Friday, October 26, 2012
New Orange County and Inland Empire September 2012 Rankings
Thursday, October 25, 2012
Friday Feature: Alison Belvin
Alison works very closely with ownership to come up with solutions that assist with the overall stability and strength of the company, while also addressing the needs of individual agents. “I work with an outstanding team that puts the needs of the agents first. We always strive to make every agent experience a positive one when they work with the Savi team.” says Alison. In addition to managing payroll, Alison also coordinates financial and budget activities to fund operations, consolidates and reports company financials for all entities, and prepares the annual budget. She also plays an integral part in developing and launching programs like Transaction Point and Insidepcr.com with the executive team. “I think it is important to provide tools for agents which make their job easier and more efficient. The executive team is constantly in search of new resources to assist agents in running their business more smoothly.”
After a few challenging years in the real estate market, Alison is looking forward to the continuing upswing in the market and within the industry. According to recent reports, Orange County’s median home price is expected to rise 5 percent to 7 percent next year, the Inland Markets are increasing even more while the local unemployment rate is expected to drop from 7.9 percent to 6.7 percent in 2014. “I am excited for the future of real estate,” she adds. “Prudential California Realty has positioned itself as a market leader in North Orange County and the Inland Empire and I am very proud to be part of this company.”
CAR: Lenders Short-Sale Performances Improve
From Housingwire.com
Lenders recently improved their processes for handling short-sale transactions, but still have a long way to go, the California Association of Realtors said this week.
The group, which advocates for the state's real estate agents, surveyed members and found the percent of agents who found short sales 'extremely difficult' to complete fell from 56% last year to just 34% in 2012.
Still, 64% of California agents experienced some difficulty in closing a short sale, compared to 77% in August of 2011 and 70% in 2010.
In the survey, real estate agents are asked to rate their experiences working with lenders on short sales.
"While it's encouraging that lenders and servicers are making headway in improving their short-sale processes, they still have more work to do to ensure that not only realtors, but also home sellers and buyers have a better experience when dealing with short sales," said CAR president LeFrancis Arnold.
The association is hopeful that new guidelines from the Federal Housing Finance Agency to streamline short sales on agency loans will further expedite and improve the short-sale process.
CAR said most of the complaints on short-sale deals revolve around poor communications from the involved parties and lenders' slow response times. Eight percent of realtors said lenders foreclosed on properties before a short-sale could be completed, but that number is down from 15% a year ago.
When asked about their overall satisfaction in working with lenders on short sales, 59% expressed dissatisfaction, compared to 75% in 2011. The steep drop shows lenders continue to improve when dealing with short-sale transactions, CAR concluded.
kpanchuk@housingwire.com
Source: http://www.housingwire.com/content/car-lenders-short-sale-performance-improves
Lenders recently improved their processes for handling short-sale transactions, but still have a long way to go, the California Association of Realtors said this week.
The group, which advocates for the state's real estate agents, surveyed members and found the percent of agents who found short sales 'extremely difficult' to complete fell from 56% last year to just 34% in 2012.
Still, 64% of California agents experienced some difficulty in closing a short sale, compared to 77% in August of 2011 and 70% in 2010.
In the survey, real estate agents are asked to rate their experiences working with lenders on short sales.
"While it's encouraging that lenders and servicers are making headway in improving their short-sale processes, they still have more work to do to ensure that not only realtors, but also home sellers and buyers have a better experience when dealing with short sales," said CAR president LeFrancis Arnold.
The association is hopeful that new guidelines from the Federal Housing Finance Agency to streamline short sales on agency loans will further expedite and improve the short-sale process.
CAR said most of the complaints on short-sale deals revolve around poor communications from the involved parties and lenders' slow response times. Eight percent of realtors said lenders foreclosed on properties before a short-sale could be completed, but that number is down from 15% a year ago.
When asked about their overall satisfaction in working with lenders on short sales, 59% expressed dissatisfaction, compared to 75% in 2011. The steep drop shows lenders continue to improve when dealing with short-sale transactions, CAR concluded.
kpanchuk@housingwire.com
Source: http://www.housingwire.com/content/car-lenders-short-sale-performance-improves
SoLoMo Infograph Show Impact of Mobile and Social on Locale
From marketingpilgrim.com
If you own a small, brick and mortar or service business, you need to know about SoLoMo. Don’t worry, it’s not illegal, it’s not even really a secret, it’s just a cool acronym that combines three of the hottest trends in marketing – SOcial, LOcal, and MObile.
Last week, Frank asked the question, “Is Doing Mobile a No-Brainer for Your Company?” Well, of course it is. Everyone has to have mobile. . . because . . . look!
Gotta have a piece of that, right? But check out this block from the new Monetate infograph titled “Retailer’s Guide to SoLoMo.”
Ouch. That’s a lot of thought for only a 1% conversion. Maybe mobile isn’t the yellow brick road after all. But wait, before you fire your developer, take a look at this:
Conversions may be lousy but that doesn’t mean mobile isn’t helping your business. Clearly, folks are using their smartphones to make local decisions. As the business owner (or marketer for the business), it’s your job to make sure that your information rises to the top of the internet heap.
