Foreclosed Homes Dip to 12-Year Low

Foreclosures hit a 12-year low in 2017, and the distressed properties remain increasingly difficult to find in many markets. Foreclosure filings in 2017—which include default notices, scheduled auctions, and bank repossessions—dropped to the lowest level since 2005.

Foreclosure starts are at a new record low nationwide. Lenders started the foreclosure process on 383,701 properties in 2017, down a whopping 82 percent from a peak of more than 2 million in 2009. That marks a new all-time low for foreclosure start data since ATTOM Data Solutions began collecting such data in 2006.

Source: DAILY REAL ESTATE NEWS | THURSDAY, JANUARY 18, 2018

Foreclosed Home Evictions on Hold for the Holidays

Freddie Mac and Fannie Mae announced a holiday moratorium on all foreclosed single-family homes that the mortgage giants own or guarantee, suspending all evictions between Dec. 18 and Jan. 3. Processing of the evictions will continue during this period, but families living in foreclosed homes will be able to stay in their homes.

“At this time of year we want to bring some relief to families who confronted financial difficulties and went through foreclosures,” says Chris Bowden, senior vice president of REO at Freddie Mac. “We also want to remind home owners going into the New Year facing financial challenges to reach out for help as soon as they can by calling their mortgage servicer.”

While the mortgage giants will be putting evictions on a two-week holiday hold, they will continue to proceed on other pre- or post-foreclosure activities.

–REALTOR(R) Magazine Daily News

The Other Victims in the Foreclosure Crisis: PETS!

More real estate professionals report finding pets left behind in abandoned homes from home owners who had been evicted from their properties due to foreclosure. The American Society for the Prevention of Cruelty Animals had estimated in 2009 — the most recent statistic — that up to a million animals would be left behind in foreclosed homes, shelters, or outdoors from the foreclosure mess.

The animals often are left behind without food or water, suffering a slow death of starvation and dehydration — unless they happen to be found in time by a real estate professional surveying the property. 

Some real estate professionals are reaching out to help the forgotten pets. For example, Cheryl Lang, president of Integrated Mortgage Solutions in Houston, formed a nonprofit group, No Paws Left Behind, a network of those in the real estate industry. Her group has rescued at least 1,000 animals nationwide since it started in 2008. 

Source: “Foreclosure Pets Often Left Starving in Abandoned Homes,” Asbury Park Press (Oct. 26, 2011)

 Anyone in the western El Dorado County, Placerville, CA. regions may contact organizations like the Grace Foundation of El Dorado County for assistance. They also accept monetary donations and volunteer assistance…here’s there website: http://www.thegracefoundationofnorcal.org/

El Dorado County “Real Estate Sales” update!

Despite massive amounts of taxpayer bailout money being spent on modifying delinquent loans, the inventory of lender foreclosed homes, called REOs, has been increasing. Currently there are 166 REOs listings in El Dorado County. El Dorado Hills has 25 REOs listed in the MLS, Cameron Park/Shingle Springs 29, Placerville/Diamond Springs/El Dorado 29 and there are 33 REO listed above Camino. The other 50 REO listings are scattered around the county from Fairplay to Georgetown.

REO sales make up one of every four county home sales. That’s not surprising when comparing prices of REO and non-REO properties. The average selling price of a county REO home is $253,000 while non-REOs sales average $397,000. REO sales typically take 49 days to attract an offer which is usually at or slightly above the listed price. The non-REOs home will typically take 79 days to and attract offers at 95 percent of the current listed price.

There is some evidence the number of new loan defaults is decreasing. Notices of Default, the first step in the foreclosure process, edged up slightly from May to June but according to ForeclosureRadar, decreased 45 percent from June of 2009.  That’s a good signal the worst is probably over. If so, it’s about time. The excessive number of foreclosures has decimated property values and erodes confidence in the housing market.     

Information provided by Ken Calhoon, Broker, Placerville, CA.

California foreclosures decreasing?

The number of California homes that entered the foreclosure process during the second quarter fell for the fifth straight quarter, to the lowest level since second-quarter 2007, research company MDA DataQuick reported this week.

The company reported that 70,051 notices of default were filed at county recorder offices in California during the second quarter, down 13.6 percent from the first quarter and down 43.8 percent compared to second-quarter 2009.

Also, the share of resale, foreclosed homes sold in the state dropped to 36 percent in the second quarter, down from 49.9 percent in second-quarter 2009 and 42.5 percent in first-quarter 2010. NODs, which mark the formal entry of a home into the foreclosure process in California, peaked at 135,431 in first-quarter 2009.

The share of foreclosure resales ranged from 9.5 percent in the San Francisco area to 61.7 percent in the Imperial Valley area during the second quarter, DataQuick reported.

“Obviously, motivated sellers and accommodating lenders have played a part in bringing the default filings down, especially when it comes to short sales,” said John Walsh, DataQuick president, in a statement. “Public policy has also been a factor. We also need to remember that prices have come up off bottom over the past year. If they continue to rise, fewer homeowners will find themselves underwater, which is a significant factor in letting a home go.”

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