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Foreclosures in the US Mostly Down to Pre-Housing Crisis Figures

According to RealtyTrac, foreclosures in the US are now at their lowest levels ever since the great housing mortgage meltdown. However, in US states that practice judicial foreclosure proceedings, the numbers seem to have increased.

In just the third quarter of this year there were about 531,576 properties that filed for foreclosure. This number is down by 11% compared from last year’s numbers. Just this September there was a 7% drop in filings as compared to Augusts’ numbers. This data is down 16% when compared from the same month in the previous year.

Housing Market Rebounding

The decline in foreclosure numbers all across the country is a sure sign that the housing recovery is underway. However, the issue is that not all parts of the country are moving at the same speed. There were some US states that reported an increase in foreclosure numbers due to the fact of the recent robosigning scandal that interrupted the foreclosure process in those states.

Resolution of Robosigning Shows more Accurate Figures

According to RealtyTrac, they have been eagerly awaiting a more accurate return of foreclosure numbers ever since the latter part of 2010. This is due to the fact that the robosigning scandal forced some US states to halt further foreclosure proceedings to give way to an internal investigation of the matter. Robosigning is the fraudulent practice of some mortgage lending companies as well as banks that were fast tracking foreclosures very quickly by forging signatures and falsifying information.

This created a backlog of foreclosures and even a decline in numbers creating a so-called artificial signs of recovery. Industry watchers have been intently watching for the return of real foreclosure figures once the case was settled.

In some US states, particularly those that practice judicial foreclosure proceedings, the numbers have increased tremendously. This is due to the fact that the processes here take longer than usual because the courts are involved and there must be hearings.

States with Best and Worst Declines

US states where foreclosure declines were most prominent include: Georgia, California, Arizona, Michigan, and Texas. Of the 24 US states that practice non-judicial proceedings, there were only four that showed an increase. This was partly due to recent changes in foreclosure laws that required a bigger requirement for banks to foreclosure a property.

On the other hand, New Jersey, which is a judicial foreclosure state, saw its foreclosure numbers increase by as much as four times. Meanwhile, Florida, one of the hardest hit by the sub-prime mess, is at number one nationwide with the most properties that defaulted. Its numbers are twice the national median for foreclosures. The state saw a 24% increase on a year-by-year basis. September saw those numbers worsen as it reported for the eleventh consecutive month high foreclosure numbers.

RealtyTrac further estimated that the average foreclosed property price rose by as much as 12% when compared to the previous month. The average price was pegged at $194,681. Moreover, listings for new properties also were down by 40% when compared to the previous month.

Looking Ahead

It is now being projected that the housing market is on its way to a more realistic recovery. The small gains in the industry are now being complemented by more homebuilder activity, increased demand, and low foreclosed property inventories.

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Foreclosures in The US – Seeing Signs of Recovery

A couple of reports recently released show that foreclosures in the US are dropping, signaling signs that a housing recovery is underway. Millions of properties went to the foreclosure chopping block in the past several years as a direct result of sub-prime loan defaults brought forth by the US housing market collapse. It now seems that the worst of the crisis is over.

California Recovering

California, one of the hardest hit states during the housing market crisis, has indeed seen better days. It looks like those days are slowly coming back as a report from DataQuick Information Systems showed that foreclosure rates in the state were at their lowest since 2007. That number is a 31% reduction for the state and about a 22% reduction in San Bernardino County, one of the worst affected by the crisis.

Reason for the Decline in Foreclosure Numbers

Experts postulate that the decline in foreclosure numbers were largely due to the attitude of banks that are more inclined to favor cooperative short sales. They would go out of their way to make the foreclosed property available for viewing to prospective buyers. In some scenarios, the banks would even give reimbursements to a seller when they are able to close a deal.

New Home Construction Up

Another sign that foreclosures are going out of fashion is the number of new construction. Analysts say that based on their collected data, new home construction is steadily rising since February of this year and is projected to continue that upward climb. They attribute this positive development on the very low mortgage rates offered by the government in order to spur new home investment, home prices becoming less volatile, and a rising shortage of foreclosed properties.

