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Foreclosure rates rose in 47 states in March, according to Foreclosure.com, an online foreclosure listing service. The rates in Florida, Texas and Colorado are more than twice the national average. Even in New York City and Boston, where real estate markets are white-hot, foreclosures are rising in working-class neighborhoods.
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Sales during the summer is common. People want to better themselves before the new school year starts. Some people just prefer to move when the weather is warm and they will not get rained on. Ask any realtor or mortgage company and this is the busiest times of the year.
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It depends on where you are. Here in California I got all new neighbors last summer. Not happy with who moved in but I did get alot of new people on my street. I also depends on who has money.
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see right now every tom,dick, and harry are builders. i believe there is a lot of inventory now. the population has not boomed that much in the last year as the housing boom. remember for every baby boomer buying a new house, someone is buying their old house. also at the the same time a lot speculative housing going on.
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If you look in some nieghborhoods the housing market is going up so rapidly that single family residents are now multi family living. People can not keep up. I bought for @ 125K 5 years ago and I know I can sell today for between 350K and 400K. Not a bad investment for 5 years. Also some peolpe are triing so hard to get into a house they are using very inventive financing to do it. That is one of the reasons for the forclosures. Are you looking into a forclosure or were you just being observant?
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we do engineering for home builders in florida. i am just saying what i am seeing. almost 30% of our work is now speculatory work now. which is very high. also we follow the foreclosure market. and the list keeps getting higher and higher every month. i do plan on buying a few foreclosures, but not at this time. it is way too soon.
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Most important statistic for how many homes remain in private hands, is the ratio of NTS to REO. Those symbols are explained at that site.
Notice of Default, NOD, are least important. Those are often cured before foreclosure.
Best leverage for a buyer is right after a Notice of Default and before a Trustee Sale is to be initiated. That is when an owner subject to a foreclosure is most desperate.
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Buyers selling before the Trustee Sale do two things. 1.They save the actual trustee fees from being added to the loan. 2.Alot of the people I have worked with feel like they are being screwed out of their homes and this is their last chance to screw the mortgage company. A mortgage company will always work with any buyer after the Trustee Sale. If you find out you are buying a forclosure that does not appear to have much activity or buyer interest make a very LOW offer. They will either take it or counter.
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If a house has already gone to Trustee sale the mortgage company has a current title and title report ask them if you can review it or if they will review it with you. They are insured that that information is accuarate. As for leins if a lein wanted to be paid it shoud have shown up at the sale. Small leins will normally not show up there for losing out. If you are looking at a house with a lot of little leins sometime it is better to let it go to sale. If we held a lein above what the house was worth to us we let it go. We could go after a borrower through other avenues. Just because you let your house go to sale does not mean you are debt free.
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