Foreclosure Data Equity Title

Hello –
I’m bringing you some News You Should Know: Foreclosure Data through the end of March 2013Click on the link to take you to the chart that supports the narrative and/or watch the video explanation.
Share this info with your Buyers! Use it at Open Houses! Print, Post, Save and Email this information! Everyone wants to know about Real Estate and what is happening in our Market! Be the knowledgeable source…and when you get a contract, use Equity Title Biltmore!
Here is the Take Away:
Default Properties: The status of a property currently within the Foreclosure process after the Bank records a Notice of Trustee Sale due to lack of borrower making payments for at least 90 days. Properties remain in this status until there is a recorded Trustee Sale or Cancellation of Trustee Sale.
  • At the end of March 2013, there were 9,194 Active Default Residential Properties. This is down from the previous month when there were 9,750Active Default Residential Properties.  FYI: The All-Time high was in December of 2009 when there were 47,606 Active Default Residential Properties.

Foreclosures: When the Bank either sells the property at the Trustee Sale (Auction) or takes the property back via Trustee’s Deed.

  • Foreclosures hit an All-Time, one-month high in March 2010 with 5,451. InMarch 2013, there were 901 Foreclosures. This was down by 79 units fromFebruary.

REO Properties: Properties that the bank owns due to lack of sale at the Trustee Sale (Auction).

  • At the end of March 2013, there were 4,597 Residential REO Properties – vs. the previous month when there were 4,713. This is down by 116 REO units – from last month! In March 2012, there were 7,408 REO Properties – so we are down by 38% from then. There are approximately 933 REO Properties listed in the MLS, with an additional 1,470 REO Properties that are in UCB and Pending Status in the MLS. This means that there are approximately 2,194 REO Properties that are Foreclosed on, but have not yet been listed in the MLS.

Sales:

  • Short Sales currently represent approximately 14% of the total sales for Maricopa County
  • REO Sales currently represent approximately 11% of the total sales for Maricopa County
  • Normal Sales now represent 75% of the total sales – the highest point in the last 5 years!

Prices:

  • Valleywide, prices have increased by 46% since the market low in August 2011.
  • Properties that were previously underwater, may no longer be!

Thanks to Equity Title Sarah Moran

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Foreclosure Data

Default Properties: The status of a property currently within the Foreclosure process after the Bank records a Notice of Trustee Sale due to lack of borrower making payments for at least 90 days. Properties remain in this status until there is a recorded Trustee Sale or Cancellation of Trustee Sale.
  • At the end of September 2011, there were 22,301 Active Default Residential Properties. This is down from the previous month when there were 22,733 Active Default Residential Properties. This is the 10th consecutive month that we have seen decreases in the number of Active Notices. FYI: The All-Time high was in December of 2009 when there were 47,606 Active Default Residential Properties.

Foreclosures: When the Bank either sells the property at the Trustee Sale (Auction) or takes the property back via Trustee’s Deed.

  • Foreclosures hit an All-Time, one-month high in March 2010 with 5,451. Last month, there were 2,689 Foreclosures. This is up slightly from the previous month.

REO Properties: Properties that the bank owns due to lack of sale at the Trustee Sale (Auction).

  • There are currently 13,556 Residential REO Properties – vs. last month when there were 14,480. There are approximately 3,053 REO Properties listed in the MLS, with an additional 3,412 REO Properties that are in Pending Status in the MLS. This means that there are approximately 7,091 REO Properties that are Foreclosed on, but have not yet been listed in the MLS.  (Cromford Reports)

 

visit www.tyffanisfinehomes.com to search currently listed REO’s

Wachovia/Wells Fargo Reverses Foreclosure and Modifies Loan

Sept 29 I had the pleasure of receiving a referral from a previous client of a young lady who had been experiencing problems, like many, during the application of her loan modification. After speaking with this young woman I learned that not only was she having trouble, but the bank did not extend her sale date as promised and foreclosed on her home which was sold at auction to an investor.

All odds it seemed were against her, but in our persistence (working  together) and our numerous requests to the presidents office (at Wachovia) to reverse the foreclosure; in the 11th hour (the day she was appear before the judge for an eviction), the bank not only purchased the home back from the investor, but also modified her loan reducing her payments by over 30%.

Wow!

 

http://www.tyffanisfinehomes.com

 

How Soon Can You Buy Your Next Home After Short Sale and Foreclosure

Many homeowners become a bit concerned about moving forward with a decision of whether or not to short sale or foreclose based on their desire to purchase a home in the future. Below are the time lines given for FHA, VA and Conventional Loans after a short sale and foreclosure. If you have an FHA and you foreclose your wait time is 3 years; while a deed in lieu is 3 years and a short sale is 3 years (if you miss no payments during your short sale there are no seasoning requirements); bankruptcy is 2 years. For Va you must wait 2 years on a foreclosure, deed in lieu, short sale and bankruptcy. Conventional conforming loans (fanni mae and fhlmc) will require 7 years on a foreclosure, 4 years for a deed-in-lieu (may be 7 years  if not primary residence..also based on your loan to value), 3 years for short sale (may be up to 7 years based on loan to value) and bankruptcy is 4 years. Conventional non-conforming loans (Jumbo) requires a wait period of 7 years for foreclosure, 7 years for deed-in-lieu, 7 years for a short sale and 7 years for a bankruptcy. Other credit factors may be considered when qualifying.

There is light at the end of a foreclosure, short sale, BK and deed- in-lieu…