The national mortgage delinquency rate rose during the fourth quarter of 2011, TransUnion reported Tuesday, marking only the second time since the end of 2009 the Chicago-based credit bureau has recorded an increase in its quarterly assessment of past due mortgage payments.
The first was during the third quarter of 2011, with the succession signaling what could be a troubling trend in the making.
The rate increased from 5.88 percent at the end of the third quarter to 6.01 percent as of the end of the fourth.
The highest mortgage delinquency rates during the fourth quarter were found in Florida (14.27%), Nevada (12.08%), New Jersey (8.32%), and Arizona (7.50%).
States with the lowest mortgage delinquency rates included North Dakota (1.50%), South Dakota (2.45%), Nebraska (2.57%), and Alaska (2.77%).
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You can read the whole article here.
Wednesday, February 15, 2012
Tuesday, February 14, 2012
Foreclosures & REO RAISE House Prices, Economic Activity & Taxes.
Would you like to find out why this can be right?
Foreclosures & REO RAISE House Prices, Economic Activity & Taxes.
a) Foreclosures and distressed sales INCREASE neighborhood house values and create a positive economic benefit when investors buy low, rehab and resell higher. Moreover, rehabs create jobs and the resale makes for TWO existing home sales transactions, commissions etc in a short period of time. Lastly, they make for a substantial increase in property tax revenue on rehab and final resale.
b) Foreclosures and distresses sales BENEFIT the neighborhood and local area economy when they are sold to an owner-occupant who purchased in the open market and then rehabs, maintains and occupies.
Tuesday, February 7, 2012
Is strip mall or retail shopping center a good investment?
If you are interested in retail commercial properties ( shopping centers, malls, ..... ) and think they are cheap now, you may want to think twice. In short, the macro trend does not support the future of the retail commercial properties.
This article below from The New York Times tells well.
This article below from The New York Times tells well.
How About Gardening or Golfing at the Mall?
Some highlights:
* While malls have faced problems in the past, the Internet is now pulling even more sales away from them.
* Near-record vacancy rates at malls of all kinds, both the big enclosed ones and the sprawling strips.
* Most cities, looking at shrinking budgets, cannot afford to subsidize or knock down ailing malls.
* Schools, medical clinics, call centers, government offices and even churches are now standard tenants in malls.
* The vacancy rate at shopping centers and strip malls was 11 percent in the last quarter of 2011, the highest level since 1991, according to the research firm Reis.
Sunday, February 5, 2012
Foreclosures at the high end increase
by Pete Carey on 02/05/2012 in Mercury News ( Read the whole article here. )
Although starter homes ($400K to $600K) has bottomed out since 2010 and even start to recover now, be very careful on the high end properties since they may not have fully corrected yet.
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More than 1,500 Bay Area homes with mortgages of $1 million or more were scheduled for auction last year, more than double the number in 2008, according to ForeclosureRadar, a foreclosure tracking service.
Santa Clara County had more than 400 homes valued at $1 million or more scheduled for auction in 2011, the most of six Bay Area counties.
Contra Costa County, which led the region in lower-end foreclosures, is now one of the harder hit on the high end, with about 300 homes valued at $1 million or more scheduled for auction in 2011. Even the exclusive country-club community of Blackhawk is not immune.
Although starter homes ($400K to $600K) has bottomed out since 2010 and even start to recover now, be very careful on the high end properties since they may not have fully corrected yet.
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The housing crisis, which first devastated borrowers who purchased lower-cost homes with subprime loans, has caught up with people whose wealth helped them hang onto their houses longer.
Throughout affluent communities in the Bay Area, million-dollar-and-up homes are increasingly being lost to foreclosure, or sold as a last resort for far less than their mortgages.More than 1,500 Bay Area homes with mortgages of $1 million or more were scheduled for auction last year, more than double the number in 2008, according to ForeclosureRadar, a foreclosure tracking service.
Santa Clara County had more than 400 homes valued at $1 million or more scheduled for auction in 2011, the most of six Bay Area counties.
Contra Costa County, which led the region in lower-end foreclosures, is now one of the harder hit on the high end, with about 300 homes valued at $1 million or more scheduled for auction in 2011. Even the exclusive country-club community of Blackhawk is not immune.
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