Skip to main content

Foreclosure Inventory is Concentrated in a few pockets. Team Thayer Real Estate #HousingNews #MarketNews #realestate

foreclosure-for-sale-two Eugene OregonThe nation’s foreclosure inventory, or the share of residential mortgage loans in some state of foreclosure, is only a fraction of what it was at its peak. A large portion of the foreclosure inventory that is remaining is concentrated in a just a few states, according to CoreLogic’s October 2015 National Foreclosure Report released Tuesday.
The number of residential homes in foreclosure nationwide at the end of October totaled approximately 463,000, or 1.2 percent of all homes with a mortgage—is lowest level since November 2007. October’s total was a decline of about 21.5 percent from the end of October 2014, when foreclosure inventory totaled about 589,000, or 1.5 percent of all homes with a mortgage. The number of residential mortgage loans in foreclosure has now declined year-over-year for 48 consecutive months.
The remaining foreclosure inventory is concentrated in a few states, according to CoreLogic. As of the end of October, only 16 states plus the District of Columbia had foreclosure rates higher than the national average for the month of 1.2 percent. The leaders were New Jersey (4.5 percent), New York (3.6 percent), Hawaii (2.5 percent), Florida (2.5 percent), and Washington, D.C. (2.3 percent). The October foreclosure inventory for the top four states, while still high, represented substantial declines from a year earlier (New Jersey—5.5 percent, Florida and New York—4.1 percent each, Hawaii—2.9 percent).
12-8 CoreLogic  Team Thayer“We are heading into 2016 with the lowest foreclosure inventory in eight years thanks to escalating home values and progressive improvement in the U.S. economy. A large proportion of the remaining foreclosure inventory is clustered in New York, New Jersey and Florida,” said Anand Nallathambi, president and CEO of CoreLogic. “Equally encouraging is the drop in mortgage delinquency rates reflecting the stronger labor market and tighter underwriting since 2009.”
Completed foreclosures were also concentrated in a few states during October, as is typically the case. Five states (Florida with 86,000, Michigan with 59,000, Texas with 30,000, Georgia with 25,000, and California with 24,000) accounted for nearly half of the nation’s 494,000 foreclosures completed in the 12-month period ending October 31, 2015. This number represented a substantial year-over-year decline: for the 12-month period ending October 31, 2014, the total was approximately 561,000.
Approximately 37,000 foreclosures were completed in October, a 27 percent decline from October 2014’s total of 51,000. While the number of monthly completed foreclosures has been on the decline, it still has a ways to go before reaching its pre-crisis “normal” level 21,000 (the monthly average from 2000 to 2006). The number of foreclosures completed, which is a true measure of homes lost to foreclosure, has totaled about 6 million since September 2008—the onset of the housing crisis. Since homeownership rates peaked in Q2 2004, about 8 million homes have been lost to foreclosure nationwide.
More good news from CoreLogic’s report: the number of mortgages in serious delinquency (90 days or more past due or in foreclosure or REO) fell to its lowest level since December 2007. As of the end of October, about 1.3 million mortgages, or about 3.4 percent of all mortgages nationwide, were in serious delinquency—a 19.7 percent decline from the previous October.
“Improved economic conditions and more foreclosure completions have pushed the foreclosure rate lower,” said Dr. Frank Nothaft, chief economist for CoreLogic. “The national unemployment rate declined to 5.0 percent in October, the lowest since December 2007, and the CoreLogic national Home Price Index has risen 37.0 percent from its trough.”
12-8 CoreLogic graphic Bank Foreclosures Oregon

Popular posts from this blog

UFC 227 play-by-play and live results #UFC #MMA #UFC227

LOS ANGELES – MMAjunkie is on scene and reporting live from today’s UFC 227 event, and you can join us for live play-by-play and official results beginning at 6:30 p.m. ET (3:30 p.m. PT). The event takes place at Staples Center in Los Angeles. The main card airs on pay-per-view following preliminary-card bouts on FX and UFC Fight Pass. In the main event, bantamweight champion T.J. Dillashaw (15-3 MMA, 11-3 UFC) rematches former champ and ex-teammate Cody Garbrandt (11-1 MMA, 6-1 UFC) for the title. In the co-feature, flyweight champion Demetrious Johnson (27-2-1 MMA, 15-1-1 UFC) has a rematch with Olympic gold medalist and former title challenger Henry Cejudo (12-2 MMA, 6-2 UFC). Follow along with our round-by-round updates and official results beginning at approximately 6:30 p.m. ET for the UFC Fight Pass prelims, 8 p.m. ET for the prelims on FX, and 10 p.m. ET for the main card on pay-per-view. To discuss the show, be sure to check out our  UFC 227 discussion thread...

Team Thayer Real Estate House Flipping Traps! #flippinghouses #eugeneoregon #oregon #housing #market #realestate

If you’ve got several leads waiting to turn into potential deals, you can’t wait for one to suddenly come knocking at your door. Successful real estate house flippers have one trait in common: they place an emphasis on proper planning. Once you’ve secured a deal, you must decide what kind of rehab you will perform. Will you conduct a few simple cosmetic upgrades (like these  10 rehab projects you finish in one weekend )? Or, is the home nice enough to sell after  an easy prehab ? Are there structural damages that will require you to carry out more major renovations? Will you focus on implementing environmentally friendly renovations  – also known as “greenhabbing” – so that you  qualify for certain tax benefits ? Once you’ve determined your strategy, it is important to ask yourself these specific questions before diving into the construction action: What are the current market conditions in my area? What does my ideal buyer look like? Does my marketing cam...

First-Time Home Buyer Mortgage Risk Edge Up Team Thayer Real Estate news.

The first-time buyer share in April, May, and June was launched to new highs, supported by improvements in the labor market, riskier mortgage lending, and continuing low mortgage rates. The  American Enterprise Institute (AEI)  International Center on Housing Risk  recently released a  report , finding that first-time buyers account for 58.8 percent of primary owner-occupied home purchase mortgages with a government guarantee, up from 57.2 percent the prior June, according to the Agency First-Time Buyer Mortgage Share Index (FBMSI). The Combined FBMSI, which measures the share of first-time buyers for both government-guaranteed and private-sector mortgages reached an estimated 52.9 percent, up from 51.6 percent the prior June, according to the report. In addition, AEI determined that the Agency First-Time Buyer Mortgage Risk Index (FBMRI) stood at a series record of 15.83 percent, and increase of half of a percentage point from the average over the prio...