Archive for Foreclosures
Lake Geneva Real Estate – Which State Will Be Named “Top Foreclosure State”?
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According to foreclosure-tracking firm RealtyTrac, foreclosure filings fell to 199,000 in March 2012, a 17 percent decrease from March 2011. Last month marks the first time since July 2007 that foreclosure filings numbered less than 200,000 on a monthly basis — a span of nearly 5 years.
The generic term “foreclosure filing” is used to group all types of foreclosure activity into a single reading. It includes default notices, scheduled auctions, and bank repossessions.
As in most months, foreclosure density varied by region. 6 states accounted for more than half of the nation’s repossessed homes in March.
- Florida: 13.6 percent of all bank repossessions
- California: 12.0 percent of all bank repossessions
- Georgia: 8.0 percent of all bank repossessions
- Michigan: 7.5 percent of all bank repossessions
- Arizona: 6.5 percent of all bank repossessions
- Illinois: 6.4 percent of all bank repossessions
- Wisconsin: 2.1 percent of all bank repossessions
At the other end of the spectrum, North Dakota and Washington, D.C. were home to the fewest bank repossessions, with 0.03% and 0.02% of the national total, respectively.
Also noteworthy is that the RealtyTrac report revealed that Nevada relinquished its title as Top Foreclosure State after 62 consecutive top-ranking months. In March, 1 in every 301 Nevada homes received some form of a foreclosure filing. The March rate was a nation-topping 1 in 300 in neighboring Arizona.
For Lake Geneva home buyers, today’s foreclosure market represents an interesting opportunity.
Homes purchased while in the various stages of foreclosure can often be bought at lower prices relative to homes not in foreclosure. It’s one of the reasons why foreclosed homes now account for 20 percent of all home resales.
However, don’t confuse less expensive for less costly.
Foreclosed homes are often sold “as-is” and may be in various stages of disrepair. Fixing a foreclosed home to make it habitable could wipe out the money saved on its price tag. Your best Lake Geneva real estate “deal”, therefore, may be a non-distressed home in sound, move-in ready condition.
If you’re buying foreclosures — or even considering it — be sure to talk with a real estate agent first. The process of buying a foreclosed property is different from buying a “regular” home. You’ll want somebody experienced on your team.
Foreclosure Filings Down 19 Percent In One Year
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Foreclosure filings fell 19 percent last month versus one year ago, says foreclosure-tracking firm RealtyTrac. It’s yet one more signal that the U.S. housing market may have already climbed off its bottom.
According to RealtyTrac, a ”foreclosure filing” is any one of the following foreclosure-related events : (1) A default notice on a home; (2) A scheduled auction for a home; or, (3) A bank repossession of a home.
In looking at the January 2012 figures :
- Default Notices were down 22% from January 2011
- Scheduled Auctions were down 19% from January 2011
- Bank Repossessions were down 15% from January 2011
On a monthly basis, however, the numbers weren’t so promising.
Default notices and scheduled auctions were mostly unchanged, but bank repossessions rose 8 percent. The rise in bank repossessions is likely because 2010′s robo-signing controversy has been rectified at the state and lender level.
This trend toward more bank-owned homes is expected to continue through 2012.
As in most months, January’s foreclosure activity was geographically concentrated. Nevada led the nation in Foreclosures Per Capita, followed closely by California. 13 states fared worse than the national average of 1 foreclosure per 624 households. 37 fared better.
The difference in foreclosure frequency among the two groupings was stark :
- Top 13 Foreclosure States : 1 foreclosure per 435 households, on average
- Bottom 37 Foreclosure States : 1 foreclosure per 5,101 households, on average
North Dakota had January’s lowest foreclosure rate nationwide. Just 1 in 63,500 homes was in some form of foreclosure in North Dakota last month.
As a first-time or seasoned buyer in Delavan , foreclosed homes can be enticing. They’re plentiful and cheap. However, just because a foreclosed home can be bought for a “steal”, that doesn’t mean it’s worth buying. The process of buying a foreclosed homes is different from the process of buying a non-foreclosed home.
The contract-and-negotiation process may be different with a foreclosed property, and foreclosed homes are often sold “as-is”. This means the home you buy at auction could be run-down and defective to the point where it’s uninhabitable.
If you plan to buy a foreclosed home, therefore, have a real estate professional on your side. The internet can teach you much about how the Wisconsin housing market works, but when it comes to writing contracts, you’ll want an experienced agent on your side.
Bank Repossessions Drop To A 44-Month Low
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Foreclosure activity continues to concentrate over just a few states.
According to foreclosure-tracker RealtyTrac, November’s foreclosure filings fell 3 percent as compared to October, and 14 percent from November 2010.
“Foreclosure filing” is a catch-all term for the various “action steps” throughout the foreclosure process. The grouping comprises default notices, scheduled home auctions, and bank repossessions.
