Realtor Coaching & Training: Idaho
Foreclosure Firestorm Ahead.
Just in case any of you were actually believing the housing markets where anywhere near bottom……..
NEW YORK (Reuters) – U.S. foreclosure activity for May ebbed from April’s record, but mortgages still failed at a staggering pace as President Barack Obama’s rescue programs had not had time to fully take root, RealtyTrac said on Thursday.
Foreclosure filings dipped 6 percent in the month but increased 18 percent from May 2008, marking the third highest month on record.
“There were almost one million foreclosure filings in a three-month period, and that’s simply unprecedented,” Rick Sharga, senior vice president at RealtyTrac in Irvine, California, said in an interview.
Temporary freezes on foreclosure activity ended in March. Failures of many seriously delinquent loans that were put on hold during those moratoria have been thrust back into the foreclosure cycle.
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One in every 398 households with loans got a foreclosure filing in May. Filings, which include notices of default and auctions, were reported on 321,480 properties last month.
Stemming foreclosures is seen critical to bolstering home prices, consumer confidence and the recessionary U.S. economy.
Bank repossessions, known as real-estate owned or REOs, rose in May and should spike in coming months because the moratoria ended, RealtyTrac said.
OBAMA PLAN NEEDS TIME
The administration’s plans to ease loan modifications and refinancing were detailed in early March and haven’t been implemented long enough to derail foreclosures.
The hurdles are high. Unemployment reached a nearly 26-year peak in May and mortgage rates have leaped a percentage point from their spring lows to more than 5-1/2 percent.
“One of the cures to this problem is enough buying activity to eat up the inventory of distressed properties,” Sharga said. “If mortgage rates go up to where people decide to wait out the market again, that’s just going to add to the inventory numbers and put more downward pricing pressure on all homes.”
RealtyTrac forecasts about 4 million foreclosure filings will be made this year on about 3.1 million households with loans. Last year, there was a record 3.1 million filings on about 2.4 million households.
In a more typical year, Sharga said there would be around 800,000 filings on 550,000 households.
“When you have a glut of inventory and downward pricing pressure that does tend to push properties into foreclosure,” said Sharga.
States where sales and prices soared most in the five-year housing boom earlier this decade remained the hardest hit.
Nevada stayed at the top of the foreclosure rate rankings by state, with one in every 64 housing units getting a foreclosure filing. California, Florida and Arizona, Michigan, Georgia, Colorado, Idaho and Ohio were the other states with the highest foreclosure rates.
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Ten states, led by California, accounted for almost 77 percent of total number of foreclosure actions in May.
“We need to give the administration’s programs a little bit of time to gain traction,” Sharga said. “If unemployment continues to worsen, all bets are off on foreclosure rates.”
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From RealtyTrac
:
RealtyTrac has released its U.S. Foreclosure Market Report for February:
Foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 290,631 U.S. properties during the month, an increase of nearly 6 percent from the previous month and an increase of nearly 30 percent from February 2008. The report also shows one in every 440 U.S. housing units received a foreclosure filing in February.
“The increase in foreclosure activity from January to February is somewhat surprising, given that many of the foreclosure prevention efforts and moratoria in place in January were extended through most of February as well,” said James J. Saccacio, chief executive officer of RealtyTrac. “There were some notable exceptions to this: a 45-day voluntary moratorium in Florida expired at the end of January, and foreclosure activity there was up 14 percent from the previous month; and many New York foreclosure
proceedings delayed by a new law for an extra 90 days appear to have hit the system in February, when the state’s foreclosure activity increased 23 percent from the previous month.”
Which states have the highest foreclosure rates?
1. Nevada: 1 in 70 homes
2. Arizona: 1 in 147 homes
3. California: 1 in 165 homes
4. Florida: 1 in 188 homes
5. Idaho: 1 in 358 homes
6. Michigan: 1 in 360 homes
7. Illinois: 1 in 369 homes
8. Georgia: 1 in 389 homes
9. Oregon: 1 in 446 homes
10. Ohio: 1 in 451 homes
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Thanks to Coach Jonathan for sending this to me to share with you…….