The most interesting circle on this chart is the middle one. A person who uses their phone to find a local business or service is almost always going to act on that information right now. That means you have a small window of opportunity to swing them over to your side of the street. If they click through to your website and it doesn’t load quickly, they’ll move on. If they can’t find your address quickly, they’ll move on. You can be the very best at what you do, but if the guy down the street has a mobile app with weekly coupons – you’re going to lose out.
Which brings me to this:
Talk about a no-brainer. If it’s in your power to build a useful app around your business, do it because that app percentage isn’t going to get any smaller.
Does every business need a mobile presence and a dedicated app to succeed? No. Will a small, local retailer or restaurant benefit from mobile? Definitely. No more excuses. Get on board.
For you die-hard infographers, here’s the entire graphic:
Source: http://www.marketingpilgrim.com/2012/10/solomo-infograph-shows-impact-of-mobile-and-social-on-locale.html
If you own a small, brick and mortar or service business, you need to know about SoLoMo. Don’t worry, it’s not illegal, it’s not even really a secret, it’s just a cool acronym that combines three of the hottest trends in marketing – SOcial, LOcal, and MObile.
Last week, Frank asked the question, “Is Doing Mobile a No-Brainer for Your Company?” Well, of course it is. Everyone has to have mobile. . . because . . . look!
Gotta have a piece of that, right? But check out this block from the new Monetate infograph titled “Retailer’s Guide to SoLoMo.”
Ouch. That’s a lot of thought for only a 1% conversion. Maybe mobile isn’t the yellow brick road after all. But wait, before you fire your developer, take a look at this:
Conversions may be lousy but that doesn’t mean mobile isn’t helping your business. Clearly, folks are using their smartphones to make local decisions. As the business owner (or marketer for the business), it’s your job to make sure that your information rises to the top of the internet heap.
The most interesting circle on this chart is the middle one. A person who uses their phone to find a local business or service is almost always going to act on that information right now. That means you have a small window of opportunity to swing them over to your side of the street. If they click through to your website and it doesn’t load quickly, they’ll move on. If they can’t find your address quickly, they’ll move on. You can be the very best at what you do, but if the guy down the street has a mobile app with weekly coupons – you’re going to lose out.
Which brings me to this:
Talk about a no-brainer. If it’s in your power to build a useful app around your business, do it because that app percentage isn’t going to get any smaller.
Does every business need a mobile presence and a dedicated app to succeed? No. Will a small, local retailer or restaurant benefit from mobile? Definitely. No more excuses. Get on board.
For you die-hard infographers, here’s the entire graphic:
Source: http://www.marketingpilgrim.com/2012/10/solomo-infograph-shows-impact-of-mobile-and-social-on-locale.html
Friday, October 19, 2012
New Laws Affecting Anti Deficiency Protections for California Borrowers
By Victor Rocha, of Manning, Marder law firm
If you finance the purchase of a 1 to 4 unit owner occupied property, the California anti-deficiency statute set forth in Code of Civil Procedure § 580b prevents the lender from seeking a deficiency against you after a foreclosure sale. (This type of loan is commonly referred to as a “purchase money loan.”) However, a question recently arose whether the anti-deficiency statute protects a borrower from a deficiency if the terms of the original purchase money loan are renegotiated years after the loan was made. The Court of Appeal answered that the anti-deficiency statute still applies and protected the borrower from a deficiency. Weinstein v. Rocha (2012) 208 Cal.App.4th 92.
In Weinstein, the buyer purchased residential property with a loan from a bank secured by a 1st trust deed and a sec- ond loan from the seller secured by a 2nd trust deed. After the purchase, buyer discovered some permit issues and sued the seller for non-disclosure. The buyer and seller settled with seller agreeing to, among other things, reduce the amount of the principal owed on the loan. The settlement was reduced to writing approximately 3 years after the transaction. Ultimately the buyer defaulted on both loans, which led to the bank foreclosing on the property and leaving no proceeds or security for the seller. The seller sought to collect on the deficiency pursuant to the terms of the settlement agreement reached during the lawsuit. The Court of Appeal ruled that the anti-deficiency statute still applied because the settlement agreement did not create a new loan but only modified the terms of the original loan. The crucial factor for the Court of Appeal was that the settlement agreement expressly stated that the new agreement was merely a modification of the earlier loan.
Under the Weinstein ruling, one can make a creative argument that some refinances, such as a refinance to reduce an interest rate (no cash out) with the same lender, should come under the protection of the anti-deficiency statute because it merely modifies the terms of the original loan. However, such an argument will likely not be needed as the California legislature recently passed SB 1069 which will amend Code of Civil Procedure § 580b to apply to “no cash out” refinances. The new law states, “No deficiency judgment shall lie in any event on any loan, refinance, or other credit transaction (collectively, a “credit transaction”) which is used to refinance a purchase money loan, or subsequent refinances of a purchase money loan, except to the extent that in a credit transaction, the lender or creditor advances new principal (hereafter “new advance”) which is not applied to any obligation owed or to be owed under the purchase money loan, or to fees, costs, or related expenses of the credit transaction.”
The spirit of the anti-deficiency statute has been to protect a homeowner from personal liability on a purchase money loan. However, the new law recognizes that homeowners regularly refinance and that in doing so they lose this valuable protection against personal liability. In some circumstances a refinance is similar to a renegotiation of the original purchase money loan as occurred in Weinstein. The new law will protect a homeowner from any personal liability on a purchase money loan that is subsequently refinanced. The protections will not extend to a “new advance” or what is commonly referred to as a cash out refinance. The good thing for consumers is that the law is not “all or nothing”, so if you refinance and receive a “new advance,” the anti-deficiency statute will still pro- tect your refinance to the extent it covered your purchase money loan, but it will not protect you from a judgment based on the “new advance.”
