Tag Archives: foreclosed

San Diego foreclosures fall to 5-year low

Foreclosures in San Diego County are at their lowest levels in more than five years, while default notices have held steady, show the latest DataQuick numbers released Tuesday.

In May, 426 homes were foreclosed upon, down 51 percent from a year ago and down 19 percent from the previous month. May’s count is the lowest it’s been since February 2007, when there were 383 foreclosures in the county. Foreclosures peaked at 2,004 in July 2008.

The number of default notices, which signal the first step in the formal foreclosure process, fell 1 percent from a year ago to 1,340 but rose 1 percent from April. This leading indicator of distress reached its highest point of 3,832 in March 2009, roughly the start of the robo-signing crisis, when major lenders approved loan documents without proper review.

The county’s foreclosure and mortgage default levels tend to rise and fall in varying degrees month-to-month and year-over-year. To get a better a sense of how distress is trending, here’s a look at how current numbers compare to several averages for both indicators:

Foreclosures, May 2012

12 month average 2 year average 3 year average 5 year average 10year average 89 – present average
689 818 944 1,029 552 325

Current month vs average, foreclosures

12 month average 2 year average 3 year average 5 year average 10 year average 89 – present average
-38.2% -47.9% -54.9% -58.6% -22.8% 31.1%

Mortgage defaults, May 2012

12 month average 2 year average 3 year average 5 year average 10 year average 92 – present average
1,505 1,601 1,901 2,131 1,306 1,078

Current month vs average, defaults

12 month average 2 year average 3 year average 5 year average 10 year average 92 – present average
-11% -16.3% -29.5% -37.1% 2.6% 24.4%

With home prices and sales up, and now news of declining foreclosures, could all this signal the advent of a housing recovery for the county?…”

Read SignonSanDiego.com’s article in full on their website here: “San Diego foreclosures fall to 5-year low”.

Record rate of cash buyers hit SD home market

April was a record month for cash buyers in San Diego County, the latest DataQuick numbers show.

One-third of last month’s sales were done in cash, breaking the previous record of 31.4 percent set in February. The historical monthly average of cash deals in the county is 16.7 percent, based on a data set that starts in 1998.

San Diego’s cash-buyer percentage is in line with Southern California’s, at 31.5 percent.

Activity from cash buyers and investors continues to be “robust” locally and in neighboring counties, DataQuick president John Walsh said on Wednesday. Investors, also known as “absentee buyers,” made up 27.8 percent of total buyers in San Diego County last month, up from 25.7 percent a year ago…

Read the rest of this article by the Union Tribune San Diego: “Record rate of cash buyers hit SD home markets”.

San Deigo foreclosures decreased in February

The number of San Diego County homes that were foreclosed upon in February fell to its lowest level in more than four years, while mortgage defaults remain higher than the pre-recession norm, Wednesday’s DataQuick report shows.

The county recorded 634 foreclosures in February, the lowest it’s been since November 2007. The latest tally of foreclosures is 12.7 percent lower than in January and 29.2 percent lower than a year ago. Foreclosures peaked at 2,004 in July 2008.

Notices of default — the first formal step in the foreclosure process — totaled 1,278, down 9.2 percent from January and down 6.9 percent from a year ago. Mortgage defaults peaked at 3,832 in March 2009.

Monthly and year-over-year changes in both indicators are constantly volatile because they’re heavily dependent on lender activity.

By comparing current foreclosure and mortgage-default figures to 1-year to 5-year averages, we can see decreases across the board…

Read the rest of this article by U~T San Diego here: “San Diego foreclosures fall in February.”

Existing-Home Sales Rise Unexpectedly in October

Sales of previously owned homes got an unexpected boost last month while the number of homes on the market continued to decline, according to data released Monday by the National Association of Realtors (NAR).

The trade group recorded a 1.4 percent month-over-month increase in existing-home sales in October, pushing the annual rate of sales to 4.97 million. NAR’s latest reading is 13.5 percent above the 4.38 million-unit sales pace in October 2010.

