Tag Archives: Real estate owned

Real Estate

It’s Not Over: Report Warns Shadow Inventory Threat Remains

 

Home for sale cheap, might need a little paint. Photo credit: http://funnychill.com/
Home for sale cheap, might need a little paint.
Photo credit: http://funnychill.com/

Foreclosures have been falling in recent months, but two government watchdogs warn that the foreclosure crisis isn’t over yet. About 1.7 million borrowers have missed more than one payment on their government-backed mortgages, according to a newly released report by the inspectors general of the Federal Housing Finance Agency and Department of Housing and Urban Development.

The shadow inventory is made up of loans that have been delinquent for at least 90 days. If these delinquent loans become foreclosures, they could pose significant financial challenges to mortgage giants Fannie Mae, Freddie Mac, or other federal housing agencies, the report notes.

“Not only are current REO inventory levels elevated … they may rise over the next several years depending on the number of shadow inventory properties that are ultimately foreclosed on,” the report stated.

According to the report, the shadow inventory is more than seven times the inventory of REOs that Fannie Mae, Freddie Mac, and HUD currently own.

“Even a fraction of the shadow inventory falling into foreclosure could considerably swell … inventories of REO properties,” the report notes.

Source: “‘Shadow’ homes could burden U.S. housing agencies: report,” Reuters (May 31, 2013)

Related articles

For all your real estate needs
Email or call today:

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

DRE#00669941

Enhanced by Zemanta
Real Estate

First Gain in California Home Prices in 16 Months

The Saitta House, Dyker Heights, Brooklyn, New...
The Saitta House, Dyker Heights, Brooklyn, New York (built in 1899) has been on the National Register since 2007. (Photo credit: Wikipedia)

 

 

 

 

 

 

 

 

 

 

 

 

 

The median price for an existing, single-family home in California rose 1.6 percent in March compared with the year before, marking the first year-over-year increase in 16 months, the CALIFORNIA ASSOCIATION OF REALTORS® reported Monday.

  • The statewide median price of an existing, single-family detached home jumped 9.2 percent to $291,080 in March from February’s $266,660 median price and was up 1.6 percent from a revised $286,550 recorded in March 2011.  The month-to-month increase was the largest since March 2004.
  • Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 505,360 units in March, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide.  Sales in March were down 4.5 percent month-over-month and 2.3 percent year-to-year.
  • The statewide sales figure represents what would be the total number of homes sold during 2012 if sales maintained the March pace throughout the year.  It is adjusted to account for seasonal factors that typically influence home sales.
  • “Housing inventory remains extremely tight throughout the state and at levels severely under normal market conditions,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  “In areas, such as Los Angeles and Riverside counties, where the Federal Housing Finance Agency (FHFA) wants to implement the REO bulk sale pilot program, inventory is running at levels well below the long-run average.  These low inventory levels demonstrate that the pilot program is not necessary in California.”
  • The pilot program calls for the sale of more than 600 Fannie Mae-owned foreclosed homes in Los Angeles and Riverside counties to institutional investors.

Read the full story

 

Related articles

For all your real estate needs
Email or call today:

John J. O’Dell Realtor® GRI
Civil Engineer
General Contractor
(530) 263-1091
Email jodell@nevadacounty.com

DRE#00669941

Enhanced by Zemanta
Real Estate

Pending Home Sales in California Gained in February

 

Pending home sales in California gained ground for the second consecutive month in February, while the share of equity sales posted higher after two months of decline, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.

Pending home sales:

C.A.R.’s Pending Home Sales Index (PHSI)* rose from a revised 102.3 in January to 127.8 in February, based on signed contracts.  The index also was up from the 111.8 index recorded in February 2011, marking the tenth consecutive month that pending sales were higher than the previous year.  Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.

Distressed housing market data:

“A lack of inventory in the bank-owned (REO) and short sale market was a contributing factor to the decline in share of distressed sales in February,” said C.A.R. President LeFrancis Arnold.  “In fact, REO inventory declined 24 percent in February from the previous year, while short sale inventory dropped 17 percent during the same period.”

• After declining for two straight months, equity sales increased in February, making up 51.1 percent of home sales in February.  Equity sales made up 49.9 and 44.8 percent of all sales in January 2012 and February 2011, respectively.
• Meanwhile, the total share of all distressed property types sold statewide decreased in February to 48.9 percent, down from January’s 50.1 percent and from 55.2 percent in February 2011.
• The share of short sales dipped slightly in February.  Of the distressed properties sold statewide in January, 23 percent were short sales, down from the previous month’s share of 23.8 percent but up from last February’s share of 22.9 percent.
• The share of REO sales also edged down in February to 25.2 percent, down from January’s 25.9 percent and down from the 31.9 percent recorded in February 2011.
For all your real estate needs:
Call or email today
John J. O’Dell Realtor® GRI
Real Estate Broker
Civil Engineer
General Contractor
(530) 263-1091
Email jodell@nevadacounty.com

DRE #00669941

Related articles

 

Enhanced by Zemanta