Category Archives: Foreclosure

Boomerang Buyers Returning After Foreclosures
Chances are if you asked the estimated 5.3 million people who lost their homes during the real estate crisis if they thought they would ever be able to own a home again, their answer would probably be no. Seven years later, however, with their credit rebuilt or on the mend, some of these same former homeowners are re-entering the market. The comeback being staged by this category, also known as the boomerang buyer, is being driven by rising rents and a desire to own a home again now that the economy seems to be stabilizing. Experts see this growing trend happening in various markets across the country, with the most popular being Riverside-San Bernardino, California (4.1%), Los Angeles, California (3.7%) and Phoenix, Arizona (3.6%). Since California is one of the biggest indicators and predictors of what will happen in the housing market, this is good news...
Foreclosure Rates Still High in Some Florida Cities
The real estate market might be on the rebound for most of the United States, but in some cities foreclosure rates are still on the rise. According to the January 2014 U.S. Foreclosure Market Report™ recently released by RealtyTrac®, default notices, scheduled auctions and bank repossessions were up by 8 percent. While this is an increase from December 2013, it is still lower than it was in January 2013. It is no surprise that foreclosure activity would rebound in January, since things tend to become quiet over the holidays. However, RealtyTrac reported that the 8 percent increase seen in January is the largest since May 2012. Even with this increase, the foreclosure rates for the entire country is still on the decline and has been for the past 40 months. Florida One of Top States for Foreclosures While the population in Florida may be growing, so are its...
Foreclosures are Still Selling in Tampa
Conventional housing prices might be on the rise, but according to RealtyTrac’s Year-End 2013 U.S. Residential & Foreclosure Sales Report, foreclosed or distressed homes still account for more than one in four of all home sales. One of the states where this definitely holds true is in Florida and more specifically in the Tampa/St. Petersburg/Clearwater area. In fact, Florida still leads the nation in foreclosures. In the Tampa area this means that about 30% of all homes for sale are priced 40% less than traditional properties. Since the process to sell a foreclosed home in Florida also involves the court system, the selling process is delayed, which has become a growing concern among the lenders and banks who possess these homes, especially as the housing market recovers and the number of foreclosures in other parts of the country decreases. The good new is that like most other cities...
You Don’t Need to be a Weather Man to Know It’s Warm Outside
To simply make the declaration that “it is warm outside” can be a reckless statement, depending on your audience. A person from Orlando, FL will likely have a different definition of ‘warm’ than someone from Juneau, Alaska. You need more facts than just the air temperature to best assess the situation and make a comment that fits the scenario. Recently, RealtyTrac LLC. released its recap of U.S. foreclosures for the United States, during the 3rd quarter of 2013. The report found there were 131,232 properties indicating a default notice, scheduled auction, or bank repossession during September. On the surface, this may appear like a lot of properties, or referring back to our weather analogy, “warm”. In actuality, we need to view it in context of where the U.S. real estate and mortgage industries have been over the past few years. This number actually represents a...