U.S. foreclosure filings in August fell less than 1% from July and rose 18% from the year-earlier month, the real-estate consultants RealtyTrac reported.
Foreclosure filings -- defined as default notices, scheduled auctions and bank repossessions -- were reported on 358,471 U.S. properties during the month, the Irvine, Calif., firm said. That's 1 of every 357 U.S. housing units.
Real estate owned by banks dropped 13% in August compared with July, which had marked the monthly high for 2009. But at the same time, a record number of properties entered default or were scheduled for foreclosure auction in August, RealtyTrac Chief Executive James J. Saccacio said in a statement late on Wednesday.
Nevada maintained its status as the state with the highest foreclosure rate: 1 in every 62 units was subject to a foreclosure filing in August, RealtyTrac reported. For the month, foreclosure filings totaled 17,902 units, down 8% from July and up 53% from August 2008.
Florida was No. 2 in foreclosure rates, at 1 in every 140 units receiving a filing, and California was No. 3, at 1 in every 144 units.
In absolute numbers, California had the highest number of foreclosures, with 92,326 properties receiving a filing in August. That's down 15% from July 2009 and down 9% from August 2008.
Florida was No. 2 on this list, with 62,401 properties subject to foreclosure filings. That's up 10% from July and up nearly 42% from the year-earlier month.
Michigan jumped to No. 3 in absolute numbers, a total of 19,359 filings in August. That's more than double the figure for July 2009 and up 42% from August 2008. The results stem from a new law that requires lenders to file separate public notices of default before they schedule foreclosure auctions, RealtyTrac said.
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.charlottesvilleshortsale.com
http://www.theaverygroup.com
Showing posts with label evonne evans. Show all posts
Showing posts with label evonne evans. Show all posts
Tuesday, September 15, 2009
U.S. Foreclosure Update
U.S. foreclosure filings in August fell less than 1% from July and rose 18% from the year-earlier month, the real-estate consultants RealtyTrac reported.
Foreclosure filings -- defined as default notices, scheduled auctions and bank repossessions -- were reported on 358,471 U.S. properties during the month, the Irvine, Calif., firm said. That's 1 of every 357 U.S. housing units.
Real estate owned by banks dropped 13% in August compared with July, which had marked the monthly high for 2009. But at the same time, a record number of properties entered default or were scheduled for foreclosure auction in August, RealtyTrac Chief Executive James J. Saccacio said in a statement late on Wednesday.
Nevada maintained its status as the state with the highest foreclosure rate: 1 in every 62 units was subject to a foreclosure filing in August, RealtyTrac reported. For the month, foreclosure filings totaled 17,902 units, down 8% from July and up 53% from August 2008.
Florida was No. 2 in foreclosure rates, at 1 in every 140 units receiving a filing, and California was No. 3, at 1 in every 144 units.
In absolute numbers, California had the highest number of foreclosures, with 92,326 properties receiving a filing in August. That's down 15% from July 2009 and down 9% from August 2008.
Florida was No. 2 on this list, with 62,401 properties subject to foreclosure filings. That's up 10% from July and up nearly 42% from the year-earlier month.
Michigan jumped to No. 3 in absolute numbers, a total of 19,359 filings in August. That's more than double the figure for July 2009 and up 42% from August 2008. The results stem from a new law that requires lenders to file separate public notices of default before they schedule foreclosure auctions, RealtyTrac said.
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.charlottesvilleshortsale.com
http://www.theaverygroup.com
Foreclosure filings -- defined as default notices, scheduled auctions and bank repossessions -- were reported on 358,471 U.S. properties during the month, the Irvine, Calif., firm said. That's 1 of every 357 U.S. housing units.
Real estate owned by banks dropped 13% in August compared with July, which had marked the monthly high for 2009. But at the same time, a record number of properties entered default or were scheduled for foreclosure auction in August, RealtyTrac Chief Executive James J. Saccacio said in a statement late on Wednesday.
Nevada maintained its status as the state with the highest foreclosure rate: 1 in every 62 units was subject to a foreclosure filing in August, RealtyTrac reported. For the month, foreclosure filings totaled 17,902 units, down 8% from July and up 53% from August 2008.