WASHINGTON – Despite halts on new foreclosures by several major lenders, the number of households threatened with losing their homes rose 30 percent in February from last year’s levels, RealtyTrac reported Thursday.
Nationwide, nearly 291,000 homes received at least one foreclosure-related notice last month, up 6 percent from January, according to the Irvine, Calif-based company. While foreclosures are highly concentrated in the Western states and Florida, the problem is spreading to states like Idaho, Illinois and Oregon as the U.S. economy worsens.
“It doesn’t bode well,” for the embattled U.S. housing market, said Rick Sharga, vice president for marketing at RealtyTrac, a foreclosure listing firm. “At least for the foreseeable future, it’s going to continue to be pretty ugly.”
The rise in foreclosure filings came despite temporary halts to foreclosures by Fannie Mae and Freddie Mac, and major banks JPMorgan Chase, Morgan Stanley, Citigroup and Bank of America. Those companies pledged to do so in advance of President Barack Obama’s plan to stem the foreclosure crisis, which was launched last week.
Two states that contributing to the increase were Florida and New York, where temporary bans on foreclosures ended.
But other states are moving to enact similar measures. On Wednesday the Michigan House approved legislation that would give homeowners facing foreclosure a 90-day reprieve. The legislation now goes to Michigan’s Republican-led Senate, where its future is unclear.
While the number of foreclosures continue to soar nationwide, banks have held off listing properties for sale, Sharga said. There were around 700,000 such properties nationwide at the end of last year, making up a “shadow inventory” of unsold homes that could drag the housing crisis out even longer.
“It’s going to take us longer than you might anticipate to burn through he inventory of distressed properties,” he said.
The results highlight the challenge ahead for Obama and his economic advisers. The Obama administration is aiming to help up to 9 million borrowers stay in their homes through refinanced mortgages or loans that are modified to lower monthly payments.
Still, the faltering economy, driven down by the collapse of the housing bubble, is causing the housing crisis to spread. Nearly 12 percent of all Americans with a mortgage — a record 5.4 million homeowners — were at least one month late or in foreclosure at the end of last year, according to the Mortgage Bankers Association. That’s up from 10 percent at the end of the third quarter, and up from 8 percent at the end of 2007.
The RealtyTrac report said more than 74,000 properties were repossessed by lenders in February as the worst recession in decades, falling home values and stricter lending standards continue to sap the U.S. real estate market.
Nevada, Arizona, California and Florida had the nation’s top foreclosure rates. In Nevada, one in every 70 homes received a foreclosure filing, while the number was one every 147 in Arizona. Rounding out the top 10 were Idaho, Michigan, Illinois, Georgia, Oregon and Ohio.
Among metro areas, Las Vegas was first, with one in every 60 housing units receiving a foreclosure filing. It was followed by the Cape Coral-Fort Myers area in Florida and five California metropolitan areas: Stockton, Modesto, Merced, Riverside-San Bernardino and Bakersfield.
Source: Associated Press.
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Dear Tim & Julie & the entire Team at HREU,
What a ride since joining HREU! This progress has occurred so fast!
I am a Realtor in Idaho and because of our HREU network I am effectively helping people all over the country! This past week or so I have had several calls from different agents across the country who have seen my video on the HREU website wanting more info and to hear more about how I’m doing what I’m doing. This network we are all tapped into by being members of HREU is amazing!
