Wednesday, November 16, 2016

Foreclosure Process To Be Streamlined! Team Thayer #realestate #housing #market #foreclosure #reo #bank #foreclosed #market #economic #news #oregon


With the recent news of foreclosures increasing in October, what trends are you currently seeing when it comes to foreclosure metrics?
I think everyone needs to take a deep breath over the foreclosure numbers. There is really no evidence that we are going to see any meaningful increases in foreclosures right now. I think what we had was a one month blip and I suspect that by next month you will see the number settle down significantly.
October historically is a busy month for foreclosure activity. Lenders and servicers try to move things through the pipeline ahead of the traditional holiday foreclosure moratorium that takes place so there is always a bit of a bump. I think two things inflated the number this time. One is that we are coming off a very small base to begin with so any kind of increase make the percentage look bigger. The other is that we are getting to end of a cycle where a lot of really old loans that probably should have been foreclosed upon a few years ago are reaching the end of the foreclosure process, so we are likely to see some spikes month to month on particularly REO activity before this settles down. If you look beyond the backlog of old loans in a handful of states, there is virtually nothing entering the system as delinquent loans.
In moving these foreclosures through the pipeline, why has there been a shift in the length of time these properties are held onto from longer to shorter in the past few years?
I think there are a couple reasons for this shift. Predominately though I think it is a better way to mitigate loss for the servicers and the note holders. What I think we have found over the last couple of years is moving these properties more quickly actually ends up delivering a higher sales price and lower carrying costs for the servicers so they make out better. The investors that they are selling to are looking at a market where there is relatively limited inventory available so they are willing to jump at some of these properties as soon as they are made available. The truth is very few of the properties coming through the pipeline right now are appropriate properties for traditional owner occupants to buy. These are all really investor properties so the sooner you can get them in the hands of the investors the better for the servicer and the neighborhood because they can take what in a lot of cases are vacant properties and get them back into market condition.
Why are servicers choosing to use auctions as the method of choice for selling their foreclosed properties?
Using an auction gives a sense of date certainty. For example, the auction is going to be on Tuesday and that is when the property is going to be sold. The investors know that and they will make their bids accordingly. If you put the property out on the market in the more traditional sense, you are never sure when the property will sell. You also would get more interest from buyers who wouldn’t be getting an ideal property for themselves because they are not investors. I think the ability for an auction company to effectively target investors, to bring some certainty to the time the property will be on the market and get the best execution in price are the reason servicers use auctions. It is important to also emphasize the online aspect to auctions because doing auctions online exponentially expands the potential customer base. It turns it from a local market to a global market by marketing these properties online.

Monday, November 14, 2016

Foreclosures Increase After Months of Decline! Team Thayer #realestate #housing #market #foreclosure #economic #news #oregon

Foreclosures See an Increase After Months of Decline

Foreclosure Three BH
October foreclosure filings increased 27 percent from the previous month after experiencing a 129-month low in September, according to the latest U.S. Foreclosure Market Report from ATTOM Data Solutions.
Despite increases month-over-month in foreclosure starts, bank repossessions (REO), and scheduled foreclosure auctions, these trends including total foreclosure filings still saw a marginal decline year-over-year.
"Part of this could be tied somewhat to the election with lenders holding back for the last few months as there are uncertainty around the election," says Daren Blomquist, SVP of ATTOM Data Solutions. "Even though they didn't know the outcome in October when we saw this activity take place, there was probably a lot of certainty thinking that Clinton would win. I think with this certainty, lenders went ahead and pushed through more foreclosures."
The report also found that 28 states and the District of Columbia experienced an increase in foreclosure activity from the previous year, despite the national trend of decline.
"Some of these housing markets still have a backlog of distressed inventory and those do tend to be Northeast and Rust Belt States,” says Blomquist. “We are seeing a continuing of working through the backlog. What also really stood out in October was that in some of the states that seemed to put the foreclosure crisis behind them, we saw some pretty big jumps in foreclosure starts. This was in places like Arizona, Georgia and Colorado. A lot of this activity was tied not to loans in the last foreclosure crisis but loans originated since 2009."
Blomquist assures that foreclosure increases both national and state specific are nothing to be concerned about, though.
"A one month jump in foreclosure activity does not mean we are seeing a crisis again," he says. "But I think what it does say is that there is still risk in originating loans even in a very healthy and robust housing market, particularly with the lower down payment loans."
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Will Trump “Make the Housing Market Great Again?” Team Thayer #realesate #housing #market #economic #news


