U. S. home repossessions rose to a nine-month high in November, even as the number of homes starting on the path to foreclosure declined to the lowest level in 6 years. This marks the 1st annual increase in bank repossessions since October 2010, when allegations of abuses by the mortgage industry compelled many lenders to temporarily halt foreclosures. This is the lowest number of foreclosure starts since December 2006. The combination of declining foreclosure starts & a sharp increase in the number of homes taken back by lenders signals that banks are moving to complete foreclosures on homes with mortgages that have gone uppaid for a year or 2. It’s likely that the borrowers who own these homes already tried to refinance, get a loan modification or sell the homes as a short sale – when the bank agrees to accept less that what is owed on the mortgage – but did not success, said Daren Blomquist, a vice president at RealtyTrac.
That coveted SOLD sign is going up on homes at a faster rate than in 2011, according to the National Association of Realtors (NAR). The median time for a home listed on the market fell 29.6% in July over the same month last 2010, to just 69 days. In July 2011, homes took an average of 98 days to sell. About 1/3 of U.S. properties sold in July remained on the market for less than a month. By the end of July, the number of FOR SALE properties represented a 6.4 month supply, down 31% from a year ago. NAR expects a 5% increase in existing homes prices this year, as well as another 5% bump in 2013. 2012 has BEEN A GREAT YEAR FOR BAIN REAL ESTATE and thanks to all our buyers and sellers, BUT same old story SELLERS WANT TO SELL HIGH and BUYERS WANT TO BUY LOW. NO DIFFERENCE!
Since March 2012, a landmark mortgage settlement has been providing direct relief to homeowners with $152 million to Texans so far. As part of the National Mortgage Settlement, the country’s 5 largest mortgage servicers have provided loan forebearance, refinancing programs & loan modifications to reduce mortgage principal. Thru September 30 of this year, over 4,500 Texas households have received assistance as part of the settlement, totally the $152 million amount. Nearly half of the assistance came in the form of forgiveness of remaining loan balances to facilitate short sales or deeds in lieu of foreclosure. The loan servicers under the settlement are required to complete their consumer relief activities by February 2015. All this information according to the U. S. Department of Housing and Urban Development.