Foreclosures are Up. Values are down. Future looks Bright


Yes foreclosures are up…. Too much money chasing the housing industry.  Values are down and buyers are looking for value…..their value opportunity, not the seller’s.  So what about the future?  The United States is on sale.… You have price war and beauty contest at the same time…. Just because a property is a short sale, foreclosure or whatever, it all starts with the geo-spatial attributes….the locational attributes.  Simple rule to remember, stand on the property… what do you see around you…..if you don’t like what you see, don’t buy it….. The underpinning value statement of any property is the relative value differential of choice.

To spend or not to spend…..buy this or that…. Ultimately, someone must convert currency…dollars… and acquire the inherent value of that particular property…… That makes the real estate world move….

When selecting someone to represents you, make sure your agent knows what creates value…. If not, you could catch a cold…..  If you need the right medicine, just call Dr. McDaniel….. Talk with you later….. Terry

FORECLOSURE ACTIVITY INCREASES 8 PERCENT IN JULY
By RealtyTrac Staff

Activity Up 55 Percent From July 2007

IRVINE, Calif. – August 14, 2008 – RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released its July 2008 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 272,171 U.S. properties during the month, an 8 percent increase from the previous month and a 55 percent increase from July 2007. The report also shows one in every 464 U.S. households received a foreclosure filing during the month.

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

“Bank repossessions, or REOs, continued to be the fastest growing segment of foreclosure activity in July, posting a 184 percent year-over-year increase — compared to a 53 percent year-over-year increase in default notices and an 11 percent year-over-year increase in auction notices,” said James J. Saccacio, chief executive officer of RealtyTrac. “The sharp rise in REOs, combined with slow sales, has resulted in a bloated inventory of bank-owned properties for sale. RealtyTrac now has more than three quarters of a million properties in its active REO database, a number that represents approximately 17 percent of the inventory of existing homes for sale reported in June by the National Association of Realtors.”

Click to enlarge

Nevada, California, Florida post top state foreclosure rates
Nevada continued to document the nation’s highest state foreclosure rate in July, with one in every 106 households receiving a foreclosure filing during the month. Foreclosure activity in Nevada was up 15 percent from the previous month and 97 percent from July 2007, pushing the total number of properties with foreclosure filings to over 10,000. Bank repossessions in Nevada were up 384 percent on a year-over-year basis, while default notices were up 59 percent and auction notices were up 31 percent.

One in every 182 California properties received a foreclosure filing in July, the nation’s second highest state foreclosure rate, while one in every 186 Florida properties received a foreclosure filing, the nation’s third highest state foreclosure rate.

Despite increasing foreclosure activity, Arizona’s foreclosure rate dropped from the nation’s third highest in June to fourth highest in July. Foreclosure filings were reported on 13,350 Arizona properties during the month, a 3 percent increase from the previous month and a 127 percent increase from July 2007. One in every 195 Arizona properties received a foreclosure filing, a rate that was more than twice the national average.

Other states with foreclosure rates ranking among the top 10 were Ohio, Georgia, Michigan, Colorado, Utah and Virginia.

California, Florida, Ohio report highest foreclosure totals
Foreclosure filings were reported on 72,285 California properties in July, the highest total among the states. The state’s foreclosure activity increased 5 percent from the previous month and was up 85 percent from July 2007. On a year-over-year basis, bank repossessions in California were up 427 percent, while auction notices were up 67 percent and default notices were up 34 percent. However, default notices declined 4 percent from the previous month.

Florida foreclosure activity in July increased 14 percent from the previous month and 139 percent from July 2007. The state posted the nation’s second highest number of properties with filings — 45,884. On a year-over-year basis, bank repossessions in Florida increased 678 percent, while auction notices were up 180 percent and default notices were up 100 percent.

Ohio’s total of 13,457 properties with foreclosure filings in July was third highest among the states despite an increase of just 2 percent from the previous month and 1 percent from July 2007. On a year-over-year basis, bank repossessions in Ohio were still up 33 percent, while auction notices were down nearly 20 percent and default notices were up nearly 8 percent. One in every 375 Ohio households received a foreclosure filing during the month, the nation’s fifth highest state foreclosure rate.

After Arizona, Michigan documented the fifth highest state total in July — 11,591 properties with filings — but the state’s foreclosure activity decreased 4 percent from the previous month and 17 percent from July 2007. The state’s foreclosure rate — one in every 389 households received a foreclosure filing — ranked seventh highest among the states.

Other states with total properties with foreclosure filings among the 10 highest were Texas, Georgia, Nevada, Illinois and New York.

Top Metro Rates in California, Florida, Nevada, Arizona
The Cape Coral-Fort Myers, Fla., metro area registered the highest foreclosure rate among the 230 metro areas tracked in the July report. One in every 64 households in the metro area received a foreclosure filing during the month — more than seven times the national average.

Three California cities followed in the metro foreclosure rate rankings: Merced was at No. 2 with one in every 73 households receiving a foreclosure filing; and Stockton and Modesto were in a virtual tie, each with one in every 82 households receiving a foreclosure filing.

With one in every 85 households receiving a foreclosure filing, the Las Vegas metro area’s foreclosure rate ranked No. 5, followed by three more California metros: Riverside-San Bernardino, Bakersfield and Vallejo-Fairfield.

Fort Lauderdale, Fla., documented the ninth highest metro foreclosure rate, and the foreclosure rate in Phoenix took the No. 10 spot.