As in most months, though, foreclosure activity remains concentrated by state. More than half of last month’s bank repossessions can be traced to just 6 states.
- California : 14.8% of all bank repossessions
- Florida : 12.7% of all bank repossessions
- Texas : 7.0% of all bank repossessions
- Georgia : 6.9% of all bank repossessions
- Arizona : 6.7% of all bank repossessions
- Michigan : 6.3% of all bank repossessions
Meanwhile, with just 5 repossessions, South Dakota topped the list of states with the fewest bank repossessions in November. The Mount Rushmore State accounted for just 0.009% of REO nationwide in a month in which bank repossessions dropped to a 44-month low point across the United States.
The drop in REO is coming at a tough time for today’s Lake Geneva real estate home buyers. Distressed properties are in high demand — mostly because they sell at steep discounts.
According to the National Association of REALTORS®, distressed homes accounted for 28 percent of all home sales in October. As fewer bank-owned homes become available, though, there will be fewer “deals” to be had.
Especially as the broader housing market continues to signal its recovery.
If you plan to buy a bank-owned foreclosed property, do your research first. As supplies drop, the price for foreclosed homes throughout Wisconsin relative to non-distressed homes may rise, rendering REO properties less of a relative “value”.
Before you write a contract, therefore, talk with a licensed real estate agent. There’s plenty of foreclosure data available online but, when it’s time to buy, you should have an experienced agent on your side.
Foreclosure Filings Climbing; 4 States Account For Half Of Nationwide Activity
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Foreclosed homes are a hot market throughout Wisconsin — and supplies are ramping up.
According to foreclosure-tracking firm RealtyTrac, October’s foreclosure filings rose 7 percent to 231,000 filings nationwide.
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.
Because of this, we may glean more relevant insight into the foreclosure market by separating RealtyTrac’s foreclosure report into “event types”.
- Default Notices : Up 10% from September 2011; Down 31% from October 2010.
- Scheduled Auctions : Up 8% from September 2011; Down 38% from October 2010.
- Bank Repossessions : Up 4% from September 2011; Down 27% from October 2010.
These breakdowns suggest that, although improved as compared to last year, the foreclosure market is growing. 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.
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.
Even on a per household basis, the figures remain disproportionate :
- Top 10 Foreclosure States : 1 foreclosure per 341 households, on average
- Bottom 10 Foreclosure States : 1 foreclosure per 7,434 households, on average
The nationwide foreclosure rate was 1 foreclosure per 563 households.
As a Lake Geneva real estate home buyer, foreclosures are worth watching. They account for 18% of home resales nationwide and, in some markets, can be bought at steep discounts versus a comparable “non-distressed” home. That is part of their appeal, in fact.
But just because foreclosed properties can be a “deal”, it doesn’t mean you should rush to buy one. Buying a foreclosed home from a bank is different from buying a non-foreclosed home from a “person”. The contracts and negotiation process are different, and foreclosed homes are sometimes sold as-is.
“As-is” means “this home may have defects”.
Therefore, if you plan to buy a foreclosed home, talk with a real estate professional first. You can learn a lot about the housing market online, but with respect to writing an offer on a property, you’ll want an experienced agent on your side.
Lake Geneva Real Estate – Foreclosure Filings Fall To 40-Month Low
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Foreclosure activity continues to drop nationwide.
Based on data from foreclosure-tracking firm RealtyTrac, foreclosure filings nationwide fell below 220,000 in April 2011, a 9 percent decrease from March.
A “foreclosure filing” is defined as any foreclosure-related action including Notice of Default, Scheduled Auction, or Bank Repossession.
April marks the seventh straight month in which foreclosure filings have dropped and total filings are down more than one-third year-over-year.
One reason why filings are down is that banks are letting more time pass between delinquency and foreclosure, exploring alternative courses of actions such as short sales and loan modifications. It now takes, on average, 400 days from an initial default notice to bank repossession.
That’s more than double the 151-day average of early-2007.
Another reason may be that job growth is returning to the U.S. and job creation is associated with fewer home loan defaults.
Regardless, in the states in which foreclosures are occurring, bank repossessions are concentrating among just a few.
5 states accounted for half of the country’s April REO:
- California: 19.8 percent
- Arizona: 9.5 percent
- Michigan: 7.5 percent
- Florida: 6.7 percent
- Texas: 5.6 percent
Collectively, these 5 states represent just 32 percent of the nation’s population.
On the other end of the chart, Vermont accounted for a measly 0.007% of April’s foreclosure filings.
If you’re a first-time home buyer considering foreclosed homes in Lake Geneva, Wisconsin or a seasoned investor adding to your portfolio, the good news is that foreclosures are selling at steep, 20 percent discounts relative to non-distressed homes. Just make you know what you’re buying. Foreclosure purchases carry different risks and follow different procedures than “traditional” sales.
