Bank Owned (REO) property for sale
More foreclosures looming in the 2012 US forecast due to bank processing delays. Still a great time to buy now with interest rates at historic lows.
Banks seized 421,212 homes in the first six months of the year, down from 529,633 between January and June last year, foreclosure listing firm RealtyTrac Inc. said Thursday.
The decline reflects lenders taking longer to move against homeowners who have fallen behind on their mortgage payments. The banks are working through foreclosure documentation problems that first surfaced last fall and an ensuing logjam in some state courts. Lenders also have put off on taking action against delinquent borrowers as U.S. home sales have slowed this year.
As the processing delays mount, however, so has the backlog of potential foreclosures _ homes that otherwise would have been repossessed by lenders this year.
RealtyTrac estimates that 1 million foreclosure-related notices that should have been filed by banks this year will be pushed to next year. The filings include notices for defaults, scheduled home auctions and home repossessions _ warnings that can lead to a home eventually being lost to foreclosure.
The delayed filings buys more time for many borrowers behind in payments to remain in their homes, perhaps giving them time to catch up or simply to stall their inevitable eviction. But it also means any eventual foreclosures will happen next year, extending the shadow of distressed properties that hovers over the market.
“The best-case scenario is we don’t get back to normal levels of foreclosure activity until 2015, which means the housing market recovery gets delayed by at least a year,” said Rick Sharga, a senior vice president at RealtyTrac.
And given delays in the time it’s taking lenders to move a home from default to foreclosure and then sell the property, the housing turnaround could conceivably be pushed out to as late as 2016, Sharga said.
“It could be the new reality is we’re going to have to accept the fact that home prices in most markets aren’t going to budge much for the next several years while this overhang gradually, painfully makes its way into the market and gets purchased,” he said.
In all, some 1.2 million U.S. homes received a foreclosure-related notice in the first six months of this year, RealtyTrac said.
That’s down 29 percent from the same period last year and down 25 percent versus the second half of 2010.
Put another way, one in every 111 U.S. households received a foreclosure filing between January and June.
In addition to repossessing fewer homes, banks also fired off 36 percent fewer initial notices of default in the first half of this year than in the same period last year. The notices are the first step in the foreclosure process.
Foreclosure activity did pick up slightly between May and June, although lenders repossessed fewer homes than they did in June last year.
At the current pace, banks are on track to take back between 800,000 and 900,000 homes this year, down from a record of 1 million lost to foreclosures last year, Sharga said.
The firm had originally anticipated some 1.2 million homes would be repossessed by lenders this year.
Foreclosures typically sell at a discount to other types of homes, weighing down home values. As a result, housing experts say U.S. home prices are unlikely to recover until the glut of foreclosed homes on the market is cleared out.
Lenders have been careful not to unload all of their foreclosures on the market at once, and have financial incentives to continue doing so. But the prospect of more foreclosures hitting the market for years to come makes it difficult to predict when home values will stabilize. And that keeps many would-be homebuyers on the sidelines.
Between April and June, it took an average of 318 days for a home to go from the first stage of foreclosure to the point where it was sold at auction or taken back by the lender, RealtyTrac said. That’s up from 298 days in the first three months of the year and up from 277 days in the second quarter of last year.
The foreclosure process took longest to play out in New York at an average of 966 days, or 2.6 years, during the second quarter. New Jersey was second-slowest at an average of 944 days, RealtyTrac said.
Homes were on a relative foreclosure fast-track in Texas, taking an average of 92 days to go through the process, the fastest turnaround time in the nation.
Despite slowdown in foreclosure activity, several states continue to have outsized foreclosure rates.
Nevada continued to lead the nation, with one in every 21 households receiving a foreclosure notice in the first half of this year.
Rounding out the top 10 states with the highest foreclosure rate in the first half of this year are Arizona, Cali
Banks seized 421,212 homes in the first six months of the year, down from 529,633 between January and June last year, foreclosure listing firm RealtyTrac Inc. said Thursday.
The decline reflects lenders taking longer to move against homeowners who have fallen behind on their mortgage payments. The banks are working through foreclosure documentation problems that first surfaced last fall and an ensuing logjam in some state courts. Lenders also have put off on taking action against delinquent borrowers as U.S. home sales have slowed this year.
As the processing delays mount, however, so has the backlog of potential foreclosures _ homes that otherwise would have been repossessed by lenders this year.
RealtyTrac estimates that 1 million foreclosure-related notices that should have been filed by banks this year will be pushed to next year. The filings include notices for defaults, scheduled home auctions and home repossessions _ warnings that can lead to a home eventually being lost to foreclosure.
The delayed filings buys more time for many borrowers behind in payments to remain in their homes, perhaps giving them time to catch up or simply to stall their inevitable eviction. But it also means any eventual foreclosures will happen next year, extending the shadow of distressed properties that hovers over the market.
“The best-case scenario is we don’t get back to normal levels of foreclosure activity until 2015, which means the housing market recovery gets delayed by at least a year,” said Rick Sharga, a senior vice president at RealtyTrac.