Report methodology
The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the state and national level. Data is also available at the individual county level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during the month — which is extremely rare — only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

U.S Foreclosure Market Data by State – July 2008

Properties with Foreclosure Filings
Rate Rank State Name NOD LIS NTS NFS REO Total 1/every X HH (rate) %Change from Jun 08 %Change from Jul 07

United States

55,601

55,042

57,145

27,088

77,295

272,171

464

7.85

55.12

41

Alabama

0

0

451

0

412

863

2,445

11.50

72.95

32

Alaska

0

0

166

0

41

207

1,336

7.81

143.53

4

Arizona

15

0

8,210

0

5,125

13,350

195

3.09

127.31

28

Arkansas

71

0

866

0

131

1,068

1,193

-5.15

2.30

2

California

36,373

0

12,506

0

23,406

72,285

182

5.27

85.28

8

Colorado

3

0

3,023

0

2,350

5,376

390

10.21

-9.19

16

Connecticut

0

1,550

12

372

80

2,014

711

24.09

-4.91

44

Delaware

0

0

2

80

50

132

2,900

-38.32

57.14

District of Columbia

286

0

188

0

85

559

506

7.71

7885.71*

3

Florida

0

29,708

91

9,818

6,267

45,884

186

13.71

139.24

6

Georgia

76

0

6,487

0

3,498

10,061

385

15.46

18.91

40

Hawaii

35

0

169

0

25

229

2,184

70.90

169.41

15

Idaho

513

0

314

0

109

936

658

40.54

121.28

12

Illinois

0

5,854

71

755

2,235

8,915

583

9.29

61.21

11

Indiana

0

1,366

15

2,138

1,264

4,783

576

-1.40

6.88

42

Iowa

0

0

270

0

228

498

2,651

17.18

-19.81

37

Kansas

0

110

7

226

334

677

1,784

13.02

57.44

35

Kentucky

0

253

9

578

386

1,226

1,540

67.72

90.37

39

Louisiana

0

2

4

822

189

1,017

1,799

74.14*

82.59*

43

Maine

104

0

130

0

21

255

2,710

-7.61

104.00

17

Maryland

0

1,844

14

160

1,086

3,104

741

72.06

40.20

20

Massachusetts

0

512

21

1,518

1,523

3,574

758

17.91

-22.86

7

Michigan

2,170

0

5,488

0

3,933

11,591

389

-3.61

-17.08

33

Minnesota

19

0

1,186

0

466

1,671

1,367

-1.36

59.60

47

Mississippi

0

0

66

0

124

190

6,534

-43.95

13.10

18

Missouri

1,939

0

714

0

859

3,512

747

1.74

72.75

45

Montana

2

0

129

0

11

142

3,042

51.06

69.05

27

Nebraska

0

22

10

465

163

660

1,174

51.72

165.06

1

Nevada

5,350

0

1,395

0

3,315

10,060

106

15.46

96.64

14

New Hampshire

0

0

456

0

447

903

653

79.52*

356.06*

19

New Jersey

0

2,200

18

1,473

931

4,622

751

-7.56

11.19

36

New Mexico

0

358

5

105

76

544

1,563

45.07*

270.07*

30

New York

0

4,105

15

1,131

916

6,167

1,282

14.91

44.43

25

North Carolina

2,690

0

199

0

1,414

4,303

936

24.18

126.59

46

North Dakota

0

0

1

3

61

65

4,735

490.91*

150.00*

5

Ohio

0

4,533

58

4,809

4,057

13,457

375

1.99

1.06

24

Oklahoma

457

0

602

0

669

1,728

930

47.31*

92.21*

21

Oregon

1,307

0

451

0

197

1,955

812

-4.49

192.23

31

Pennsylvania

0

1,590

25

1,665

894

4,174

1,306

2.81

39.60

23

Rhode Island

0

0

371

0

123

494

910

-16.69

194.05

34

South Carolina

0

176

12

329

816

1,333

1,482

25.40

223.54

48

South Dakota

0

0

0

27

3

30

11,760

3.45

0.00

13

Tennessee

1,622

0

1,564

0

1,379

4,565

587

4.75

29.47

22

Texas

136

0

6,102

0

4,116

10,354

891

-6.32

-16.78

9

Utah

892

0

687

0

332

1,911

472

27.32

294.02

50

Vermont

0

0

2

0

3

5

61,911

-84.85

-44.44

10

Virginia

1,536

0

2,341

0

1,868

5,745

562

9.32

193.26

26

Washington

5

0

2,054

0

703

2,762

977

0.73

55.96

49

West Virginia

0

0

28

0

10

38

23,100

-54.76

-59.57

29

Wisconsin

0

859

27

614

544

2,044

1,240

-13.50

63.91

38

Wyoming

0

0

113

0

20

133

1,798

70.51

171.43

*Actual increase may not be as high due to data collection changes or improvements

About RealtyTrac Inc.
Ranked as the third largest real estate site by MediaMetrix and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest-growing private companies, RealtyTrac Inc. (realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal. For current news and information regarding foreclosure-related issues and trends, visit our blog at www.ForeclosurePulse.com.

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About Terry McDaniel

What motivates me? 1. To have fun...2. To learn...3. Bless and prosper before profit.....4. Be the hero...... To collaborate and be transparent....This is the Main Event.... Oh by the way, I have closed 1200 residential transaction over 40 years. I have Masters in Business from the University of Wisconsin... I'm part of the Madison Mafia...
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