Tag Archives: shadow inventory

San Diego Foreclosures at 7-year Low

foreclosure2San Diego County foreclosures have plummeted to a nearly seven-low year — in light of rising home values, the effects of government intervention and new protections for California consumers, said real estate tracker DataQuick on Tuesday.

A total of 175 trustee deeds, which signal a foreclosure, were recorded countywide in May. That’s the lowest level since September 2006, when 172 homes were foreclosed upon and the local housing market began to see troubling declines in prices and sales…

…The most obvious reason for the foreclosure drop is that notices of default, the first step in the foreclosure process, also have fallen drastically. A total of 642 default notices were filed in May, down 52 percent from a year ago.

That figure tends to be sporadic month-to-month, due to sudden hikes or drops in filings from major mortgage servicers, Nevin said. Still, defaults have generally been trending down. May’s total is about 28 percent lower than the one-year average of 887, DataQuick numbers show…

Read the rest of this article by UT San Diego here.

CoreLogic Records First Drop in Home Prices in Four Months

Home prices in the U.S. slipped 0.4 percent between July and August, CoreLogic reported Thursday. It marks the first time in four months the company’s index has recorded a decline.

Mark Fleming, chief economist for CoreLogic points out that although the calendar says August, it traditionally marks the beginning of fall for the housing market and activity begins to slow down as winter approaches.

In light of that, Fleming says the slight month-over-month decline was predictable, particularly given the renewed concerns over a double-dip recession, high negative equity, and the persistent levels of shadow inventory.

Based on CoreLogic’s assessment, national home prices were down 4.4 percent in August when compared to a year earlier. This follows a decline of 4.8 percent in July 2011 compared to July 2010.

That figure includes distressed sales, such as short sales and REO transactions. Take the distress factor out, and prices are down by just 0.7 percent year-over-year.

According to Fleming, “The continued bright spot is the non-distressed segment of the market, which is only marginally lower than a year ago and continues to exhibit relative strength.”

Including distressed transactions, the peak-to-current change in CoreLogic’s national price index was -30.5 percent. That’s tracking price movement from April 2006 to August 2011.

Excluding distressed transactions, the peak-to-current change for the same period was -21.0 percent.

CoreLogic says the five states with the highest home price appreciation in August were: West Virginia (+8.6%), Wyoming (+3.6%), North Dakota (+3.5%), New York (+3.2%), and Alaska (+2.2%).

The five states with the greatest depreciation were: Nevada (-12.4%), Arizona (-10.7%), Illinois (-9.6%), Minnesota (-7.8%), and Georgia (-7.2%).

Carrie Bay | DSNews.com | October 6, 2011