Rely on a seasoned real estate agent to navigate the deal.
Foreclosure Activity By Metro Area, Q3 2010
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Foreclosures are a big part of the housing market, with distressed properties accounting for 35 percent of all home resales last month, according to the National Association of REALTORS®.
But for as common as foreclosures can be, they remain a localized concern. Data from foreclosure-tracking firm RealtyTrac shows that more than half of last quarter’s foreclosures came from just 19 metropolitan areas, with the Miami-Fort Lauderdale are accountable for the largest number of filings.
A “foreclosure filing” is defined as a default notice, scheduled auction, or bank repossession.
On a per-household basis last quarter, the Las Vegas area was hardest hit. 1 in every 25 households received some form of foreclosure notice.
The RealtyTrac report features other interesting figures, too:
- California, Florida, Arizona and Nevada account for the top 10, and19 of the top 20 metro areas for foreclosures
- Compared to Q3 2009, foreclosure activity dropped in 72 metro areas, including No. 2 Cape Coral/Fort Myers, FL
- Foreclosure activity dropped 1 percent from Q3 2009 in the nation’s 20 most-populated cities
- Wisconsin had no cities on the list.
And, despite a 27 percent increase in foreclosures from the second quarter, Utica/Rome, NY posted the lowest foreclosure rate in the nation — 1 for every 8,003 households. The next closest city, Charleston, WV, posted 1 for every 2,600 households, by comparison.
Foreclosures, like everything in real estate, are local. And buying them is “different” from buying a typical home resale. If you’re planning to buy a foreclosed home, speak with a real estate agent with specific experience with homes in foreclosure. Professional advice is helpful. If you are unsure of which Lake Geneva real estate agent is best to serve please email me and I’lll intorduce you to one.
How Big Is The Foreclosure Market? It Depends On Where You Live, Of Course.
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Foreclosure filings rose 4 percent nationwide last month versus June, according to foreclosure-tracking firm RealtyTrac.com. For the 17th straight month, total filings topped 300,000.
A foreclosure filing is defined as default notice, scheduled auction, or bank repossession.
As with most months, just a handful of states dominated foreclosure activity nationwide.
- California: 14.9 percent of all activity
- Florida: 11.6 percent of all activity
- Arizona: 6.4 percent of all activity
- Michigan: 6.2 percent of all activity
- Georgia: 6.1 percent of all activity
- Texas: 4.9 percent of all activity
Together, these 6 states represent just 30 percent of the overall U.S. population.
The other 44 states (and Washington D.C.) were home to the remaining 49.0%.
Despite this imbalance, though, in all markets, foreclosures and REO are making a profound impact on pricing and product. “Distressed” homes now represent 32 percent of the overall resale market nationwide, according to the National Association of Realtors®.
Buying a foreclosed home can make for a terrific “deal,” but buying in the REO market is decidedly different from buying a non-foreclosed property.
As 3 examples:
- Buying bank-owned homes can take 120 days to close.
- Foreclosures aren’t always listed for sale publicly. Some inventory is privately-held.
- Bank-owned homes are often sold “as is.” There may be defects that render the homes mortgage-ineligible.
If you have an interest in buying REO, consider talking with a real estate agent first. If you don’t have or know a great Lake Geneva real estate agent I encourage you to contact me and I will get you in touch with one. Even the negotiation process is different as compared to a non-distressed sale. It helps to have an experienced professional representing your interests.
Foreclosure Activity Slows Again In June 2010
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313,841 foreclosure filings were made in June, according to foreclosure-tracking firm RealtyTrac. The figure represents a 3 percent drop from May and 7 percent drop from June of last year. However, foreclosure filings remain relatively high nationwide.
June marks the 16th straight month the filings topped 300,000. One in every 411 U.S. homes received some form of notice last month with foreclosure density varying wildly from state-to-state.
Like everything else in real estate, it seems, foreclosures are a local phenomenon.
The states with the highest foreclosures per capita were:
- Nevada : 1 foreclosure filing per 88 homes
- Florida : 1 foreclosure filing per 171 homes
- Arizona : 1 foreclosure filing per 189 homes
The states with the lowest foreclosures per capita were:
- Vermont : 1 foreclosure filing per 26,051 homes
- West Virgina : 1 foreclosure filing per 8,058 homes
- South Dakota : 1 foreclosure filing per 6,528 homes
Wisconsin stats are somewhere in the middle of the states with 4.315 foreclosure properties or one in every 595 housing units. Walworth County had 80 foreclosure properties or one in every 628 housing units. What’s most interesting is how Lake Geneva real estate fared. Lake Geneva real estate had 23 foreclosure properties or one in every 444 housing units. The percentage of Lake Geneva real estate of the 80 Walworth County foreclosure proerties is 29% of the overall figure.
