Hey Investors! Check out the latest from ForeclosureRadar…
After Big Jump in August, Foreclosure Starts Fall Again
10/11/2011 – After a significant jump in foreclosure starts in August, driven primarily by Bank of America, foreclosure starts returned to levels in line with prior months, far below the numbers reached at the peak. California has seen a drop in activity of 56 percent since its peak, from 58,623 Notice of Default filings in March of 2009 to 25,778 today. Arizona shows a similar swing in Notice of Trustee Sale filings, from 14,722 in March of 2009 to 5,982 filings last month – a decrease of 59.4 percent. [
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Stockton Real Estate – Dave Thurman
1302 Grey Fox Place, Stockton CA 95205
2335 E Lafayette Street, Stockton CA 95205
Check out my personal website for new real estate listings and homes for sale in Stockton and San Joaquin County!
Stockton Real Estate – Dave Thurman
I was reading “The Stockton Record” this morning as I usually do with my morning coffee…And I was again hit with the same old housing news! Will it ever end?
Reports show years of weakness for housing
New home sales are at 50-year low
WASHINGTON (AP) — Sales of new homes fell to a six-month low in August. The fourth straight monthly decline during the peak buying season suggests the housing market is years away from a recovery.
The Commerce Department said Monday that new home sales fell 2.3 percent to a seasonally adjusted annual rate of 295,000. That’s less than half the roughly 700,000 that economists say must be sold to sustain a healthy housing market.
New homes sales are on pace for the worst year since the government began keeping records a half-century ago.
High unemployment, larger required down payments and tougher lending standards are preventing many people from buying homes. Plunging stocks and a growing fear that the U.S. could tip back into another recession are also keeping people from entering the housing market.
Last year was also the fifth straight year that sales have fallen. It followed five straight years of record highs, when housing was booming.
Foreclosures and short sales — when lenders accept less for a house than a mortgage is worth — are forcing prices down. Those homes are selling at an average discount of 20 percent, and they are lowering neighboring home values. That’s made many resales a bargain compared with new homes, creating an average 30 percent disparity in prices.
All home sales remain weak. The August sales pace for previously occupied homes was 5.03 million. That’s slightly above last year’s sales, which were the fewest since 1997. Economists say roughly 6 million older homes need to be sold each year to sustain a healthy housing market.
Home prices have dropped more since the recession started, on a percentage basis, than during the Great Depression of the 1930s. It took 19 years for prices to fully recover after the Depression.
Stockton Real Estate – Dave Thurman
I am very fortunate to be a member of the “Realty World” family and would like to share a little to my Customers, Clients and Realty Professionals. Why Realty World?
Thursday, September 15th 2011 ~ Realty World sponsored a special event “Leveraging the Power of Facebook” hosted by Nicole Nicolay, Co-Founder of Agent Evolution. The event was all about Facebook when it comes to your real estate business…and how to easily connect and stay top of mind with your sphere. I found the session fast moving and interesting.
Our listings are syndicated to 550+ national Web sites and also featured at the top of Yahoo Real Estate, Zillow and Trulia.com. As of July 2011, Trulia ended the month with 16.5 million monthly unique visitors. That is why our listings get more exposure!
I would like to give a “thank you” to Rolando Valverde with Realty World Financial Services for helping many of my new customers with mortgage loan qualifications and approvals. 800.732.5414 x315 rolando.valverde@rwnc.com
Stockton Real Estate – Dave Thurman
Realty World – Dave Thurman
On Saturday, September 24, 2011 from 12:00 Noon to 4:00 PM, you are invited to our Open Office at 2652 East Main Street in Stockton. If you are looking for residential, commercial, or investment properties in this area, don’t miss this opportunity to visit and meet with Dave Thurman, REALTOR®. Appointments are not necessary!
- Pick up a free list of homes!
- Foreclosure auction dates & information.
- Get pre-qualified for a home loan.
- Ask questions about foreclosures and short sales.
- Discuss agency and disclosure requirements.
