Median Distressed Home Price Jumps 18 Percent in October

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Bank Owned Foreclosure.The median price of distressed residential properties, which are those that are either in the foreclosure process or owned by a bank, jumped up by 18 percent year-over-year in October, according to RealtyTrac’s October 2014 Residential and Foreclosure Sales Report.

The price of non-distressed homes increased at the slower rate of 11 percent during the same period, according to RealtyTrac. The median price of a distressed home for October, which was $128,701, was 36 percent lower than the median price for non-distressed homes for the same month, which was $200,000.

“The demand is strong for a lessening distressed inventory and pushing prices to their highest level since 2008,” said Mike Pappas, CEO and president of the Keyes Company, which covers the South Florida market. “Additionally, due to the long delay in our judicial foreclosure system we are now seeing a higher quality of distressed inventory being liquidated, although overall home prices have begun to gradually level off over the past few months as the market normalizes.”Real estate

October’s distressed home statistics declined slightly month-over-month despite the large increase from last year. In September, RealtyTrac reported the median price of a distressed home at $130,000, which was 37 percent lower than that of a non-distressed residential property for that month ($205,000).

Short sales, which are sales for an amount less than the home’s owner currently owes on the mortgage, and distressed sales combined accounted for 13.8 percent of all U.S. residential property sales in October, according to RealtyTrac. This was a slight increase from 13.7 percent in September but a decline from 14.7 percent in October 2013. October’s share of short/distressed sales is up from the third quarter’s reported share of 12.7 percent, which was the lowest level for any quarter since Q1 2011, according to RealtyTrac.

The markets where the combined total of short sales and distressed sales represented the highest share of all residential sales in the U.S. were: Las Vegas (33.6 percent); Stockton, California (33.6 percent); Modesto, California (31,7 percent); Lakeland, Florida (28.9 percent); and Orlando, Florida (28.4 percent).

The median price of all U.S. residential homes in October, which includes short sales, distressed sales, and non-distressed sales, has increased by 37 percent since hitting its trough of $141,000 in March 2012, according to RealtyTrac. The October price was still 19 percent lower than the peak median price of $237,537, which occurred in August 2006 before the recession.

Posted By Brian Honea DS News

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Florida Posts Highest REO Total for October

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florida_beaches_2Maryland may have overtaken Florida for the nation’s highest foreclosure rate of any state in October, but Florida still led all states by far in bank repossessions (REOs) for the month, according to RealtyTrac’s October 2014 U.S. Foreclosure Market Report released Thursday.

In all, lenders repossessed 4,905 properties in the Sunshine State in October, which was more than 2,000 ahead of second-place California (2,701), according to RealtyTrac. Ohio was third with 2,057, followed by Illinois (1,620), Maryland (1,602), Georgia (1,416), Michigan (1,223), Pennsylvania (1,189), and Arizona (1,011). Those were the only states with more than 1,000 REOs for October, according to RealtyTrac.

The number of REOs in Florida in October, while still most of any state in the nation by plenty, actually declined by 13 percent from September (5,628) and by 31 percent from October 2013 (7,130), according to RealtyTrac. Foreclosure activity overall in Florida fell by 2.19 percent month-over-month and 24.9 percent year-over-year in October, RealtyTrac reported

For Florida, October signaled the end of 12 consecutive months with the nation’s highest foreclosure rate. Maryland moved into first place with one in every 400, meaning .25 percent of homes in the Old Line State were in foreclosure in October, according to RealtyTrac. Florida was second with one in 444, or .23 percent.foreclosure1

Florida totaled 20,236 foreclosure filings for October, the most in the nation. California, which has nearly five million more residential housing units than Florida does (13.6 million compared to 8.9 million), had almost 6,000 fewer foreclosure filings than Florida with 14,994, according to RealtyTrac. Florida’s 8.9 million residential housing units were second among states only to California; New York was third with 8.1 million.

Even with Florida slipping to second place among states for the highest foreclosure rate, the four metropolitan areas (with a population of more than 200,000) with the highest foreclosure rate were all in Florida, according to RealtyTrac. Miami was first with one foreclosure filing for every 363 housing units, followed by Orlando (1:394), Tampa (1:395), and Jacksonville (1:433). Foreclosure activity declined year-over-year in all of these metro areas in October: Miami saw a 27 percent drop, Orlando saw a 13 percent decline, Tampa posted a 23 percent decrease, and Jacksonville foreclosure activity dropped by 37 percent from October 2013.

Posted By Brian Honea DSNews

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From Fab to Flab in No Time Flat!

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old-arnold-schwarzenegger“Best (& Worst) Beach Bodies of the Year”. That was the headline that grabbed my attention a while back as I stood in line at the grocery store.  And it wasn’t for the most obvious reason that a 30-something year old man might be tempted to take a peek. In contrast, this was much less of a temptation and much more like the experience of approaching road kill on the side of the interstate. You know you’ll regret looking at it, but as the mangled creature moves closer, you just can’t seem to keep your eyes off of it.

Undoubtedly part of “the worst” category, the beach body being burned into my retina was none other than the Governator himself, Mr. Arnold Schwarzenegger. The object of my disgust was standing there proudly in his Speedo, the magnificence of his former self but a mere memory. The former Mr. Olympia, 7-time world champion, and star of countless action movies, now looked as if he had never stepped foot in a gym in his entire life. A man who once boasted an incredibly low amount of body fat now looked as if he had traded bicep curls for cheese curls, and leg squats for tater tots. To put it bluntly, he was a lot less buffed up and a lot more A.Y.C.E. “buffet-ed” up.

