York (up 24 percent), Raleigh, N.C. (up 23 percent), and Virginia Beach, Va. (up 22 percent).
Many industry analysts expect loan servicers to step up the pace of foreclosures in some markets as they put the "robo-signing" controversy behind them.
But foreclosure filings have dropped off dramatically in other markets. The total number of homes subjected to foreclosure-related filings nationwide fell 2.25 percent from the fourth quarter of 2011 to the first quarter of 2012, and 15.9 percent from the same time a year ago.
During the first quarter, a total of 572,928 housing units -- 1 in every 230 -- were subjected to a foreclosure-related filing, either a default notice, scheduled auction or bank repossession. That was the lowest total since the fourth quarter of 2007, RealtyTrac said in a report earlier this month.
The biggest quarterly decreases in foreclosure activity among the 50 largest metro areas were in Portland, Ore. (down 28 percent), Las Vegas (down 26 percent), Providence, R.I. (down 24 percent), Salt Lake City (down 22 percent), Boston (down 21 percent), and San Jose, Calif. (down 21 percent).
Eight of the top 10 metros with the highest foreclosure rates during the first quarter were in California. Stockton and Modesto topped the list with foreclosure filing rates of 1 in 60 housing units each.
Stockton topped the list despite a 13.3 percent decline in the foreclosure rate from the previous quarter, and an 18.9 percent drop from a year ago. Modesto saw similar improvement, with an 8.14 percent drop in foreclosure activity for the quarter and a 21.48 percent plunge for the year.
Top 10 U.S. metros with highest foreclosure rates, first quarter 2012
Area Foreclosure rate (First Quarter 2012)
U.S. 1 in 230 housing units
Stockton, Calif. 1 in 60
Modesto, Calif. 1 in 60
Riverside-San Bernardino-Ontario, Calif. 1 in 62
Vallejo-Fairfield, Calif. 1 in 63
Merced, Calif. 1 in 72
Sacramento-Arden Arcade-Roseville, Calif. 1 in 77
Bakersfield, Calif. 1 in 81
Las Vegas-Paradise, Nev. 1 in 82
Phoenix-Mesa-Scottsdale, Ariz. 1 in 87
Visalia-Porterville, Calif. 1 in 89
Source: RealtyTrac
Riverside-San Bernardino, Calif., topped RealtyTrac's list of foreclosure activity in the nation's 50 largest metros, with 1 in 62 of its housing units in some stage of foreclosure during the first quarter of 2012.
Seven other metros among the nation's 50 largest had foreclosure rates more than twice the national average: Sacramento, Calif. (one in 77 housing units), Las Vegas (one in 82 housing units), Phoenix (one in 87 housing units), Atlanta (one in 90 housing units), Miami (one in 95 housing units), Orlando (one in 101 housing units), and Chicago (one in 107 housing units).
Friday, April 27, 2012
Monday, April 23, 2012
HouseLogic Announces Spring Cleaning Pinaway Pinterest Contest
HouseLogic Announces Spring Cleaning Pinaway Pinterest Contest
The arrival of spring often means spring cleaning, and to help, HouseLogic.com is holding a “Spring Cleaning Pinaway Pinterest” contest. Registered users of the award-winning site have a chance to win one of two iPod Touches™ by creating a Pinterest pin board featuring their favorite cleaning tips, images and articles from HouseLogic.com and other sources.
“Owning a home is an investment in your future, and maintaining your home is an important part of preserving that investment,” said National Association of REALTORS® President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami.“As NAR’s consumer-facing website, HouseLogic helps homeowners make informed decisions about enhancing and improving their homes. The Spring Cleaning Pinaway Pinterest contest encourages homeowners to share tips and resources as well as learn more about other resources HouseLogic has to offer.”
To get started, visit HouseLogic’s Spring Cleaning Pinterest Board and follow these four steps:
· Create a Pinterest board titled “HouseLogic Spring Cleaning Pinaway” and categorize it under “Home Décor.”
· Pin five favorite cleaning articles and photos. Three of the pins must be from HouseLogic.com and the rest can be anything that motivates or informs spring cleaning.
· “Follow All” HouseLogic boards.
