The “Looming” Shadow Inventory In USA’s Top Ten “Larger Counties” Will Add A “Glut Of Homes” Listed For Sale As 98% Of Delinquent Homeowners Will Be Forced Into Foreclosure Or Short Sales; 30% Of “Seriously Delinquent Homeowners” Have Not Made A Payment In 24 Months

6 05 2011

 

http://renovationlendinginstitute.com/

Ten Larger Counties Distressed Mortgage Percentages – 3d Quarter 2010
COUNTY Active Loan Count 90+ Days Delinquent % Delinquent Defaults % Defaults Distressed Total
             
Miami-Dade 366,775 26,735 7.29% 64,708 17.64% 24.9%
Broward (Ft. Lauderdale) 328,721 21,939 6.67% 44,251 13.46% 20.1%
Orange (Orlando) 204,944 13,020 6.35% 24,839 12.12% 18.5%
Clark (Las Vegas) 360,192 32,932 9.14% 32,388 8.99% 18.1%
Riverside (CA) 368,432 32,622 8.85% 17,965 4.88% 13.7%
Prince George’s (MD) 148,228 13,800 9.31% 6,367 4.30% 13.6%
San Bernardino (CA) 315,992 27,051 8.56% 14,980 4.74% 13.3%
San Joaquin (Stockton, CA) 105,519 8,887 8.42% 5,021 4.76% 13.2%
Kern (Bakersfield, CA) 114,247 8,031 7.03% 4,929 4.31% 11.3%
Maricopa (Phoenix) 715,944 43,164 6.03% 31,807 4.44% 10.5%

Source: CoreLogic

  • The ten large counties with the highest total percentage of first liens which were either seriously delinquent or had been placed into default
  • These are properties which had not yet been foreclosed and repossessed
  • Historical data suggests that 98% of these properties will eventually be forced onto the market as either foreclosures or short sales
  • The total number of seriously delinquent and defaulted first liens in these ten counties is somewhat higher because database does not include all first liens
  • This represents the so-called “shadow inventory” of properties that will come onto the market in the not-too-distant future and will add to the glut of MLS listings
  • In February 2011, according to Lender Processing Services, an incredible 30% of seriously delinquent homeowners in default had not made a mortgage payment in at least 24 months
  • In January 2009, that number was only 8%

For more:  http://seekingalpha.com/article/268087-shadow-inventory-threatens-all-major-metro-housing-markets


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Categories : Bank-Owned, Defaults, Delinquencies, Foreclosures, Home Sales, Mortgage Industry

Home Prices In California Decline 4.9% Statewide In Past Twelve Months To March 2011 On Heavy Distressed Home Sales And Loss Of Federal Tax Credit

21 04 2011

http://renovationlendinginstitute.com/

 

  • The statewide median price of an existing, single-family detached home sold in California increased 5.4% in March compared with February to $286,010
  • But prices declined 4.9% compared with March 2010’s median price of $300,900
  • The decline in prices year over year is attributed to an increase in distressed sales
  • It is clear that prices and sales in 2010 benefitted from the federal home buyer tax credit
  • The pace of sales for the first three months of this year is in line expectations for all of 2011, according to C.A.R.

March 2011 County Sales and Price Activity
Regional and Condo Sales Data Not Seasonally Adjusted

March-11 Median Price of Existing Single-Family Homes
State/Region/County Mar-11 Feb-11   Mar-10   MTM% Chg YTY% Chg
CA SFH (SAAR) $286,010 $271,320   $300,900 r 5.4% -4.9%
CA Condo/Townhomes $232,130 $236,360   $263,310 r -1.8% -11.8%
Los Angeles Metropolitan Area $272,600 $266,830   $280,160   2.2% -2.7%
Inland Empire $172,730 $174,040   $177,910   -0.8% -2.9%
S.F. Bay Area $487,060 $444,020   $498,980 r 9.7% -2.4%
               