Overall, 40 states beat the national Foreclosure Per Capita average and 10 states fell below. The sheer volume of REO, though, is creating interesting buying opportunities for first-timer buyers, move-up buyers, and Lake Geneva real estate investors.
Homes bought from banks are usually less expensive than non-foreclosure homes. This is one of the major reasons why distressed sales account for roughly 30 percent of all home resales. Less expensive, though, doesn’t always mean “cheaper.” Foreclosed homes are often sold as-is and may be defective or otherwise uninhabitable.
Making repairs to get these Lake Geneva homes into “living condition” can be costly.
Therefore, if you’re buying a foreclosed home, make sure you know what you’re buying before you make your bid. Have a certified professional inspect the home to check for damage, and consider enlisting the help of a Lake Geneva real estate agent to assist with negotiations and management of the contract. If you don’t know one I would be glad to recommend one to you.
The process of buying a Lake Geneva foreclosed home is different from buying a typical resale. Make sure you do your homework.
Foreclosures Per Capita | February 2010
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According to foreclosure-tracking firm RealtyTrac, foreclosure filings topped 300,000 for the 12th straight month last month as 1 in every 418 U.S. homes received a foreclosure filing.
It’s a small improvement from January and a just 6 percent increase over February 2009.
On a per-capita basis, foreclosure density varied by state:
- Nevada : 1 foreclosure filing per 102 homes
- Florida : 1 foreclosure filing per 163 homes
- Arizona : 1 foreclosure filing per 163 homes
- California : 1 foreclosure filing per 195 homes
Also, as in January 2010, foreclosures across the country were concentrated. 10 states beat the national Foreclosure Per Capita average; 40 states fell below. Like everything else is real estate, it seems, foreclosures are local.
For today’s Lake Geneva real estate home buyers, foreclosures represent an interesting opportunity.
Homes bought in various stages of foreclosure are often less expensive than other, non-foreclosure homes. It’s one reason why distressed home sales account for 38 percent of all resales. However, less expensive doesn’t always mean less costly. A foreclosed home may be in various stages of disrepair and they’re often sold as-is, as policy. This is precisely why working with experienced Lake Geneva real estate professionals is critically important to you. I work with only the best and would love to introduce you to one of Lake Geneva’s top Realtors.
Buying new or used can be cheaper than buying broken-down.
Therefore, if you’re in the market for a bank-owned home, make sure you know what you’re buying before you sign a contract. Have qualified professionals review and inspect the property, as needed. Damage to pipes or the property’s structure, for example, may not be so obvious on a walk-though and you’ll want to know about it before you buy.
Also, foreclosed homes are federal tax credit-eligible. Buyers must be under contract by April 30, 2010 and closed by June 30, 2010.
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Asst Vice President
1221 South Shore Drive
Delavan, Wisconsin, 53115 US |
Work: 262-728-6209
Mobile: 262-745-5055
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Lender, Lake Geneva Real Estate
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Foreclosures stories dominate the national housing news. It seems at least one foreclosure-related story makes its way to the front page or the nightly news every week.
But for as much as the foreclosure filing statistics can be astounding — over 300,000 homes were served last month alone — the prevalence of foreclosures depends on where you live.
As reported by RealtyTrac, just 4 states accounted for more than half of the country’s foreclosure-related activity last month.
- California : 22.7 percent of all activity
- Florida : 14.9 percent of all activity
- Arizona : 6.7 percent of all activity
- Illinois : 5.7 percent of all activity
The other 46 states (and Washington D.C.) claimed the remaining 49.9%.
However, just because foreclosures are concentrated geographically, that doesn’t make them less important to homebuyers in Lake Geneva and around the country. There’s been more than 1.4 million foreclosure filings in the last 12 months and that’s a figure that can’t be ignored.
Distressed properties now play a role in one-third of all home resales.
Therefore, if you’re in the market for a foreclosed home, here’s a few things to keep in mind.
- Properties are usually sold “as-is” and may not be up to living standards. Be sure to physically inspect the home before buying it.
- Buying a home from a bank is rarely as streamlined as buying from an individual homeowner. Be prepared for delays and long closings.
- Foreclosures aren’t always listed for sale publicly. Ask your real estate agent how to access the complete foreclosure inventory.
In order to use the federal homebuyer tax credit, you must be under contract for a home by April 30, 2010 and closed by June 30, 2010. That doesn’t leave much time to find a bank-owned home and make it to closing. If you’re serious about buying foreclosures, it’s probably best to start your search soon. If you’re in need of a wonderful real estate agent call me so I can refer you the best realtor for your situation. I only work with the best Lake Geneva real estate agents.
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Travis Egan
Asst Vice President / Loan Officer
1221 South Shore Drive
Delavan, Wisconsin, 53115 US |
Work: 262-728-6209
Mobile: 262-745-5055
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Lender, Lake Geneva Real Estate
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