Shadow inventory of homes rising
The “shadow inventory” of unlisted bank-owned homes and potential foreclosures increased to 2.1 million units in August, up 10 percent from one year earlier, according to new estimates from CoreLogic, a real-estate research firm.
Foreclosure activity increased 65 percent nationwide year-over-year, according to RealtyTrac’s Q3 2010 Metropolitan Foreclosure Market Report. The report showed that cities in California, Florida, Nevada, and Arizona once again accounted for all top 10 foreclosure rates in the third quarter among metropolitan areas with a population of 200,000 or more, while cities outside those four states accounted for many of the biggest increases in metro foreclosure activity. California, Florida, Nevada, and Arizona cities also accounted for 19 of the top 20 metro foreclosure rates.
With one in every 36 housing units receiving a foreclosure filing during the third quarter, Modesto, Calif., posted the nation’s third highest metro foreclosure rate, despite a nearly 18 percent decrease in foreclosure activity from the third quarter of 2009. Other California metro areas in the top 10 were Stockton at No. 4; Merced at No. 5; Riverside-San Bernardino-Ontario at No. 6; Bakersfield at No. 9; and Vallejo-Fairfield at No. 10, according to the report.
A total of 48,849 properties in Los Angeles-Long Beach-Santa Ana area received a foreclosure filing in the third quarter, the second highest metro total, despite a nearly 3 percent decrease from the previous quarter and a nearly 30 percent decrease from the third quarter of 2009, according to a report from the California Association of Realtors.
Had a wonderful couple of days with family and friends, now back to work! Who’d like a little info on HAFA? HAFA (home affordable foreclosure alternative) is a treasury backed program to help homeowners with short sales. It provides monetary incentives for the seller to maintain their homes during the short sale process. It also give them up to $3,000 for moving expenses. And it also has very strict time guidelines that the lenders must adhere to when asked for a short sale approval or, when they receive an offer to purchase, to accept or decline the short sale. Want more info, give me a call! Brett Weeda 760 290-3776 or my cell 760 535-5667
Looking forward to the Charger’s game tonight! I’m out walking a couple of neighborhoods in San Marcos today. Price range from 290,000 to 400,000.
Had a very busy weekend. Had a great open house in San Marcos, previewed beautiful homes in Carlsbad, showed a couple of homes in Encinitas. Values seem to be stable for now and interest rates are at historic lows. If you’ve been thinking about buying a home, now is a very good time!
Fantastic! New website up and running. I’m looking forward to helping all buyers and seller realize their real estate goals! If you’ve been thinking about a move, want up-to-date market data for your area or want to search for what’s available on the market, give my site a try. You’ll find it very easy to navigate.