Foreclosure Activity Drops in Most Metro Areas

Foreclosure Activity Drops in Most Metro Areas

According to RealtyTrac, foreclosure rates in the 1st half of this current year decreased 84% in 211 metropolitan areas examined.

Although foreclosure rates are improving in most metropolitan markets, RealtyTrac experts assume that the waning foreclosure numbers could be a natural side effect of the robo-signing debacle which is slowing the foreclosure process instead of a true clearing of excess foreclosure inventory.

Areas located in Arizona, Nevada and California was at the top of the list for metro areas with the highest foreclosure filings.

Florida, whose markets are well known for being hit very hard by the real estate bubble burst, saw a taper in foreclosure activity within the 1st half of the year with only Cape Coral-Fort Myers showing up within the top-twenty cities with the largest foreclosure rates.  Interestingly enough, cities within Florida held 9 spots on the top twenty lists from 2010.

The highest metro foreclosure rate is currently held by the Las Vegas-Paradise metro area.  One in every 19 housing units have become subject to foreclosure filings within the 1st half of the year which is 6 times higher than the national average.

Another area which ranked high (2.96% foreclosure rate) was the Reno-Sparks area.  Down 8% was the Phoenix-Mesa-Scottsdale areas which saw 60,985 properties receive a foreclosure filing in the 1st half of 2011—a reduction of nearly 17% from a year ago.

Bank Owned Meridian Home for Sale (HUD)

Bank Owned Meridian Home for Sale (HUD)

1638 W Apgar Creek Dr  Meridian, ID  83646

Amazing bank owned Meridian home for sale (HUD) located within an established neighborhood (Kelly Creek) and just a hop, skip and jump from Boise and I-84.  This bank owned Meridian home for sale, containing 4 bedrooms,  2 1/2 bathrooms and 1586 square feet is priced nearly $13,000 below current assessed values. An approximate monthly payment for this home at the asking price would be at or around $725 monthly—much less than rent!  The interior features neutral colors, a family friendly floor plan, vaulted ceilings throughout, wood wrapped windows and brushed nickel.  The kitchen is open and contains plenty of storage.  This bank owned Meridian home for sale is well worth looking at today!  Offered at only $120,000 yet it’s a buyer’s market and the seller may take less.

The seller of this bank owned Meridian home for sale may provide a closing cost credit of 3.5% to be included with the purchase of this home.

Please visit https://trustidaho.com/search/#PropertyID=38193228 to view detailed information on this bank owned Meridian home for sale.

Interested in obtaining information on all Meridian bank owned homes for sale?  Just send me a quick note via email and I will forward a list of available bank owned Meridian homes within 24 hours.  Please call me at 208-869-3469 or send your request to:  matt@trustidaho.com


Call me today for additional information or to view the interior of this bank owned Meridian home for sale!  208-869-3469 . . .

Bank Owned Meridian Home for Sale (HUD)

Bank Owned Meridian Home for Sale (HUD)

645 W Cagney Dr  Meridian, ID  83646

Amazing bank owned Boise home for sale (HUD) located within an established neighborhood—the Paramount community.  This bank owned Meridian home for sale, containing 3 bedrooms, 2 1/2 bathrooms and 2296 square feet is priced nearly $42,000 below current assessed values.  The interior features a plethora of high quality re-finished hardwood flooring, corian and tile.  The kitchen opens to a wonderful great room and has a warm and open feel.  The main level master suite contains a soaker tub, tiled shower, dual vanities and an oversized walk-in closet.  The main level also contains an office/den that could also be used for a 4th bedroom.  The 2nd level of this bank owned Meridian home for sale has 2 oversized bedrooms separated by a loft area.  There is a tandem bay within the garage that can be used for work shop or car storage.  Fully fenced back yard.  This Meridian home for sale is well worth looking at today!  Offered at only $179,000 yet it’s a buyer’s market and the seller may take less.

The seller of this bank owned Meridian home for sale may provide a closing cost credit of 3.5% to be included with the purchase of this home.

Interested in obtaining information on all Meridian bank owned homes for sale?  Just send me a quick note via email and I will forward a list of available bank owned Meridian homes within 24 hours.  Please call me at 208-869-3469 or send your request to:  matt@trustidaho.com

 

Call me today for additional information or to view the interior of this bank owned Meridian home for sale!  208-869-3469 . .

HOUSING STARTS UP 14.6% IN JUNE!

HOUSING STARTS-UP’S UP 14.6% IN JUNE TO 629,000!

According to Commerce Department information, housing start-ups increased 14.6% in June which show continued gains in comparison to previous months.  The housing start-up data came in well above analysts’ expectations.

Analysts polled were expecting housing starts to come in at 580,000 for June.  However, housing start-up’s increased to the highest level since January of 2011 at 629,000 Nationally.  This statistic is well above the seasonally adjusted basis of 549,000 for May and nearly seventeen percent higher than a year earlier.

In a simultaneous release, the department of Housing and Urban Development and the Census Bureau stated that housing starts climbed 9.4% in June—up substantially from May.  All in all, expectations from analysts were low.

June’s increase continues to provide positive data on the steady climb in housing starts which is a very good sign for the construction industry.

 

MORE ON FORECLOSURES

MORE ON FORECLOSURES 

FHA lenders can now allow homeowners to go 12 months late before a mortgage is declared in default.  The old requirement was 120 days.  This has advantages and disadvantages to the homeowner.

The main advantage is more time for homeowners to try and work something out, and thereby save their home.

It is still three years (at a minimum) after a foreclosure (or “foreclosure type event”) before they can qualify for a new mortgage.  This is measured from the time the old home is lost, not from when they go into default.  So if the old home cannot be saved, this longer process delays a fresh start.

