Archive for February, 2010

38% of Sacramento County Homes Underwater- 20% Nationally

Sacramento Certified Short Sale And Pre-Foreclosure Specialist Report

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Underwater Homeowners in Sacramento County

According to Real estate website Zillow.com one More than one in three Sacramento County Homes are underwater, Zillow also says one of every five U.S. home owners owed more on their mortgage than their home was worth in the fourth quarter.  Nationally, The number of American single-family homes with negative equity rose to 21.4% in the fourth quarter from 21% in the third quarter, according to the Zillow Real Estate Market Reports.  U.S. home values declined again in the fourth quarter, as the Zillow Home Value Index fell 5% year-over-year and down 0.5% quarter-over-quarter, to $186,200. It was the 12th consecutive quarter of year-over-year declines, the reports showed.  “The prevalence of markets in or near a double-dip situation shows that we are not yet at the bottom, in terms of home values,” Stan Humphries, Zillow chief economist, said in an interview. 

One in five, or 29 of the 143 markets tracked by Zillow, had at least five consecutive month-over-month increases in home values during 2009 before values began to flatten or fall again in the second part of the year. These markets included the Boston, Atlanta and San Diego metropolitan areas.  Zillow said it defines a “double dip” as two periods of sustained declines in home values that are separated by a brief period of stabilization or recovery.  Foreclosure resales remained high, making up 20.3% of all U.S. home sales in December. Foreclosure resales also made up the majority of sales in several metropolitan areas, including Merced, California, at 68.3%; Las Vegas, at 64 percent, and Modesto, California, at 62%. Additionally, 28.5 percent of home sales nationwide sold for less than what the seller originally paid.  Home values increased year-over-year in 27 of 143 markets and remained flat in 15.

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Authored by Forth Hoyt | Discussion: 1 Comment »

National Mortgage Delinquency Rate Now Surpasses 10%

 

Contributed by Wereheretohelp.org

Sacramento Foreclosure Specialist Reports:

Foreclosures Will Continue

Foreclosures Will Continue

I was Researching Sacramento area HAMP loan mod success rates this nmorning and came across this startling article in DSNews. It looks as if all the good news the Obama powered media has been pumping out is a little off center.  Kinda Scary!

Home loan delinquency rates in the United States have now surpassed 10 percent, Lender Processing Services (LPS) reported this week.When you factor in homes already in the foreclosure process, the total rate of noncurrent mortgages sits at 13.3 percent, according to the data in the Florida-based company’s national loan-level database.This rate indicates that more than 7.2 million mortgage loans are now behind on payments, LPS explained, with another one million properties already taken back by banks and in REO status.LPS’ January 2010 Mortgage Monitor report, shows that within the population of loans that were current at the end of 2008, the percent of “new” serious delinquencies is 4.64 percent – higher than any other year analyzed. Of loans that were current as of December 31, 2008, by December 2009 there were 2.3 million new loans that were considered seriously delinquent.

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Seemingly less-risky, prime mortgages continue to loom large as the industry’s big, pink elephant. Prime loans, including agency, non-agency, and jumbo, have experienced deterioration at a worse pace than subprime, Federal Housing Administration (FHA) insured mortgages, and all loans as a whole, LPS said. The company’s analysis shows that within the prime loans category, those with unpaid principal balances between $417,000 and $600,000 have performed the worst. The Mortgage Monitor report also indicates that 2009 vintage loans are performing better than loans from any of the prior five years and have been steadily improving as pools of loans grow larger. This improvement is attributed to more restrictive underwriting guidelines, but that also means “liquidity is still not available where it is needed most,” LPS said.The company’s analysis shows that states with most noncurrent loans are: Florida, Nevada, Mississippi, Arizona, Georgia, California, Indiana, Michigan, Illinois, and Ohio.Those with the fewest include: North Dakota, South Dakota, Alaska, Wyoming, Montana, Nebraska, Vermont, Colorado, Oregon, and Washington.

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Authored by Jim Cronin | Discussion: 1 Comment »





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