Monday, October 03, 2005

Defaults Grow In Hot And Cold Markets

Realtytrac has the latest on foreclosures. "Dallas-Fort Worth foreclosure rates stabilized in August," said James J. Saccacio, RealtyTrac CEO. 'It's interesting that the metro area's rates dropped while the rest of the state's rates increased, as did all four of the other metro areas that we measure.' Dallas County foreclosures increased 6.1 percent, with 1,591 properties entering some stage of foreclosure or being foreclosed on in August."

"The state of Texas, with 13,453 properties entering some stage of foreclosure or foreclosed on, a 33 percent increase, Texas replaced Florida as the state with the most foreclosures reported and accounted for 17.8 percent of the nation's total foreclosures."

"While Philadelphia foreclosures remained virtually static, Pennsylvania reported a 17 percent increase in the number of foreclosure properties in August."

"Los Angeles foreclosures jumped 19 percent in August, with more than 1,200 properties entering foreclosure during the month. While the foreclosure rate in Los Angeles is still low compared to other major cities, the city's foreclosure numbers have trended upward over the past three months,' said Saccacio. 'Since May, when there were only 771 foreclosures, the city has reported more than 1,000 foreclosures each month.'"

"Statewide, 4,810 properties entered some stage of foreclosure or were foreclosed on in August, a 21 percent increase from July."

"More mortgages fail in Ohio than any other state, according to the Associated Press. Across the state, more than 59,000 foreclosure notices were filed last year. Through the first half of 2005, 3.3 percent of state home loans were in foreclosure, more than triple the national average."

"Our figures have gone up a bit simply because people don’t pay their taxes or don’t want to,” said Glenn Owens, at the (Stark) county treasurer’s office. 'It’s kind of a sad commentary. A lot of people are letting their property go without attempting to pay.'"

"Owens said some homeowners operate under the mistaken impression that they can work out a deal with the treasurer’s office to avoid a foreclosure. 'Some have the idea they can settle with us,' he said. 'It’s a shame it has to happen but people have to realize we don’t go away.'"


At 5:20 PM, Blogger bottomfeeder1 said...

good idea ben now we can educate ourselves on how to cash in on this madness.i myself am looking forward to a paid for in cash condo in san diego within walking distance to my 25 ft parker sportfisher.

At 5:46 PM, Blogger Chip said...

Ben -- perfect timing for starting this blog. While Bottomfeeder1, in your housing blog, had a sound recommendation to check with my bank, there likely are a lot of ins and outs to learn, such as the one-year wait in Hawaii. It would be a shame to have sold out and waited patiently for a great buy, only to get screwed by a fine-print technicality or to have your offer snaked, similar to the way bid-snipers do it on EBay.

At 8:30 AM, Blogger bottomfeeder1 said...

chip it will take at least 2 to 3 years for the really good deals.have patience the comps on sales drop over time just like they whent up.when prices are down in the dumps for a few years then the banks will deal with you.although they rarely sell for less than comps and you buy as is.

At 10:37 AM, Blogger Ben Jones said...

Thanks for dropping by. I am going to post foreclosure related topics here as I expect it will begin to take up more time.

At 2:11 PM, Blogger Opeth said...

Ben: Thank you for starting this blog. I hope it gets as much attention as your housing bubble blog eventually. The perfect storm has definately formed and is gathering fuel.

At 2:26 PM, Blogger Chip said...

Bottomfeeder -- fortunately, I'm in good position to wait it out. Sold out this past summer and am renting a great place with a great landlord. My wife likes the freedom so much that she's almost losing interest in owning.

At 8:18 PM, Blogger bottomfeeder1 said...

doing the same chip sold last october made a killing saving 20k a year.renting is cheap but i will own a home outright in a couple of years just waiting for the bottom.


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