We do not know whether the Court of Appeal’s decision in Weinstein was influenced by the passage of SB 1069. However, both the Weinstein decision and SB 1069 do an excellent job of furthering the principle that borrowers should not be personally liable for purchase money loans. There is no reason why purchase money loans should suddenly lose their protections simply because they are later modified through a refinance or other similar transaction.
If you finance the purchase of a 1 to 4 unit owner occupied property, the California anti-deficiency statute set forth in Code of Civil Procedure § 580b prevents the lender from seeking a deficiency against you after a foreclosure sale. (This type of loan is commonly referred to as a “purchase money loan.”) However, a question recently arose whether the anti-deficiency statute protects a borrower from a deficiency if the terms of the original purchase money loan are renegotiated years after the loan was made. The Court of Appeal answered that the anti-deficiency statute still applies and protected the borrower from a deficiency. Weinstein v. Rocha (2012) 208 Cal.App.4th 92.
In Weinstein, the buyer purchased residential property with a loan from a bank secured by a 1st trust deed and a sec- ond loan from the seller secured by a 2nd trust deed. After the purchase, buyer discovered some permit issues and sued the seller for non-disclosure. The buyer and seller settled with seller agreeing to, among other things, reduce the amount of the principal owed on the loan. The settlement was reduced to writing approximately 3 years after the transaction. Ultimately the buyer defaulted on both loans, which led to the bank foreclosing on the property and leaving no proceeds or security for the seller. The seller sought to collect on the deficiency pursuant to the terms of the settlement agreement reached during the lawsuit. The Court of Appeal ruled that the anti-deficiency statute still applied because the settlement agreement did not create a new loan but only modified the terms of the original loan. The crucial factor for the Court of Appeal was that the settlement agreement expressly stated that the new agreement was merely a modification of the earlier loan.
Under the Weinstein ruling, one can make a creative argument that some refinances, such as a refinance to reduce an interest rate (no cash out) with the same lender, should come under the protection of the anti-deficiency statute because it merely modifies the terms of the original loan. However, such an argument will likely not be needed as the California legislature recently passed SB 1069 which will amend Code of Civil Procedure § 580b to apply to “no cash out” refinances. The new law states, “No deficiency judgment shall lie in any event on any loan, refinance, or other credit transaction (collectively, a “credit transaction”) which is used to refinance a purchase money loan, or subsequent refinances of a purchase money loan, except to the extent that in a credit transaction, the lender or creditor advances new principal (hereafter “new advance”) which is not applied to any obligation owed or to be owed under the purchase money loan, or to fees, costs, or related expenses of the credit transaction.”
The spirit of the anti-deficiency statute has been to protect a homeowner from personal liability on a purchase money loan. However, the new law recognizes that homeowners regularly refinance and that in doing so they lose this valuable protection against personal liability. In some circumstances a refinance is similar to a renegotiation of the original purchase money loan as occurred in Weinstein. The new law will protect a homeowner from any personal liability on a purchase money loan that is subsequently refinanced. The protections will not extend to a “new advance” or what is commonly referred to as a cash out refinance. The good thing for consumers is that the law is not “all or nothing”, so if you refinance and receive a “new advance,” the anti-deficiency statute will still pro- tect your refinance to the extent it covered your purchase money loan, but it will not protect you from a judgment based on the “new advance.”
We do not know whether the Court of Appeal’s decision in Weinstein was influenced by the passage of SB 1069. However, both the Weinstein decision and SB 1069 do an excellent job of furthering the principle that borrowers should not be personally liable for purchase money loans. There is no reason why purchase money loans should suddenly lose their protections simply because they are later modified through a refinance or other similar transaction.
Friday Feature: Tom Pelton
Prudential California Realty’s Brea Office Manager Tom Pelton has been teaching, training and coaching people to higher levels for over 30 years. It wasn’t until he began managing the Brea/Fullerton office 5 years ago that he was able to start using those skills with real estate agents- and with pretty remarkable results! “It turns out that Real Estate is the perfect arena for what I do because agents can set huge goals and then we work on strategies to get them where they want to go,” says Tom.
Tom works continuously with agents in Brea to grow their businesses. Even top producing agents can get distracted, off track or overwhelmed, so it helps to have someone like Tom to keep them focused and out of the ditches. “ I keep them focused on their priorities, strategy, productivity and efficiency so that they can make better use of their time and bring home bigger paychecks!” he says.
The Brea office has been in a temporary office location for the last several months and will be moving into their brand new facility next month. This location will provide agents with the most innovative technology and resources available. Tom is excited for the new office, as it will provide a great new home to agents throughout Orange County as well as an opportunity to open supplementary satellite locations for the office. Tom adds, “From this one location, an agent can get the resources of a powerhouse office serving the entire region while also having the convenience of meeting with clients or working in any of our satellite locations.”
