Foreclosure Filings Climbing
4 States Account For Half Of Nationwide Activity
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Foreclosed homes are a hot market throughout America. Supplies are ramping up in early 2012 and First Guaranty Mortgage Corporation in association with local lenders will host a series of Free WordPress webinars for Realtors and Loan Officers to help our community market these properties. Having your own WP Blog helps you stay in contact with your client base on the great opportunities ahead purchasing Distressed Homes, as well as maximizing your social media presentations for all your listings. Be sure to LIKE our Facebook Home Buyer’s Ed Page below to be notified of these Free Webinars.
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If you don’t have a WordPress Blog yet be sure to register one free at WordPress.com
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According to foreclosure-tracking firm RealtyTrac, October’s foreclosure filings rose 7 percent to 231,000 filings nationwide.
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A “foreclosure filing” is any one of the following foreclosure-related events: A default notice on a home; a scheduled auction for a home; or, a bank repossession of a home. Because of this definition, a single home can account for up to 3 foreclosure filings — one from each category.
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Because of this, we may glean more relevant insight into the foreclosure market by separating RealtyTrac’s foreclosure report into “event types”.
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Default Notices : Up 10% from September 2011; Down 31% from October 2010.
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Scheduled Auctions : Up 8% from September 2011; Down 38% from October 2010.
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Bank Repossessions : Up 4% from September 2011; Down 27% from October 2010.
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These breakdowns suggest that, although improved as compared to last year, the foreclosure market continues to grow! At least, it’s growing in some parts of the country. We can’t forget that — like everything real estate — foreclosures are a local phenomenon.
203k Home Improvement Loan Part 1 of 2
In October, just 4 states accounted for more than half of the country’s foreclosure filings. Those four states — California, Florida, Michigan and Illinois — represent just 26% of the U.S. population.
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Even on a per household basis, the figures remain disproportionate :
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Top 10 Foreclosure States : 1 foreclosure per 341 households, on average
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Bottom 10 Foreclosure States : 1 foreclosure per 7,434 households, on average
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The nationwide foreclosure rate was 1 foreclosure per 563 households.
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As a Realtor, foreclosures are worth learning more about, as well as locating partners to help unlocking their real potential in generating a substantial income in 2012. They currently account for 18% of home resales nationwide and now that robo signing issues have been addressed, except the percentage to increase beginning as early spring.
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In many markets, foreclosures can be bought at steep discounts of 20 to 25% versus a comparable “non-distressed” home. That’s part of their appeal, but first hurtle any home buyer has and few Realtors use are the FHA 203K and FNMA HomePath Renovation Programs. If your home buyers are considering purchasing a home in need of renovations you’ve already got them interested with the discounts they offer and closing the deal is showing them a low interest rate financing tool that not only provides them the funds to renovate, but often creates additional equity after the renovations.
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Marketing these homes and using the FHA and FNMA renovation tools are a Realtors and Home Buyers Pot of Gold! Distressed Homes are the “Building Wealth Through Real Estate” Strategy for next several years. Although we’re happy to see investors purchasing homes at record levels “Rebuild the Dream” is committed to home ownership for the American Family and want it to be yours as well. We want to partner with you to achieve the dream, so the next time you’ve got a distressed listing don’t just consider a cash investor, think about that family you just met looking a great deal as well.
203k Home Improvement Loans Part 2 of 2