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Real Estate in Las Vegas Nevada -- Exciting Developments

Real estate in Las Vegas Nevada has never seen such robust activity ever since the pre-recession period. Just this past month alone, new property sales and home building permits are at a record high for the state that has seen the worst of the housing crisis.

In Las Vegas valley, there were 591 new property sales based on industry insider’s data. That number is up 46 percent from the previous year. The fly in the ointment is that average home values fell by three percent or $199,743 as compared to $206,480 from just the year before.

Encouraging Numbers

In just the past month, there were about 440 new home permits that were filed. This figure is up by a whopping 75 percent as compared to the same month in the last year. However, the downside is that there might be fewer new permits by next year because there aren’t enough completed or partially completed properties to keep up with the demand.

Mixed Numbers in the Pre-Owned Market

In the pre-owned property market in Las Vegas Nevada, numbers seem to be a bit mixed. There were about 3,544 pre-owned home sales in the month, which is down by about 17 percent when compared to the previous year. However, the good news is that average home prices have gone up by 20 percent to about $129,500

Foreclosure Numbers Down

In the area of home foreclosure, Las Vegas Nevada numbers have been reported to be down from April to June as compared to the first quarter of this year. However, Nevada is still considered to be second just behind the state of Georgia in residential property sales that ended up on the foreclosure chopping block. This was based on a report by industry tracker RealtyTrac.

According to their numbers, there were about 9,657 foreclosed properties that were sold in the state during the 2^nd quarter of 2012. This number is considered down when compared to the 2^nd quarter of last year when the numbers were at a dismal 32.5%

Among the metropolitan areas, Las Vegas is tied for the 5^th biggest in the country with about 45 percent of all residential property sales involve foreclosure.

A lot of real estate observers are looking for the new Nevada law that is scheduled to take effect this month. The new law makes it harder for banks to begin foreclosure proceedings on real estate property owners that have been late with their mortgage payments. This is probably the reason that there are fewer foreclosed properties for sale as struggling homeowners have a new lease on life to save their investment.

On a national level, there has also been a recorded decline in foreclosure numbers. This signals a good sign for the housing market that the worst of the housing crisis is finally over. While it is true that the numbers are not the same throughout the country, the results are still encouraging enough to say that the market is finally headed to a sustainable recovery.

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Real Estate in Las Vegas Nevada suffering from Borrower Fatigue

Realestate in Las Vegas Nevada seems to be suffering from what is called “borrower fatigue.” Many homeowners are basically disregarding legitimate bank offers in order to reduce their mortgage payments. According to real estate attorneys in the state, many property owners have been so accustomed to getting rejected by the banks that they sometimes neglect to read a valid offer when it comes their way.

To Believe or Not to Believe

CB, a property owner from Nevada, did not open her mail for a number of years because it usually meant bad news from the bank. For four years her family tried to get the bank to agree to some kind of loan restructuring in order for her to be able to keep her home. Finally, when the bank agreed to reduce their monthly mortgage obligations by almost half, they still could not believe it. According to CB it gets very confusing at times that it takes a while to internalize her good fortune.

Some of the offers coming from the banks were so extreme that some Nevada homeowners thought that it was some kind of prank made at their expense. A quick call to the lending institution put all their fears to rest.

Scams

While many of the offers from banks are genuine, there are still others out there that prey on desperate property owners trying to find ways to save their investment. Some have gone so far as to copy the official stationary of the well-known banks and then offer price reductions or other perks if the homeowner forwarded some form of money.

Read the Mail

The best advice from the experts is to read your mail carefully. Banks right now have been given more flexibility to negotiate a reduction of the principal as well as offer a restructuring or even a short sale if need be.

For more information on what is happening on Real Estate in Las Vegas Nevada check out: http://www.stevemartel.com