Category: Foreclosure


App of the month: Feedly

 

feedly-512

 

 

 

 

 

 

App of the month: FEEDLY

Feedly is a nice, clean, simple to use “catalog” for all your favorite blogs. Having 10+ tabs open up at any given time just to keep up with the latest and greatest form your favorites, is  tough work. Feedly simplifies that- how many times have you found a great blog to follow, and then a week later could not for the life of you remember the name of said blog. Never fear; Feedly is here. Simply search for your fav(s), “add” them to your feed, and you’re good to go. Sit back, relax, and let Feedly compile all the new updates into a nice little digest of greatness!

Free for iOS and Android

https://feedly.com/index.html#welcome

 


Best Places to Buy Foreclosures

In some parts of the country, it’s much easier to land a good foreclosure deal than in others.

In the Palm Bay, Fla. metro area, for example, buyers have plenty of foreclosed homes to choose from and pay an average of 28% less for repossessed homes than in conventional sales, according to RealtyTrac, an online marketer of foreclosed homes. Last year, nearly 24% of all sales were foreclosures.

As a result, it landed at the top of RealtyTrac’s best places to buy a foreclosure in 2013 list. Other metro areas where home buyers will have better luck include Rochester and Albany, N.Y., the New York City metro area, and Lakeland, Fla.

Those shopping around in McAllen, Texas though, shouldn’t hold their breath. The supply of foreclosed homes there are limited, according to RealtyTrac, and only made up 7% of all home sales last year. Other markets where it’s tough to find a deal on a foreclosed home include Ogden, Utah, Little Rock, Ark., Las Vegas, and Salt Lake City.

“The challenge of the 2013 market, for many cities, is a lack of [foreclosure] inventory,” said Daren Blomquist, RealtyTrac’s vice president. “The best places to buy are where a lot of homes will become available.”

Many foreclosures have been in limbo since fall 2010 following the so-called robo-signing scandal, when banks allowed employees to sign off on thousands of foreclosure documents a month with little verification.

The backlog in foreclosures had become particularly bad in judicial states like Florida and Illinois, where judges must approve the paperwork. But after a massive foreclosure abuse settlement was reached between the state attorneys general and the nation’s five biggest lenders, foreclosure processing has picked up again in those states.

The rebound in housing markets — gains in existing home sales, new home sales and home prices — has added strength to the case for buying foreclosures. Now that home prices are starting to stabilize, buying a foreclosed home isn’t as risky as it was a few years ago.

“The underlying fundamentals in many of those [top] markets are slowly improving, making it an opportune time to absorb additional foreclosure inventory this year,” Blomquist said.

Yet, not every bargain basement foreclosure is a good deal. Many are sold as-is and come with issues. Get the home inspected and have the heating, air conditioning, electrical and plumbing, as well as the structural integrity checked out before you sign a contract.

Also, analyze the neighborhood carefully and check out local crime rates. When there are a lot of foreclosures in one place they can drag down the home values around them. 

10 best places to buy foreclosures:

These markets have plenty of foreclosures to choose from and steep price discounts.

 
Graph

Source: RealtyTrac and Les Christie, CNNMoney

Fla. Pushing Ex-owners to Apply for Lawsuit Money

 If you know of homeowners who lost their homes to foreclosure between Jan. 1, 2008, and Dec. 31, 2011, Florida Attorney General Pam Bondi asks that you provide them with this website address – nationalmortgagesettlement.com – and tell them to act now.

Part of the $32 billion national mortgage fraud settlement with Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo included a $1.5 billion fund to compensate borrowers who were foreclosed on after Jan. 1, 2008.

Approximately $170 million is available for cash payments to Florida borrowers. As of last Thursday, 51 percent of eligible homeowners had applied for assistance. Many others have not responded to multiple mailers and live operator calls informing them they may be eligible for modified loans and reduced mortgages.

“This week, I’m going around the state to find these individuals,” Bondi told Realtors attending the Florida Realtors Mid-winter Meetings last week in Orlando. “If I have to, I’ll stand on the steps of every city hall in the state and beg people who deserve their money to come forward.”

