Foreclosure Stats for June; MLS Sales Go Negative
Year-over-year change
NOD: 6.9%
NTS: -26.0%
From ForeclosureRadar:
[California] Notices of Trustee Sale dropped...with the timing of the drop indicating that it was in response to the California Foreclosure Prevention Act. This law was widely believed to have little or no impact on foreclosure filings, as it exempted the majority of large lenders that operate in the state. “A number of lenders appear to have self-imposed California’s latest foreclosure moratorium on themselves, despite having received an exemption from it,” says Sean O’Toole, founder and CEO of ForeclosureRadar. “Given the number of exempt lenders it was quite surprising to see Notice of Trustee Sale filings drop by nearly 50 percent the day the new law went into effect.”Of note this month, June MLS sales were down year-over-year for the first time since January 2008.
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Notice of Trustee Sale filings were climbing late in the month so it remains unlikely this law will have any longterm impact on foreclosure activity.
Also worth a look (hat tip readers):
Sacramento: 70 Percent Distressed Sales in June
Economists say recovery is on the way, but it will take awhile
13%+ Sacramento Regional Unemployment Rate Likely in 2010 [pdf]
Industry searches high and low for signs of hope
Delta town struggles to hang on with 25 percent out of work
Sacramento asking prices flatlining
Movin' on Up: Mortgage defaults spread as even 'safe' borrowers falter
High-end Immunity Alert: East Sacramento tops for reduced-priced listings
Rare East Sac Million Dollar Bank Repo For Sale
Low sales for high-end
Beyond ZIndex: Zillow adds charts of sold price per sqft, median sold price, list price and more. Some of the data goes back 10 years and can be segregated by metro, county, city, and neighborhood as well as by home type and configuration. (Note: data lags several months)
4 comments:
If foreclosures are in a moratorium, and those sales have dominated annual sales for the past couple of years, these numbers are basically meaningless.
Until we get a clear picture of actual foreclosures that are headed our way, the market doesn't have a clue as to where its at.
Certain reports are surfacing, that the Feds will buy up foreclosures and then rent back to homeowners. It seems $70-80B is earmarked for spending on this type program...That might help for awhile and as long as the Feds are committed to keep buying and renting until all the empty homes are occupied.
Washington now owns two car companies, what was the world's largest insurance company, half the financial system, while backstopping $Trillions of Fannie and Freddie mortgages. Now they want to get into the landlord business, health care, and ecology?
"Certain reports are surfacing, that the Feds will buy up foreclosures and then rent back to homeowners."
Sounds like the Dean Baker plan. I'm sure he'll be pleased.
But the recession is over!
...says Merrill Lynch.
Foreclosures rise 15 percent in first half of 2009
http://news.yahoo.com/s/ap/20090716/ap_on_bi_ge/foreclosure_rates
"Despite all the efforts to date, we clearly haven't got a handle on how to address the situation," said Rick Sharga, RealtyTrac's senior vice president for marketing."
"As of early July, about 130,000 borrowers were enrolled in three-month trial modifications under the plan, and 25 mortgage companies have signed up to receive potential payments of up to $18.6 billion, according to the Treasury Department. But analysts and housing counselors say it isn't having much of an impact."
No worries, more inventory is on the way...
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