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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REO Rebound: Activity in Some States Up Over 50%

bank owned open houseA few weeks back, we looked at the gradual rise in foreclosure activity across the country. Our primary lessons? Keep the REO rebound in perspective, but be prepared for the next wave as inventory shrinks and values climb. A new update from RealtyTrac underscores these takeaways, spotting increased REO movement in more than 33 states nationwide.
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HUD Homes: 9 Reasons to Consider One Real Estate’s Best Deals

Hud Homes - CaliforniaWe recently explored one of the most overlooked, yet crucial, parts of getting one’s offer accepted: Visit the property in person. But when time is short and our market is this competitive, what is the best way to prioritize where to focus your efforts as a buyer?

Easy: Start with a HUD home.
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Sacramento Market Comeback: “A Corner Has Been Turned”

Sacramento New Home Construction
Remember last week when we considered the bulls’ and bears’ impressions of recent market boosts? It’s getting a little harder to be bearish: A pair of new reports — both here in Sacramento and a broader national outlook — explore the ways builders are looking to fill in housing inventory shortages. But with values up and a lot of “shadow inventory” also still on the books for lenders, we at WarrenAdams.com can expect HUD homes, bank-owned properties and other REO listings not to be far behind.
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Foreclosures Rise in May… Is This the Start of a Comeback?

Foreclosures RisingSouthern Washington. Western Pennsylvania. Southwest Florida. The entire state of Nevada. All of these locations — and many more, for that matter — are in the news today as evidence that foreclosures are coming back after a multi-year decline. According to Businessweek:

Lenders took back 38,946 homes, up from 34,997 in April, according to Irvine, California-based data firm RealtyTrac, which tracks notices of default, auction and seizures. Thirty-three states had increases in the number of homes repossessed, RealtyTrac said in a report today.

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House Flipping Hits High — But Why?

Flipping HousesA post today at Business Insider explains how California’s house-flipping pastime has taken on unprecedented dimensions:

The rate of flipping activity in California hit an all-time high in February and remains well above pre-recession levels. In May, Southern California’s rate hit 5.9%, the Bay Area notched 4.1% and the state averaged 5.3%. The boom peak for all three was about 4.3%, reached in January 2005.

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