Jeffrey Tung's Real Estate Blog » RealtyTrac

How much is your home today?

Jeff Tung — Sat, 10 Sep 2011 02:42:50 +0000

The economy has driven our home values down and there is no end in site. Many areas in the nation has experienced major price reductions. Not all areas have been hit but California has 6 areas that had the largest drop in value out of the top 10 areas nationwide. The prices have decreased more then 60% from 5 years ago. This situation will not get any better anytime soon due to the 1,000,000+ foreclosures that the banks are holding this year and another 1,000.000+ foreclosures in next 2 years. It will take a few years to sell off all of the phantom inventory before any appreciation can be realized in these areas.

Home Values: Where Have They Overcorrected (and Where Do They Have Further to Fall)?(pinkbananaworld.com)
Short Sale Mindset(velindapeyton.com)
Number of short sales on the rise(usatoday.com)
Home Prices in U.S. Fell 5.9% in Second Quarter, FHFA Says(businessweek.com)
Foreclosures of expensive homes take longer(usatoday.com)

REO inventory All-Time High

Jeff Tung — Thu, 05 May 2011 23:52:38 +0000

Bank owned inventory nationally grew to a record high of 2.2 million in March and foreclosures starts increased by 33% month over month. This may sound bad but foreclosure sales have increased and delinquencies are down by 11% which is the lowest since 2008.

Pending sales have increased which is a good sign that the demand is strong and the inventory will decrease hopefully faster then any increase. The U.S. is expected to add at least 750,000 new households in 2011 which is a healthy demand. A lot of these new homeowners are a result of lower home prices that are cheaper to buy then to rent, low interest rates, and more confidence in the recovery of the economy.

“The good news is that recent home buyers are staying well within budget, leading to exceptionally low loan default rates among home buyers over the past two years,” Yun added.

Fannie, Freddie, FHA combined REO Inventory at Record Level (calculatedriskblog.com)
RealtyTrac: Foreclosure Activity at Lowest Level in Three Years, by Carrie Bay, DSNEWS.com (oregonrealestateroundtable.com)
Holding Steady (sdierickx.wordpress.com)
Shadow Inventory may make now the time to purchase your Retirement Home (kellybryan.wordpress.com)
Delinquencies Continue to Decline (jefftung.net)
30 Percent Of All Loans In Foreclosure Have Had No Payment In Two Years (businessinsider.com)

Foreclosures are up

Jeff Tung — Fri, 18 Feb 2011 01:28:14 +0000

Lenders have foreclosed on 78,133 properties in January, which is up by 12% from the previous month but it is 11% less then a year ago. Although there has been an increase in default notices, auctions, and bank repossessions in January, it is encouraging to know that the increase is 17% less then a year ago.

5 states are responsible for more then 50% of the nation’s total foreclosure activity; California, Florida, Michigan, Arizona and Illinois. Nevada was the hardest hit state with the highest foreclosure rate in the nation. Bank repossessions increased 16% from December which is more then 5 times the national average. Even though we are seeing more foreclosures, they are less then what it was a year ago. Let’s hope that this is a good sign that we might be on the right track to recovery.

U.S. home foreclosures rise in January – Reuters (news.google.com)
Pace of some foreclosures slows in January (usatoday.com)
Mortgage default notices slow sharply in January (seattletimes.nwsource.com)
U.S. home foreclosures rise in January (reuters.com)
Foreclosure sales activity back up in Fresno (fresnobeehive.com)
U.S. home foreclosures rise in Jan, more seen (reuters.com)
Risk of foreclosure dips, but remains elevated (seattletimes.nwsource.com)
US DATA: MBA Q4 mtgs in foreclosure were 4.63%, vs… (forexlive.com)
U.S. foreclosures still rising (theglobeandmail.com)
January Foreclosure Notices Drop to 3 Year Low (cbsnews.com)
Foreclosure Volume SOARS 50% In California And Arizona, As The Moratorium Ends (businessinsider.com)
Housing Seizures Rise (theatlantic.com)
Monthly foreclosures start climbing again (ftalphaville.ft.com)

What’s ahead for 2011???

Jeff Tung — Sat, 29 Jan 2011 01:57:50 +0000

Wow!! It’s almost the end of January and boy did it fly by. Since the beginning of the year, the rates have been going up. In November of 2010, the 30 year fixed loans were at a 40 year low of 4.17% the 15 year rate was 3.57%. Now it’s at 4.8% and the 15 year rate is 4.09%. I don’t think we will ever see the November rates ever again. There will probably be less borrowing, in 2011, due to the economic conditions.