S.F. Bay Area              
Alameda $480,250 $458,060   $476,560   4.8% 0.8%
Contra-Costa (Central County) $567,310 $516,670   $587,690   9.8% -3.5%
Marin $826,700 $632,580   $790,620   30.7% 4.6%
Napa $332,610 $354,760   $351,560   -6.2% -5.4%
San Francisco $679,770 $606,560   $720,390   12.1% -5.6%
San Mateo $695,000 $623,000   $800,000   11.6% -13.1%
Santa Clara $561,500 $525,250   $590,000   6.9% -4.8%
Solano $193,480 $191,790   $211,540   0.9% -8.5%
Sonoma $325,910 $315,340   $359,050   3.4% -9.2%
Southern California              
Los Angeles $282,170 $286,220   $290,000 r -1.4% -2.7%
Orange County $523,610 $496,540   $550,420 r 5.5% -4.9%
Riverside County $201,520 $203,630   $201,100   -1.0% 0.2%
San Bernardino $130,690 $131,470   $137,590   -0.6% -5.0%
San Diego $383,620 $367,770   $393,600   4.3% -2.5%
Ventura $443,920 $389,650   $444,890   13.9% -0.2%
Central Coast              
Monterey $260,000 $239,950   $245,000   8.4% 6.1%
San Luis Obispo $362,700 $328,750   $377,680 r 10.3% -4.0%
Santa Barbara $422,730 $380,000   $381,820 r 11.2% 10.7%
Santa Cruz $475,950 $451,000   $525,000   5.5% -9.3%
Central Valley              
Fresno $138,120 $141,360   $150,960   -2.3% -8.5%
Kern (Bakersfield) $129,900 $125,000   $136,000   3.9% -4.5%
Kings County $137,270 $154,000   $154,290   -10.9% -11.0%
Madera $133,530 $149,230   $146,000   -10.5% -8.5%
Merced $115,290 $117,270   $108,080   -1.7% 6.7%
Placer County $253,750 $269,670   $292,210   -5.9% -13.2%
Sacramento $168,250 $168,800   $183,330   -0.3% -8.2%
San Benito $247,500 $285,000   $275,610   -13.2% -10.2%
Tulare $121,950 $120,340   $145,140   1.3% -16.0%
Other Counties in California              
Amador $170,000 $200,000   $186,000   -15.0% -8.6%
Butte County $222,370 $190,000   $250,000   17.0% -11.1%
Humboldt $250,000 $238,890   $270,650   4.7% -7.6%
Lake County $94,170 $123,330   $155,000   -23.6% -39.2%
Mariposa And Tuolumne $154,440 $187,500   $204,690   -17.6% -24.5%
Mendocino $192,500 $200,000   $295,000   -3.8% -34.7%
Shasta $154,810 $162,110   $175,500   -4.5% -11.8%
Siskiyou County $112,500 $140,000   $150,000   -19.6% -25.0%
Tehama $125,000 $83,330   $132,860   50.0% -5.9%
             

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Categories : Bank-Owned, Condominiums, Defaults, Federal Government, Home Sales, Homes, Mortgage Industry, Purchases, Statistics

Homebuyers Resist The Lowest Home Prices In 10 Years As Buyers Question “The Safety Of A Home As An Investment”; FHA 203k “ADDS” Value To Homes After Closing

19 04 2011

 

http://renovationlendinginstitute.com/

  • The lowest home prices in 10 years is failing to lure many buyers
  • But have Americans soured on the idea of home ownership?
  • Recent surveys asking “is a home was a safe investment?” showed a drop to 64 percent from 70 percent in the 4th Q of 2010
  • The number was 83 percent in 2003
  • The housing crash clearly has caused permanent changes in the way some people view home ownership
  • Americans stay in their homes for about eight years
  • A homebuyer who bought a home in 2002 and sold in 2010 saw a 4.8 percent increase in value
  • The average annual gain in the past 20 years was 4.2 percent according to databases
  • Housing affordability is now at record levels as of December 2010 according to the National Association of Realtors
  • The median U.S. home price tumbled 32 percent from a 2006 peak to a nine-year low in February
  • The Great Depression saw a 27 percent drop in the first five years

For more:  http://www.bloomberg.com/news/2011-04-19/americans-shun-most-affordable-homes-in-generation-as-owning-loses-appeal.html


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Categories : 203k, Bank-Owned, Federal Government, FHA, First-Time Homebuyer, Home Sales, Homes, Housing Market, Mortgage Industry, Purchases, Realtors, REO's, Statistics, Surveys

“Poorly Maintained Bank-Owned Homes” Have “Destroyed Home Values In Minority Neighborhoods” Disproportionately According To Report On “Lender Discrimination In Treatment Of Foreclosed Homes” By National Fair Housing Alliance (NFHA)

14 04 2011

CLICK ON "NEIGHBORHOOD" TO VIEW REPORT


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Categories : Asset Managers, Bank-Owned, Defaults, Delinquencies, Economic Statistics, Federal Government, FHA, Foreclosures, Housing Market, HUD, Mortgage Industry, Purchases, Realtors, REO Insider, REO's, Reports

HUD “Good Neighbor Next Door” Program: 2-Bedroom San Bernardino, CA Home Available For $26,000 (50% Discount) With FHA 203k Renovation Financing And $100 Down Payment To Eligible Teacher, Police Officer, Fire Fighter Or EMT

10 04 2011

CALL 800-385-3503 FOR DETAILS

CLICK PICTURE TO ENLARGE


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Categories : 203k, Bank-Owned, Federal Government, FHA, Financing, Foreclosures, HUD, HUD Good Neighbor Next Door, Mortgage Industry, Purchases, Realtors, Rehabs, Remodeling, The 203k Guy

“REO King” Mike Potier Of Boardwalk Properties Markets Long Beach, CA Listing Using “Government Renovation Financing” EFlyer From Skip Schenker Of iMortgage And Renovation Lending Institute

2 04 2011

CLICK ON "SKIP SCHENKER" TO VIEW INTERACTIVE FLYER

 

http://www.reoking.com/


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Categories : 203k, Bank-Owned, Federal Government, Financing, First-Time Homebuyer, Foreclosures, Home Sales, Mortgage Industry, Purchases, Realtors, Rehabs, Remodeling, Short Sales, The 203k Guy

