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Georgia foreclosure situation & outlook for slideshare Presentation Transcript

  • 1. GEORGIA DISTRESSED SALES MARKET with 2013 foreclosure market outlook
  • 2. What we’ll cover today • U.S. & State Historical Foreclosure Trends • 2012 Market Summary • Disposing of Distressed Inventory • Conclusions • RealtyTrac Resources©RealtyTrac Inc. 2012, Not for Distribution 2
  • 3. U.S. AND STATE FORECLOSURE TRENDS
  • 4. NATIONAL HISTORICAL TRENDS More than 10 million More than 10 million starts and nearly 55 starts and nearly million completions million completions (REO) since January (REO) since January 2006 2006©RealtyTrac Inc. 2013, Not for Distribution 4
  • 5. GEORGIA HISTORICAL TRENDS Foreclosure starts past Foreclosure starts past peak, but REOs actually peak, but REOs actually increased slightly in 2012 increased slightly in 2012 from 2011 from 2011©RealtyTrac Inc. 2013, Not for Distribution 5
  • 6. POSSIBLE BACKLOG FORMING? July court ruling July court ruling corresponds with sharp corresponds with sharp drop in foreclosure activity drop in foreclosure activity©RealtyTrac Inc. 2013, Not for Distribution 6
  • 7. ROBO-SIGNING ROLLER COASTER Robo-signing Robo-signing 13 straight months of 13 straight months of controversy hits in controversy hits in annual declines until annual declines until GA Court of GA Court of October 2010 October 2010 National Mortgage National Mortgage Appeals ruling in Appeals ruling in Settlement finalized in Settlement finalized in July triggers July triggers April 2012 April 2012 another slowdown another slowdown©RealtyTrac Inc. 2013, Not for Distribution 7
  • 8. HARDEST HIT GEORGIA COUNTIES©RealtyTrac Inc. 2013, Not for Distribution 8
  • 9. 2012 FORECLOSURE SUMMARY • 1.8 million U.S. properties with foreclosure filings • Down 3% from 2011, down 36% from 2010 • 25 states (mostly judicial) with increasing activity • 105,000 Georgia properties with foreclosure filings • Down 4% from 2011, down 19% from 2010 • 70 out of 159 counties with increasing activity • 2.58% of housing units with filing (No. 4 among states) • 76,000 Atlanta properties with foreclosure filings • Down 5% from 2011, down 20% from 2010 • 3.51% of housing units with filing (No. 7 among metros)©RealtyTrac Inc. 2013, Not for Distribution 9
  • 10. DISPOSING OF DISTRESSED INVENTORY©RealtyTrac Inc. 2013, Not for Distribution 10
  • 11. UNSOLD REO INVENTORY Atlanta has third highest Atlanta has third highest REO inventory total behind REO inventory total behind Chicago and Miami Chicago and Miami©RealtyTrac Inc. 2013, Not for Distribution 11
  • 12. REO SALES PICKING BACK UP 14% quarterly increase in Q3 14% quarterly increase in Q3©RealtyTrac Inc. 2013, Not for Distribution 12
  • 13. REO PRICES HOLDING STEADY©RealtyTrac Inc. 2013, Not for Distribution 13
  • 14. SHORT SALES REALLY TAKING OFF 40% annual increase in Q3 40% annual increase in Q3©RealtyTrac Inc. 2013, Not for Distribution 14
  • 15. BUT SHORT SALE PRICES SLIDING 14% annual decrease in Q3 14% annual decrease in Q3©RealtyTrac Inc. 2013, Not for Distribution 15
  • 16. PLENTY OF POTENTIAL SHORT SALES©RealtyTrac Inc. 2013, Not for Distribution 16
  • 17. SHORT SALES MOVING UPSTREAM 31 states posted annual 31 states posted annual increases in non- increases in non- foreclosure short sales foreclosure short sales in Q3 2012 in Q3 2012 32 percent increase in 32 percent increase in Georgia Georgia©RealtyTrac Inc. 2012, Not for Distribution 17
  • 18. CONCLUSIONS • Plenty of inventory already in the pipeline • Banks will eventually release REOs for sale in greater numbers • Short sales will continue to increase as an alternative to foreclosure • Possible jump in foreclosure activity later in 2013 • Foreclosures delayed by court ruling will eventually be pushed into the process • Long-term foreclosure trend is still downward©RealtyTrac Inc. 2013, Not for Distribution 18
  • 19. REALTYTRAC RESOURCES • Local Stats & Trends (free and embeddable) • http://www.realtytrac.com/trendcenter/ • Real Estate News & Reports (free) • http://www.realtytrac.com/content • Professional subscription (address-level access) • http://www.realtytrac.com/professionals • Buyer leads (exclusive territories) • Call 800.306.5930©RealtyTrac Inc. 2012, Not for Distribution 19