I contacted Kim and Kris Darney, HREU students in Southern California, who I am proud to know and who are now associates I consider friends. While working with a family here in Idaho on the purchase of a home, I learned that they had someone in So-Cal who needed help in a short sale situation. Kim & Kris and I got on a conference call with the client so I could help translate the Spanish part, they set up an appointment and they were there at the client’s home in San Bernardino THE VERY NEXT DAY to help them and get their home listed! Mind you, these are clients I have only spoken with on the phone and never met in person. These clients called me back to say how happy they were and how professional and knowledgeable Km & Kris were at their meeting and of course the relief they feel with the right team in place helping them through a crazy time!
I know that I can help people anywhere in the country with the best trained real estate people anywhere because of this amazingly powerful network WE ALL HAVE through HREU.
I am truly a real estate professional with a national reach because of HREU. These are those unexpected nuggets that pop up. Yes, I joined to be a short sale student, yet every aspect of my real estate business and my life and my time and my outlook have benefited by enrolling as a student.
The value you guys deliver is not highlighted enough! I mean $97 a month?!!! And the $97 referral checks for referring new students…you could call it “free”! This has been the best investment in my business EVER!
If you are in real estate and plan to be in real estate for the foreseeable future, you can’t afford to not be an HREU coaching student.
I want you guys to know how amazing you are! I have a business and a life now. The impact you are making on real estate professionals and our industry and the community through all of your giving is something to be extremely proud of and please know that I am extremely proud to be associated with you!
Sincerely,
Kevin M. Hall
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Realtor Coaching Clients…the REO listings opportunities of your career are just getting started…read this article from Bloomberg. Be sure to download your free Agent REO Secrets guide book. Free Instant download here.
U.S. foreclosure filings climbed 28 percent in November from a year earlier and a brewing “storm” of new defaults and job losses may force 1 million homeowners from their properties next year, RealtyTrac Inc. said.
A total of 259,085 properties got a default notice, were warned of a pending auction or were foreclosed on last month, the seller of default data said in a report today. That’s the fewest since June. Filings fell 7 percent from October as state laws and lender programs designed to delay the foreclosure process allowed delinquent borrowers to stay in their homes.
“We’re going to see a pretty significant storm next year,” Rick Sharga, executive vice president of marketing for Irvine, California-based RealtyTrac, said in an interview. “There are two or three clouds that suggest a pretty heavy downpour.”
Rising unemployment, expiring foreclosure moratoriums and state efforts that “run out of steam” will push monthly filings toward the record of more than 303,000 set in August, Sharga said. The number of homes that revert to lenders, the last stage of foreclosure and known as “real estate owned” or REO properties, will increase to 1 million from as many as 880,000 this year, he said.
Job Losses
“The forces leading to foreclosure are hard to offset in most cases and impossible in many,” Robert Hall, a Stanford University professor and chairman of the National Bureau of Economic Research committee that calls the beginnings and ends of recessions, wrote in an e-mail. “Job loss is a major source of defaults at all times, and job losses are running at extreme levels now.”
Initial jobless claims increased to 573,000 in the week ended Dec. 6, the highest level since November 1982, while the number of workers staying on benefit rolls reached 4.429 million, also the most since 1982, the Labor Department said today. U.S. companies slashed payrolls by 533,000 last month, the fastest pace in 34 years, for a total of 1.9 million job cuts so far this year.
“The labor market is facing its worst crisis since 1982, and it is certainly not over yet,” said Harm Bandholz, a U.S. economist at UniCredit Markets and Investment Banking in New York.
Home prices have fallen by about a fifth from the mid-2006 peak, according to the S&P/Case-Shiller home price index.
‘Devastating Consequences’
“The decline in prices and its devastating consequences” will continue next year with no indication of when they will stabilize, Hall said. Programs that modify the terms of loans, including efforts by Fannie Mae, Freddie Mac, JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. can’t help thousands of borrowers, he said.
“Something like 70 percent of subprime foreclosures are beyond the reach of modification programs because the owners are investors, because the owner is in default for the second time on the property, or because the owner has disappeared,” Hall said.
