Bank Owned Properties

TransUnion Forecasts 3% Drop in Mortgage Delinquencies Next Year

Mortgage delinquencies have skyrocketed for three years straight, but we can expect to see that trend reverse in 2010, according to the Chicago-based credit management company TransUnion. The firm said in a report issued Tuesday that the number of homeowners 60 or more days behind on their mortgage payments will drop nearly 3 percent by the end of next year, to a national mortgage delinquency rate of 6.39 percent. The projected decrease in mortgage delinquencies would end a trend that included unprecedented year-over-year increases of 54 percent between 2006 and 2007, 53 percent between 2007 and 2008, and 43 percent between 2008 and 2009. "We believe the nation will see a turnaround in mortgage delinquencies in the coming year," said Ezra Becker, director of consulting and strategy in TransUnion's financial services group. Becker says the decrease in late mortgage payments will be gradual over the next 12 months, tied directly to unemployment and housing values. Still, it's a welcome change from the double digit year-over-year increases that have been the norm for the past several years. According to Becker, the dramatic shift in the delinquency rate will be driven in part by the conservative approach lenders are now taking to new loan underwriting, as many of the existing mortgages in the market work their way out of the system and off the books of lending institutions. Though the projected rate of decrease in mortgage delinquencies will be relatively slow for a majority of the nation, TransUnion says 22 states are expected to experience double-digit declines in delinquency as housing values in those states improve. The states with the greatest decrease in mortgage delinquencies are expected to be North Dakota, Minnesota, and Oklahoma. Only five states are projected to see increases in mortgage delinquencies, according to TransUnion. Florida is expected to continue to take a beating, with a 17.34 percent increase that pushes its delinquency rate to 16.86 percent of all mortgages in the state - the highest in the nation in 2010, TransUnion says. The other states forecast by the firm to post increases in late mortgage payments next year are Arizona (6.26 percent increase), California (0.93), New York (0.43), and Virginia (0.37).

DSNews.com - Carrie Bay - 12/8/09

Beth Brown, P.A., GRI, ABR
Coldwell Banker
550 Fifth Ave S.
Naples, FL 34102
Cell 239-250-2408
Fax 1-866-814-2967
BethBrownRealtor@comcast.net
http://www.callnapleshome.com/
http://www.naplesforeclosurereo.com/

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Foreclosure bargains are disappearing

ATLANTA - Aug. 10, 2009 - Buyers of foreclosure have to be quick these days. Some houses go under contract fewer than 90 minutes after they are put on the market, says Brad Geisen, founder of Foreclosure.com."For every listing that comes out, we have 10 buyers," says Cesar Dias, an associate with Approved Real Estate Group in Stockton, Calif. Dias had 15 minutes of fame after introducing foreclosure sales tours last year. Now the tours are defunct because there are not enough homes to show."We had a lot of inventory last summer. Now we're down to 1,500 listings - from more than 5,000," Dias says.In Florida, real-estate investment companies, buying in bulk and paying cash, face competition.Even in the hard-hit Detroit area, bargains are disappearing."For a good house that's not too beat up in a good neighborhood, there's no lack of buyers in this market," says Andy Sakmar, founder of Century 21 Sakmar in Rochester, 20 miles north of the city. "There are a lot fewer of these properties than a year ago, and the super buys get multiple offers."
Source: CNNMoney.com, Les Christie (08/06/2009)

Beth Brown, P.A., GRI, ABR
Coldwell Banker
550 Fifth Ave S.
Naples, FL 34102
Cell 239-250-2408
Fax 1-866-814-2967
BethBrownRealtor@comcast.net
http://www.callnapleshome.com/
http://www.naplesforeclosurereo.com/

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