Monday, June 4, 2012

Jason Bernabei, TriCastle Realty: "Foreclosure filings on Decline during June Gloom"


Jason Bernabei, TriCastle Realty

Jason Bernabei, TriCastle Realty
DEL MAR, June 4 2012 – Goooooood Monday Morning San Diego! June Gloom is here and in full effect! We’ve had some nice summery days to be sure in recent weeks, but this overcast malaise that has settled over the beaches in Del Mar needs to go away, the sooner the better. And this Housing Hex is a malaise of it’s own, in San Diego, and throughout California, and this great nation of ours. In the vortex of information, misinformation, perceived buying signs, and false forecasting, a myriad of swirling conflicting data continues to cloud the marketplace. Here’s the latest positive spin, to kick off your work week. 
Jason Bernabei, TriCastle Realty
Foreclosures filings dipped a full 5 % nationally between March and April of this year, and by 11 percent as compared to one year ago, as per RealtyTrac. The foreclosure-tracking industry data Titan tells the tale of less than 189,000 foreclosure-related actions last month, the smallest number since July of 2007.
These rapidly declining foreclosure figures afford yet another battle cry for those pundits/experts/industry guru types who want to push hard the good news of a U.S. housing market is in recovery. That’s a lot of Kool-aid for a half-decade long industry aching stomach to handle me thinks. However, giving  this “good news” its due is an appropriate consideration for buyers and sellers looking to move and shake this summer of 2012. So let’s delve further into the data, and make sure we are on the same page, so as to best understand said data.
Jason Bernabei, TriCastle Realty
A "foreclosure filing" is any one of the following foreclosure-related occurances : (1) A default notice on a home; (2) A scheduled auction for a home; or, (3) A bank repossession of a home. All three showed improvement in April 2012: Default Notices were down 4% from March 2012. Scheduled Auctions were down 4% from March 2012. Bank Repossessions were down 7% from March 2012. Further, April's bank repossessions figure is noteworthy. With just 51,415 homes reclaimed by banks, last month's total represents a 26 % fall-off from April 2011, and is the 18th consecutive month during which bank repossessions decreased. Loan modifications and short sales continue to be strong alternatives to bank repossession via foreclosure. The National Association of REALTORS® reports that 11% of April's home resales were indeed short sales.
So for those prospective buyers who don’t want to deal with the usually long process of completing a short sale, know that there are opportunities aplenty if you can wait out the ride, and that every indication is banks will cut losses prior to repossessing via foreclosure if they get an offer they like.
Until next time San Diego, you can contact me, Jason Bernabei, at jasonb@tricastle.com and check me out each and every Monday on www.therealtyinsiders.com for more, and be sure to tune in and see myself, and other local industry professionals talking real estate on "The Realty Insiders," the ONLY real estate show in town!
Jay's Outlook: partially sunny
Jason Bernabei, TriCastle Realty




Jason Bernabei, TriCastle Realty