Housing inventory fell 2.2 percent to 3.33 million existing homes available for sale as of the end of October, which represents an 8.0-month supply.

That’s down from an 8.3-month supply in September. NAR says the housing supply has been trending gradually down since setting a record of 4.58 million in July 2008.

Distressed homes – foreclosed REOs and short sales – slipped to 28 percent of October’s transactions, down from 30 percent in September. They were 34 percent in October 2010.

NAR says 17 percent of last month’s existing-home sales were foreclosures and 11 percent were short sales.

Market analysts were expecting up to a 3 percent drop in overall existing-home sales between September and October. Forecasts ranged between an annual rate of 4.76 million and 4.80 million.

According to NAR, October home sales should have risen higher than the 1.4 percent the trade group recorded.

According to Lawrence Yun, NAR’s chief economist, contract failures reported by Realtors jumped to 33 percent in October from 18 percent in September. Only 8 percent of contracts fell through in October of last year.

“A higher rate of contract failures has held back a sales recovery,” Yun said. “Home sales have been stuck in a narrow range despite several improving factors that generally lead to higher home sales such as job creation, rising rents, and high affordability conditions. Many people who are attempting to buy homes are thwarted in the process.”

NAR’s report shows the national median existing-home price was $162,500 in October, which is 4.7 percent below October 2010.

“In some areas we’re hearing about shortages of foreclosure inventory in the lower price ranges with multiple bidding on the more desirable properties,” Yun said. “Realtors in such areas are calling for a faster process of getting foreclosure inventory into the market because they have ready buyers.”

Yun adds that extending credit to responsible investors would help to absorb distressed inventory at an even faster pace, which he says “would go a long way toward restoring market balance.”

NAR’s data indicates investors purchased 18 percent of homes in October, while first-time buyers accounted for 34 percent of transactions. All-cash sales made up 29 percent of last month’s purchases.

This article is by DSNews.com.

Mortgage aid open to more Calif. borrowers

A state-run program that helps homeowners struggling to pay their mortgages now has broader eligibility guidelines, opening up help to borrowers who did “cash-out” refinances and own multiple properties, said California Housing Finance Agency officials on Monday.

The mortgage-aid effort, called Keep Your Home California, so far has helped close to 8,000 low- and moderate-income households that are behind on loan payments or close to default, according to agency leaders.

Keep Your Home California“This expanded eligibility will allow more families to qualify and receive greater assistance,” said California Housing Finance Agency Executive Director Claudia Cappio, in a statement. “We are continuously evaluating our experience so far and making adjustments like these based on the initial results of the Keep Your Home California program.”

Keep Your Home California has four parts that include: mortgage help for the unemployed, mortgage aid for homeowners with documented financial hardship, relocation help for those in the midst of a short sale or deed-in-lieu of foreclosure, and reduction of principal. The programs, paid for by the U.S. Treasury Department’s Hardest Hit Fund, is costing taxpayers $2 billion.

Monday’s announced changes include:

–Allowing homeowners who completed “cash-out” mortgage refinancing to take part in the four programs. Such borrowers were excluded before.

–Allowing borrowers who own more than one property to apply. Program officials said this will be particularly helpful to those who co-signed on properties for family members.

–Offering mortgage aid to unemployed borrowers for nine months, instead of six. Such homeowners can get up to $3,000 a month. To qualify, you must receive unemployment benefits.

–Reinstating up to $20,000 in past-due mortgage payments instead of the previous $15,000 cap.

To qualify, your mortgage servicer must take part in Keep Your Home California. Click here for the list of servicers.

Info: Call 888-954-KEEP(5337) between 7 a.m. and 7 p.m. Monday through Friday, and 9 a.m. to 3 p.m. on Saturdays. Visit: www.KeepYourHomeCalifornia.org or www.ConservaTuCasaCalifornia.org.

This article is from SignOnSanDiego: “Mortgage Aid Open to More Calif. Borrowers.”