Previously Stronger States Show Higher Foreclosure Rates [Housing Tracker]

Quote Of The Day

"My 14-year-old son could buy a block of Detroit property." - Ann Laciura, senior servicing specialist for the Bearing Group, referring to Detroit homes selling for $1. Banks are so desperate to unload them, that they’ll often pay fees of $10,000 just to convince buyers to take them. (Detroit News, Aug. 13) 

Foreclosure Data

Foreclosure Fallout: Houses Go For A $1. “One dollar can get you a large soda at McDonald's, a used VHS movie at 7-Eleven or a house in Detroit. The fact that a home on the city's east side was listed for $1 recently shows how depressed the real estate market has become in one of America's poorest big cities. And it still took 19 days to find a buyer... The home, a few blocks from Detroit City Airport… sold for $65,000 in November 2006 [and] was foreclosed last summer.” (Detroit News, Aug. 13) 

Roxbury Developer Chosen To Renovate 4 Foreclosed Homes. Massachusetts: “The Boston Redevelopment Authority selected Bilt-Rite Construction Inc. to purchase, fix up, and sell [four properties at] the epicenter of the city's foreclosure crisis. The city bought one of the properties in July and is completing purchase of the other three, which it will turn over to Bilt-Rite Construction for $314,000. Mayor Thomas M. Menino, who spearheaded the project, hopes the effort will attract buyers to the neighborhood and motivate existing owners to spruce up their properties.” (Boston.com, Aug. 13)

Foreclosure Prevention Help. Massachusetts: “More than a thousand homeowners met with mortgage companies and foreclosure counselors at Gillette Stadium yesterday. The event's organizers hoped that getting lenders and borrowers in the same room might help people stay in their homes. The foreclosure event was coordinated by the Federal Reserve Bank of Boston and the New England Patriots Charitable Foundation.” (WBUR.org, Aug. 13)

Arizona Ranks Second In July Foreclosure Fillings. “ForeclosureS.com: Pre-foreclosures hit record highs in July both nationally and in 14 states and the District of Columbia. Arizona ranked second for the most filings per 1,000 households at 54.9. Nevada was No. 1 at 59.1. Florida and California came in third and fourth… ForeclosureS.com reported 86,625, or 21.4 per 1,000, households were affected by pre-foreclosure filings in the Southwest and 65,458 (24.1) in the Southeast compared with 20,541 (8.4) in the Northeast and 19,640 (11.3) in the Midwest.” (Phoenix Business Journal, Aug. 12)

Pinal County Home Sales On The Rise, 40 Percent Represent Foreclosures. “Realty Studies Department at Arizona State University: Home sales are up in Pinal County, Arizona, but a large portion of those transactions continue to be from foreclosed homes. 845 of the 2,100 recorded home sales in Q2 came from foreclosures -- or 40% of the total. That compares to 47% in Q1, when 1,680 homes were sold. Although recorded foreclosure activity slowed in Q2, it still represented a 48% share in Maricopa and 42% share of home sales in Queen Creek. Maricopa County reported 21,445 sales in Q2 with foreclosure activity representing 41%.” (Phoenix Business Journal, Aug. 12)

County Foreclosure Auctions Balloon From 2007. California: “ForeclosureRadar.com: The number of foreclosed Riverside County properties auctioned in July jumped 19% and was up a whopping 216% compared to a year ago. Compared to the rest of the state, Riverside County ranked fourth in foreclosures per capita. The top three counties were in Northern California… Los Angeles County had the most foreclosure sales… 4,488 foreclosed homes in the nation's most populous county were sold. Statewide, 28,795 properties were sold at auction in July, a 19% increase over June.” (Sign on San Diego, Aug. 12) 

Countrywide/BofA Merger Impacts California Defaults. “ForeclosureRadar:.The July 1 acquisition of Countrywide Financial Corp. by Bank of America Corp. (BAC) is clearly having an impact on California default activity, with notices of default falling statewide for the third straight month… Ninety-one percent of the decline in Notices of Default… is tied to loans with the now-combined mortgage operation… Notices of default represent the first step in the foreclosure process; relative to June totals, the volume of NODs fell during July by 4.6% to a total of 40,219 filings, representing $17.71 billion in loans. (The July 2008 total was still well above the roughly 24,000 filings recorded in July 2007).” (Housing Wire, Aug. 12)

Foreclosure Bid Less Than Pacman Jones Owed. Tennessee: “The highest bidder has offered $1.1 million at an auction of Dallas Cowboys cornerback Adam "Pacman" Jones' home. Jones defaulted on a mortgage with U.S. Bank, according to a notice of foreclosure sale published in June. Jones purchased the home and 30 acres in a Nashville suburb for $1.5 million in July 2006. He still owes $1.4 million on the home. The Tennessee Titans traded the suspended cornerback to Dallas last spring.” (Rocky Mountain News, Aug. 12)

Housing's Worst May Lie Ahead. “Mortgage foreclosures have thus far been far more common with subprime borrowers than among those with Alt-A or prime loans… Because banks hold lots more prime and Alt-A loans than they do subprime mortgages, a jump in prime delinquencies could really roil the economy. Delinquencies among prime borrowers -- who make up most of the $12 trillion mortgage market -- have doubled from a year ago, while Alt-A delinquencies have quadrupled.” (Motley Fool, Aug. 11) 

Hawaii High For Pre-Foreclosures. “Foreclosures.com: Pre-foreclosures hit record highs in July both nationally and in Hawaii. More than 1.25 million Americans faced the risk of losing their homes to foreclosure, up 7.3% from June, and up 88.62% from a year earlier. Hawaii ranked 12th in the U.S. with 373 pre-foreclosure filings in July. It was among 14 states that posted record totals for the month.” (Honolulu Star Bulletin, Aug. 11) 

LV Foreclosures Double. “Foreclosures have doubled in Las Vegas from a year ago... Federal Reserve: About 1.5 million loans, representing more than 40% of the outstanding stock of subprime ARMs, are scheduled to reset this year. The interest rate on a typical subprime ARM will increase from just above 8% to about 9.25%, raising homeowners' monthly payment by more than 10% to $1,500 on average. Foreclosures.com: Mississippi, Arizona and Nevada… have seen triple-digit increases in real estate-owned properties, or homes that have been repossessed by the lender.” (Big Builder Online, Aug. 7) 

Paterson Signs Subprime Foreclosure Notice Law.  “RealtyTrac: NY Gov. David A. Paterson yesterday signed legislation that requires lenders to give subprime loan borrowers a 90-day notice before starting foreclosure proceedings... Foreclosures statewide were up 14% in Q1’08 over Q1’07. Statewide, Suffolk ranks third in rate of foreclosure-related filings and Nassau is fourth, according to calculations by state officials. Suffolk had 1,964 homes that had foreclosure-related filings in Q2’08, while Nassau had 1,334.” (NY Newsday, Aug. 6)

 

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Comments

[adan:]

keep up the good work, thanks!

2008 Aug 13 04:29 PM