Not only is Tom the Brea Office Manager, but he is also the Southern California Manager of Sales and Innovation for Prudential California Realty. As the market leader, Prudential is the most forward-thinking real estate firm in the area, and Tom strives to help the company progress even more. “My ‘outside the box’ way of thinking always challenges the organization to get even further ahead of the competition,” says Tom. He has supported the company with innovative techniques with social media, online marketing and video before other companies even knew what they were. He has also initiated campaigns like Agent of the Future, TAG The Appointment Game and Best Year Yet to help agents remain focused. Most recently, Tom has created the Nextwork Business Academy to help agents focus about working ON their business instead of being solely focused IN their business. Tom describes the eight-week course as “covering each of the most critical components of a fully formed real estate practice. Each week’s webinar is the focus for the week with homework assignments to help get your business in order.”
Tom’s Best Year Yet program has seen incredible results for his agents over the past four years. He strives to restore hope in the future and inspiration for the days ahead by sharing the best practices of business planning based on what is working now. “Business planning and goal setting usually fails because it’s done wrong or it’s done in some coaching or seminar session that is too far removed,” Tom remarks. Best Year Yet aims to offer agents a new and alternative option to business planning that will avoid the feeling of discouragement and frustration that agents often feel. Best Year Yet 2013 will be implemented in both the Inland Empire and Orange County. Agents can use the Online Biz Plan Creator and find information at www.BestYearYet2013.com. Contact Tom Pelton to learn about his programs at Tom.Pelton@mailpcr.com or on Facebook at www.facebook.com/tompelton.
Is Hyperinflation in Housing Prices Lurking?
So here is the picture. The Fed is buying $40 billion in mortgage securities each month. With already super low interest rates money is now as available as sunshine in Colorado. One large bank president told us they really don't want more deposits as they have few places to lend it. Realogy opens at $27 a share and jumps 20% the first day on expectations of continued improvement in the housing market. Market after market reports that sales are significantly up this year, but almost everywhere the lack of inventory is now restraining sales.
Yet appraisals continue to stymie housing sales with the Federal government and FHFA constraining valuations. Multiple bids in markets across the country are common. Bidding wars are prevalent. More cash deals and more money down separate winners from losers. And the REAL Trends Housing Market Report in September shows that we are nearly to the "5" of households that signal we are back to a sustainable normal level of housing sales.
It is reminiscent of the Nixon wage and price controls of the early 1970's when the Federal government attempted to control inflation by controlling prices. It didn't work very well then as when they were lifted we had the worst inflation in the 20th century in the U.S. Now the Feds are controlling the prices of housing on the one hand and virtually begging consumers to borrow to buy a house. The Fed is obviously playing a game of attempting to drive housing prices up to restore the equity position of American homeowners. But how are they going to stop it once it really gets started?
And keep in mind that the abundance of cheap credit was a material contributor to the inflation in housing prices in the 1998-2006 period. It would appear that in addition to bailing out Wall Street the Fed has now moved on to do the same for Main Street. But how will they stop it once it gets started? That is a question lurking over the whole market right now.
Foreclosure Activity Drops to 5-Year Low in September
Lowest Quarterly Total Since Q4 2007, But Activity Increasing in FL, IL, OH, NY, NJ
IRVINE, Calif. – Oct. 11, 2012 — RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report™ for September and the third quarter of 2012, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 180,427 U.S. properties in September, a decrease of 7 percent from the previous month and down 16 percent from September 2011. September’s total was the lowest U.S. total since July 2007.
“We’ve been waiting for the other foreclosure shoe to drop since late 2010, when questionable foreclosure practices slowed activity to a crawl in many areas, but that other shoe is instead being carefully lowered to the floor and therefore making little noise in the housing market — at least at a national level,” said Daren Blomquist, vice president at RealtyTrac. “Make no mistake, however, the other shoe is dropping quite loudly in certain states, primarily those where foreclosure activity was held back the most last year.
“Meanwhile, several states where the foreclosure flow was not so dammed up last year could see a roller-coaster pattern in foreclosure activity going forward because of recent legislation or court rulings that substantively change the rules to properly foreclose,” Blomquist added. “A backlog of delayed foreclosures will likely build up in those states as lenders adjust to the new rules, with many of those delayed foreclosures eventually hitting down the road.”
Other high-level findings from the report
The national decrease in September and the third quarter was driven mostly by sizable decreases in the non-judicial foreclosure states such as California, Georgia, Texas, Arizona and Michigan.
Several judicial foreclosure states — including Florida, Illinois, Ohio, New Jersey and New York — continued to buck the national trend, registering substantial year-over-year increases in foreclosure activity in September and the third quarter.
U.S. foreclosure starts in the third quarter decreased both from the previous quarter and a year ago, reversing a bump in foreclosure starts in the second quarter.
California foreclosure starts (NOD) in September decreased 18 percent from the previous month and were down 45 percent from a year ago to a 69-month low, although the state’s foreclosure rate still ranked in the top three for the month and quarter.
Florida foreclosure starts (LIS) in September increased 24 percent on a year-over-year basis, the 11th consecutive month with an annual increase, and the state’s foreclosure rate ranked highest nationwide for the first time since April 2005.
Non-judicial states push national numbers lower
Of the 24 states where the non-judicial foreclosure process is primarily utilized, 20 reported annual decreases in foreclosure activity in the third quarter, including Nevada (71 percent decrease), Oregon (63 percent decrease), Utah (60 percent decrease), Virginia (34 percent decrease), California (29 percent decrease), Michigan (28 percent decrease), Arizona (23 percent decrease), Colorado (21 percent decrease), Georgia (20 percent decrease) and Texas (17 percent decrease).
