Foreclosures may be back on the upswing
Impact on the housing market
Properties that enter foreclosure still take some time to complete the process, however. In the second quarter, foreclosures took an average of 378 days — the longest time since 2007 — to move from the initial notice to the completed foreclosure, up from 370 days in the first quarter. (Bing: Get help avoiding foreclosure)
In several judicial-foreclosure states with the biggest backlog of foreclosures, such as New York and New Jersey, the time to completion actually decreased slightly.
Once banks took back a property, it took an average of 195 days from the date of foreclosure to sell, RealtyTrac said, up from 178 days in the first quarter. Properties with delinquent loans that sold before the foreclosure was complete — namely, short sales — took an average of 319 days to sell from the time of the first notice, up from 306 days in the first quarter.
Zandi said he expects another wave of distressed properties to hit the market by the fourth quarter, when the market is typically slow. This distressed inventory will dampen prices, though not by much, he said, given the investor demand for these homes and the large number of expected short sales, which typically sell for more than real-estate-owned properties.
"I expect home prices to fall 1% this year and rise 1% next year," Zandi said. "We are not home free [with the recovery] yet."
Blomquist and others said it's a healthy thing for these distressed properties, which have hung over the housing market, to be added to the available inventory now, especially given the short supply in many areas.
Kim Drusch, a real-estate agent with Century 21 Award in San Diego, said she agrees. With just two months' supply of available houses listed in her area, she's seeing multiple offers for any decent property that pops up.
"We need that inventory now," Drusch said. "The REOs are not coming out, and people have nothing to purchase. We've got multiple offers on everything. I've never seen a frenzy like this."
Q2 2012 foreclosures by state
|Rank||State||Total||1/every # of households||% change from Q1 2012||% change from Q2 2011|
|District of Columbia||35||8,478||-14.63||-58.82|
*Actual increase may not be as high because of data-collection changes or improvements; chart data by RealtyTrac
the banks should not be able to package and sell the mortgage debt, but many are forgetting the simple fact that the buyer signed a contrct when he/she got the mortgage. if you dont pay for bill, you get your house taken. and you deserve it.
if you dont pay your rent, you get evicted.
if you dont pay your car payment, they repo it.
whats the difference?
i bought my primary residence four years ago, and while i was approved for a high number, i bought a reasonably priced house i could (and can) afford.
people bitch about the american way, the american way is to work hard an live within your means.
This is the after mat of the GOP and they are waiting to give the homes to the people that enter intoTHE COUNTRY....Close the Gate OBAMA and let America come back together as a perfect union of states....that's is the first step...NO MORE VISA.........NO more food import ....get the American farmer back into order and in business.....we have fake strawberries, watermelons etc...........80% of our foods should be grown here........We are on the way to becomming a 3rd world country and the GOP and the Bushes ..(Father and Son) ARE RESPONSIBLE
When the banks received the monies it should have paid off the homes ...so what to do now that loans are impossible to get ......homes loans are higher because of lates fees, the homes are not valued to equal the loans.... I still say they have been paid in full and need to turn over the deeds so America can get back to normal......ITS THE BANKS THAT ARE HOLDING US HOSTAGE WITH THE HOME LOANS ...adding all sough's of fees that means none thing and guess what you don't know where your loan is setting right now or whom has it ...four or five people are asking you for remodifications
Barry .. in all of your 2008 campaign promises ... one was something that you called: "The Foreclosure Prevention Act" What happened to that?? Do you just toss this stuff out there with no thoughts of actually keeping your promises? Are you that much of a scam artist and scum bag?
Well ... yeah .. actually I guess you realy are. So, there really is no way to tell if your are telling the truth or lying? How sad is that? Isn't that embarrassing for you?
2 days ago new home starts were up 5%. The only dogs buying are foreigners and union healthcare bags.
Over 100 fund raisers in the last 6 months.
JOBS COUNCIL MEETINGS -- 0
He's been too busy, we're told.
And if you think that's something,
wait till his second term !
Why worry about the middle class, Obama says they are doing just fine.
That's what the INTELLIGENT people believe. Just ask them.
..The private sector is FINE....
my local Illinois newspaper has six jobs in the want ads and seven PAGES of foreclosures
everything looks fine from AF1 or the golf course, doesn't it mr. rockstar president?
Stop the presses!!! I thought the Master of Disaster , The guy who knows how to throw a party at the Fun House, I mean White House say's housing is on the up and up. LOL! You elected him not me you nitwits.
What exactly was the multi billion dollar bailout for, seems to me that the banks who excepted that money should have applied that money to these unpaid mortgages. Instead, the banks are reaping even more money on foreclosures.
At the very least let the homeowner repay without interest, that would definitely lower their monthly payments. And yes, some of the blame does belong to those that weren't thinking when buying or refinancing their homes, but things happen!