December, 2014

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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