Nevada, Oregon and California have all enacted legislation within the past year adding more requirements for lenders to properly foreclose, while a Georgia Court of Appeals ruling in July of this year requires lenders to provide certain information on foreclosure notices that some lenders may not have been including previously.
Washington state was one of only four non-judicial foreclosure states where foreclosure activity increased in the third quarter, up 70 percent from the previous quarter and up 15 percent from the third quarter of 2011. Washington state was one of the first non-judicial states to enact legislation impacting the foreclosure process following the so-called robo-signing controversy that came to light in October 2010. The state legislature passed a law that took effect in July 2011, requiring lenders to offer mediation to homeowners facing foreclosure.
Judicial states buck national trend
Meanwhile, third quarter foreclosure activity increased on a year-over-year basis in 14 out of the 26 states with a primarily judicial foreclosure process, including New Jersey (130 percent increase), New York (53 percent increase), Indiana (36 percent increase), Pennsylvania (35 percent increase), Connecticut (34 percent increase), Illinois (31 percent increase), Maryland (28 percent increase), South Carolina (16 percent increase), North Carolina (14 percent increase), and Florida (14 percent increase).
Some notable exceptions where foreclosure activity in the third quarter decreased on annual basis in judicial foreclosure states included Massachusetts (16 percent decrease) and Wisconsin (12 percent decrease).
Foreclosure starts reverse upward trend
First-time foreclosure starts, either default notices or scheduled foreclosure auctions depending on the state’s foreclosure process, were filed on 284,720 U.S. properties during the third quarter, an 8 percent decrease from the second quarter and also an 8 percent decrease from the third quarter of 2011.
Nationwide foreclosure starts decreased on an annual basis for the second straight month in September following three straight months of annual increases. Foreclosures were started on 87,066 U.S. properties during the month, down 12 percent from August and down 15 percent from September 2011.
September foreclosure starts decreased on an annual basis in 31 states, including California (45 percent decrease), Arizona (34 percent decrease), Michigan (22 percent decrease), Georgia (21 percent decrease) and Texas (19 percent decrease).
States with the biggest annual increases in foreclosure starts in September included New Jersey (424 percent increase), Pennsylvania (134 percent increase), New York (95 percent increase), Washington (60 percent increase) and Florida (24 percent increase).
Florida, Arizona, California post top state foreclosure rates in third quarter
Florida foreclosure activity in the third quarter increased 14 percent from a year ago, the third consecutive quarter with an annual increase and boosting the state’s foreclosure rate to highest in the nation. One in every 117 Florida housing units had a foreclosure filing in the third quarter, more than twice the national average.
Florida’s foreclosure rate also ranked highest in the nation in September, the first time since April 2005 that Florida has held the No. 1 spot. Florida foreclosure starts in September increased 24 percent from a year ago — the 11th straight month with an annual increase — and Florida bank repossessions (REO) increased 23 percent year over year — the ninth straight month with an annual increase.
Arizona REOs in September increased 2 percent from a year ago, the first year-over-year increase in Arizona REOs since November 2011, but the state’s overall foreclosure activity was down on an annual basis both in September and the third quarter thanks to big drops in foreclosure starts. Despite those decreases, one in every 125 Arizona housing units had a foreclosure filing during the third quarter — the nation’s second highest state foreclosure rate.
California also posted a foreclosure rate of one in every 125 housing units with a foreclosure filing in the third quarter, but the state’s foreclosure rate was slightly lower than that of Arizona, ranking No. 3 among all states for the quarter. A total of 109,369 California properties had foreclosure filings during the quarter, the highest of any state but still down from the previous quarter and a year ago.
California foreclosure auctions and REOs in the third quarter both increased from the previous quarter, but foreclosure starts (NODs) dropped 19 percent from the previous quarter. California foreclosure starts in September dropped to their lowest level since December 2006 — a 69-month low.
Other states with foreclosure rates ranking among the top 10 in the third quarter were Illinois (one in 126 housing units with a foreclosure filing), Georgia (one in 151), Nevada (one in 158), Ohio (one in 197), Michigan (one in 201), South Carolina (one in 215), and Colorado (one in 216).
Days to foreclose at record 382 days, legislation extends process in some states
U.S. properties foreclosed in the third quarter took an average of 382 days to complete the foreclosure process, up from 378 days in the previous quarter and up from 336 days in the third quarter of 2011. It was the highest average number of days to foreclose going back to the first quarter of 2007.
The average time to complete a foreclosure increased substantially from a year ago in several states where recent legislation and court rulings have extended the foreclosure process. These states included Oregon (up 62 percent to 193 days), Hawaii (up 62 percent to 662 days), Washington (up 62 percent to 248 days) and Nevada (up 42 percent to 520 days).
The average time to foreclose decreased from a year ago in 15 states, including Arkansas (down 49 percent to 199 days), Michigan (down 15 percent to 226 days), Maryland (down 9 percent to 541 days), California (down 8 percent to 335 days), and New Jersey (down 4 percent to 931 days).
