Tag Archives: REO sales

4th Quarter Distressed Sales

Sales, Stats & Seller Incentives

2012 distressed sales by type

All foreclosure sales and pre-foreclosure sales (including short sales) in the United States showed an increase, according to a recent article by Realty Trac. REO properties declined in the 4th quarter of 2012.

With this report and the strong showing of short sales overall for the year, there should be a steady stream still of short sales still coming; however, a decline and a future decline in REO sales.

All this means is that inventory is expected to remain relatively low, and for you sellers out there looking to upgrade or scale back in your home’s size, NOW is the time: this is the year!! Having confidence in buying a home now has never been higher and sellers really hold the key to their destiny.

I expect to see more contingent sales for sellers to sell their homes, then find their dream home at their own pace with values continuing their increasing ebb. This scenario causes no rush to sell, and when a contract is properly written up as a seller, you can literally make even more money on your property selling. I know the best way to structure your sale to make even more money than you thought–even if you take several months to find another property.

Call me today for your professional analysis of your property. Thank for reading–all the best!

John A Silva

619-890-3648

CoreLogic: Number of Completed Foreclosures Down for February

The number of completed foreclosures in February 2012 was down on a monthly basis and slightly on a year-over-year comparison, but overall, foreclosure inventory has decreased compared to a year ago, according to CoreLogic’sNational Foreclosure report for February.

Completed foreclosures per thousand active loans for judicial vs. non-judicial states

Completed foreclosures are counted as properties that get auctioned off and purchased by a third party, such as an investor or lender.
 
For February 2012, 65,000 completed foreclosures were reported, compared to 66,000 in February 2011, and 71,000 in January 2012. The number of completed foreclosures over 12 months ending in February was 862,000. From the start of the financial crisis in September 2008, CoreLogic estimates 3.4 million completed foreclosures.
 
“Even though the pace of completed foreclosures has slowed, the overall foreclosure inventory is decreasing because REO sales were up in February,” said Mark Fleming, chief economist for CoreLogic. “With the spring buying season upon us, the inventory may decline further as the pace of distressed-asset sales rises along with the rest of the housing market.”
 
Approximately 1.4 million homes with a mortgage, or 3.4 percent, were in the foreclosure inventory as of February 2012. Nationally, the number of borrowers in the foreclosure inventory decreased by 115,000, a decline of 7.6 percent compared to February 2011. For the prior month of January 2012, no change was reported.
 
The share of borrowers nationally that were 90 or more days late on their mortgage payment fell to 7.3 percent in February 2012 from 7.8 percent in February 2011, but up slightly from the 7.2 percent in January 2012… Read the rest of this article by