Florida was No. 2 in foreclosure rates, at 1 in every 140 units receiving a filing, and California was No. 3, at 1 in every 144 units.
In absolute numbers, California had the highest number of foreclosures, with 92,326 properties receiving a filing in August. That's down 15% from July 2009 and down 9% from August 2008.
Florida was No. 2 on this list, with 62,401 properties subject to foreclosure filings. That's up 10% from July and up nearly 42% from the year-earlier month.
Michigan jumped to No. 3 in absolute numbers, a total of 19,359 filings in August. That's more than double the figure for July 2009 and up 42% from August 2008. The results stem from a new law that requires lenders to file separate public notices of default before they schedule foreclosure auctions, RealtyTrac said.
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.charlottesvilleshortsale.com
http://www.theaverygroup.com
Tuesday, August 18, 2009
Fannie Mae Policy Changes
New guidlines from Fannie Mae and Freddie Mac may have impact on how long it will take to close on a house.
How long does it take to close on a home from time of contract to close of escrow? 2 months . . . .4 months. . . . .6 months? Even though there are some new and positive guidelines for Fannie Mae and Freddie Mac, these new requirements will most likely lengthen this time frame. I also see more confusion in the real estate market and finance industry. Let’s try and put some light on these new changes.
One of the new requirements is banks, mortgage companies or lenders are required to receive a copy of a real estate purchase contract and all addendums associated with the contract prior to completing an appraisal report. Why this wasn’t a guideline from the beginning is beyond me. Any amendments to the purchase contract prior to the appraisal must be submitted to the appraisal company immediately.
Multiple appraisals can no longer be provided on a single parcel. In other words, the appraisal company cannot appraisal part of a parcel. They have to appraise the “entire” parcel.
REO and foreclosed properties MUST be included as comparable properties. Previous guidelines allowed the appraiser to exclude these numbers.
Third party appraisal companies who are at “arms-length” from a transaction must verify and approve any appraisal completed by someone that might have a financial interest in the subject property. It seems apparent this should have always been a guideline?
Any structural defects or abnormal repairs found with a property must be corrected before an appraisal company finalizes the market value of a home or parcel. FHA created the 203K loan to address these concerns.
If management in the appraisal company has an “employee” complete an appraisal, before management or a review appraiser can sign off on the appraisal, they must complete their own inspection on the property. Management cannot depend solely on the “employees” expertise.
The revised Home Valuation Code of Conduct applies many changes within the industry and was meant to stop improper influencing of values as well as protect the consumer. These changes although somewhat positive will most likely add additional delays to the transaction.
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com/
http://www.forestlakesliving.com/
http://www.charlottesvillevarealestate.blogspot.com/
http://www.charlottesvilleshortsale.com/
http://www.theaverygroup.com/
How long does it take to close on a home from time of contract to close of escrow? 2 months . . . .4 months. . . . .6 months? Even though there are some new and positive guidelines for Fannie Mae and Freddie Mac, these new requirements will most likely lengthen this time frame. I also see more confusion in the real estate market and finance industry. Let’s try and put some light on these new changes.
One of the new requirements is banks, mortgage companies or lenders are required to receive a copy of a real estate purchase contract and all addendums associated with the contract prior to completing an appraisal report. Why this wasn’t a guideline from the beginning is beyond me. Any amendments to the purchase contract prior to the appraisal must be submitted to the appraisal company immediately.
Multiple appraisals can no longer be provided on a single parcel. In other words, the appraisal company cannot appraisal part of a parcel. They have to appraise the “entire” parcel.
REO and foreclosed properties MUST be included as comparable properties. Previous guidelines allowed the appraiser to exclude these numbers.
Third party appraisal companies who are at “arms-length” from a transaction must verify and approve any appraisal completed by someone that might have a financial interest in the subject property. It seems apparent this should have always been a guideline?
Any structural defects or abnormal repairs found with a property must be corrected before an appraisal company finalizes the market value of a home or parcel. FHA created the 203K loan to address these concerns.
If management in the appraisal company has an “employee” complete an appraisal, before management or a review appraiser can sign off on the appraisal, they must complete their own inspection on the property. Management cannot depend solely on the “employees” expertise.