Judicial states buck national trend
Meanwhile, third quarter foreclosure activity increased on a year-over-year basis in 14 out of the 26 states with a primarily judicial foreclosure process, including New Jersey (130 percent increase), New York (53 percent increase), Indiana (36 percent increase), Pennsylvania (35 percent increase), Connecticut (34 percent increase), Illinois (31 percent increase), Maryland (28 percent increase), South Carolina (16 percent increase), North Carolina (14 percent increase), and Florida (14 percent increase).
Some notable exceptions where foreclosure activity in the third quarter decreased on annual basis in judicial foreclosure states included Massachusetts (16 percent decrease) and Wisconsin (12 percent decrease).
Foreclosure starts reverse upward trend
First-time foreclosure starts, either default notices or scheduled foreclosure auctions depending on the state’s foreclosure process, were filed on 284,720 U.S. properties during the third quarter, an 8 percent decrease from the second quarter and also an 8 percent decrease from the third quarter of 2011.
Nationwide foreclosure starts decreased on an annual basis for the second straight month in September following three straight months of annual increases. Foreclosures were started on 87,066 U.S. properties during the month, down 12 percent from August and down 15 percent from September 2011.
September foreclosure starts decreased on an annual basis in 31 states, including California (45 percent decrease), Arizona (34 percent decrease), Michigan (22 percent decrease), Georgia (21 percent decrease) and Texas (19 percent decrease).
States with the biggest annual increases in foreclosure starts in September included New Jersey (424 percent increase), Pennsylvania (134 percent increase), New York (95 percent increase), Washington (60 percent increase) and Florida (24 percent increase).
Florida, Arizona, California post top state foreclosure rates in third quarter
Florida foreclosure activity in the third quarter increased 14 percent from a year ago, the third consecutive quarter with an annual increase and boosting the state’s foreclosure rate to highest in the nation. One in every 117 Florida housing units had a foreclosure filing in the third quarter, more than twice the national average.
Florida’s foreclosure rate also ranked highest in the nation in September, the first time since April 2005 that Florida has held the No. 1 spot. Florida foreclosure starts in September increased 24 percent from a year ago — the 11th straight month with an annual increase — and Florida bank repossessions (REO) increased 23 percent year over year — the ninth straight month with an annual increase.
Arizona REOs in September increased 2 percent from a year ago, the first year-over-year increase in Arizona REOs since November 2011, but the state’s overall foreclosure activity was down on an annual basis both in September and the third quarter thanks to big drops in foreclosure starts. Despite those decreases, one in every 125 Arizona housing units had a foreclosure filing during the third quarter — the nation’s second highest state foreclosure rate.
California also posted a foreclosure rate of one in every 125 housing units with a foreclosure filing in the third quarter, but the state’s foreclosure rate was slightly lower than that of Arizona, ranking No. 3 among all states for the quarter. A total of 109,369 California properties had foreclosure filings during the quarter, the highest of any state but still down from the previous quarter and a year ago.
California foreclosure auctions and REOs in the third quarter both increased from the previous quarter, but foreclosure starts (NODs) dropped 19 percent from the previous quarter. California foreclosure starts in September dropped to their lowest level since December 2006 — a 69-month low.
Other states with foreclosure rates ranking among the top 10 in the third quarter were Illinois (one in 126 housing units with a foreclosure filing), Georgia (one in 151), Nevada (one in 158), Ohio (one in 197), Michigan (one in 201), South Carolina (one in 215), and Colorado (one in 216).
Days to foreclose at record 382 days, legislation extends process in some states
U.S. properties foreclosed in the third quarter took an average of 382 days to complete the foreclosure process, up from 378 days in the previous quarter and up from 336 days in the third quarter of 2011. It was the highest average number of days to foreclose going back to the first quarter of 2007.
The average time to complete a foreclosure increased substantially from a year ago in several states where recent legislation and court rulings have extended the foreclosure process. These states included Oregon (up 62 percent to 193 days), Hawaii (up 62 percent to 662 days), Washington (up 62 percent to 248 days) and Nevada (up 42 percent to 520 days).
The average time to foreclose decreased from a year ago in 15 states, including Arkansas (down 49 percent to 199 days), Michigan (down 15 percent to 226 days), Maryland (down 9 percent to 541 days), California (down 8 percent to 335 days), and New Jersey (down 4 percent to 931 days).
Judicial states buck national trend
Meanwhile, third quarter foreclosure activity increased on a year-over-year basis in 14 out of the 26 states with a primarily judicial foreclosure process, including New Jersey (130 percent increase), New York (53 percent increase), Indiana (36 percent increase), Pennsylvania (35 percent increase), Connecticut (34 percent increase), Illinois (31 percent increase), Maryland (28 percent increase), South Carolina (16 percent increase), North Carolina (14 percent increase), and Florida (14 percent increase).
Some notable exceptions where foreclosure activity in the third quarter decreased on annual basis in judicial foreclosure states included Massachusetts (16 percent decrease) and Wisconsin (12 percent decrease).
Foreclosure starts reverse upward trend
First-time foreclosure starts, either default notices or scheduled foreclosure auctions depending on the state’s foreclosure process, were filed on 284,720 U.S. properties during the third quarter, an 8 percent decrease from the second quarter and also an 8 percent decrease from the third quarter of 2011.
Nationwide foreclosure starts decreased on an annual basis for the second straight month in September following three straight months of annual increases. Foreclosures were started on 87,066 U.S. properties during the month, down 12 percent from August and down 15 percent from September 2011.