The share of mortgages delinquent by 30 days or more in the third quarter rose to a seasonally adjusted 6.99 percent while loans already in foreclosure rose to 2.97 percent, both all-time highs, the Mortgage Bankers Association said in a Dec. 5 report. The gain in delinquencies was driven by an increase in loans with payments 90 days or more overdue.
No Improvement
“Until we see a turnaround in the job situation, we’re not going to see these numbers improve,” said Jay Brinkmann, chief economist of the Washington-based bankers group.
In November, one in every 488 U.S. households received a foreclosure filing, RealtyTrac said. Nevada had the highest rate for the 23rd straight month with one in 76 households in some stage of foreclosure, more than six times the national average. Filings more than doubled from a year earlier to 13,962.
Florida had the second-highest rate, one in 173 households, and the second-most filings at 49,190, an increase of 68 percent. Arizona had the third-highest rate, one in 198 households, and ranked fifth in total filings with 13,136, up 128 percent.
California, Michigan, Georgia, Ohio, Colorado, Utah and Idaho also ranked among the top 10 highest rates, said RealtyTrac, which collects property data from more than 2,200 U.S. counties that represent more than 90 percent of the population.
California
California had the most filings with 60,491, up 51 percent from a year earlier, and a rate of one filing for every 218 households, more than twice the national average.
Michigan ranked third in filings with 14,594, up 27 percent, and had a rate of one for every 309 households, according to RealtyTrac. Nevada, Arizona, Ohio, Georgia, Illinois, Texas, and Virginia were among the top 10 states with the most filings.
New Jersey had the 15th highest rate, one in 622 households, and had 5,582 filings, up 32 percent from a year earlier. New York had the 39th highest rate, one in 3,040 households, and had 2,601 filings, a decrease of 55 percent, RealtyTrac said.
Florida had three metropolitan areas among the top 10 highest rates, including Cape Coral-Fort Myers in first place with one in 59 households in a stage of foreclosure. Fort Lauderdale was seventh at one in 117 households, and Port Lucie- Fort Pierce was eighth at one in 118 households.
Las Vegas ranked second at one in every 61 households in a stage of foreclosure.
California had six metro areas in the top 10, led by Merced in third place with a rate of one in 76 households in a stage of foreclosure. Modesto, Stockton and Riverside-San Bernardino ranked fourth through sixth, Bakersfield was ninth and Vallejo- Fairfield was 10th, according to RealtyTrac.
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Here is a great HREU December To Remember submission from Realtor Coaching student Kevin M. Hall…
Its not too late to send us your HREU December To Remember success story. Remember, send us a brief story about how your helped someone using the knowledge you gained from Harris Real Estate University. Send your submission to CoachTimHarris@gmail.com. If your story is selected…you will win a FREE DIGITAL VIDEO CAMERA!
Here is Kevins submission…
Dear Tim & Julie,The wonderful successes I have been experiencing since joining HREU have continued to pile up! Yes, getting a million plus dollar short sale listing my first week as a student, currently having over $50,000 in pending commissions and being invited to do a 30 minute PSA about short sales on the largest Spanish radio station in Idaho have all been phenomenal, I must say there are a few additional experiences that have really stood out. To date, since becoming a certified short sale specialist with HREU, I have successfully been able to help 3 different families avoid foreclosure as a direct result of my actions. Those actions were a direct result of what I know how to do because of my training with you at the university! That is 3 families (and counting) that now have a brighter and more secure future knowing that they have dodged the bullet of foreclosure thanks to my help. Consider this; I knew none of this just six months ago! My business is fun and rewarding and the momentum is exciting. I have just brought on an associate to handle specific tasks due to our growth. I am grateful to have crossed paths with you and look forward to many exciting things to come!CHEERS!Sincerely,
Kevin M. Hall
Prudential Jensen Real Estate
Real Estate…Results.
HREU Certified REO & Short Sale Specialist
208-340-2823 DIRECT
Hablo Español / Servicio Completo en Español
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