Posts Tagged ‘Marin foreclosures’
Foreclosure Radar released the February 2010 California Foreclosure Report today. The report had some interesting data. Highlights of the report:
- Notice of Default’s were up 20% in February after 4 months of declines. This is to be expected based on rise in delinquencies. Despite the increase, they are down year over year almost 40%
- Foreclosures are down. There was a 14.34% decrease in the number of properties going back to the bank at the courthouse steps. The number of foreclosures going to 3rd party investors at the court house steps was also down 2.72%. These numbers are very low based on the number of delinquencies.
- Foreclosure cancellations remains flat because loan modifications are not happening- “hamp has failed”.
- Bank owned inventory (REO’s) are up even with foreclosures down because resales are slow
Check out the full report below:
If you are unable to see the video above, please click here
According to the the National Association of Realtors®, “distressed homes” represented nearly 2 of every fifth home sold in January 2010. Clearly, real estate investors in Marin County and around the country are taking advantage of good deals on inexpensive property. But there’s risk involved.
This NBC Today Show interview first ran in March 2009, featuring real estate expert Barbara Corcoran. Despite its age, the message remains relevant. Today may be a terrific time to buy a bank-owned home — just make sure you do your research first. There’s plenty of ways for investors to get burned.
Some of the tips in the video include:
- Buy in your own backyard
- Start small, then build to a bigger portfolio
- Watch receipts — rent rolls don’t matter if tenants aren’t paying rent
Corcoran also gives pointers on how to evaluate a prospective tenant.
Foreclosures may represent a significant number of 2010’s total Marin County home sales and will offer interesting opportunities to bona fide real estate investors.
Remember, the stats and the data are from 12 months ago, but the advice stays meaningful.
Foreclosures happen for many reasons and it is something no homeowner wants to experience. There are many resources available to homeowners concerned about or in jeopardy of being foreclosed upon. I have a series on this site with loan modification tips. Unfortunately, we are hearing about many instances where homes are being foreclosed on while the homeowner is in the process of the loan modification. We are also seeing many new short sale listings coming up after failed loan modifications. We have a new series coming up on the short sales in Marin, stay tuned for that. In the meantime, we thought it would helpful to have tips and resources for homeowners who need assistance and information to avoid foreclosure.
CREDIT COUNSELING SERVICES- HUD approved, non-profit counseling service, offers assistance with debt management, budgeting, credit report review, housing education and financial planning.
The California Association of REALTORS provides this list of online resources:
FORECLOSURE AVOIDANCE TOOLS
If you read the San Francisco Chronicle or sfgate.com, you might have come across a very noticeable article (at least noticeable if you are buying, selling, or interested in Marin County real estate!) The article even got picked up by a national blog – Calculated Risk – which is widely read by Wall Streeters and investors.
Mortgage distress is rising in affluent areas around the Bay Area, according to a Chronicle analysis of foreclosure notices.
Not very positive, especially when the article mentions Greenbrae and other “high end” zip codes in the Bay Area. Well, here’s what I’m seeing locally:
So far, so good this Fall. Asking prices have remained steady and are slightly above price levels from 2006. Certainly not where we were in 2007, but these seem to be holding well.
What about the number of Greenbrae homes available for sale (a.k.a “inventory”):
Definitely rising….
So yes, markets like Greenbrae are showing trends the don’t exactly jive – you’d expect prices to fall a little with the increased number of homes of the market.
October has been the busiest month in Marin all year for sales, but we are also seeing a buzz in the general market. Open houses are busier, even my web traffic has been up this month.
It’s never a perfect science but getting in to the details is important. Real estate is local and you can’t believe everything you read in the newspapers.