foreclosure Archives - Authentic Properties

California Foreclosure Cancellations Rise and Filings Drop by 25%

Foreclosure activity slowed in April. Foreclosure filings were down in Arizona, California, Nevada and Washington, with Oregon being the sole exception where filings were up. California filings were down to levels not seen since late 2008, when governmental intervention caused a temporary but massive drop in activity. Foreclosure sales saw similar declines throughout our coverage area, except Washington. Notably, cancellations were up significantly across the board, leaving fewer propeties scheduled for trustee sale. “The drop in filings, and the rise in cancellations, is surprising,” says Sean O’Toole, CEO and Founder of ForeclosureRadar.com. “Banks have had time to resolve robo-signing issues,

Foreclosures in Santa Clara, San Mateo counties take nearly a year to complete

Banks foreclosed on hundreds of homeowners in Santa Clara and San Mateo counties in March, even as thousands more are stuck in a foreclosure process that is now taking nearly a year to complete — the longest time since the housing crisis began. The slow pace has added to a backlog of more than 14,000 homes in the foreclosure process in the two counties, according to a report on March foreclosure activity released Tuesday by a real estate research service. That represents a huge number of homes that are either empty and have been taken over by lenders or where

How to Avoid Foreclosure

When the homeowners do not make payment to the lenders, foreclosure takes place. It really is that simple. The reason for why home owners may not be able to make the payments, however, can be anything but simple. The worst thing home owners can do when they cannot make their home loan payments is to ignore the problem and to ignore the lender. In many cases, lenders will be more eager to help you through the problem than to foreclose on your home. The truth is most lenders do not want to take your home from you. Foreclosure is a

California real estate: ‘Distressed sales’ are 51% of market in March

The real estate market in the Golden State was less dominated by “distressed sales” in March than the month before, the California Association of Realtors reported Wednesday. Foreclosures and short sales — transactions for less than the value of the mortgage on a home — accounted for 51 percent of the market last month, down from 56 percent in February and flat from March 2010. “Consistent with the state as a whole, nearly all the counties for which we have data also experienced an improvement in distressed sales,” association President Beth L. Peerce noted in an email. “However, distressed sales

California Mortgage Defaults Drop Again

The number of financially distressed California homeowners who were dragged into the formal foreclosure process declined again last quarter, the result of turmoil and policy changes within the mortgage industry as well as shifts in the economy, a real estate information service reported. A total of 68,239 Notices of Default (NoDs) were recorded at county recorders offices during the January-to-March period. That was down 2.2% from 69,799 for the prior quarter, and down 15.8% from 81,054 in first-quarter 2010, according to DataQuick. The San Diego firm tracks real estate trends nationally via public property records. Last quarter’s activity was the

Home Prices Down in Southern California

Southern California home sales turned in another lackluster month in March, the result of a fussy mortgage market, slow job growth and a continued wait-and-see attitude among potential buyers and sellers. There were signs, however, that the market was a little less dysfunctional than in recent months, a real estate information service reported. A total of 19,412 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in March. That was up 35.1% from 14,369 in February, and down 5.2% from 20,476 in March 2010, according to DataQuick. The San Diego

Foreclosure Settlement Muddies Outlook for Mortgage Relief

Image by Getty Images via @daylife The foreclosure-abuse settlements announced yesterday by federal regulators may make it harder for state attorneys general and the Obama administration to force banks to reduce loan balances for more troubled U.S. homeowners. The 14 largest U.S. mortgage servicers, including JPMorgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC), agreed to review all foreclosed loans from 2009 and 2010, and pay back losses in cases that were mishandled. They also will improve procedures by hiring staff, upgrading document-tracking systems and assigning a single point of contact for each borrower. While the attorneys general

Continued Signs of Improvement: Mortgage Delinquencies Down

Image by Getty Images via @daylife There was a lot of good news in the Fourth Quarter National Delinquency Study released by the Mortgage Bankers Association (MBA) Thursday. First, the overall, seasonally adjusted delinquency rate (which does not include loans in foreclosure) fell to 8.22 percent, a decrease of 91 basis points from a 9.13 percent rate in the third quarter and down 125 basis points from the same period in 2009. Jay Brinkmann, MBAs chief economist said that the non-seasonally adjusted rate showing a decrease of 46 basis points to 8.93 percent might be even better news. There is

California Foreclosure Volume up 50%

Image via Wikipedia Foreclosure sales bounced back to levels not seen since robo-signing moratoriums went into effect last fall. With significant increases in Arizona, California, Nevada, Oregon and Washington; foreclosure sales rose both in terms of properties that went Back to the Bank and those Sold to Third Parties, typically investors. As a result Bank Owned Inventories (REO) increased everywhere except in Oregon where banks sold more homes then they took back. “We have not seen this level of activity on the courthouse steps for months,” says Sean O’Toole, CEO and Founder of ForeclosureRadar.com. “The increase in foreclosures is just

Foreclosure Volume Expected to Peak in 2011

Image via WikipediaNext year could very well be a peak year for foreclosures, says Rick Sharga, a senior vice president at RealtyTrac, an online marketplace for foreclosure properties. The market is expected to tally about 1.2 million bank repossessions in 2010, up from 900,000 in 2009, he says. “We expect we will top both of those numbers in 2011.” That’s partially due to issues the industry has faced with foreclosure processing that began in the fall and delayed a portion of foreclosures from being completed this year, he says. In the so-called robosigning controversy, some lenders halted foreclosures after learning

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