I must admit that I was extremely saddened by the image on the magazine cover. I try to hit the gym about 2-3 times a week, or at the very least throw up a few push ups and sit-ups each morning as I get ready for the day. I had always hoped that one day I would get my body sculpted the way I liked it and then I could just lay back a little, take it easy, and coast into my latter years with a body that at the very least didn’t repulse my wife. However, in one fleeting moment at the grocery store check out line, my dream was effectively terminated (get it?). Arnold has indeed proven that regardless of your level of achievement, even if you’ve reached the pinnacle of success in your sport or industry, you can’t let up for even a moment…or you will lose it all. The fall to the bottom is certainly a lot faster than the climb to the top and in business, as inLottery-Mega-Millions exercise, the moment at which you stop giving it your all is the moment that you will certainly fail.

One of the biggest differences that I see between the “haves” and the “have-nots” is in their view of success. Poor or unsuccessful people are always waiting for some once-in-a-lifetime opportunity, a strike of lightning, the invention of the century. They think that prosperity and wealth are achieved by winning some kind of “success lottery” and they’re always sitting around waiting to hit the lucky numbers. However, those that achieve greatness in life are those who understand that success is a process, not an event, and they commit themselves to that process until it produces their desired result.

I’m committed to the process.  How about you?  Let me know in the comment section below! And then write this on your mirror so it’s one of the first things you see every morning…“Success is a Journey, Not an Event!” Once that sinks into your mind and heart, you will be that much closer to achieving the life of your dreams.

 

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Distressed Homes Discount Averages 37 Percent in September

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Distressed PropertyDistressed residential properties had a median sales price of 37 percent below the median sales price of non-distressed properties nationwide in September, according to Realty Trac’s Q3 2014 Residential and Foreclosure Sales Report released Tuesday.

The median price of distressed residential homes, which are those in foreclosure or owned by banks when sold, was reported at $130,000 nationwide for September, compared to the median price of $205,000 for non-distressed homes during the month, according to RealtyTrac.

“Even as the share of distressed sales decreases, the average discount on distressed properties continues to be substantial because the primary factors driving that discount are still in place,” RealtyTrac VP Daren Blomquist said. “Distressed properties are typically in poor condition and have a highly motivated seller — whether that seller is the distressed homeowner in foreclosure or the bank that has repossessed the property through foreclosure.”

The major metropolitan areas were distressed homes were most heavily discounted were Pittsburgh (67 percent), Milwaukee (67 percent), Cleveland (64 percent), and Memphis (59 percent), according to RealtyTrac.Increased

Overall, the median sales price of U.S. residential properties, both distressed and non-distressed combined, was $195,000 in September, according to RealtyTrac. This figure represented an increase of 1 percent from August and 15 percent from September 2013 – the largest year-over-year increase since October 2005. September 2014 was also the 30th consecutive month in which the median home price increased on a year-over-year basis.

“Median home prices nationally in September were boosted by a new low in the share of distressed sales during the third quarter, resulting in fewer home sales on the lower end,” Blomquist said. “The share of homes selling above $200,000 is up 7 percent from a year ago, and the share of homes selling above $500,000 is up 15 percent from a year ago.”

Posted By Brian Honea DSNews

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Underwater Rate Dips; Borrower Equity Jumps by $1 Trillion

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Underwater_MortgagesThe nation’s negative equity rate dipped closer to single digits in the year’s second quarter, though nearly one in five borrowers remain poorly positioned, according to new data released Thursday.

Property information firm CoreLogic reported that nearly 946,000 homes returned to positive equity in the second quarter, meaning the mortgage holders owe less on their loan than the property’s worth. With the most recent quarterly increase, CoreLogic estimates the total number of mortgaged homes with equity across the country has surpassed 44 million.

In total, borrower equity increased year-over-year in Q2 by approximately $1 trillion nationwide—”evidence that things are moving solidly in the right direction,” said Sam Khater, deputy chief economist for CoreLogic.

“Borrower equity is important because home equity constitutes borrowers’ largest investment segment and, as a result, is driving forward the rise in wealth for the typical homeowner,” Khater said.

As of the end of June, the company estimates approximately 5.3 million homes (10.7 percent of all mortgaged houses) were still underwater, down from 6.3 million homes (12.7 percent) in the first quarter and 7.2 million homes (14.9 percent) last year.

The national aggregate value of all homes in negative equity status was $345.1 billion at the end of the quarter.

While the overall rise in equity marks another positive step forward for the housing market, it’s undercut by the fact that nearly 9 million homes are “under-equitied,” meaning the properties have less than 20 percent equity. Out of that group, 1.3 million have less than 5 percent equity, putting them just barely above water.refinance

With so little equity, CoreLogic explained under-equitied or near-negative borrowers may have a more difficult time refinancing their homes or obtaining the financing to sell and buy a new one.

Even worse, those borrowers with near-negative equity remain at risk of going back under if home prices fall even slightly.

At the same time, the bulk of positive equity is concentrated at the higher end of the housing market, leaving lower-priced homeowners—who need to trade up in order to open space for first-time buyers seeking affordable houses—still struggling.

Out of all 50 states, Nevada had the highest percentage of underwater properties in Q2, posting a negative equity rate of 26.3 percent. Following that were Florida (24.3 percent), Arizona (19.0 percent), Illinois (15.4 percent), and Rhode Island (14.8 percent). Together, those top five states account for nearly one-third of negative equity in the United States.

On the other end of the scale, Texas boasted the highest percentage of homes in a positive equity position, with 97.3 percent of properties above water. Alaska followed at 96.5 percent, with Montana (96.4 percent), North Dakota (96.0 percent), and Hawaii (96.0 percent) rounding out the top five.

Posted By Tory Barringer  DSNews

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