AP: April foreclosures rise 32 percent

[Bob]

RealtyTrac: April foreclosures rise 32 percent

http://news.yahoo.com/s/ap/20090513/ap_on_bi_ge/us_foreclosure_rates

By ADRIAN SAINZ, AP
Real Estate Writer – Wed May 13, 12:02 am ET

MIAMI – The number of U.S. households faced with losing their homes to foreclosure jumped 32 percent in April compared with the same month last year, with Nevada, Florida and California showing the highest rates, according to data released Wednesday.

More than 342,000 households received at least one foreclosure-related notice in April, RealtyTrac Inc. said. That means one in every 374 U.S. housing units received a foreclosure filing last month, the highest monthly rate since the Irvine, Calif.-based foreclosure listing firm began its report in January 2005.

April was the second straight month with more than 300,000 households receiving a foreclosure filing, as the number of borrowers with mortgage troubles failed to abate.

The April number, however, was less than one percent above that posted in March, when more than 340,000 properties were affected. The March data was up 17 percent from February and 46 percent from a year earlier.

“We’ve never seen two consecutive months like this,” said Rick Sharga, RealtyTrac’s senior vice president for marketing. “It’s the volume that’s surprising.”

While total foreclosure activity was up, the number of repossessions by banks was down on a monthly and annual basis to their lowest level since March of last year, RealtyTrac said.

But that’s far from positive news. Because much of the foreclosure activity in April was in the default and auction stages — the first parts of the foreclosure process — it’s likely that repossessions will increase in coming months, RealtyTrac said.

About 63,900 homes were repossessed in April, down 11 percent from about 71,700 in March, RealtyTrac said. But the mortgage industry has resumed cracking down on delinquent borrowers after foreclosures were temporarily halted by mortgage finance companies Fannie Mae and Freddie Mac, together with many other lenders.

“All of these loans are now being processed pretty rapidly by the servers,” Sharga said.

Help might be on the way. The Obama administration announced a plan in March to provide $75 billion in incentive payments for the mortgage industry to modify loans to help up to 9 million borrowers avoid foreclosure. But the extent of the relief remains unclear, with questions lingering about how much the lending industry will cooperate in modifying loans.

After banks take over foreclosed homes, they usually put them up for sale at deep discounts. Nationwide, sales of foreclosures and other distressed properties made up about half of the market in the first quarter, the National Association of Realtors reported.

First-quarter home sales fell in all but six states — Nevada, California, Arizona, Florida, Virginia and Minnesota — where buyers have been able to grab foreclosed homes at discounts, the realtors group said Tuesday.

On a state-by-state basis, Nevada had one in every 68 households receive a foreclosure filing, down 18 percent from March but still the nation’s highest rate. In Florida, one in every 135 households received a filing in April. For California, the rate was one in every 138 households.

Rounding out the top 10 were Arizona, Idaho, Utah, Georgia, Illinois, Colorado and Ohio.

Among large cities, Las Vegas led the way with one in every 56 households receiving a filing. That was a slightly higher rate than the southwest Florida metro area of Cape Coral-Fort Myers, which saw one in 57 housing units receive a filing.

Cities in California took the next six spots: Merced, Modesto, Riverside-San Bernardino, Bakersfield, Vallejo-Fairfield and Stockton. The Florida cities of Miami and Orlando were ninth and 10th, respectively.

[CA renter]

From Bob’s link:

Help might be on the way. The Obama administration announced a plan in March to provide $75 billion in incentive payments for the mortgage industry to modify loans to help up to 9 million borrowers avoid foreclosure. But the extent of the relief remains unclear, with questions lingering about how much the lending industry will cooperate in modifying loans.