 

My advice to the homeowner in trouble?  Make every effort to make good on all obligations.  At the first sign of trouble, contact the lender, and be up-front and honest.  If a workout arrangement is made, make sure it is something you can do, based on your circumstances at the time.  Do not bet on something down the road.  And get everything in writing.

Economic difficulty is a fact of life for many people these days.  But some old rules are still valid – do the best you can, communicate well, and keep good records.

Foreclosures Plummet in First Half of 2011

Foreclosures Plummet in First Half of 2011

The first half of the year saw foreclosure filings falling dramatically as processing delays at banks strapped with an overabundance of repossessed homes continued to alter the numbers.

Filings for foreclosures went down 29% in comparison with the same period a year ago—down 25% from the last 6 months of 2010.

One in every 111 households received a foreclosure notice through June 30th of this year—approximately 1.2 million home owners within the United States.

Second quarter filings marked the lowers quarterly total since the end of 2007 as the meltdown in the mortgage industry was at its initial phases.

Some feel that the economic improvement within the foreclosure market can be traced to the processing delays brought on by the robo-signing scandal which discovered that bank employees were signing foreclosure documents without following all of the appropriate protocol.  Some assume that there may be as many as 1 million foreclosure auctions which were delayed in 2011 due to the scandal that will be hitting the block in 2012 or later.  As a result, the housing slump may be prolonged.

Ada County Real Estate Update

In Ada County, there were 623 homes which changed hands in June—a decrease from June 2010 of 6%.  June of 2011, in comparison to May of 2011, had 4% more homes change hands.  Historically, however, May sales increase somewhere between 1% and 6%.  2011 sales are within 3% of sales in 2010 for the same time of year.

47% of the total sales in June were distressed—down six percent from May of 2011 (REO’s 31% & Short Sales 15%).  Although distressed sales continue to encompass the market, they have fallen below the majority of sales for the 1st time in 2011.

The end of June had 957 homes in pending status; a decrease of five percent from May.  Pending sales are typically at the highest point of the year in May.

Homes available for sale fell below 2,600 in June for the first time in the last 4 years and available inventory rivals the year 2006—the height of the real estate boom.

The percentage of active homes for sale which are distressed dropped almost 2% from June and is the 4th consecutive monthly decrease in distressed sales currently on the market.

There is currently 4 months of inventory within Ada County which historically means that we are in a “seller’s market”.  The lack of inventory is mostly seen in the lower end price range (below $120,000).  This particular # is the lowest seen in over a year!

June’s median home price went up $10,500 to $152,500 which is the highest median price increase seen year to date while the median of new home pricing increased 48% from June of 2010!

The local market continues to benefit from current inventory levels that are lower than the national average.  Is the pendulum swinging to a buyers’ market??  Only time shall tell . . .

Bank Owned Meridian Home for Sale (HUD)

Bank Owned Meridian Home for Sale (HUD)

1186 W White Sands Drive  Meridian, ID  83646

Amazing bank owned Boise home for sale (HUD) located within an established neighborhood just a hop, skip and jump from Boise and site on a private corner lot with no back rear neighbors.  This bank owned Meridian home for sale, containing 4 bedrooms,  2 1/2 bathrooms and 2060 square feet is priced nearly $14,000 below current assessed values.  The interior features a plethora of high quality re-finished hardwood flooring, granite and tile.  The kitchen is a chef’s dream and is accented with stainless steel appliances.  Updated throughout which include oversized bedrooms, dual vanities, recessed lighting, crown molding, dual vanities and plenty of windows that let in an abundance of natural light.  This bank owned Meridian is well worth looking at today!  Offered at only $166,000 yet it’s a buyer’s market and the seller may take less.

The seller of this bank owned Meridian home for sale may provide a closing cost credit of 3.5% to be included with the purchase of this home.

Please visit https://trustidaho.com/search/#PropertyID=38031154 to view detailed information on this bank owned Meridian home for sale.

Interested in obtaining information on all Meridian bank owned homes for sale?  Just send me a quick note via email and I will forward a list of available bank owned Meridian homes within 24 hours.  Please call me at 208-869-3469 or send your request to:  matt@trustidaho.com


Call me today for additional information or to view the interior of this bank owned Meridian home for sale!  208-869-3469 . .

Bank Owned Meridian Home for Sale

Bank Owned Meridian Home for Sale

4951 N Red Hills Ave  Meridian, ID  83646

Amazing bank owned Meridian home for sale located within the established Saguaro Canyon community and backing to the neighborhood elementary school.  This bank owned Meridian home for sale, containing 4 bedrooms,  3 bathrooms and 2222 square feet is clean and ready to be moved into.  The interior features high quality hardwood flooring, granite, tile, stainless steel appliances and a plethora of built in storage.  The open floor plan is very friendly and contains the master suite on the main level.  The exterior contains mature landscaping and there is a wonderful covered back patio—perfect for summer BBQ’s!  This bank owned Meridian home for sale was built by Asin Custom Builders and is being offered at only $213,200 yet it’s a buyer’s market and the seller may take less.

The seller of this bank owned Meridian home for sale provides a closing cost credit of 3.5% to be included with the purchase of this home.

Please visit https://trustidaho.com/search/#PropertyID=37963198 to view detailed information on this bank owned Meridian home for sale.

Interested in obtaining information on all Meridian bank owned homes for sale?  Just send me a quick note via email and I will forward a list of available bank owned Meridian homes within 24 hours.  Please call me at 208-869-3469 or send your request to:  matt@trustidaho.com


Call me today for additional information or to view the interior of this or alternate bank owned Meridian homes for sale!  208-869-3469 . . .