So what do you think prices of homes will do? Well, most of the country will continue to see declines or stablize in prices except for 10 cities. Unfortunately, Florida and parts of the Western parts of the US will see the largest drops in home values.

Foreclosures Poised to Rise in 2011 (time.com)
2011 to top 2010 record of 1 million foreclosures (thenewstribune.com)
Over 1 million Americans seen losing homes in 2011 (boston.com)
Happy 2011! (penn-olson.com)
Tough Times Ahead for Florida (unreasonablefaith.com)
1 million homes repossessed in 2010 — 2011 will be worse (thegrio.com)
What’s Ahead in B2B Selling for 2011? (davesteinsblog.esresearch.com)
House prices continue to drop (lv.com)

Things can’t get any worst or can they?

Jeff Tung — Thu, 13 Jan 2011 22:55:43 +0000

Home prices dropped 4.1% annually, in 2010. Although there was an increase in prices, overall 70% of the major market prices experienced a decline and 8 had double digit declines. There were 6 markets in California that managed to have some price gain.

Unfortunately, 2011 will probably be the same, unless unemployment and distressed homes decrease. Until there are more jobs and less people loosing their homes, we will not see too many price gains.

Calif. home prices decline again (lansner.ocregister.com)
California home prices increase slightly in 2010(fresnobeehive.com)
U.S. Home Prices to Decline Another 3.7% in 2011, Says New Clear Capital Report(realestatechannel.com)
Banks Repossess 1 Million Homes in 2010 (time.com)
2011 to top 2010 record of 1 million foreclosures(thenewstribune.com)
Repossessions hit record – and ’11 will be worse(msnbc.msn.com)
2011 Could Be The Worst Year In The History Of Real Estate(realestateradiousa.com)
November Home Prices Down 5%, More Downside Expected(bloggingstocks.com)
1 million homes repossessed in 2010 — 2011 will be worse(thegrio.com)

5 Myths about foreclosures

Jeff Tung — Sat, 20 Nov 2010 03:29:25 +0000

You probably have heard a lot information about foreclosures but don’t know to believe. Well here is some information about foreclosures. This should help you understand what foreclosures are all about.

With interest rates moving up, you should consider purchasing a property soon. There is more pressure for rates to go up then down. We have seen rates at it’s lowest rates historically and may not see them again.

How to Navigate Your Post-Foreclosure Financial Life (walletpop.com)
Everything You Need To Know About Foreclosure (livecrunch.com)
Protester Screams At Foreclosure Hearing [Video] (realestateradiousa.com)
Robo-Signing Foreclosure Mess: Bank of America Vows to Do Better (dailyfinance.com)
Citi May Have to Refile Thousands of Forelcosure Affidavits (dailyfinance.com)

Are we getting better?

Jeff Tung — Thu, 11 Mar 2010 22:30:38 +0000

Do you think that the governmental programs from the president are helping the economy to get better? Well, it seems like it has based on a study by Realty Trac. February’s forclosures have declined by 2% from the previous month but still 6% above the level reported in February 2009. This means one in every 418 U.S. housing units received a foreclosure filing in February.

I think we are heading in the right direction but I think it is still too soon to say that we are out of the woods.

Home Foreclosure Rates Slackened in February, But Misery Remains (dailyfinance.com)
Foreclosures leveling off – but don’t cheer yet (money.cnn.com)
Foreclosure Rates up by Smallest Amount in 4 Years (abcnews.go.com)
US Foreclosure Activity Slows Considerably (247wallst.com)
Summary Box: Foreclosures grow more slowly (seattletimes.nwsource.com)
Foreclosure rates up by smallest amount in 4 years (seattletimes.nwsource.com)
Feb. foreclosure filings rise just 6% in U.S., fall 13% in Washington state (seattletimes.nwsource.com)
Foreclosures Dip Slightly in February (seattlebubble.com)
Foreclosure-Filings Pace Slows (online.wsj.com)

Jeffrey Tung's Real Estate Blog » RealtyTrac

How much is your home today?

Related articles

REO inventory All-Time High

Related articles

Foreclosures are up

Related articles

What’s ahead for 2011???

Related articles

Things can’t get any worst or can they?

Related articles

5 Myths about foreclosures

Related articles

Are we getting better?

Related articles by Zemanta