The shadow inventory that previously darkened industry outlook is beginning to fade. In fact, we may soon begin to see the sunlight on the horizon. In July shadow inventory – unlisted homes that are seriously delinquent, in foreclosure, or held as REOs – declined 10.2% year-over-year, falling to 2.3 million homes, according to CoreLogic’s Shadow Inventory Report…
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Foreclosure-Related Sales Price Up as Inventory Shrinks Dramatically: Prices Up 7% Year-Over-Year
Prices went up for foreclosure-related sales on a quarterly and yearly basis, with the annual increase marking the first rise in two years, according to RealtyTrac’s Q2 foreclosure sales report. The average price for foreclosure-related sales stood at $170,040, a 6% increase from the previous quarter and a 7 percent hike from the second quarter…
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REO Saturation Rate Falls for First Time in 2012
While home prices remained little changed, the REO saturation rate fell for the first time this year, according to Clear Capital’s Home Data Index Market report, which included data to the end of August. The REO saturation rate, which calculates the portion of REO sales relative to total sales, slipped 6.4 percentage points from the…
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Existing Home Sales Rise In July But Fall Short of Expectations – Median Home Prices Fall
Existing homes sale rose to an annual rate 4.47 million in July, the National Association of Realtors reported Wednesday. Economists had expected the sale pace to be 4.51 million. The median price of an existing home though fell in July for the first time since January. The median price of an existing home fell $1,500,…
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Foreclosure Activity Down with Fewer Bank Repossessions But Foreclosure Starts Rise For 3rd Straight Month
Overall, foreclosure activity declined year-over-year and month-over-month, but foreclosure starts told a different story in July, according to RealtyTrac’s foreclosure market report. Foreclosure filings, which include default notices, scheduled auctions, and bank repossessions, fell 3% month-over-month and decreased 10% from July 2011. In July, 191,925 U.S. properties received a foreclosure filing. Foreclosure starts, which include…
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Foreclosures May Be Back On An Upswing – More Inventory Released in Q4 2012
The number of homes entering foreclosure has picked up after last year's slowdown, when banks were forced to overhaul their foreclosure practices. Foreclosure-data firm RealtyTrac said 311,010 properties started the foreclosure process in the second quarter, a 9% increase from the previous quarter and a 6% increase from the second quarter of 2011 — the…
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Ballard Remodel – Before and After Sold in 8 Days!!
Check out our recently remodeled Ballard property. This property was acquired for $310,000.00 and sold for $549,950.00 in 8 days. It was a beautiful project. http://static.animoto.com/swf/w.swf?w=swf/vp1&e=1337966952&f=KWrEiZjP5EqpgBJFeuIX2w&d=178&m=a&r=360p&volume=100&start_res=360p&i=m&options=
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REO Prices Increase, Fair Market Prices Drop, Home Values Stabilizing
According to data from Clear Capital, over the last year, REO prices have increased 5.5%, while fair market prices dropped 2.9%. The real estate data provider explained that demand for REOs is most likely causing the increase in prices and named Carrington Holding Company, Amherst Securities Group, and Waypoint Financial as examples of investors purchasing…
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Federal Reserve Issues Policy Statement on Foreclosures as Rentals
The general policy of the Federal Reserve is that banking organizations should make every effort to dispose of foreclosed properties and get them off their books as quickly as feasibly possible. However, holding onto these properties and renting them out to tenants may be the way to go “in light of the extraordinary market conditions that currently…
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Foreclosure Starts Rise in December and January Signaling Foreclosure Backlog Pipeline Improving
Data through the end of January shows significant movement in both foreclosure starts and sales, and it has some market watchers saying the lull in foreclosure activity seen over the past year-and-a-half may very well be coming to an end. Lender Processing Services’ (LPS) latest market report says foreclosure starts jumped 28% between December and January,…
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