OfflineIn multiple articles around the Web, it’s being reported that recent numbers indicate a significant drop in foreclosures and homeowners dropping behind in their mortgage payments.
- Foreclosure filings in April fell for the third straight month to the lowest level since 2007.
- Bank repossessions, at 51,415 in April, were down 26% from a year ago and about half what they were in September 2010.
- In Arizona and Nevada, hard-hit states, bank repossessions were down roughly 70%, and in California they were down more than 50%.
- In the first quarter of this year, the percentage of borrowers who have dropped behind on their mortgage payments fell to a four year low.
- The percentage of loans delinquent fell to 11.33% in the first quarter, the lowest level since 2008.
- New delinquencies, loans just one payment past due, were at their lowest level since 2007 in March.
- The percentage of new delinquencies was 3.1%, matching the historical average level going back to the 1990s.
There is a definite difference between activity in non-judicial and judicial foreclosure states. Judicial states are behind in clearing foreclosure inventories, but non-judicial states are making up for it.
Another reason for faster liquidation of delinquent home inventories is the new attitude taken on by banks as regards short sales. Banks are looking much more favorably toward short sales than in the past, and new rules from Fannie and Freddie are helping to speed up short sales.
Investors are certainly enjoying the situation. While there may be fewer foreclosures coming online in many states, prices are still at bargain-basement levels. With mortgage rates bouncing off new historic lows again this week, it’s a great time for buying, flipping, and holding rental properties.
Dean,
I have made the decision to make the life I deserve happen.
I Believe with your help it is all possible.
Thank You so much for your confidence, guidance and encouragement.
Things are looking good for us DGers. Looking forward to the next few years riding it to the top!
Moving forward daily will get you to your goals!
"You become what you study" - RTK Rich Dad Poor Dad
http://bulkassets.com
Nationwide, foreclosures in the first quarter took an average 400 days from default notice to the day the bank reclaimed the property.
That's up from 340 days a year ago and more than double the average 151 days it took to foreclose in the first quarter of 2007, at the start of the nation's foreclosure crisis.
Foreclosure times are stretching out partly as a result of last fall's revelations that many foreclosure documents were improperly prepared.
The delays mean homeowners may live in homes longer without paying. Delays also mean bigger losses for the loans or owners.
April foreclosure activity hit a 40-month low, mainly because of processing delays. Default notices, scheduled auctions and bank repossessions were reported down 34% from a year ago.
Randy Bailiff
Dean Graziosi real Estate Investment Coach
can some one help me out.
Did you call the success Academy? You said you joined in in the email to me. Please call them. Otherwise it is best to start your own thread to ask for help. Please don't post on others threads, as they will tend to ignore your posts.
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
For those of you that work with me as a coach, you know how much I talk about searching the MLS for properties that have been on the market for more than 180 days. With foreclosures falling and fewer houses comming on the market as bank owened, I am more convinced than ever that properties that have been on the market 180 days will be even more attractive as a way to make money.
We will be able to get great deals on foreclosures. The rules are such that the banks will be bailed out and not suffer the losses that are generated. However, these foreclosures will be extremely competitive when they hint the market.
As we continue to buy and flip houses it will be good to tap into the large MLS pool tht we often overlook.
Roy Voeks
Official RE Coach
Amer,
Call us at the advisory line. We are here to help.
Roy
Roy Voeks
Official RE Coach
National Real Estate Trends
1,506,499 Foreclosure Homes | $206,722 Average Foreclosure Sales Price
States with highest foreclosures: 1 in 288 housing units
California
Nevada
Arizona
Florida
Georgia
Illinois
Ohio
Michigan
Wisconsin
Massachusetts
These states make for the best for finding foreclosures!
Randy Bailiff
Dean Graziosi Real Estate Investment and Life coach
Hey everyone, good news for us RE Investors:
Foreclosure filings rose in almost 60 percent of large U.S. cities in the first half of 2012, indicating many areas will have more distressed homes on the market later this year, RealtyTrac Inc. reported.
Here is the link to the whole story:
http://www.moneynews.com/StreetTalk/Foreclosure-homes-housing-cities/201...
Just thought I would share this with everyone. To all of our continued success.
--Walter
'If it is to be, it is up to me' -Unknown