Short sales and foreclosure sales account for lowest sale levels since 2011. A recent report of September and Q3 2014 Residential and Foreclosure Sales shows the US residential properties sold at an estimated annual pace of 4,402,741 in September, a decrease of 1% since August and a decrease of 19% since last year. September was the 30th consecutive month where U.S. median home prices increased on an annual basis, and the 15 percent annual increase is the biggest annual percentage increase since October 2005. Short sales nationwide accounted for 3.8 percent of all sales in the third quarter, down from 4.2 percent of all sales in the second quarter and down from 4.7 percent of all sales in the third quarter of 2013 to the lowest level since the first quarter of 2011. Distressed properties sold 37 percent below non-distressed properties in September. The median sales price of a distressed residential property—in foreclosure or bank-owned when sold—was $130,000 nationwide in September, 37 percent below the median non-distressed sales price of $205,000.Even as the share of distressed sales decreases, the average discount on distressed properties continues to be substantial because the primary factors driving that discount are still in place. Distressed properties are typically in poor condition and have a highly motivated seller.
National foreclosure pre-sale inventory is at its lowest point since 2008, Lender Processing Services reports.
The inventory—which reflects the number of loans that are in some stage of foreclosure—represents 2.54 percent of all mortgaged homes in LPS’ October data. That marks a 3.23 percent drop month-over-month, and a nearly 30 percent year-over-year drop. LPS’ data reflects about 70 percent of the mortgage market.
The National Association of REALTORS® reported last week that distressed homes are making up fewer of the total existing-home sales recorded in the past year. Sales of distressed homes—which include foreclosures and short sales—made up 14 percent of October sales, down 25 percent year-over-year.
Distressed sales tend to sell at a discount. NAR reported that foreclosures sold for an average discount of 17 percent below market value in October. Short sales were discounted 14 percent below market value.
In Real Estate, Spring starts February 1, so now is the perfect time to get a head start for sellers to put their homes on the market & for buyers to buy those homes. This has been the best market in 6 years. Both home prices & interest rates are on the rise though! Contact me for details today!
Being a distressed homeowner is a very difficult situation. Understanding your mortgage situation and the options available to you is important. Here are some ways to save your underwater home and your upside-down mortgages. Working with an experienced realtor who knows the St. Charles Home market and the St. Louis County Home market can really help.
Factor in all the variables — legal, financial, credit, tax, personal, lifestyle, family, etc. Consult with a reputable real estate broker, mortgage broker, local attorney and local tax professional — at minimum.
Here are six alternatives to walking away from your mortgage
1. Get rid of your credit card debt. Call your creditors and make an effort to settle your debt; many will take a lump sum payment much lower than your balance. While this might have tax and credit score implications, it might also help you keep your house. Or work through steps No. 2 and No. 3, below, to just eliminate those balances, by any means necessary.
2. Get a second job. Take pride and emotional defeatism out of the equation. Taking a second job can help you bring down debt and catch up on mortgage payments.
3. Start a side business. Monetize spare time, quirky hobbies and special skills buy using sites like Etsy.
4. Rent a room out. There are plenty of places to post to rent short or long term.
5. Apply for everything. Applying for everything for which you might possibly qualify, and don’t make assumptions about what programs might work for you, including the federal HARP program and the Home Save program.
6. Short-sell it. If you list your home for sale with a local agent who has experience closing these transactions right this moment, your chances of selling it and having the short sale complete in time to qualify for the income tax exemption that expires Dec. 31, 2012, are actually better than your chances of qualifying for the exemption if you stop making your mortgage payments right now.
Work with professionals to help you make the right decisions as anything you do might impact your ability to qualify for various programs.
Fortunately, your options for avoiding a foreclosure are not so limited as they might seem at first glance.
Read the complete article 6 ways to save your underwater home by Tara-Nicholle Nelson.
This is the time of year for buying and selling real estate. There are large numbers of homes at below-market prices & the Interest rates are hovering below 4%!! The home sale numbers have been increasing every month this year since June. It is never too early to start getting your home for this Spring also. Contact Sandra Meranda for details today!
A recent article posted by National Association of Realtors indicates that 1 Million Foreclosures will be delayed until 2012. This may give some homeowners time to catch up on payments to try to avoid foreclosure. But it will also likely delay the housing market recovery by at least a year,
Nationally, 1 in every 111 US households received a foreclosure notice in the first half of 2011. Nevada has the highest rate at 1 in every 21 households. Missouri accounted for 1 percent of the 214,927 properties with foreclosure filings reported nationwide in May.
The foreclosure process continues to lengthen as well.
You can view the complete article on the delay of foreclosures.
A top real estate agent can help you make an informed decision about how the delay in foreclosures and the lengthening of the foreclosure process effects the St. Charles and St. Louis Missouri real estate / housing market. My team specializes in St. Charles County and St. Louis County. If you are considering buying a home, please contact Sandra Meranda and I’ll get you moving!
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