· Copy and paste the link to their Pinterest board into the comment section of the HouseLogic Spring Cleaning Pinaway blog post within the contest period.
The contest begins today and ends on April 29, 2012, at 11:59 p.m. CT. Winners will be chosen at random and announced during the week of April 30. For questions or an invitation to Pinterest, email HouseLogic.Contest@gmail.com.
For more information on tips to make smart decisions and take responsible actions to maintain, protect and enhance the value of your home, visit www.houselogic.com.
www.EmilyLeeRealty.com
The arrival of spring often means spring cleaning, and to help, HouseLogic.com is holding a “Spring Cleaning Pinaway Pinterest” contest. Registered users of the award-winning site have a chance to win one of two iPod Touches™ by creating a Pinterest pin board featuring their favorite cleaning tips, images and articles from HouseLogic.com and other sources.
“Owning a home is an investment in your future, and maintaining your home is an important part of preserving that investment,” said National Association of REALTORS® President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami.“As NAR’s consumer-facing website, HouseLogic helps homeowners make informed decisions about enhancing and improving their homes. The Spring Cleaning Pinaway Pinterest contest encourages homeowners to share tips and resources as well as learn more about other resources HouseLogic has to offer.”
To get started, visit HouseLogic’s Spring Cleaning Pinterest Board and follow these four steps:
· Create a Pinterest board titled “HouseLogic Spring Cleaning Pinaway” and categorize it under “Home Décor.”
· Pin five favorite cleaning articles and photos. Three of the pins must be from HouseLogic.com and the rest can be anything that motivates or informs spring cleaning.
· “Follow All” HouseLogic boards.
· Copy and paste the link to their Pinterest board into the comment section of the HouseLogic Spring Cleaning Pinaway blog post within the contest period.
The contest begins today and ends on April 29, 2012, at 11:59 p.m. CT. Winners will be chosen at random and announced during the week of April 30. For questions or an invitation to Pinterest, email HouseLogic.Contest@gmail.com.
For more information on tips to make smart decisions and take responsible actions to maintain, protect and enhance the value of your home, visit www.houselogic.com.
www.EmilyLeeRealty.com
Mortgage Rates Inch Up for the Week
Mortgage Rates Inch Up for the Week
Mortgage Rates Inch Up for the Week
DAILY REAL ESTATE NEWS | FRIDAY, APRIL 20, 2012
After reaching or hovering near all-time lows last week, fixed-rate mortgages edged up slightly during the week, Freddie Mac reports in its weekly mortgage market survey. The 5-year adjustable-rate mortgage, however, hit a new all-time low of 2.78 percent this week.
Here’s a closer look at average mortgage rates from Freddie Mac for the week ending April 19:
30-year fixed-rate mortgages: averaged 3.90 percent, with an average 0.8 point, up slightly from last week’s 3.88 percent average. A year ago at this time, 30-year rates averaged 4.80 percent.
15-year fixed-rate mortgages: averaged 3.13 percent, with an average 0.7 point, rising after last week’s all-time low of 3.11 percent. Last year at this time, 15-year rates averaged 4.02 percent.
5-year ARMs: averaged a new all-time low of 2.78 percent this week, with an average 0.7 point, dropping from last week’s 2.85 percent average. The 5-year ARMs previous record low was 2.80 percent, which was reached during the first week of February. Last year at this time, 5-year ARMs averaged 3.61 percent.
1-year ARMs: averaged 2.81 percent, with an average 0.6 point, rising slightly from last week’s 2.80 percent average. A year ago at this time, 1-year ARMs averaged 3.16 percent.
Source: Freddie Mac
www.EmilyLeeRealty.com
Mortgage Rates Inch Up for the Week
DAILY REAL ESTATE NEWS | FRIDAY, APRIL 20, 2012
After reaching or hovering near all-time lows last week, fixed-rate mortgages edged up slightly during the week, Freddie Mac reports in its weekly mortgage market survey. The 5-year adjustable-rate mortgage, however, hit a new all-time low of 2.78 percent this week.
Here’s a closer look at average mortgage rates from Freddie Mac for the week ending April 19:
30-year fixed-rate mortgages: averaged 3.90 percent, with an average 0.8 point, up slightly from last week’s 3.88 percent average. A year ago at this time, 30-year rates averaged 4.80 percent.
