2011 April

Bank Owned Home and Condominium Sales Up in Florida

By Alana

Sales of existing residences, including bank owned home properties and condominiums, went up in Florida during the March 2011 period compared with one year ago. According to realtors, the March increase marks the fourth month in a row that sales of existing condos and houses in the region have gone up year-over-year.

The rise in sales of Boynton Beach bank owned properties and existing condos in other key areas of the state was largely attributed to the high number of investors taking advantage of bargain-priced real estate currently available in the Florida market. For March 2011, 18,522 existing homes were sold in the whole region, representing a 12% rise from March 2010 when 16,540 houses were sold, according to a report issued by Florida Realtors.

Aside from Florida bank owned homes, condominiums also enjoyed a strong March in terms of sales, with figures jumping by 24% compared with March 2010. A total of 17 metropolitan statistical regions in the state recorded increases in existing condo and housing sales during the month. Realtors reported that elevated buying activities during the month were largely due to the availability of heavily-discounted properties and the fact that interest rates have remained at historic lows despite inching up a bit in the past few weeks.

However, median selling prices of a bank owned home and other types of existing dwellings continue to tumble in the region. In March 2011, the median selling rate for existing houses was at $126,300, down by 7% from the $136,000 median price recorded in March 2010. According to the National Association of Realtors, median selling rates have plummeted in most areas of the U.S. during the month, mainly because of the huge amount of discounted foreclosures and short sales that are being sold in the market.

Prices of existing condominiums offered at foreclosure auctions and at other sales markets also declined, with the March 2011 price pegged at $84,300, down by 11% from the March 2010 median rate of $94,800. Total units sold were 9,703 for the month, declining by 24% from the 7,830 condo units that were sold one year ago. The drop in prices was mirrored at the national level, realtors also reported.

The price of a bank owned home and existing condos in the whole country is expected to continue to decline for most of 2011. However, realtors are optimistic that sales will continue to rise, particularly in the coming months as the national economy continues to stabilize and the job market improves.

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Impact of Bank Foreclosure Listings Diminishing in Some Georgia Areas

By Alana

Although bank foreclosure listings and distressed property numbers are still high in most parts of Georgia, realtors in the southern part of the state have revealed that the region's housing industry is starting to turn around. They stated that housing sales are picking up, with buyers getting lured by low interest rates and affordable homes.

With Atlanta foreclosures for sale and distressed properties in various areas of the state offered at almost half their original prices, realtors claimed that now would be the best time to buy a home. In the region of Valdosta, realtors reported that the inventory of for-sale homes currently stands at 1,200 units. Around 175 of these residences are already under contract, with majority of buyers taking advantage of the low rates of interest.

Aside from record low interest rates, realtors revealed that the low prices of foreclosed homes in GA are also a great attraction to those who wish to purchase a home. Valdosta realtors reported that increased interest in home buying is pushing the region's housing market forward, with the current inventory averaging a market-stay of only 155 days, a time length that is considered healthy for a supply of over 1,000 units.

Although realtors are seeing more buyer interest in bank foreclosure listings and other existing dwellings, they revealed that the new home market is still in a slump. According to them, sellers of newly built houses are finding it hard to compete with cheap distressed properties. The impact of the foreclosure crisis, realtors further stated, was the worst for the home construction market than for any other sector. During 2006, the annual home building permit for the whole state was pegged at a little over 86,000.

As of last year however, this huge number has dwindled to just nearly 13,000. Real estate agents reported that new home builders are being forced to close operations as most of them are unable to compete with the massive supply of heavily-discounted foreclosed houses and bank owned rentals currently available in the market. The decline in homebuilding activities also resulted in decline in construction jobs as numerous construction firms are forced to shut down.

Despite the problems with the new home market, realtors believe that higher home buying activities, even among houses in bank foreclosure listings, will help the region recover from the housing slump. They added that the home construction market will just have to ride it out and wait for further improvements in the housing industry.

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Prices of Regular Dwellings and Bank Owned Homes Up in Boston

By Alana

Prices of regular residential properties and bank owned homes improved in Boston, Massachusetts in February of this year compared with one year ago. A report from CoreLogic showed that housing prices in the Boston-Quincy metropolitan region jumped by over 4%, marking the second month in a row that prices have increased in the metro area.