- Become a member & start up your own Shaklee business $299.
- First-time buyers and investors are welcome.
Stockton Real Estate – Dave Thurman
IT’S FINALLY HERE! ARE YOU READY FOR THE BEST EXPO YET?
The biggest real estate of the event is finally upon us! CALIFORNIA REALTOR® EXPO 2011 starts on Tuesday, Sept. 20, with PRE EXPO at the San Jose McEnery Convention Center, and continues through Thursday, Sept. 22. This is an event that you simply can’t afford to miss. The free professional development and abundant networking opportunities that EXPO offers will help you achieve a competitive edge in the market and show you how to increase your bottom line.
Come to EXPO for:
- Social media training
- Sales tips
- Technology tools and trends
- A look at the economic landscape
- Financing insight for clients
- Short sales, REO, and foreclosure knowledge
- And more!
To see a complete schedule of PRE EXPO and EXPO sessions, and an exhibitor list, visit expo.car.org. Additional fees apply to special events such as PRE EXPO, luncheons, and certification classes. Take your business to the next level at CALIFORNIA REALTOR® EXPO 2011!
Register online for CALIFORNIA REALTOR® EXPO 2011 and PRE EXPO by visiting http://expo.car.org/, or calling toll-free (800) 242-2732. You also may register onsite at the San Jose McEnery Convention Center.
See you in San Jose!
Number of Homes for Sale vs. Sold vs. Pending
August 2010 there were 1237 homes for sale in Stockton, California in comparison to August 2011 where there was a decrease to 1044 homes for sale. The number of homes sold in August 2010 was 364 and in August 2011 the number of homes sold increased to 392. In August 2010 there were 422 pending sales which increased to 632 in August 2011.
More graphs and charts from our MLS and TrendVision Reports
Stockton Real Estate – Dave Thurman
Hey Investors! Check out the latest from ForeclosureRadar…notice the use of the word significantly!
Foreclosure filings and sales increase throughout most of our coverage are in August. Foreclosure starts jumped significantly, reversing what had been a declining trend over the past several months. Investors bought more properties on the courthouse steps in August than in July everywhere except in Washington. The number of properties Sold Back to Bank jumped significantly in Oregon, and also rose in California and Nevada.
Foreclosure starts (the first notice filed, either a Notice of Default or Notice of Trustee Sale depending on the state) rose in every state. This appears to have been primarily driven by Bank of America and related entities, where we saw an overall 116 percent increase from July to August. Wells Fargo and US Bank also saw an increases in foreclosure start filings, while filings by JP Morgan Chase and Citibank were essentially flat.
“Bank of America appears to be primarily responsible for the surge in foreclosure starts this month,” says Sean O’Toole, Founder and CEO of ForeclosureRadar.com. “Since their average time to foreclose has recently increased to more than a year, it is unclear that these foreclosure starts will lead to an increase in foreclosure sales anytime soon.”
California
Notice of Default filings increased 69.5 percent to the highest level in a year. Notice of Trustee Sale filings were up more moderately, rising 6.0 percent month-over-month, but down 23.6 percent year-over-year. Cancellations were nearly flat, up just 1.9 percent from July. Activity on the courthouse steps increased in August. Properties Sold Back to Bank (REO) increased 12.3 percent from the prior month. Properties Sold to 3rd Parties rose 9.9 percent month-over-month, and 10.8 percent year-over-year. Time to Foreclose increased to 333 days in August, which is 49 days longer than a year ago.
Stockton Real Estate – Dave Thurman
Number of Homes for Sale vs. Sold vs. Pending
July 2010 there were 1168 homes for sale in Stockton, California in comparison to July 2011 where there was a decrease to 1053 homes for sale. The number of homes sold in July 2010 was 407 and in July 2011 the number of homes sold decreased to 354. In July 2010 there were 398 pending sales which increased to 544 in July 2011.
More graphs and charts from our MLS and TrendVision Reports
Stockton Real Estate – Dave Thurman