After banks take over foreclosed homes, they usually put them up for sale at deep discounts. Nationwide, sales of foreclosures and other distressed properties made up about half of the market in the first quarter, the National Association of Realtors reported.
—————————-

Nothing irks me more than hearing idiots spout garbage like this. They claim that foreclosures drive down prices, when in reality, those are the only homes being sold at market value because the “non-distressed” sellers have their heads up their a$$es and think 2005 prices are “normal” — instead of realizing that was the peak of one of the largest housing bubbles in history.

The foreclosures are the only homes real buyers are qualified to buy!

Funny how they think it’s a problem when a major part of the market consists of foreclosures, but they did NOTHING to stop it when the majority of the market was based on fraudulent transactions where the borrowers were **guaranteed** to default if prices didn’t rise to the heavens forever and ever…

[CA renter]

From Bob’s link:

Help might be on the way. The Obama administration announced a plan in March to provide $75 billion in incentive payments for the mortgage industry to modify loans to help up to 9 million borrowers avoid foreclosure. But the extent of the relief remains unclear, with questions lingering about how much the lending industry will cooperate in modifying loans.

After banks take over foreclosed homes, they usually put them up for sale at deep discounts. Nationwide, sales of foreclosures and other distressed properties made up about half of the market in the first quarter, the National Association of Realtors reported.
—————————-

Nothing irks me more than hearing idiots spout garbage like this. They claim that foreclosures drive down prices, when in reality, those are the only homes being sold at market value because the “non-distressed” sellers have their heads up their a$$es and think 2005 prices are “normal” — instead of realizing that was the peak of one of the largest housing bubbles in history.

The foreclosures are the only homes real buyers are qualified to buy!

Funny how they think it’s a problem when a major part of the market consists of foreclosures, but they did NOTHING to stop it when the majority of the market was based on fraudulent transactions where the borrowers were **guaranteed** to default if prices didn’t rise to the heavens forever and ever…

[CA renter]

From Bob’s link:

Help might be on the way. The Obama administration announced a plan in March to provide $75 billion in incentive payments for the mortgage industry to modify loans to help up to 9 million borrowers avoid foreclosure. But the extent of the relief remains unclear, with questions lingering about how much the lending industry will cooperate in modifying loans.

After banks take over foreclosed homes, they usually put them up for sale at deep discounts. Nationwide, sales of foreclosures and other distressed properties made up about half of the market in the first quarter, the National Association of Realtors reported.
—————————-

Nothing irks me more than hearing idiots spout garbage like this. They claim that foreclosures drive down prices, when in reality, those are the only homes being sold at market value because the “non-distressed” sellers have their heads up their a$$es and think 2005 prices are “normal” — instead of realizing that was the peak of one of the largest housing bubbles in history.

The foreclosures are the only homes real buyers are qualified to buy!

Funny how they think it’s a problem when a major part of the market consists of foreclosures, but they did NOTHING to stop it when the majority of the market was based on fraudulent transactions where the borrowers were **guaranteed** to default if prices didn’t rise to the heavens forever and ever…

[CA renter]

From Bob’s link:

Help might be on the way. The Obama administration announced a plan in March to provide $75 billion in incentive payments for the mortgage industry to modify loans to help up to 9 million borrowers avoid foreclosure. But the extent of the relief remains unclear, with questions lingering about how much the lending industry will cooperate in modifying loans.

After banks take over foreclosed homes, they usually put them up for sale at deep discounts. Nationwide, sales of foreclosures and other distressed properties made up about half of the market in the first quarter, the National Association of Realtors reported.
—————————-

Nothing irks me more than hearing idiots spout garbage like this. They claim that foreclosures drive down prices, when in reality, those are the only homes being sold at market value because the “non-distressed” sellers have their heads up their a$$es and think 2005 prices are “normal” — instead of realizing that was the peak of one of the largest housing bubbles in history.

The foreclosures are the only homes real buyers are qualified to buy!