And given delays in the time it’s taking lenders to move a home from default to foreclosure and then sell the property, the housing turnaround could conceivably be pushed out to as late as 2016, Sharga said.
“It could be the new reality is we’re going to have to accept the fact that home prices in most markets aren’t going to budge much for the next several years while this overhang gradually, painfully makes its way into the market and gets purchased,” he said.
In all, some 1.2 million U.S. homes received a foreclosure-related notice in the first six months of this year, RealtyTrac said.
That’s down 29 percent from the same period last year and down 25 percent versus the second half of 2010.
Put another way, one in every 111 U.S. households received a foreclosure filing between January and June.
In addition to repossessing fewer homes, banks also fired off 36 percent fewer initial notices of default in the first half of this year than in the same period last year. The notices are the first step in the foreclosure process.
Foreclosure activity did pick up slightly between May and June, although lenders repossessed fewer homes than they did in June last year.
At the current pace, banks are on track to take back between 800,000 and 900,000 homes this year, down from a record of 1 million lost to foreclosures last year, Sharga said.
The firm had originally anticipated some 1.2 million homes would be repossessed by lenders this year.
Foreclosures typically sell at a discount to other types of homes, weighing down home values. As a result, housing experts say U.S. home prices are unlikely to recover until the glut of foreclosed homes on the market is cleared out.
Lenders have been careful not to unload all of their foreclosures on the market at once, and have financial incentives to continue doing so. But the prospect of more foreclosures hitting the market for years to come makes it difficult to predict when home values will stabilize. And that keeps many would-be homebuyers on the sidelines.
Between April and June, it took an average of 318 days for a home to go from the first stage of foreclosure to the point where it was sold at auction or taken back by the lender, RealtyTrac said. That’s up from 298 days in the first three months of the year and up from 277 days in the second quarter of last year.
The foreclosure process took longest to play out in New York at an average of 966 days, or 2.6 years, during the second quarter. New Jersey was second-slowest at an average of 944 days, RealtyTrac said.
Homes were on a relative foreclosure fast-track in Texas, taking an average of 92 days to go through the process, the fastest turnaround time in the nation.
Despite slowdown in foreclosure activity, several states continue to have outsized foreclosure rates.
Nevada continued to lead the nation, with one in every 21 households receiving a foreclosure notice in the first half of this year.
Rounding out the top 10 states with the highest foreclosure rate in the first half of this year are Arizona, California, Utah, Georgia, Idaho, Michigan, Florida, Colorado and Illinois.
Contact Avalar San Diego Real Estate for current property values or a detailed list of REO or traditional properties for sale.
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Do I need rental car insurance when I rent a car?
Before you get behind the wheel in a rental car this summer
Do I need rental car insurance when I rent a car?
Properly insuring a rental car can be confusing. However, if you don’t even think about it until you get to the counter, you may be either wasting money by purchasing unnecessary coverage or having dangerous gaps in coverage.
Before renting a car, make two phone calls—one to your insurance agent and another to the credit card company you will be using to pay for the rental car. If you do not have a competent insurance agent then call Avalar San Diego for our recomendation to a professional award winning insurance agent.
1. Insurance Company
Find out what kind of coverage you currently have on your own car. In most cases, whatever coverage and deductibles you have on your own car will convey to your rental car, if you are using the car for personal use and not for business.
If you don’t carry comprehensive or collision on your own car, you will NOT be covered if your rental car is stolen or damaged in an accident.
2. Credit Card Company
To find out exactly what type of coverage you have, call the credit card company that you will be using to rent the car. Then, ask the credit card company to send you their coverage information in writing. In most cases, a credit card company’s insurance coverage is secondary to your personal insurance.
Choices At the Rental Car Counter
Insurance is state regulated. The cost and coverage will vary by state. Generally, you’ll be able to choose from the following coverages:
■Loss Damage Waiver (LDW)
An LDW is not really insurance. LDWs do, however, will waive your financial responsibility if their rental car is damaged or stolen. In most cases, these waivers also include coverage for “loss of use,” in the event the rental car company charges you for the time a damaged car can not be used while it is being fixed. They also cover the diminished value of the vehicle as a result of being in an accident. Should you decide it is necessary, this coverage ranges in cost between $9 and $19 a day.
■Liability Insurance
If you have liability insurance on your own car, you may want to consider forgoing additional liability protection. If you want additional liability insurance, it will cost between $7 and $14 a day.
■Personal Accident Insurance
Personal Accident Insurance offers coverage to you and your passengers for medical and ambulance bills as a result of a car crash. If you have adequate health insurance or you have personal injury protection under your own car insurance policy, you may not need this additional insurance. It usually costs around $1 to $5 a day.
■Personal Effects Coverage
Personal Effects Coverage gives insurance protection for the theft of items in your car. If you have a property insurance policy that covers off-premises theft coverage, you are generally covered for theft of your belongings away from home, minus the deductible. Coverage through the rental car company, generally costs between $1 and $4 a day.