The revised Home Valuation Code of Conduct applies many changes within the industry and was meant to stop improper influencing of values as well as protect the consumer. These changes although somewhat positive will most likely add additional delays to the transaction.
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com/
http://www.forestlakesliving.com/
http://www.charlottesvillevarealestate.blogspot.com/
http://www.charlottesvilleshortsale.com/
http://www.theaverygroup.com/
Fannie Mae Policy Changes
New guidlines from Fannie Mae and Freddie Mac may have impact on how long it will take to close on a house.
How long does it take to close on a home from time of contract to close of escrow? 2 months . . . .4 months. . . . .6 months? Even though there are some new and positive guidelines for Fannie Mae and Freddie Mac, these new requirements will most likely lengthen this time frame. I also see more confusion in the real estate market and finance industry. Let’s try and put some light on these new changes.
One of the new requirements is banks, mortgage companies or lenders are required to receive a copy of a real estate purchase contract and all addendums associated with the contract prior to completing an appraisal report. Why this wasn’t a guideline from the beginning is beyond me. Any amendments to the purchase contract prior to the appraisal must be submitted to the appraisal company immediately.
Multiple appraisals can no longer be provided on a single parcel. In other words, the appraisal company cannot appraisal part of a parcel. They have to appraise the “entire” parcel.
REO and foreclosed properties MUST be included as comparable properties. Previous guidelines allowed the appraiser to exclude these numbers.
Third party appraisal companies who are at “arms-length” from a transaction must verify and approve any appraisal completed by someone that might have a financial interest in the subject property. It seems apparent this should have always been a guideline?
Any structural defects or abnormal repairs found with a property must be corrected before an appraisal company finalizes the market value of a home or parcel. FHA created the 203K loan to address these concerns.
If management in the appraisal company has an “employee” complete an appraisal, before management or a review appraiser can sign off on the appraisal, they must complete their own inspection on the property. Management cannot depend solely on the “employees” expertise.
The revised Home Valuation Code of Conduct applies many changes within the industry and was meant to stop improper influencing of values as well as protect the consumer. These changes although somewhat positive will most likely add additional delays to the transaction.
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com/
http://www.forestlakesliving.com/
http://www.charlottesvillevarealestate.blogspot.com/
http://www.charlottesvilleshortsale.com/
http://www.theaverygroup.com/
How long does it take to close on a home from time of contract to close of escrow? 2 months . . . .4 months. . . . .6 months? Even though there are some new and positive guidelines for Fannie Mae and Freddie Mac, these new requirements will most likely lengthen this time frame. I also see more confusion in the real estate market and finance industry. Let’s try and put some light on these new changes.
One of the new requirements is banks, mortgage companies or lenders are required to receive a copy of a real estate purchase contract and all addendums associated with the contract prior to completing an appraisal report. Why this wasn’t a guideline from the beginning is beyond me. Any amendments to the purchase contract prior to the appraisal must be submitted to the appraisal company immediately.
Multiple appraisals can no longer be provided on a single parcel. In other words, the appraisal company cannot appraisal part of a parcel. They have to appraise the “entire” parcel.
REO and foreclosed properties MUST be included as comparable properties. Previous guidelines allowed the appraiser to exclude these numbers.
Third party appraisal companies who are at “arms-length” from a transaction must verify and approve any appraisal completed by someone that might have a financial interest in the subject property. It seems apparent this should have always been a guideline?
Any structural defects or abnormal repairs found with a property must be corrected before an appraisal company finalizes the market value of a home or parcel. FHA created the 203K loan to address these concerns.
If management in the appraisal company has an “employee” complete an appraisal, before management or a review appraiser can sign off on the appraisal, they must complete their own inspection on the property. Management cannot depend solely on the “employees” expertise.
The revised Home Valuation Code of Conduct applies many changes within the industry and was meant to stop improper influencing of values as well as protect the consumer. These changes although somewhat positive will most likely add additional delays to the transaction.
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com/
http://www.forestlakesliving.com/
http://www.charlottesvillevarealestate.blogspot.com/
http://www.charlottesvilleshortsale.com/
http://www.theaverygroup.com/
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