Funny how they think it’s a problem when a major part of the market consists of foreclosures, but they did NOTHING to stop it when the majority of the market was based on fraudulent transactions where the borrowers were **guaranteed** to default if prices didn’t rise to the heavens forever and ever…

[CA renter]

From Bob’s link:

Help might be on the way. The Obama administration announced a plan in March to provide $75 billion in incentive payments for the mortgage industry to modify loans to help up to 9 million borrowers avoid foreclosure. But the extent of the relief remains unclear, with questions lingering about how much the lending industry will cooperate in modifying loans.

After banks take over foreclosed homes, they usually put them up for sale at deep discounts. Nationwide, sales of foreclosures and other distressed properties made up about half of the market in the first quarter, the National Association of Realtors reported.
—————————-

Nothing irks me more than hearing idiots spout garbage like this. They claim that foreclosures drive down prices, when in reality, those are the only homes being sold at market value because the “non-distressed” sellers have their heads up their a$$es and think 2005 prices are “normal” — instead of realizing that was the peak of one of the largest housing bubbles in history.

The foreclosures are the only homes real buyers are qualified to buy!

Funny how they think it’s a problem when a major part of the market consists of foreclosures, but they did NOTHING to stop it when the majority of the market was based on fraudulent transactions where the borrowers were **guaranteed** to default if prices didn’t rise to the heavens forever and ever…

[Rt.66]

Horrifying! GDP is already worse than during GD1. Foreclosures are the worst on record. Unemployment in areas of CA is the worst on record and credit card defaults are just starting to go parabolic.

Our biggest banks are insolvent by any reasonable standards and if not for allowing them to lie about the value of the assets they hold we would be seeing bank failures on par with GD1. 100 year old manufacturing giants, symbols of America are going BK.

Plan accordingly 😉

[Rt.66]

Horrifying! GDP is already worse than during GD1. Foreclosures are the worst on record. Unemployment in areas of CA is the worst on record and credit card defaults are just starting to go parabolic.

Our biggest banks are insolvent by any reasonable standards and if not for allowing them to lie about the value of the assets they hold we would be seeing bank failures on par with GD1. 100 year old manufacturing giants, symbols of America are going BK.

Plan accordingly 😉

[Rt.66]

Horrifying! GDP is already worse than during GD1. Foreclosures are the worst on record. Unemployment in areas of CA is the worst on record and credit card defaults are just starting to go parabolic.

Our biggest banks are insolvent by any reasonable standards and if not for allowing them to lie about the value of the assets they hold we would be seeing bank failures on par with GD1. 100 year old manufacturing giants, symbols of America are going BK.

Plan accordingly 😉

[Rt.66]

Horrifying! GDP is already worse than during GD1. Foreclosures are the worst on record. Unemployment in areas of CA is the worst on record and credit card defaults are just starting to go parabolic.

Our biggest banks are insolvent by any reasonable standards and if not for allowing them to lie about the value of the assets they hold we would be seeing bank failures on par with GD1. 100 year old manufacturing giants, symbols of America are going BK.

Plan accordingly 😉

[Rt.66]

Horrifying! GDP is already worse than during GD1. Foreclosures are the worst on record. Unemployment in areas of CA is the worst on record and credit card defaults are just starting to go parabolic.

Our biggest banks are insolvent by any reasonable standards and if not for allowing them to lie about the value of the assets they hold we would be seeing bank failures on par with GD1. 100 year old manufacturing giants, symbols of America are going BK.

Plan accordingly 😉

[jpinpb]

Similar story:

WASHINGTON (AFP) – US home foreclosures reached a record pace in April for the second consecutive month, underscoring the deepening crisis in the housing market, private data showed Wednesday.

Foreclosure filings, which includes home-loan default notices, auction sale notices and bank repossessions, were reported on 342,038 US homes in April, said RealtyTrac, an online firm specializing in foreclosure properties.

The record-high rate highlighted the problems homeowners are facing amid surging unemployment and tight credit as the world’s largest economy struggles in its second year of recession.

The rise was less than 1.0 percent from the previous month but marked a steep 32 percent increase from April 2008.