Boston bank owned homes and regular houses recorded a 4.6% rise in prices in February 2011 compared with the same 2010 month. According to housing industry analysts, the rise was significant given that nationwide prices and rates in majority of metro areas have declined over the same period. The February increase also followed a January when prices also recorded a surge.

Despite a challenging home market dominated by Massachusetts bank owned property and foreclosures, prices in the Greater Boston region increased in the first two months of the current year. In January, housing prices jumped by 5.54% compared with January of last year. When distressed property sales and short sale transactions are excluded, prices in the region increased by a lower margin in February at 3.11%. For January, the price increase was 2.95% minus distressed property transactions. Overall, U.S. housing prices are reportedly doing much better when distressed home sales are taken out of the equation.

When bank owned homes, foreclosures and short sales are excluded, the decrease in nationwide prices during February was a mere 0.1%. However, when prices of all types of residences are considered, the year-over-year decrease was 6.7%. Analysts have reported that the nationwide drop in residential prices during the month was mainly due to the high percentage of sales accounted for by foreclosures and short sales.

With bank and government foreclosed houses being sold at almost half their original prices, the overall price is depressed further, analysts further added. They claimed that the impact of foreclosed properties on housing prices is highly evident among states hit hard by the housing industry crisis as most of them also recorded the biggest price declines during the month. The biggest drop was recorded in Idaho for the month, followed by foreclosure hotbeds Arizona, Florida and Michigan.

In Boston, housing analysts are confident that despite the presence of foreclosed and bank owned homes, prices will continue to stabilize in the coming months. Any decline, according to them, will be minimal and will not reach the same level as seen in areas hit hardest by the industry crisis.

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Bank Foreclosures Declined in Southeastern Massachusetts

By Alana

Latest housing data showed that bank foreclosures in the region of Southeastern Massachusetts have declined in February 2011. However, housing market experts stated that declaring a recovery for the residential industry now would be foolhardy since it is not yet clear whether the drop was due to the crisis abating of whether lenders have slowed processing due to several controversies that emerged last year.

Most of them agree however, that Boston foreclosed homes and distressed properties all over the state will remain a major concern for most of 2011. The good news is that, in areas like the southeast where foreclosure activities have eased a bit, a big number of homeowners will be experiencing some respite from the foreclosure crisis that has hammered the region in the past four years or so.

Bank foreclosed homes in Massachusetts dipped in southeastern areas like Bristol County and Plymouth County during February of this year. In Bristol, foreclosure notices dropped by almost 70% in February 2011 compared with February 2010. Meanwhile, completed foreclosures also declined in Bristol by nearly 50% over the same period. In Plymouth, foreclosure petitions plummeted by 57% year-over-year in February, while completed foreclosures dipped by 14% over the same period. Barnstable County also posted massive declines, with petitions dropping by 59% and completed foreclosure actions plummeting by 48%.

For the whole state of Massachusetts, petitions, or the initial step in the process of foreclosure, declined by a massive 67% from last year, while bank foreclosures and other completed foreclosure-related actions declined by 44% over the same period. Despite huge drops in foreclosure activities in most areas of the state, analysts reported that the foreclosure crisis is still far from over.

They asserted that foreclosures and real estate owned properties for sale are likely to increase again in the coming months. Analysts cited high unemployment rates and continuous increase in delinquent mortgages as primary reasons for the expected increase in foreclosure numbers in the coming months. In addition, a big number of residents are currently holding underwater mortgages, which means that they hardly have any remaining equity in their homes, something that could eventually lead to foreclosure, particularly if they are also experiencing reduced income.

Economists are predicting that bank foreclosures will continue to depress the housing industry of Massachusetts in 2011 unless the job market stabilizes and prices of real estate start to improve. They did express some optimism however, reporting that an increased number of lenders are now more willing to approve short sales.

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Bank Foreclosures Information

Information, Articles and News About Bank Foreclosures

Bank Owned Home and Condominium Sales Up in Florida

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Impact of Bank Foreclosure Listings Diminishing in Some Georgia Areas

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Prices of Regular Dwellings and Bank Owned Homes Up in Boston

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