Borrowers who submit a claim online will see a deadline notice of Jan. 18, 2013. However a spokesperson for the Attorney General’s office says claims administrators will accept claims forms through Feb. 15, 2013. The form must be filled out completely and properly or the claim will not be paid.

Individuals who have questions or need help filing their claims can contact the settlement administrator, toll-free, at 866-430-8358, or send questions by email to administrator@nationalmortgagesettlement.com.

Source: Florida Realtors


Once-Invisible Inventory Can Be Seen on Zillow

Instead of finding clever ways to chase shadow inventory, Zillow has decided to make things easy for thrill-seeking homebuyers and investors who are trying to track down unlisted, invisible inventory.

The real estate data provider announced Thursday it is now providing information on 1.2 million pre-foreclosure and foreclosed properties at no cost. The homes provided through Zillow are not yet listed and apparently, are yet to be found on any Multiple Listing Service (MLS).

Before, only certain investors were privy to such information.

“For the first time, home shoppers are able to see the entire scope of housing inventory in their area, both pre-market and for-sale, side by side,” the company said in a release.

According to Zillow, 55 percent of homebuyers have considered purchasing a foreclosure, but the problem was where to find the information.

“This is another tremendous step forward in consumer empowerment. Zillow is taking information that was really only available to a select group – in this case, savvy investors – and making it more easily available to interested home buyers,” said Spencer Rascoff, Zillow’s CEO. “What’s more, bringing this information to light, and taking this inventory out of the shadows, can help bring these homes to market faster than ever before.”“

The pre-market inventory includes nearly 1 million pre-foreclosure properties, or homes that have begun the foreclosure process or have been scheduled for auction.

In addition, Zillow’s inventory has more than 260,000 unlisted foreclosed properties.

Zillow will also include its own estimate of the sale price of the home if sold as a foreclosure with the percentage and dollar discount based on fair market value. Foreclosure details will also be included, such as the timeline of the foreclosure process, unpaid balance, and the lender.

Another added feature will be 147,000 Make Me Move properties. For this feature, homeowners name a price for which they might sell their home.

Users can view pre-foreclosure, foreclosed, and Make Me Move inventory by visiting Zillow.com and conducting a search using the pre-market filter. Foreclosure details are available for those who sign in.

Seattle-based Zillow is a real estate information marketplace and provides information about homes, real estate listings, rental listings, and mortgages through its mobile applications and websites.

By: Esther Cho, DSNews


Is the Industry Seeing Sunlight Break Through the Shadows?

The shadow inventory that previously darkened industry outlook is beginning to fade. In fact, we may soon begin to see the sunlight on the horizon.

In July shadow inventory – unlisted homes that are seriously delinquent, in foreclosure, or held as REOs – declined 10.2 percent year-over-year, falling to 2.3 million homes, according to CoreLogic’s Shadow Inventory Report released Tuesday.

“This is yet another hopeful sign that the housing market is slowly healing,” said Anand Nallathambi, president and CEO of CoreLogic.

Last July’s 2.6 million-home shadow inventory was eerily close to the level recorded two years prior in May 2009. Now, the heavy shadows are lifting.

The current shadow inventory is valued at $382 billion, down from $397 billion in July 2011.

The current shadow inventory equates to a six-month supply, according to CoreLogic.

The analytics firm also reports the rate of distressed sales taking homes out of the shadows is close to matching the rate of newly seriously delinquent homes falling into the shadows.

Seriously delinquent homes – those 90 or more days delinquent – are the most common type of home in today’s shadow inventory, making up 1 million of the 2.3 million-home total.

About 900,000 homes are currently in foreclosure, and another 345,000 are in REO.

Despite fading shadows nationally, some states continue to struggle with long foreclosure timelines.

“While a lower outflow of distressed sales helps alleviate downward home price pressure, long foreclosure timelines in some parts of the country causes these pools of shadow inventory to remain in limbo for an extended period of time,” said Mark Flemming, chief economist at CoreLogic.

Forty-five percent of the shadow inventory is concentrated in five states – Florida, California, Illinois, New York, and New Jersey.

By: Krista Franks Brock, DSNews