Despite the fact that President-elect Donald Trump addressed the topic of the housing market and its various sectors only marginally throughout his road to the presidency, as a business mogul, it is safe to assume that when it comes to making decisions that impact the industry, Trump will rely on his financial knowledge to steer his judgement.
Laurie Goodman, Co-Director for the Housing Finance Policy Center at the Urban Institute says that Trumps perspective as a businessman could make a big difference in several aspects of the market including housing supply.
“We figure new single-family housing plus new multi-family housing plus manufactured housing minus obsolescence is about 430,000 units short of new household formation,” says Goodman. “So supply constraints are huge and what that does is put upward pressure on both prices and rents and create affordability problems. In turn, those affordability problems are expected to get worse over time.
Given that Trump is a businessman that understands supply constraints and can think about ways to put pressure on state and local governments (because this is a state and local issue), eliminating supply constraints would be a business-friendly thing to do and very helpful thing to do,” adds Goodman.
Daren Blomquist SVP for ATTOM Data Solutions says that Trump’s victory could be a catalyst for other sectors of the market such as foreclosures.
“With foreclosures, we expect a short-term uptick in activity into early next year as banks have more confidence as to who is in place,” says Blomquist. “Trump brings less fear of regulation on foreclosures and I believe we will see the backlog of foreclosures being pushed through.”
On the flip-side of the equation, when it comes to loan originations and potential homeowners looking to enter the market, according to his recent commentary, Trulia Chief Economist Ralph McLaughlin says Trump’s election will both help and hinder consumer confidence.
“Homebuyers in economically healthy blue states will likely be rattled and more hesitant about the future the U.S. economy, which will curb their interest in making large investments,” says McLaughlin. “In economically stagnant red states, on the other hand, homebuyers will likely feel a surge of confidence that could bolster demand.”
Blomquist says that he doesn’t believe sales will be impacted based on the election results one way or another.
“I don't think the sales trend will be heavily effected. We started see sales slowdown before the election and that could have been in part because of the uncertainty,” says Blomquist. “I think we will see a short-term uptick in sales as people are more confident and have certainty. But the overall downward trend we are seeing in sales is slowing down and I believe we will continue to see that because of affordability constraints.”
When it comes to a long-term forecast for how the market will react to this new administration, the future is somewhat murky.
“What the long-term really depends on is what housing policies Trump puts into place," says Ralph DeFranco, Chief Economist at Arch Mortgage Insurance. "My sense is that he is going to help on the demand side of the equation and that would improve the homeownership rate over the two plus year horizon."

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Tuesday, November 8, 2016

The 5 best Affordable Upgrades For your home! Team Thayer #realestate #housing #market #news #oregon







1. Swap out your kitchen countertops

But don’t assume granite is always the best choice. “Granite isn’t as special as it once was because every kitchen has it now,” advises Loder. If the countertops are the only upgrade you’re planning, splurge on recycled glass (around $85 per square foot) for a true wow factor, or for a less expensive but equally stunning option, try quartz (around $60 to $75 per square foot). Stick with neutral colors like white, gray, or “greige,” which will appear clean and bright and won’t turn off potential buyers. If your budget allows, Loder recommends upgrading your backsplash with wide, light-colored subway tiles (think 4-inch-by-16-inch tile) arranged in a unique pattern, such as herringbone.

2. Invest in a free-standing bioethanol fireplace

“They add a ton of character without breaking the bank,” says Erin Davis, lead designer at Mosaik Design and Remodeling in Portland, OR. “Free-standing units use piping to vent the smoke out of the home, so it makes for an easier, more cost-effective installation.” Things to keep in mind: Since the heat radiates from all sides, you’ll need at least 36 inches of clearance around the unit. Opt for one that comes with a stand (most do), which will alleviate the need to add noncombustible flooring.
home improvement ideas

3. Increase your living space with decking

“It’s an affordable extension of your home and a perfect place to entertain guests or relax with your family,” says Thomas O’Rourke of DeckingHero.com, a resource guide to buying and installing decking. And we’re not just talking raised decks either. Decking materials can be used to create patios, outdoor living rooms, and even outdoor kitchens.

4. Add low-voltage outdoor lighting

Think lights along your driveway, walkways, and patio, and uplights on trees. “Doing so creates ambiance in the evening, especially when entertaining, and it will increase the quality of any photos you post of your home when it comes time to sell,” says John Bodrozic, co-founder of HomeZada, a digital home management site. Once you have a lighting system in place, make sure to install timers, which can also deter burglars.

