Just reduced and open Saturday February 5th from 1-4pm For Sale: 1BR/1BA Condo in Santa Monica, CA, $329,000
Saturday, January 22, 2011
Friday, January 14, 2011
California Foreclosure News
Here is an important article that discusses what happened in 2010 with the foreclosure market, the temporary slowdown and the possibility of more issues in 2011.
California leads as nation sets foreclosure record
By Erick Galindo Staff Writer
Whittier Daily News
Posted:
California led the nation with 546,669 foreclosure properties as a record 2.9 million U.S. properties received foreclosure filings in 2010, according to a report released today by RealtyTrac.
The record-breaking figure comes despite a slowdown in the fourth quarter fueled by the suspension of foreclosure proceedings by several major lenders.
"Total properties receiving foreclosure filings would have easily exceeded 3 million in 2010 had it not been for the fourth quarter drop in foreclosure activity," noted James Saccacio, chief executive officer of RealtyTrac, an Irvine-based online database of foreclosure properties.
The drop in foreclosure activity, which included a 30-month low in December, was fueled by controversy surrounding foreclosure documentation and procedures that prompted Bank of America and many of the nation's other major lenders to temporarily halt some foreclosure proceedings.
"Even so, 2010 foreclosure activity still hit a record high for our report," Saccacio added. "And many of the foreclosure proceedings that were stopped in late 2010 - which we estimate may be as high as a quarter-million - will likely be re-started and add to the numbers in early 2011."
California foreclosures decreased nearly 14 percent from 2009 but the state retained the country's third highest foreclosure rate (4.08 percent) behind Nevada (9.42 percent) and Arizona (5.73 percent).
California, Florida, Arizona, Illinois and Michigan account for 51 percent of the nation's total foreclosure activity. Combined, the states documented nearly 1.5 million foreclosure properties.
The onslaught of foreclosures was anticipated after a similar 2009, but federal and state efforts to curb housing woes fell short, according to Peter Tatian, a senior researcher with The Urban Institute.
"I don't think banks knew the magnitude of the wave of foreclosures," he said. "Had they known how bad it would get there would have been more of an aggressive effort up front."
According to Leslie Appleton-Young, the chief Economist for the California Association of Realtors, there wasn't much that could be done to address the root cause of foreclosures - negative property values.
"Even with lower interest rates, the value of homes dropped so dramatically so quickly that borrowers would still be under water."
erick.galindo@sgvn.com
626-962-8811, ext. 2720
California leads as nation sets foreclosure record
By Erick Galindo Staff Writer
Whittier Daily News
Posted:
California led the nation with 546,669 foreclosure properties as a record 2.9 million U.S. properties received foreclosure filings in 2010, according to a report released today by RealtyTrac.
The record-breaking figure comes despite a slowdown in the fourth quarter fueled by the suspension of foreclosure proceedings by several major lenders.
"Total properties receiving foreclosure filings would have easily exceeded 3 million in 2010 had it not been for the fourth quarter drop in foreclosure activity," noted James Saccacio, chief executive officer of RealtyTrac, an Irvine-based online database of foreclosure properties.
The drop in foreclosure activity, which included a 30-month low in December, was fueled by controversy surrounding foreclosure documentation and procedures that prompted Bank of America and many of the nation's other major lenders to temporarily halt some foreclosure proceedings.
"Even so, 2010 foreclosure activity still hit a record high for our report," Saccacio added. "And many of the foreclosure proceedings that were stopped in late 2010 - which we estimate may be as high as a quarter-million - will likely be re-started and add to the numbers in early 2011."
California foreclosures decreased nearly 14 percent from 2009 but the state retained the country's third highest foreclosure rate (4.08 percent) behind Nevada (9.42 percent) and Arizona (5.73 percent).
California, Florida, Arizona, Illinois and Michigan account for 51 percent of the nation's total foreclosure activity. Combined, the states documented nearly 1.5 million foreclosure properties.
The onslaught of foreclosures was anticipated after a similar 2009, but federal and state efforts to curb housing woes fell short, according to Peter Tatian, a senior researcher with The Urban Institute.
"I don't think banks knew the magnitude of the wave of foreclosures," he said. "Had they known how bad it would get there would have been more of an aggressive effort up front."
According to Leslie Appleton-Young, the chief Economist for the California Association of Realtors, there wasn't much that could be done to address the root cause of foreclosures - negative property values.
"Even with lower interest rates, the value of homes dropped so dramatically so quickly that borrowers would still be under water."
erick.galindo@sgvn.com
626-962-8811, ext. 2720
Wednesday, January 12, 2011
Sunset Park Santa Monica SFR Market Numbers
Here are the numbers that show how Sunset Park has performed from 2007 till 2010.
Subscribe to:
Posts (Atom)