15-year fixed-rate mortgages: averaged 3.13 percent, with an average 0.7 point, rising after last week’s all-time low of 3.11 percent. Last year at this time, 15-year rates averaged 4.02 percent.
5-year ARMs: averaged a new all-time low of 2.78 percent this week, with an average 0.7 point, dropping from last week’s 2.85 percent average. The 5-year ARMs previous record low was 2.80 percent, which was reached during the first week of February. Last year at this time, 5-year ARMs averaged 3.61 percent.
1-year ARMs: averaged 2.81 percent, with an average 0.6 point, rising slightly from last week’s 2.80 percent average. A year ago at this time, 1-year ARMs averaged 3.16 percent.
Source: Freddie Mac
www.EmilyLeeRealty.com
Tuesday, April 17, 2012
New-Home Building Permits Soar to 2008 Levels
New-Home Building Permits Soar to 2008 Levels
New-Home Building Permits Soar to 2008 Levels
Daily Real Estate News
Tuesday, April 17, 2012
Permits for new-home building — a gauge of future demand — reached its highest level last month since September 2008, the Commerce Department reported Tuesday.
New housing permits rose 4.5 percent in March, reaching an annualized level of 747,000.
But while the future of home building shows signs of picking up, actual construction started last month slowed, the second consecutive month for declines.
Builders broke ground in March on a seasonally adjusted annual rate of 654,000 homes, a 5.8 percent drop from February, the Commerce Department reported. The construction of multifamily homes — those with at least two units — posted a 16.9 percent drop last month while construction of single-family homes dropped slightly at 0.2 percent.
New-home building declined the most in the South — posting a 15.9 percent decline in March — while the Northeast saw a 32.8 percent gain and the Midwest saw a 1 percent increase.
The new-home market continues to struggle to compete against foreclosures and short sales plaguing many markets, which are often sold at big discounts. Coupled with that, new homes tend to be priced about 30 percent higher than previously occupied homes.
While builder confidence has been increasing in recent months, confidence showed a slight decrease in April, the first time it's declined in seven months, according to the National Association of Home Builders/Wells Fargo Housing Market Index.
"Although builders in many markets are noting increased interest among potential buyers, consumers are still very hesitant to go forward with a purchase, and our members are realigning their expectations somewhat until they see more actual signed sales contracts," says Barry Rutenberg, NAHB chairman.
Source: “U.S. March Housing Starts -5.8% to 654K,” Dow Jones International News (April 17, 2012) and National Association of Home Builders
New-Home Building Permits Soar to 2008 Levels
Daily Real Estate News
Tuesday, April 17, 2012
Permits for new-home building — a gauge of future demand — reached its highest level last month since September 2008, the Commerce Department reported Tuesday.
New housing permits rose 4.5 percent in March, reaching an annualized level of 747,000.
But while the future of home building shows signs of picking up, actual construction started last month slowed, the second consecutive month for declines.
Builders broke ground in March on a seasonally adjusted annual rate of 654,000 homes, a 5.8 percent drop from February, the Commerce Department reported. The construction of multifamily homes — those with at least two units — posted a 16.9 percent drop last month while construction of single-family homes dropped slightly at 0.2 percent.
New-home building declined the most in the South — posting a 15.9 percent decline in March — while the Northeast saw a 32.8 percent gain and the Midwest saw a 1 percent increase.
The new-home market continues to struggle to compete against foreclosures and short sales plaguing many markets, which are often sold at big discounts. Coupled with that, new homes tend to be priced about 30 percent higher than previously occupied homes.
While builder confidence has been increasing in recent months, confidence showed a slight decrease in April, the first time it's declined in seven months, according to the National Association of Home Builders/Wells Fargo Housing Market Index.
"Although builders in many markets are noting increased interest among potential buyers, consumers are still very hesitant to go forward with a purchase, and our members are realigning their expectations somewhat until they see more actual signed sales contracts," says Barry Rutenberg, NAHB chairman.
Source: “U.S. March Housing Starts -5.8% to 654K,” Dow Jones International News (April 17, 2012) and National Association of Home Builders
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