National home prices have been on the decline since June 2006 with a few bursts of increases, which Lender Processing Services (LPS) attributes to seasonal trends. Overall, prices have declined 28.3% since their peak in June 2006, according to LPS’ new home price index. From July 2007 to December 2009, prices declined an average of 13.8% annually.…
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Foreclosure Activity Increases for Third Straight Month
Foreclosure filings in October rose 7% from the previous month, RealtyTrac reported Thursday. Including default notices, scheduled auctions, and bank repossessions – which all increased month-over-month – filings were reported on 230,678 U.S. properties in October. That grand total is down nearly 31% from a year earlier, when servicers began putting the brakes on foreclosure actions due to…
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REO Opportunities to Increase in 2012 as Foreclosure Starts Rise as Servicers Process Backlog of Delinquent Loans
Foreclosure starts among private-label residential mortgage-backed securities (RMBS) have been rising toward historic averages over the past six months, which will lead to an influx of distressed properties bringing downward pressure to the housing market, according to recent RMBS Performance Metrics from Fitch Ratings. According to Fitch, foreclosure start rates for severely delinquent RMBS loans have stayed…
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Home Price Growth Has Dissipated With the Summer Heat: West Coast Weak
Temperatures are falling, and so are home prices in most local markets. Clear Capital says it’s expecting another long winter as the housing industry tries to cope with the downward forces of weak demand, record-low consumer confidence, and distressed inventory. Quarterly home price gains through October retreated to near-flat levels with only 0.6% growth at the national…
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Foreclosure Timeline Increases to 624 Days in 2011: a 28% Increase
Mortgages backing homes that were foreclosed on in September had been delinquent for an average of 624 days, according to Lender Processing Services (LPS). That’s up from 484 days in September of last year, just before the processing issues surfaced. That 624-day foreclosure timeline is the national average. LPS says timelines in judicial states continue to extend at…
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Pending Sales Decline Despite Signs of Economic Recovery – West Coast is Best Market
Despite indications of economic recovery – such as job growth and some stabilization in home values – pending home sales dropped for the third consecutive month in September, according to the National Association of Realtors (NAR). Nationally, pending sales of existing homes – including REOs and short sales – dropped 4.6% for the month, falling from an…
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Administration Announces Refinance Program for Underwater Borrowers
It’s official. The Federal Housing Finance Agency (FHFA) unveiled a new, revamped government mortgage refinancing program Monday. The initiative involves a series of rule changes to the Home Affordable Refinance Program (HARP) to allow more underwater homeowners to reduce their mortgage debt by taking advantage of today’s rock-bottom interest rates. Mortgages backed by Fannie Mae and Freddie Mac, and originally sold…
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REOs: Where Are They Now?
Five years into the housing crisis, and foreclosures remain elevated. We’ve seen temporary lulls in home repossessions that coincided with the implementation of new state and municipal mediation efforts, moratoria enacted as federal programs ramped up, and suspensions of filings as lenders initiated paperwork reviews last fall. But by all accounts, the foreclosure tide has yet…
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Stunning West Seattle Remodel Listed for $309,950.00…
In a word: WOW! Your eyes will surely deceive you with this West Seattle remodel until you walk through the front door. This 3,000+ square foot 5 Bedroom-2 Bathroom home listed at $309,950.00 has been brought back to life and is ready for a new owner. This home boasts two fully finished living…
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After Big Jump in August…Foreclosure Starts in Washington and Oregon Fall Again
New foreclosure actions in the Northwest returned to levels in line with prior months during September, according to ForeclosureRadar. The leveling off in September follows a strong surge in foreclosure starts during the month of August in Washington and Oregon and puts new foreclosure tallies far below the numbers seen at the peak of their foreclosure activity.…
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