5. Give your exterior a makeover

Have your house exterior and front porch professionally power-washed, upgrade light fixtures (this can be as simple as replacing the bulbs with Edison-style ones, which instantly ups the cool quotient of your current fixture, says Loder), swap out the hardware on your front door, upgrade your mailbox, replace worn-out or broken shutters, and freshen up your landscaping. These simple changes outside will pack a punch without crushing your budget.
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Factors Stabilizing Housing Affordability! Team Thayer #realestate #news #housing #market #reo #foreclosure #news #oregon

A "pretty amazing balancing act" between low interest rates and rising home prices is reportedly keeping affordability stable at the national level, according to the latest Black Knight Mortgage Monitor.
Team Thayer www.teamthayer.comThe report found that the average U.S. home value increased by $13,500 from the year prior, but low interest rates mean the monthly P&I payment on the median-priced home is only a dollar less than last year. Additionally, it currently takes only 20 percent of the median monthly income to cover monthly payments on the median-priced home. This is well below historical norms.
Despite these national levels, affordability varies across the country based on home price appreciation (HPA). For example, the report shows that in Washington and Oregon, it costs 5-6 percent more in P&I each month to buy the median priced home than the year before. In contrast, states such as New Jersey, Wyoming, North Dakota and Connecticut cost 3-5 percent less each month than in the previous year.
If the rates where to increase though, this would disrupt the balance that affordability is seeing nationally. The report computes that a 50-basis point increase in interest rates would be equivalent to a $17,000 increase in the average home price, thus potentially bringing the affordability ratio up to 21.5 percent of median income. That would make affordability the highest it's been post-crisis. With a 1 percent rise in rates, the payment-to-income ratio would potentially increase to 23 percent, the equivalent of increasing the cost of the average home by $34,000.
Additionally, at 1 percent, the rate of all mortgages that are in active foreclosure fell to its lowest point in nine years. Month-over-month, the number of active foreclosures dropped 3.38 percent but it was year-over-year where the truly substantial decrease was seen, 31.23 percent. Total foreclosure starts fell to 61,700 this month, a decrease of 10.32 percent from the previous month and 22.78 from the year prior. Likewise, foreclosure sales decreased 5.82 percent from August to 2.03 percent. This was an increase though from last year by 2.47 percent.
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Friday, November 4, 2016

Bankruptcy Filings Dip Even Lower! Team Thayer #realestate #housing #market #investor #News #oregon


Bankruptcy Filings Dip Lower
DS News Sponsored PostNationwide bankruptcy filings were 5 percent lower in October 2016 compared with a year earlier, falling even lower than last month’s reported decrease, according to October 2016 AACER bankruptcy data reported by Epiq Systems.
Bankruptcy filings totaled 63,042 in October, which was an increase from September’s total of 64,614, and was approximately 2.4 percent higher than October 2015’s total of 63,042 (an increase of 1,572).  Year-to-date, there have been 656,125 bankruptcy filings nationwide for the past nine months of 2016 (about 65,613 per month), down from 2015’s year-to-date total through the end of October of 700,014 (about 70,001 per month).
The average number of filings per day in October 2016 was 3,152 over 20 days, which is an increase from September’s daily average of 3,077 over 21 days. The extra filing day in September compared to October accounts for the slight increase in the number of filings in September; had October featured 21 filing days, there would have been over 100 more filings averaged per day than in September. Bankruptcy filings have averaged 3,121 for the past nine months of 2016 over a period of 210 filing days.
October’s total of 63,042 bankruptcy filings was less than half of the peak total for the month of September recorded in 2010 of 135,771.
The state with the most cumulative filings for the past nine months of 2016 was again California with 61,173. As has been the trend, Illinois was second in year-to-date filings with 44,965. The next three states with the most cumulative filings were Georgia (39,3777) Florida (37,430), and Ohio (30,888).
Tennessee and Alabama continued to rank first and second among states in bankruptcy filings per capita for October with 5.66 and 5.53 for every 10,000 people, respectively. Those numbers were virtually the same as September’s numbers. The national average of filings per capita in October 2016 held steady over-the-month at 2.53, though it has increased by about 50 basis points since January 2016’s average of 2.02 percent.
Epiq Systems is a leading global provider of technology-enabled solutions for electronic discovery, bankruptcy and class action administration. Top legal professionals depend on us for deep subject-matter expertise and years of firsthand experience working on many of the largest, most high-profile and complex client engagements. Epiq Systems, Inc. has locations in the United States, Europe and Asia.