Foreclosure Update: Numbers Climb in Multiple States

bank owned open houseThe past few months have seen many conflicting reports about the status of the national REO market. Most states have seen the numbers of foreclosures drop considerably since even a year ago; the most recent reports from California in particular show Fannie Mae foreclosures barely a quarter of what they were in 2011. Nevertheless, “shadow foreclosures” remain hidden from view, particularly in judicial foreclosure states like Florida. Other states are moving ahead now as well.
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The Real Deal on REO Property

bank owned homeI recommend a couple of interesting new articles that combine to shoot down a lingering REO market myth: That HUD Homes, bank foreclosures or other REO property listings represent a major discount from more “conventional” real estate listings. They absolutely are a great value, though. Why? Because the real deal arrives with the benefits offered by those REO sellers.
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Housing Bubble Myths, Continued: What’s the Real Estate ‘Bounce’?

bubbleEarlier this summer, we considered news reports saying that the rebounding California real estate market might be facing a bubble. Proponents of this theory said that prices were rebounding too hastily and too sizably to be anything but an overcorrection, but skeptics who studied the numbers argued that a bubble looks a lot different than the situation we’re in now.

An intriguing new report from HousingWire advances this argument, suggesting that the continuing “bubble” narrative is more media myth than market phenomenon. The author, Rick Sharga, offers several reasons why, including:

Reason #1: Home prices are about where they should be. The folks at Zillow put out an interesting report showing that if we hadn’t gone through the boom and bust cycle, and home prices had simply risen at the historic average of about 3.6% a year, they’d be almost precisely where they are today.
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How Hot is Sacramento Real Estate? One Amazing Stat Says it All

Sacramento real estateWe’ve all seen and heard how Sacramento has rebounded from the housing crash in recent months–so much so that observers worry about the potential for another real estate bubble. But speculation is one thing. Real statistics and data are something else entirely. And a new report from Movoto delivers one statistic in particular that puts our region’s growth in stunning perspective.
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REO Trends: What to Expect in the Second Half of 2013

REO property trendsThere’s an interesting piece (and a corresponding video) published today on Forbes, in which experts from RealtyTrac, Trulia, Realtor.com, and elsewhere assess the housing market to date in 2013. Where is it going — particularly the REO sector?
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REO Inventory Set to Climb, But When?

Foreclosures RisingThe latest development on the “shadow inventory” front concerns a backlog of properties in judicial foreclosure states, according to the New York Fed. HousingWire reports this morning:

Judicial states maintained higher foreclosure rates in early 2013, indicating the length of a loan remains in the foreclosure process in the judicial states is significantly longer than in the non-judicial states. […] As a result, the large volume of loans in the foreclosure process in the judicial states appears to be impeding a home price recovery in those states.

The judicial foreclosure states have seen a more modest improvement in home prices since the trough for a given peak-to-trough decline in home prices.

“One potential explanation for this relationship is that potential homebuyers in the judicial states recognize that a large number of distressed sales have yet to occur, and this consideration has influenced the prices they are willing to offer for homes currently on the market,” the NY Fed analysts concluded.

Stay tuned here to see how these properties might affect the real estate market near you… and contact me today with questions about the latest on REOs in the Sacramento region.

Time to Sell? Sacramento-Area Inventory Up 11% Year-to-Year

sacramento capitol
We’ve devoted a lot of space here to discussing the current — and future — state of inventory in the scorching Sacramento real-estate market. A new report confirms our thoughts that relief is not only on the way, but it is already here
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Shadow REO Inventory: What’s the Latest?

sellers marketThe REO market is like any other in real-estate: Super-competitive, and loaded with contradictions. Even if we accept that numbers don’t lie, everyone draws different conclusions. For instance, yesterday’s well-researched story about the growth of “shadow inventory” among banks and other lenders leaves a much different impression than the figures released today by CoreLogic.
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Bank-Owned Properties: More Coming Soon to Market Near You?

bank owned homeWe’ve talked here previously about shadow inventory, which is the real estate portfolio held by banks and other corporate owners as home values bounce back around the country. If you want a good, behind-the-scenes look at how the next wave of REOs is shaping up to hit the market, check out this insightful article published over the weekend in the Sarasota Herald-Tribune. The basic takeaway demonstrates what I’ve mentioned on this blog before: While REOs can present a number of incentives and advantages to qualified buyers, their sellers are as competitive as any. And as values climb, expect their listings to find their way to the market with increased regularity.
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What’s a Buyer to Do in a Sellers’ Market? (Hint: HUD Homes)

Sellers marketWe’ve been following the sharp rise of home values and shortage of housing inventory for a while now. A few new reports suggest those factors have combined to create a hotter and more competitive sellers’ market than we’ve seen in years. But I can think of at least one way for a buyer to get an advantage.
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