RealtyTrac, one of the leading online marketplaces for foreclosure properties released its first U.S. Foreclosure Sales Report, which shows that foreclosure homes accounted for 31% of all residential sales in the first quarter of 2010, and that the average sales price of properties that sold while in some stage of foreclosure was nearly 27% below the average sales price of properties not in the foreclosure process.
Foreclosure sales accounted for 64% of all sales in Nevada in the first quarter, the highest percentage of any state. California posted the second highest percentage, with foreclosure sales accounting for 51% of all sales there in the first quarter Other states where foreclosure sales accounted for at least one-third of all sales were Massachusetts, Rhode Island, Florida, Michigan, Georgia, Illinois, Idaho and Oregon.
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Posts Tagged ‘newport coast’
Foreclosure Sales Report
Can you guess the 10 most recession proof cities in the U.S?
What characteristics do the 10 Most Recession-Proof U.S. Cities have in common?
The most recession-proof cities didn’t see home prices surge in the first place, so they didn’t experience a big housing bubble followed by a crash, and their economnies weren’t rooted in the auto industry.
The top 10 stable cities identified by MetroMonitor are:
1. Albany, N.Y.
2. Augusta, Ga.
3. Austin, Texas
4. Baton Rouge, La.
5. Buffalo, N.Y.
6. Columbia, S.C.
7. Dallas, Texas
8. Des Moines, Iowa
9. El Paso, Texas
10. Honolulu
Delinquencies and Foreclosure Starts Increase in First Quarter
The delinquency rate for mortgage loans on one-to-four-unit residential properties rose to a seasonally adjusted rate of 10.06 percent of all loans outstanding in the first quarter, up 59 basis points from the fourth quarter, and up 94 basis points from one year ago, according to the recently released Mortgage Bankers Association’s (MBA) National Delinquency Survey.
The delinquency rate includes loans that are at least one payment past due, but does not include loans in the process of foreclosure. When you consider that current loans in the foreclosure process already are not being counted, the numbers are very sobering. The percentage of loans in the foreclosure process at the end of the first quarter was 4.63 percent, an increase of five basis points compared with the fourth quarter of 2009 and 78 basis points from one year ago. That difference from a year ago is very dramatic, no matter how one wants to spin it.
Foreclosures continue to be a big issue in the marketplace. With the prospect of a lot of adjustable rate mortgages taken out in 2007 and 2008 readjusting in 2012 and 2013, it looks we may need to hunker down for the long haul.
Short Sale and Foreclosure Resource SFA
Having earned the CDPE designation was a great step in a quest to help homeowners facing foreclosure. Recently I added to that designation with the SFR which is the National Association of Realtors course with certification upon passing course materials and exams for those agents interested in working short sales. It stands for Short Sale Foreclosure Resource.
Sellers facing foreclosure deserve representation by knowledgeable agents. The vast majority of agents certainly want to do a good job for a seller in distress. Wanting to do a good job and having specialized training are distinctly different. The details, follow-up and timelines in the foreclosure process are very precise and require specialized training to insure the greatest possibility of success.
An agent would be much better advised to refer short sales to a verifiable short sale specialist, earn a referral and praise from their clients for their help than muddle through an unfamiliar process and possibly end up with less than a favorable result.
Newport Beach and Newport Coast on "Fire"
Wow! Can you imagine standing in the parking lot of a shopping center and watching the flames rush toward a home you recently sold? That buyer would have been “burned up” in more than one sense.
Barbara Amstadter
Named 2009 "Realtor of the
Year", Barbara
Amstadter is a name well recognized in the local community. She served as a co-founder of the "Committee of 4000", representing the owners of 4000 leasehold parcels in a legal fight for "leaseholder" rights. She helped negotiate the final monetary settlement, the largest in US history at the time.
Susi Scholl
Susi brings extensive
backgrounds in escrow
and new home sales to the 22 year successful partnership of Barbara and Susi. She is, also, a recipient of the 15 year "Legend" award (bestowed on only 3 agents out of 66,000 worldwide at the time). Susi and Barbara have been ranked in the top 1% of realtors internationally year in and year out.