September foreclosure starts decreased on an annual basis in 31 states, including California (45 percent decrease), Arizona (34 percent decrease), Michigan (22 percent decrease), Georgia (21 percent decrease) and Texas (19 percent decrease).
States with the biggest annual increases in foreclosure starts in September included New Jersey (424 percent increase), Pennsylvania (134 percent increase), New York (95 percent increase), Washington (60 percent increase) and Florida (24 percent increase).
Florida, Arizona, California post top state foreclosure rates in third quarter
Florida foreclosure activity in the third quarter increased 14 percent from a year ago, the third consecutive quarter with an annual increase and boosting the state’s foreclosure rate to highest in the nation. One in every 117 Florida housing units had a foreclosure filing in the third quarter, more than twice the national average.
Florida’s foreclosure rate also ranked highest in the nation in September, the first time since April 2005 that Florida has held the No. 1 spot. Florida foreclosure starts in September increased 24 percent from a year ago — the 11th straight month with an annual increase — and Florida bank repossessions (REO) increased 23 percent year over year — the ninth straight month with an annual increase.
Arizona REOs in September increased 2 percent from a year ago, the first year-over-year increase in Arizona REOs since November 2011, but the state’s overall foreclosure activity was down on an annual basis both in September and the third quarter thanks to big drops in foreclosure starts. Despite those decreases, one in every 125 Arizona housing units had a foreclosure filing during the third quarter — the nation’s second highest state foreclosure rate.
California also posted a foreclosure rate of one in every 125 housing units with a foreclosure filing in the third quarter, but the state’s foreclosure rate was slightly lower than that of Arizona, ranking No. 3 among all states for the quarter. A total of 109,369 California properties had foreclosure filings during the quarter, the highest of any state but still down from the previous quarter and a year ago.
California foreclosure auctions and REOs in the third quarter both increased from the previous quarter, but foreclosure starts (NODs) dropped 19 percent from the previous quarter. California foreclosure starts in September dropped to their lowest level since December 2006 — a 69-month low.
Other states with foreclosure rates ranking among the top 10 in the third quarter were Illinois (one in 126 housing units with a foreclosure filing), Georgia (one in 151), Nevada (one in 158), Ohio (one in 197), Michigan (one in 201), South Carolina (one in 215), and Colorado (one in 216).
Days to foreclose at record 382 days, legislation extends process in some states
U.S. properties foreclosed in the third quarter took an average of 382 days to complete the foreclosure process, up from 378 days in the previous quarter and up from 336 days in the third quarter of 2011. It was the highest average number of days to foreclose going back to the first quarter of 2007.
The average time to complete a foreclosure increased substantially from a year ago in several states where recent legislation and court rulings have extended the foreclosure process. These states included Oregon (up 62 percent to 193 days), Hawaii (up 62 percent to 662 days), Washington (up 62 percent to 248 days) and Nevada (up 42 percent to 520 days).
The average time to foreclose decreased from a year ago in 15 states, including Arkansas (down 49 percent to 199 days), Michigan (down 15 percent to 226 days), Maryland (down 9 percent to 541 days), California (down 8 percent to 335 days), and New Jersey (down 4 percent to 931 days).
New Jersey documented the second longest state foreclosure timeline in the third quarter behind New York, where the average time to complete a foreclosure was 1,072 days for properties foreclosed during the quarter. Florida registered the third highest state foreclosure timeline, 858 days — down slightly from 861 days in the previous quarter — and Illinois registered the fourth highest state foreclosure timeline, 673 days.
Report Methodology
The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month and quarter — broken out by type of filing. Some foreclosure filings entered into the database during a month or quarter may have been recorded in previous months or quarters. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). For the quarterly report, if more than one foreclosure document is received for a property during the quarter, only the most recent filing is counted in the report. Both the quarterly and monthly reports check if the same type of document was filed against a property previously. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state where the property is located, the report does not count the property again in the current month or quarter.
Report License
The RealtyTrac U.S. Foreclosure Market Report is the result of a proprietary evaluation of information compiled by RealtyTrac; the report and any of the information in whole or in part can only be quoted, copied, published, re-published, distributed and/or re-distributed or used in any manner if the user specifically references RealtyTrac as the source for said report and/or any of the information set forth within the report.
Order Customized Reports
Detailed and historical foreclosure data used to create the above report may be purchased through the RealtyTrac Data Licensing Department at 949.502.8300 Ext. 158. Aggregate data is available at the state, metro, county and zip code levels dating back to 2005, and address-level foreclosure records are also available historically.
About RealtyTrac Inc.
RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting millions of unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate. RealtyTrac’s foreclosure data has also been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments, private companies and academic institutions to help evaluate foreclosure trends and address policy issues related to foreclosures.
http://www.realtytrac.com/content/foreclosure-market-report/september-and-q3-2012-us-foreclosure-market-report-7424
The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month and quarter — broken out by type of filing. Some foreclosure filings entered into the database during a month or quarter may have been recorded in previous months or quarters. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). For the quarterly report, if more than one foreclosure document is received for a property during the quarter, only the most recent filing is counted in the report. Both the quarterly and monthly reports check if the same type of document was filed against a property previously. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state where the property is located, the report does not count the property again in the current month or quarter.