Yet the April numbers showed a deceleration from March, when foreclosure activity jumped 17 percent from February and was up 46 percent from a year ago.

One in every 374 US housing units received a foreclosure filing in April, RealtyTrac said, the highest monthly foreclosure rate since the firm began issuing its report in January 2005.

“Much of this activity is at the initial stages of foreclosure — the default and auction stages — while bank repossessions, or REOs, were down on a monthly and annual basis to their lowest level since March 2008,” said James Saccacio, chief executive of RealtyTrac.

“This suggests that many lenders and servicers are beginning foreclosure proceedings on delinquent loans that had been delayed by legislative and industry moratoria,” he added, referring to government and private sector efforts to help at-risk homeowners keep their homes.

Nevada, Florida, California and Arizona, so-called “Sun Belt” states where home sales boomed before the real-estate bubble burst in 2006, had the highest foreclosure rates.

Those four states alone accounted for 56.6 percent of all foreclosures in the 50 states last month, RealtyTrac said.

Nevada remained the hardest hit, with one in every 68 homes receiving a foreclosure filing — more than five times the national average.

Total foreclosure activity in Nevada was up 111 percent from April 2008.

Las Vegas, Nevada, continued to post the highest foreclosure rate in the country among metropolitan areas with populations of at least 200,000.

One in every 56 Las Vegas homes received a foreclosure filing during the month. That was almost seven times the national average.

US foreclosures hit record high for second month

Does that mean loans aren’t getting reworked?

[jpinpb]

Similar story:

WASHINGTON (AFP) – US home foreclosures reached a record pace in April for the second consecutive month, underscoring the deepening crisis in the housing market, private data showed Wednesday.

Foreclosure filings, which includes home-loan default notices, auction sale notices and bank repossessions, were reported on 342,038 US homes in April, said RealtyTrac, an online firm specializing in foreclosure properties.

The record-high rate highlighted the problems homeowners are facing amid surging unemployment and tight credit as the world’s largest economy struggles in its second year of recession.

The rise was less than 1.0 percent from the previous month but marked a steep 32 percent increase from April 2008.

Yet the April numbers showed a deceleration from March, when foreclosure activity jumped 17 percent from February and was up 46 percent from a year ago.

One in every 374 US housing units received a foreclosure filing in April, RealtyTrac said, the highest monthly foreclosure rate since the firm began issuing its report in January 2005.

“Much of this activity is at the initial stages of foreclosure — the default and auction stages — while bank repossessions, or REOs, were down on a monthly and annual basis to their lowest level since March 2008,” said James Saccacio, chief executive of RealtyTrac.

“This suggests that many lenders and servicers are beginning foreclosure proceedings on delinquent loans that had been delayed by legislative and industry moratoria,” he added, referring to government and private sector efforts to help at-risk homeowners keep their homes.

Nevada, Florida, California and Arizona, so-called “Sun Belt” states where home sales boomed before the real-estate bubble burst in 2006, had the highest foreclosure rates.

Those four states alone accounted for 56.6 percent of all foreclosures in the 50 states last month, RealtyTrac said.

Nevada remained the hardest hit, with one in every 68 homes receiving a foreclosure filing — more than five times the national average.

Total foreclosure activity in Nevada was up 111 percent from April 2008.

Las Vegas, Nevada, continued to post the highest foreclosure rate in the country among metropolitan areas with populations of at least 200,000.

One in every 56 Las Vegas homes received a foreclosure filing during the month. That was almost seven times the national average.

US foreclosures hit record high for second month

Does that mean loans aren’t getting reworked?

[jpinpb]

Similar story:

WASHINGTON (AFP) – US home foreclosures reached a record pace in April for the second consecutive month, underscoring the deepening crisis in the housing market, private data showed Wednesday.

Foreclosure filings, which includes home-loan default notices, auction sale notices and bank repossessions, were reported on 342,038 US homes in April, said RealtyTrac, an online firm specializing in foreclosure properties.

