WASHINGTON – The pace of U.S. home foreclosures may not slow much after all.
Bank of America said Monday that it plans to resume seizing more than 100,000 homes in 23 states next week. It said it has a legal right to foreclose despite accusations that documents used in the process were flawed.
By ALAN ZIBEL, AP Real Estate Writer Alan Zibel, Ap Real Estate Writer –
Mon Oct 18, 7:24 pm ET
Bank of America Home Loans: Rebecca Mairone:
- We stepped up to purchase Countrywide at a time when failure of that company would have been devastating to the economy, the markets, and millions of homeowners.
- Our priority remains to keep people in their homes.
- The vast majority of our portfolio — 86% — is current and performing.
- Modification solutions are intensely focused on the 1.3 million customers who are more than 60 days delinquent — 85% of which are Countrywide originated loans.
- Bank of America has completed nearly 700,000 permanent modifications including more than 85,000 under the government’s HAMP program — the most of any servicer.
Further, the basis for our past foreclosures is accurate:
- Of Bank of America’s 1.3 million customers who are more than 60-days delinquent, 195,000 have not made a payment in two years. Of those loans which have not received a payment in two years, 56,000 are already vacant.
- For the foreclosure sales in the period from Jul-Sep, 2010:
- 80% of borrowers had not made a mortgage payment for more than one year
- Average of 560 days in delinquent status (approximately 18 months)
- 33% of properties were vacant
- 15% of loans were non-owner occupied (at point of origination)
- 50% of borrowers were unemployed or severely under employed
Source: The Huffington Post 10/31/2010
Stockton, Manteca, Lodi, CA Real Estate – Dave Thurman
LOS ANGELES (Oct. 4) – A weaker-than-expected economic recovery will result in a projected decline in California home sales for 2010, although home sales are expected to edge up slightly in 2011, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) “2011 California Housing Market Forecast” released today.
California home sales for 2010 are forecast to decline 10 percent from the 2009 sales figure of 546,500 homes sold. Sales in 2011 are projected to increase a lackluster 2 percent to 502,000 units compared with 492,000 units (projected) in 2010. After two consecutive years of record-setting price declines, the median home price in California will climb 11.5 percent in 2010 to $306,500 and increase another 2 percent in 2011 to $312,500, according to the forecast. Read More
Stockton, Manteca, Lodi, CA Real Estate – Dave Thurman
Number of Homes for Sale vs. Sold vs. Pending
August 2009 there were 700 homes for sale in Stockton, California in comparison to August 2010 where there was an increase to 1237 homes for sale. The number of homes sold in August 2009 was 510 and in August 2010 the number of homes sold decreased to 347. In August 2009 there were 615 pending sales which increased to 624 in August 2010.
More graphs and charts from our MLS and TrendVision Reports
Stockton, Manteca, and Lodi, CA Real Estate – Dave Thurman
Where is this real estate market going? Today, published in our local newspaper “The Record”
WASHINGTON (AP) Home construction plunged last month to the lowest level since October as the economy remained weak and demand for housing plummeted.
SAN DIEGO (AP) — A research firm reports mortgage default notices in California are at their lowest levels in three years after a fifth-straight quarterly decline.
***Below is a blog from Realty World Northern California & Nevada***
Foreclosures Likely to Surpass 2009 Levels
Repossessions climbed 38 percent in the first six months of 2010 compared 2009 and were up 5 percent from the first quarter, foreclosure listing service RealtyTrac announced Thursday.
In all, lenders repossessed nearly 528,000 homes in the first six months of the year. If that rate continues through the end of the year, repossessions will likely top 1 million in 2010, up 100,000 from 2009. [Read More]
Are you confused yet? Well I’m not! The real estate market is not getting any better since the government got involved in trying to help certain homeowners with workouts, modifications, short sales and foreclosure delays with the intent of helping troubled borrowers.
The real estate market is not going to recover unless the government allows the market to be free and a lender can enforce the terms of a note secured by a deed of trust. It really is that simple!
Less government, less regulation and less taxes will improve the economy!
Number of Homes for Sale vs. Sold vs. Pending
June 2009 there were 1066 homes for sale in Stockton, California in comparison to June 2010 where there was an increase to 1088 homes for sale. The number of homes sold in June 2009 was 612 and in June 2010 the number of homes sold decreased to 456. In June 2009 there were 671 pending sales which decreased to 633 in June 2010.
More graphs and charts from our MLS and TrendVision Reports
Mortgage loan applications hit a 13-year low…Bank of America may lead banks in home-equity losses…Homebuyer federal tax credits expired…The lack of available funds for loans…Interest rates continue to remain near their historic lows…
Wow! Good news for Stockton, California. This article appeared today in our local newspaper, “The Record” and also is online at recordnet.com
By Christian Burkin
Record Staff Writer
May 25, 2010
STOCKTON – Crime fell in Stockton last year, even as the Police Department was whittled down to accommodate a shrinking budget and crime-fighting programs seen as successful were canceled to maintain patrol staffing.
The overall decline in Stockton – although murders increased – exceeded a nationwide decline in crime, according to a preliminary report the FBI released Monday.
The number of violent crimes reported in Stockton fell from 4,322 in 2008 to 3,703 in 2009, a 14.3 percent decline. Nationally, violent crime declined by 5.5 percent.
Based on the FBI’s population estimate, that decline represents a drop in Stockton’s violent crime rate from 14.7 violent crimes per 1,000 residents to 12.7. Read more
California:
Los Angeles Times: California home default cases plunge
By Alejandro Lazo
4/21/2010
Mortgage default notices declined 40.2 percent statewide in the first three months of the year compared with the same period in 2009, according to MDA DataQuick.
National:
Wall Street Journal: Land prices jump as home builders move in
By Dawn Wotapka
4/21/2010
Across the U.S., home builders are battling to acquire land lots in preparation for ramping up home construction. While volume is tough to track, analysts report that land deals have been rising rapidly in recent months, causing land prices in some of the nation’s weakest housing markets to rise for the first time since 2006.
I found this article today on Comcast while having my morning cup of coffee…guess I better lock my mortgage refinance ASAP
WASHINGTON — Rates for 30-year home loans surged last week, rising to the highest level in eight months due to the improving economy and the end of a government push to keep rates low.
The average rate on a 30-year fixed rate mortgage was 5.21 percent this week, up from 5.08 percent a week earlier, Freddie Mac said Thursday. That’s the highest since mid-August, when the average rate was 5.29 percent. [more]
Image via Wikipedia
Here is some very good news for the California housing market! Check out HousingWire.com
Gov. Arnold Schwarzenegger signed a new bill this week that would extend the $10,000 homebuyer tax credit to Californians.
The state legislature on March 22 passed assembly bill (AB) 183, which gives the Franchise Tax Board authority to extend $200m in tax credits to homebuyers in the Golden State. Buyers of new, unoccupied homes are allocated $100m in credits, and first-time homebuyers of existing homes get another $100m.
The credit is extended from May 1, 2010 to Dec. 31, 2010. The credit is available to buyers on a first-come, first-serve basis, and it’s applied in equal amounts over a three-year period. Read more
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