Report License
The RealtyTrac U.S. Foreclosure Market Report is the result of a proprietary evaluation of information compiled by RealtyTrac; the report and any of the information in whole or in part can only be quoted, copied, published, re-published, distributed and/or re-distributed or used in any manner if the user specifically references RealtyTrac as the source for said report and/or any of the information set forth within the report.
Order Customized Reports
Detailed and historical foreclosure data used to create the above report may be purchased through the RealtyTrac Data Licensing Department at 949.502.8300 Ext. 158. Aggregate data is available at the state, metro, county and zip code levels dating back to 2005, and address-level foreclosure records are also available historically.
About RealtyTrac Inc.
RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting millions of unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate. RealtyTrac’s foreclosure data has also been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments, private companies and academic institutions to help evaluate foreclosure trends and address policy issues related to foreclosures.
http://www.realtytrac.com/content/foreclosure-market-report/september-and-q3-2012-us-foreclosure-market-report-7424
CAR 2013 Housing Market Forecast
Click HERE to download the entire CAR Economic Forecast Presentation
Take a look at the video below:
Friday, October 12, 2012
Rich Cosner in National Story Interview
I was recently interviewed for the national publication, REAL ESTATE, by RIS Media. I was proud that the magazine selected our story to be the cover story of the magazine for the month of October. Click on the photo for a copy of the article:
Significant Promotion for James Monks
Happy New Year!
It is most likely that the transactions you are working on now will be your early closings in 2013. The new year promises to bring the same strong market you are dealing with now. As more and more homeowners realize that their home is worth more money they will decide to sell. Many are making the decision to sell their home beginning in the new year. If you are looking for a blockbuster 2013 for your business then do not make it a 10 month year. Begin right now to contact everyone you know with the good news about rising real estate values. Do not make the mistake of just contacting your favorite 20 people in your database. Contact them all. You remember the ones...those you have not maybe talked to in a year or two. They will be excited about the good news you bring them. If you just make 5 contacts a day, you will increase your income dramatically. The secret is you make these contacts EVERY DAY. When business is roaring, you contact 5 people. When business is down, you contact 5 people. Yes, it really is that simple. Happy New Year!
The Appraiser is Not Your Enemy!
Contrary to popular belief, the appraiser on the transactions you are working on is not the enemy. He or she can indeed be your advocate for the sales price if you don't force them to just rely on the comps. If there were nine offers on the property, give the appraiser a copy of the first page of each one of the nine offers (buyer names blacked out) so he or she can see the demand. If you know that the comps will not support your price, have an explanation of why your property is different than those properties. Have a digital and print copy of all the great photos you have of the property. Sure, they will take their own photos but your photos might influence which photos to take.
Friday, October 5, 2012
Yes, She Closed a Deal With commission of $400,000!!!
Today, October 5, 2012, our Anaheim Hills agent, Marilyn Tortorice, double ended and closed a transaction with a gross commission of $400,000! The home, located in San Fransisco, sold for 20 million dollars! Congrats Marilyn!
What is on Your Desktop?
Have you considered making your desktop www.insidepcr.com? We have spent a large amount of time and resources to give you the real estate world on one page. This one link can get you to virtually every resource a real estate professional needs. I guarantee you that if you will spend just one hour on this site, you will make it your desktop page and never look back. Give it one un-interrupted hour. Have fun with it. One hour spent here seeing what is there for you will save you many hours each week of hunting and searching for what this site has all in one place. Feel free to suggest how to make it better!
TrendSetters Give High Marks to our Marketing Department
As you know, 11 of the top real estate brokers in the nation visited our firm last week. Without exception, this group raved about our marketing department and the services and products they have for you. They were honestly surprised that more of our agents do not take advantage of it. They told us if this department was in their firm that they would do everything possible to make sure every agent knew what it could do for THEM. Of course the marketing department is utlilized by so many of our most productive agents. The marketing department is your pathway to becoming a highly productive agent. When was the last time you honestly checked out what they could do to help you grow your business?
Contact the Prudential Marketing Department at (714) 279-3860
Bring Your Kids or Grandkids!!!
Our fall harvest event this year will be the best ever! The event will be held at Star Ranch in Corona and on the OC border line. The ranch is high in the hills above the 91 freeway. It will be held Sunday, October 28, from 11AM to 3PM. Your family will talk about this event for years. This is a working ranch with real cowboys on horses. There will be a costume contest, pony rides, firetruck rides, face painting, real cowboy games and of course, lots to eat and drink! I hope all of you will come out to this and have a blast. It will be a fun family event that will be remembered for a long time.
Growing to 1,000 Agents in 2013
You will hear me speak of this often over the next 15 months. Yes, 1,000 agents will help our firm, no question. However, it is one of the key strategies for helping you to have more listings to sell. There is not much I see on the short term horizon that is going to help our low inventory challenge. One of the best ways for you to have more inventory to sell is to have more Prudential agents in your office. Over the years I have heard agents say that more agents just makes the pie (listings and sales) smaller for them. The exact opposite is true. When you bring in other high quality professionals to your team YOU are expanding your pie. More professionals in your office can only do one of two things: They will bring in listings you can sell or they will sell your listings. They make YOUR pie, as well as our pie larger. Your manager and I are asking for your help. If you will help us get an interview with just one person, it qualifies you for our TeamBuilder program when we hire the person. I would personally appreciate your help on this. Help your manager and I move your office forward and make us more competitive in your respective markets.
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