The record-high rate highlighted the problems homeowners are facing amid surging unemployment and tight credit as the world’s largest economy struggles in its second year of recession.

The rise was less than 1.0 percent from the previous month but marked a steep 32 percent increase from April 2008.

Yet the April numbers showed a deceleration from March, when foreclosure activity jumped 17 percent from February and was up 46 percent from a year ago.

One in every 374 US housing units received a foreclosure filing in April, RealtyTrac said, the highest monthly foreclosure rate since the firm began issuing its report in January 2005.

“Much of this activity is at the initial stages of foreclosure — the default and auction stages — while bank repossessions, or REOs, were down on a monthly and annual basis to their lowest level since March 2008,” said James Saccacio, chief executive of RealtyTrac.

“This suggests that many lenders and servicers are beginning foreclosure proceedings on delinquent loans that had been delayed by legislative and industry moratoria,” he added, referring to government and private sector efforts to help at-risk homeowners keep their homes.

Nevada, Florida, California and Arizona, so-called “Sun Belt” states where home sales boomed before the real-estate bubble burst in 2006, had the highest foreclosure rates.

Those four states alone accounted for 56.6 percent of all foreclosures in the 50 states last month, RealtyTrac said.

Nevada remained the hardest hit, with one in every 68 homes receiving a foreclosure filing — more than five times the national average.

Total foreclosure activity in Nevada was up 111 percent from April 2008.

Las Vegas, Nevada, continued to post the highest foreclosure rate in the country among metropolitan areas with populations of at least 200,000.

One in every 56 Las Vegas homes received a foreclosure filing during the month. That was almost seven times the national average.

US foreclosures hit record high for second month

Does that mean loans aren’t getting reworked?

[jpinpb]

Similar story:

WASHINGTON (AFP) – US home foreclosures reached a record pace in April for the second consecutive month, underscoring the deepening crisis in the housing market, private data showed Wednesday.

Foreclosure filings, which includes home-loan default notices, auction sale notices and bank repossessions, were reported on 342,038 US homes in April, said RealtyTrac, an online firm specializing in foreclosure properties.

The record-high rate highlighted the problems homeowners are facing amid surging unemployment and tight credit as the world’s largest economy struggles in its second year of recession.

The rise was less than 1.0 percent from the previous month but marked a steep 32 percent increase from April 2008.

Yet the April numbers showed a deceleration from March, when foreclosure activity jumped 17 percent from February and was up 46 percent from a year ago.

One in every 374 US housing units received a foreclosure filing in April, RealtyTrac said, the highest monthly foreclosure rate since the firm began issuing its report in January 2005.

“Much of this activity is at the initial stages of foreclosure — the default and auction stages — while bank repossessions, or REOs, were down on a monthly and annual basis to their lowest level since March 2008,” said James Saccacio, chief executive of RealtyTrac.

“This suggests that many lenders and servicers are beginning foreclosure proceedings on delinquent loans that had been delayed by legislative and industry moratoria,” he added, referring to government and private sector efforts to help at-risk homeowners keep their homes.

Nevada, Florida, California and Arizona, so-called “Sun Belt” states where home sales boomed before the real-estate bubble burst in 2006, had the highest foreclosure rates.

Those four states alone accounted for 56.6 percent of all foreclosures in the 50 states last month, RealtyTrac said.

Nevada remained the hardest hit, with one in every 68 homes receiving a foreclosure filing — more than five times the national average.

Total foreclosure activity in Nevada was up 111 percent from April 2008.

Las Vegas, Nevada, continued to post the highest foreclosure rate in the country among metropolitan areas with populations of at least 200,000.

One in every 56 Las Vegas homes received a foreclosure filing during the month. That was almost seven times the national average.

US foreclosures hit record high for second month

Does that mean loans aren’t getting reworked?

[Author]

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