First-Time Homebuyers Using FHA 203k Renovation Financing Can Purchase “Foreclosures And REOs” With Confidence As Detailed Inspections And Licensed Contractors Insure Needed Improvement Are Performed

1 04 2011

 

  • Prospective buyers must understand that the foreclosed homes they are acquiring are purchase “as is”

  • Repossessed homes have often been left vacant for more than a year 

  • Bank-owned REO properties are not going to be brought up to code or improved by the Lender/Sellers
  • Buyers in many cases will have 60 to 90 days to get the necessary work done and get a certificate of occupancy before moving in
  • Buyers must get inspections before buying!
  • A detailed inspection will allow the buyer and the buyer’s agent to negotiate with the lender/sellers to lower the homes’ price
  • It is not unheard of to have the seller lower the price of a home $10,000 to $20,000 after extent of the repairs needed is demonstrated
  • And, very important, don’t underestimate the time and expense to get the house in good condition
  • A licensed contractor can be present when doing the inspection to give a full account of the scope and timing of the repairs
  • FHA 203K Renovation Loans lets you build repair costs right into the mortgage of owner-occupied properties

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Categories : 203k, Bank-Owned, Contractors, Federal Government, FHA, Financing, First-Time Homebuyer, Foreclosures, Home Sales, Homes, HUD, Inspections, Mortgage Industry, Purchases, Rehabs, Remodeling, The 203k Guy

Percentage Of “Cash Buyers” For Existing Homes Has Doubled To 33% Latest Statistics Show As Investors Close Deals; FHA 203k Renovation Financing Can Increase Ability Of Homebuyers Looking To Purchase “Distressed” Properties

29 03 2011

 

  • A record 33 percent of existing-home sales were made to cash buyers in February 2011
  • An annualized rate of 4.88 million properties are projected  for 2011
  • Only 15 percent of the 4.82 million annualized sales in 2008 were cash sales
  • 50% of all purchases were cash in Miami, Las Vegas and Phoenix areas
  • Prices have plunged in those areas and bank-owned properties dominate the market because of high foreclosure rates
  • Cash buyers paid an average 36 percent less than distressed properties bought with a mortgage
  • Investors buy houses at a discount with cash and then flip them to first-time homebuyers using a mortgage
  • Lenders reject mortgage applications for foreclosed properties because the homes lack utilities  and are in poor condition
  • Empty nesters, or couples with children who have gone out on their own, often pay cash when they move to a smaller house

For more:  http://www.telegram.com/article/20110329/NEWS/110329661/1002/business


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Categories : 203k, Bank-Owned, Cash Buyers, Federal Government, FHA, Financing, Foreclosures, Home Sales, Homes, Mortgage Industry, Purchases, Refinance, Rehabs

The “Shadow Inventory” Of Foreclosure Homes In America Makes FHA 203k Renovation And HomePath Renovation Financing Critical To “Revitalization Of America’s Housing Stock” (Video)

25 03 2011

CLICK ON PICTURE TO WATCH VIDEO

The “Shadow Inventory” includes millions of homes where homeowners have not made payments and the homes will have deferred maintenance and major repairs needed. Thesee homes will eventually come to market as distressed sales and in major need of repairs. The FHA 203k renovation loan and HomePath renovation loans will allow homebuyers to purchase the homes to make necessary repairs, bring home up to code and improve the home to the owners every satisfaction.


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Categories : 203k, Bank-Owned, Fannie Mae, Federal Government, FHA, Financing, First-Time Homebuyer, Foreclosures, Freddie Mac, Home Sales, Mortgage Industry, The 203k Guy

California REO Listing Brokers Market Their Properties Using Digitally Enhanced “Before And After” Photos Of Their Listings Renovated With FHA 203k Renovation Financing Offered By Skip Schenker Of iMortgage

24 03 2011

CLICK ON “iMortgage” TO CONTACT SKIP SCHENKER

“What are you doing to attract owner-occupant buyers?  Your client wants to know…”

 Check this out…

  • Pre-Inspection for FHA repairs and bid available to qualified buyers by a licensed contractor.
  • Digitally Enhanced “After” photo to help the buyer visualize what the home “COULD” look like fixed up.
  • Professional Electronic flyer with embedded links to your website, Google map of property location, email you with the click of a button.
  • Thumbnail version available to be linked to your website, posted on the MLS or emailed to your farm.
  • Flyer will be posted on the www.RenovationLendingInstitute.com national website
  • Will also be posted on active rain and numerous other blog sites.
  • Partnered with a skilled Renovation Loan officer who guarantees closing in 45 days or less.

 ALL THIS FOR THE LOW PRICE OF… $ FREE    (For the first 25 who respond by replying to this email)   Regular price is $107.00.  Call and ask about our volume discounts of 10 or more properties at a month. This is the cheapest and easiest way to show your clients what you are doing to attract “owner-occupant” buyers.  Get more accounts by using this unique “owner-occupied” marketing tool. 

800 385-3503


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Categories : 203k, Bank-Owned, FHA, Home Sales, Homes, Mortgage Industry, Realtors, Rehabs, Remodeling, The 203k Guy

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