Foreclosure Sales Fall 22% In Q1 | Armonk NY Real Estate

-
Foreclosure and bank owned sales fell 18% in the first quarter to 190,121, according to RealtyTrac’s latest report.  This is down 22% from Q1 2012.
Foreclosure and short sales accounted for 21% of all residential sales in Q1, down form 25% in Q1 2012, and a peak of 45% in Q1 2009.
Meanwhile, non-foreclosure short sales were down 10% from Q4 2012, and down 35% from Q1 2012.
Including non-foreclosure short sales, the share of distressed sales came to 36%.
The decline in foreclosure related sales is in large part because of  a decline in foreclosure activity. But the decline in non-foreclosure short sales was “surprising” according to RaltyTrac vice president Daren Blomquist, given that 11 million homeowners are in negative equity.
“Rising home prices in many markets are stunting the continued growth of short sales by reducing incentive for both underwater homeowners and lenders.
“Underwater homeowners may be willing to stick it out a few more months or even years in the hope that they will be able to walk away with money at the closing table and without a hit to their credit rating, and for lenders a failed short sale may no longer translate into bigger losses down the road given that average prices of bank-owned homes are rising — at a faster pace than non-distressed home prices in many markets.”
Here are some details from the report:
  • The average price of a foreclosure related sale declined 1% quarter-over-quarter in Q1 to $167,095.
  • At 35% Georgia had the biggest percentage of foreclosure related sales. Meanwhile, in Massachusetts, New York, and New Jersey foreclosure-related sales account for less than 10% of sales.

Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Foreclosure Sales Fall 22% In Q1 | Armonk NY Real Estate

Comments

Post a Comment

Popular posts from this blog

Four Regional Banks Discuss Settlement Over Foreclosures | Waccabuc Real Estate

-
Image
U.S. state attorneys general are pressing four banks to accept a legal settlement over botched foreclosures similar to a deal reached with larger competitors this year, according to three people briefed on the matter. U.S. Bancorp (SFBC) , PNC Financial Services Group (PNC) Inc., SunTrust Banks Inc. (STI) and HSBC Holdings Plc (HSBA) have held talks with state and federal officials who investigated claims that loan servicers mishandled foreclosure documents, according to the people, who spoke on condition of anonymity because the talks are private. U.S. Bancorp Said to Join PNC in Talks on Mortgage Settlement Jeff Kowalsky/Bloomberg Mortgage servicers typically handle billing and collections, as well as foreclosures when borrowers fail to pay. Neil Brazil , a spokesman for HSBC’s North America unit, said in an e-mail that the London-based lender has conducted “preliminary discussions with its bank regulators and other ...
Read more

Bedford Corners Real Estate by Robert Paul | 3 Perks of Google+ for Doctors: Spend a Little Time, Make Big Online Marketing Gains

-
Image
For doctors trying to reach their patients online, using Google+ can provide surprising marketing benefits that help them be more “findable” on the web. Consider that 44 percent of all Internet users search online to find information about health professionals, and suddenly the importance for doctors of having a good online presence should be more clear. In this article I’ll discuss three reasons why I think that, if you participate in Google+, the newest social network, you can improve the chances your name will come up when prospective patients search for something you’ve written about. If you’re not a doctor but you do know that many prospective clients use the web as a way to find you and your competitors, this article will also be relevant to you. 1. Rise in the Rankings First, participating in Google+ gives doctors an advantage because content you share on Google+ has an “edge” against other stories. That’s right–Google (the search engine) likes stories that’ve gotten sha...
Read more