Sacramento Real Estate Repossessed Activity Goes Up

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Repossessed homes in Sacramento region goes up after dropping to a three-year low in the second quarter of 2011, the number of Sacramento homeowners being pulled into the foreclosure process snapped back to prior levels over the last three months, a real estate information service reported.

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Sacramento Real Estate Repossessed Activity Goes Up

  1. 1. Sacramento Real EstateRepossessed Activity Goes Up ©www.DavidYaffeeTV.com
  2. 2. Sacramento Real Estate Repossessed Activity Goes UpRepossessed homes in Sacramento region goes up afterdropping to a three-year low in the second quarter of 2011,the number of Sacramento homeowners being pulled intothe foreclosure process snapped back to prior levels overthe last three months, a real estate information servicereported. ©www.DavidYaffeeTV.com
  3. 3. Sacramento Real Estate Repossessed Activity Goes UpAccording to a survey done by a local researcher, a littleover 1500 Notices of Default were recorded at everyDepartment of Real Estate (DRE) in the region during thethird quarter of the year.That was up 25.9 percent three months prior, and down14.4 percent during the third-quarter of 2010. ©www.DavidYaffeeTV.com
  4. 4. Sacramento Real Estate Repossessed Activity Goes UpLast quarters Nods, which mark the first step in theformal foreclosure process, jumped back to levels seenearlier this year and late last year.Lenders filed 1300 NoDs during first-quarter 2011 and 2000in fourth-quarter 2010. NoDs peaked in first-quarter 2009at 3500 in every DRE offices. ©www.DavidYaffeeTV.com
  5. 5. Sacramento Real Estate Repossessed Activity Goes UpAccording to John Walsh, a renowned figure in the realestate industry, "Figuring out whats actually going onwhen it comes to foreclosures can be a logisticalnightmare.In each case there are at least six or seven different legalentities contending with each other, each with a differentagenda and timeline: ©www.DavidYaffeeTV.com
  6. 6. Sacramento Real Estate Repossessed Activity Goes UpThe original lender, the homeowner, the current owner orowners of the loan, the servicing institution, the outfitdoing the actual foreclosing, and the county recordersoffice”.He added that, "The way it looks right now, its reasonableto expect default filings to run at a somewhat higher levelthan we saw earlier this year," he said. ©www.DavidYaffeeTV.com
  7. 7. Sacramento Real Estate Repossessed Activity Goes Up"Obviously, some lenders and loan servicers have begunto plow through their backlogs of delinquent loans moreaggressively."But most of the loans going into default are still from the2005-2007 period: the median origination quarter fordefaulted loans is still third-quarter 2006. ©www.DavidYaffeeTV.com
  8. 8. Sacramento Real Estate Repossessed Activity Goes UpThat has been the case for almost three years, indicatingthat weak underwriting standards peaked then.To give you an idea, the most active beneficiaries in theformal foreclosure process last quarter in Sacramentoregion were Bank of America. ©www.DavidYaffeeTV.com
  9. 9. Sacramento Real Estate Repossessed Activity Goes UpOn the other hand, when it comes to primarymortgages, Sacramento homeowners were a median eightmonths behind on their payments when the lender filedthe Notice of Default. The borrowers owed a median$19,198 on a median $331,333 mortgage.The median amount borrowers owed at the time the NoDwas filed rose about 17 percent from the prior quarter and27.0 percent from a year earlier. ©www.DavidYaffeeTV.com
  10. 10. Sacramento Real Estate Repossessed Activity Goes UpThe gains likely stem from some lenders working fasterlast quarter to get caught up on their backlogs of long-delinquent loans.Meanwhile, if we talk about home equity loans and linesof credit in default, borrowers owed a median $4,576 on amedian $70,055 credit line. The amount of the credit linethat was actually in use cannot be determined from publicrecords. ©www.DavidYaffeeTV.com
  11. 11. Sacramento Real Estate Repossessed Activity Goes UpKeep in mind that foreclosure resales accounted for 34.2percent of all California resale activity last quarter.It was 35.6 percent the prior quarter, and a year ago it was35.5 percent. It peaked at 57.8 percent in the first quarterof 2009. ©www.DavidYaffeeTV.com
  12. 12. Sacramento Real Estate Repossessed Activity Goes UpOn the other hand, short sales, (transactions where thesale price fell short of what was owed on the property)made up an estimated 17.8 percent of statewide resaleactivity last quarter.That was up slightly from an estimated 17.4 percent theprior quarter and 17.3 percent a year ago. ©www.DavidYaffeeTV.com
  13. 13. Sacramento Real Estate Repossessed Activity Goes UpTwo years ago, in third quarter 2009, short sales made upan estimated 14.4 percent of resales.Investing in repossessed homes are best when you have agreat realtor by your side in finding foreclosed homes in avery affordable amount. ©www.DavidYaffeeTV.com
  14. 14. Sacramento Real Estate Repossessed Activity Goes UpLooking for Sacramento Real Estate properties?Then visit us at www.DavidYaffeeTv.com !We offer great quality Sacramento Real Estate properties!Visit us now! ©www.DavidYaffeeTV.com
  15. 15. Sacramento Real EstateRepossessed Activity Goes Up Brought To You By ©www.DavidYaffeeTV.com

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