RealtyTrac, a leading marketplace for foreclosures properties including plentiful data for trending statistics used by real estate professionals and economists, has released figures for December 2012.
The latest trends indicate that 1 in 810 housing units in the U.S. received a foreclosure filing during December 2012. The chart below shows National statistics.
In the Savannah area alone, 1 in 1,718 homes received a foreclosure filing during the last month of 2012. Fifty-six new foreclosures were filed in the following zip codes: 31419/31410/31406/31405/31407/31401/31408. Chatham County reports 82 foreclosures in November 2012, and 73 in December.
Broken down by Savannah zip codes, the below chart shows the number of foreclosures in December 2012:
The average sales price of homes in Savannah area December 2012, accoridng to RealtyTrac,is $234,348.00 and the average price of sold foreclosures was about $150,000 in November 2012, and is projected to remain so for December 2012 as sales decline typically during the holiday season.
Wednesday, January 30, 2013
Monday, January 21, 2013
CNN Money's Lists Hardest Hit Foreclosure Neighborhoods in America
From CNN Money.com Published January 17, 2013
The foreclosure crisis is slowly easing, but in some of the nation's neighborhoods it feels like it has just begun.
Total foreclosure filings, including default notices, scheduled auctions and bank repossessions, were down 3% in 2012 compared with a year earlier, according to RealtyTrac's year-end foreclosure report.
Florida, Illinois and Georgia were home to the largest number of zip codes with the highest foreclosure rates of 2012, displacing former title holders California, Nevada and Arizona, which accounted for 81 of the top 100 zip codes in 2011.
Much of the shift has to do with the way these states handle foreclosures, said Daren Blomquist, a spokesman for RealtyTrac. In judicial states like Florida and Illinois, foreclosures are processed through the courts and take longer to go through the system than in non-judicial states.
Hardest hit neighborhoods: Does your town make the list?
Last year, the average foreclosure in Florida took 853 days, according to RealtyTrac. Meanwhile, in a non-judicial state like California, it took less than half that time.
Unclogging the foreclosure pipeline more quickly has meant an earlier recovery for housing markets in non-judicial states, with rising prices, more stable sales and fewer new foreclosures, he said.
Meanwhile, states that delayed the process are just now feeling the pain. Foreclosure activity climbed in 25 states last year, 20 of which were judicial states.
"It's ripping the Band-Aid off versus pulling it off slowly," said Blomquist.
Related: Logjam in foreclosures breaking up
The hardest hit neighborhoods:
In Lawrenceville, Ga. (zip code 30045), nearly 13% of homes -- 1 out of every 8 -- received some kind of foreclosure notice last year making it the hardest hit zip code in the country. This suburb of Atlanta has seen home prices plunge by more than 40% from the early 2006 peak, according to real estate site Zillow.
A high percentage of homeowners in Lawrenceville bought near the top of the market, when home prices topped out at a median of about $193,000. When prices plunged during the recession, many of those homeowners owed more than their homes were worth and many wound up in default.
A similar dynamic played out in the second hardest hit zip code, 33032 in Homestead, Fla., south of Miami. Its foreclosure rate hit nearly 10% last year, up from 5.4% in 2011. The bust depressed prices by nearly two-thirds in the area, according to Zillow. Three other nearby zip codes in Homestead and Miami finished in the top 10, Florida had 33 zip codes among the 100 hardest hit, more than any other state.
Illinois was home to three of the top 10 hardest hit neighborhoods and 24 of the top 100, led by Carpentersville's 60110, which came in third with a foreclosure rate of nearly 9%. This small city west of Chicago suffered economically as heavy industry left town.
Meanwhile, some of the last year's biggest placeholders had less of a presence in the top 100 in 2012. California had 16, down from 38 in 2011, and Arizona claimed four, down from 15.
Published January 17, 2013 from CNNMoney.com
Wednesday, January 16, 2013
Underwater Homeowners Breathe a Sigh of Relief as Congress Renews Mortgage Debt Relief Act!
On January 1, 2013, Congress passed an extension of the Mortgage Forgiveness Debt Relief Act. This extension of this act, which has saved homeowners more than $1 billion dollars in taxes[1], is great news for struggling homeowners nationwide.
The Mortgage Forgiveness Debt
Relief Act was originally passed in 2007 to aid the millions of homeowners who
suddenly found themselves in danger of losing their homes to foreclosure
following the housing market crash.
Under the Mortgage Forgiveness
Debt Relief Act, any debt forgiven in a short sale, foreclosure, or loan
modification, is exempt from federal taxes on primary residences. For
homeowners facing foreclosure, this exemption saves them from paying thousands,
or even tens of thousands, in taxes on top of losing their homes.
Now for another year, homeowners
can take advantage of this exemption and avoid foreclosure without the fear of
an impossible tax liability.
As a Certified Distressed Property Expert (CDPE) agent,
I am specially trained to help homeowners escape the threat of foreclosure. If
you or someone you know is facing foreclosure, contact me for a private
consultation. I can help find a solution.
Rob
Sales
Smart Short Sales-Providing Dignified
Solutions Prudential Southeast Coastal Properties
Associate Broker, CDPE Advance,
DPP, REO Specialist, CIAS
912-655-7674
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