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Foreclosure Situation

Foreclosure Wave Begins to Hit Judicial States

Inventories of bank-owned foreclosures for sale vary increasingly by state as the latest local data suggests that lenders are beginning to release a long-awaited wave of more than one million backlogged foreclosures, primarily in states where a court order is required to foreclose, known as judicial states.

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Huge Foreclosure Flood Feared

More than half of all Americans are concerned that a huge wave of backlogged foreclosures to be released by major lenders in the wake of the Robo-signing scandal will lower home values in their markets. Read More »

Foreclosures Move Downtown

Eleven of the nation’s 20 largest metro areas based on population documented annual increases in foreclosure activity, led by the Florida cities of Tampa (59 percent) and Miami (38 percent). Other cities with increases included St. Louis (29 percent), Chicago (26 percent), Philadelphia (24 percent), and Atlanta (21 percent). Read More »

Distressed Housing Inventory Will Take 46 Months to Clear

Standard and Poor’s Rating Services’ estimates that the time it will take to clear the supply of distressed homes, or the shadow inventory, on the U.S. market is now 46 months. For the city with the greatest estimate of the time it will take to clear its inventory of foreclosures and short sales, New York City, it will take 202 months, or nearly 17 years. Read More »

Capital Region Holds its Breath

For years, the Washington metro area has ranked high on every list of the nation’s hottest markets. Now, however, the region’s multiple listing service, MRIS, is holding its breath and closely monitoring the situation as a wave of backlogged foreclosures freed by the resolution of the Robogate processing scandal prepares to wash over local markets and threaten vulnerable jurisdictions. Read More »

Single Family Rentals Now Exceed Multifamily

While inventories of homes for sale have been shrinking this spring, MLSs are filling the void with rental listings for single family homes that until recently were foreclosures. Some 16.1 percent of all listings on MLSs today are rentals, more than double the number in 2006. Read More »

Foreclosure Discounts Shrink in 2012

The rates that foreclosures and short sales are discounted from full-price properties have declined significantly in 2012, especially discounts for higher priced properties and in some of the markets hit hardest by foreclosures in the past. Read More »

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