Tag Archives: Georgia

More Than 3 Million Regained Equity in 2013

Stacked housing; Photo courtesy of http://www.funnypica.com/
Stacked housing; Photo courtesy of http://www.funnypica.com/

Home prices rebounded in 2013, helping more than 3 million home owners regain long-lost equity, according to CoreLogic’s latest MarketPulse report.

“We’re encouraged by the improvements of the past year and have every reason to be cautiously optimistic about continued progress in 2014. That said, monitoring the current and potential headwinds the industry faces is critical,” says Anand Nallathambi, president and CEO of CoreLogic.

More than two-thirds of all homes with a mortgage now have at least 20 percent equity, giving home owners more options in the housing market in the new year and increasing their employment mobility.

Still, 6.4 million residential properties have negative equity, and a third of those are concentrated in five states: Nevada, Florida, Arizona, Ohio, and Georgia.

Some of the biggest jumps in home prices over the last six months has occurred in Chicago and Raleigh, N.C., CoreLogic reports.

“That acceleration is consistent with our prior analysis, which showed that Chicago has had the most rapid growth of any market for owner-occupied purchase transactions in the past two years,” the report said.

Source: “CoreLogic: 2013 marks year of rapid transition,” HousingWire (Dec. 30, 2013)
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Large Number of Foreclosed Homes Are Abandoned by Owner

 

Photo credit: Tom Moon ; http://realestate.aol.com/blog/2011/02/04/worst-foreclosed-home-vandalism-ever/
Photo credit: Tom Moon ; http://realestate.aol.com/blog/2011/02/04/worst-foreclosed-home-vandalism-ever/

 

Here’s a recent article on people going into foreclosures and moving out of their homes.  Not said in this article, is how often the homeowner demolished the home that they lived in.  I’ve seen some horrible examples, wire being stripped, electrical breakers taken out, and in one case that I saw, they had cut all the wires and controls off of a well pump.  An inspector told me of one home owner pouring concrete down toilets. Another took all the appliances out of the home, which seems to be quite common. Anyhow, here’s the article:

“Is anyone home? Apparently not in a large share of foreclosed homes. Twenty percent of foreclosures nationwide are abandoned by their owners and left vacant, according to RealtyTrac.

It’s important to move vacant foreclosures quickly so that they don’t negatively impact surrounding real estate values, says Daren Blomquist, vice president of RealtyTrac. Bank of America, GMAC, Chase, Wells Fargo and Citi hold the highest number of vacant foreclosures.

Twenty-nine percent of the vacant foreclosed homes are priced below $50,000; 25 percent are between $50,000 to $100,000; and 12 percent are in the $1 million-plus range, according to RealtyTrac.

The states with some of the highest percentages of vacant foreclosures are:

  • Indiana: 32%
  • Oregon: 28%
  • Nevada: 28%
  • Washington: 27%
  • Georgia: 27%

Still, “even if all these homes flooded the market simultaneously, they would likely not cause the once-feared double dip in prices given supply constraints from non-distressed sellers and stronger demand,” Blomquist says.”

Source: “RealtyTrac: 20% of Foreclosures Remain Vacant After Owner Departs,” HousingWire (June 20, 2013)

A very good article and more pictures of what some people do when they leave their home due to foreclosure click here
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Let us Sell or help you buy your new home or land

John J. O’Dell Realtor® GRI
O’Dell Realty
(530) 263-1091
Email John

DRE#00669941

Large Number of Foreclose Homes Are Vacant

 

Photo credit: http://www.eeew.net/
Photo credit: http://www.eeew.net/

Is anyone home? Apparently not in a large share of foreclosed homes. Twenty percent of foreclosures nationwide are abandoned by their owners and left vacant, according to RealtyTrac.

It’s important to move vacant foreclosures quickly so that they don’t negatively impact surrounding real estate values, says Daren Blomquist, vice president of RealtyTrac. Bank of America, GMAC, Chase, Wells Fargo and Citi hold the highest number of vacant foreclosures.

Twenty-nine percent of the vacant foreclosed homes are priced below $50,000; 25 percent are between $50,000 to $100,000; and 12 percent are in the $1 million-plus range, according to RealtyTrac.

The states with some of the highest percentages of vacant foreclosures are:

  • Indiana: 32%
  • Oregon: 28%
  • Nevada: 28%
  • Washington: 27%
  • Georgia: 27%

Still, “even if all these homes flooded the market simultaneously, they would likely not cause the once-feared double dip in prices given supply constraints from non-distressed sellers and stronger demand,” Blomquist says.

Source: “RealtyTrac: 20% of Foreclosures Remain Vacant After Owner Departs,” HousingWire (June 20, 2013)

 

Please help to keep this blog going
Let me sell or help you buy your new home or land

John J. O’Dell Realtor® GRI
O’Dell Realty
(530) 263-1091
Email John

DRE#00669941

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