Real Estate News

Opportunity is knocking in the chilly winter air of this Seattle suburb, and Rock Harrison intends to answer it. 0Thu, 19 Mar 2009 07:00:00 GMTOpportunity is knocking in the chilly winter air of this Seattle suburb, and Rock Harrison intends to answer it. “We’ve seen a sea change over the last three years,” said Rick Sharga, senior vice president of marketing for California-based RealtyTrac, an Internet service aimed at participants in the real estate foreclosure market.

Despite halts on new foreclosures by several major lenders, the number of households threatened with losing their homes rose 30 percent in February, RealtyTrac reported Thursday.0Thu, 12 Mar 2009 07:00:00 GMTDespite halts on new foreclosures by several major lenders, the number of households threatened with losing their homes rose 30 percent in February from last year's levels, RealtyTrac reported Thursday.

Despite halts on new foreclosures by several major lenders, the number of households threatened with losing their homes rose 30 percent from last year's levels, RealtyTrac reported Thursday.0Thu, 12 Mar 2009 07:00:00 GMTDespite halts on new foreclosures by several major lenders, the number of households threatened with losing their homes rose 30 percent from last year's levels, RealtyTrac reported Thursday.

More than 274,000 U.S. households received at least one foreclosure-related notice in January 2009, according to RealtyTrac. 0Sat, 14 Feb 2009 07:00:00 GMTMore than 274,000 U.S. households received at least one foreclosure-related notice in January 2009, according to RealtyTrac.

The number of people who received foreclosure notices in January fell 10 percent from December, but that's still 18 percent higher than a year ago, according to RealtyTrac. 0Fri, 13 Feb 2009 07:00:00 GMTThe number of people who received foreclosure notices in January fell 10 percent from December, but that's still 18 percent higher than a year ago, according to RealtyTrac.

The bad mortgages that got the current financial crisis started have produced a terrifying wave of home foreclosures. 0Thu, 12 Feb 2009 07:00:00 GMTThe bad mortgages that got the current financial crisis started have produced a terrifying wave of home foreclosures. Unless the foreclosure surge eases, even the most extravagant federal stimulus spending won't spur an economic recovery. A desire to postpone this devastating situation helps explain lenders' intransigence, says Rick Sharga, vice-president of marketing at RealtyTrac, an Irvine (Calif.) firm that analyzes foreclosure patterns.

As the Obama administration continues to hammer out details of its grand scheme to combat the next tsunami of foreclosures, the number of homes repossessed by lenders ebbed a bit in January. 0Thu, 12 Feb 2009 07:00:00 GMTAs the Obama administration continues to hammer out details of its grand scheme to combat the next tsunami of foreclosures, the number of homes repossessed by lenders ebbed a bit in January. "Whatever drop-off we've seen month-over-month can be attributed to moratoriums at Fannie and Freddie and a similar 45-day ban by the state of Florida," said RealtyTrac Vice President Rick Sharga. And while the number of notices of default were an improvement from December's surge, "They are still the fourth highest we’ve seen since 2005 when we started tracking."

U.S. foreclosure filings exceeded 250,000 for the 10th straight month in January as falling prices trapped owners in homes worth less than the mortgage, RealtyTrac Inc. said.0Thu, 12 Feb 2009 07:00:00 GMTU.S. foreclosure filings exceeded 250,000 for the 10th straight month in January as falling prices trapped owners in homes worth less than the mortgage, RealtyTrac Inc. said.

U.S. home foreclosure filings in January decreased from December, an indication that an array of efforts to curb the process may be making an impact, real estate data firm RealtyTrac said on Thursday.0Thu, 12 Feb 2009 07:00:00 GMTU.S. home foreclosure filings in January decreased from December, an indication that an array of efforts to curb the process may be making an impact, real estate data firm RealtyTrac said on Thursday.

Foreclosure filings were reported on 274,399 properties during January, a 10 percent decrease from December but still up 18 percent from January 2008, according to RealtyTrac. 0Thu, 12 Feb 2009 07:00:00 GMTForeclosure filings — default notices, auction sale notices and bank repossessions — were reported on 274,399 properties during January, a 10% decrease from December but still up 18% from January 2008, according to RealtyTrac.

"The lenders are simply trying to defer the losses to a later date, because having to recognize the losses short term might pose severe risks to the banks in question," says Rick Sharga of RealtyTrac.0Wed, 28 Jan 2009 07:00:00 GMT"The lenders are simply trying to defer the losses to a later date, because having to recognize the losses short term might pose severe risks to the banks in question," says Rick Sharga of RealtyTrac.

I’m anticipating that we’re going to see a frightening increase in foreclosure activity in the first part of the year,” says Rick Sharga, vice president at the RealtyTrac. “Everybody underestimated just how severe this would be.”0Wed, 28 Jan 2009 07:00:00 GMTI’m anticipating that we’re going to see a frightening increase in foreclosure activity in the first part of the year,” says Rick Sharga, a senior vice president at the RealtyTrac real estate data service in Irvine, California. “Everybody underestimated just how severe this would be.”

Hear my interview with foreclosure tracker Rick Sharga of RealtyTrac on what’s the chance that what he calls a “tsunami” of missed mortgage payments will abate anytime soon.0Mon, 26 Jan 2009 07:00:00 GMTHear my interview with foreclosure tracker Rick Sharga of RealtyTrac on what’s the chance that what he calls a “tsunami” of missed mortgage payments will abate anytime soon.

The Las Vegas metropolitan area ranked second in the nation last year for its rate of foreclosures, while Nevada held its top spot in the nation. 0Fri, 23 Jan 2009 07:00:00 GMTThe Las Vegas metropolitan area ranked second in the nation last year for its rate of foreclosures, while Nevada held its top spot in the nation. RealtyTrac, a foreclosure listing firm based in Irvine, Calif., that compiled the figures, said 67,223 properties in the area — or 8.89 percent of all properties — faced foreclosure filings. That’s a 121 percent increase over 2007.

"One of the reasons we've seen such a spike in bank repossessions is because of the huge increases in deeds in lieu of foreclosure," said Rick Sharga, vice president of marketing at RealtyTrac.0Fri, 23 Jan 2009 07:00:00 GMTIn a recent report on foreclosure filings from RealtyTrac.com, I noticed the number of bank repossessions was rising faster than overall foreclosure filings. Then, during an interview with the company's Rick Sharga, he said, "One of the reasons we've seen such a spike in bank repossessions is because of the huge increases in deeds in lieu of foreclosure, as homeowners are just mailing the keys back to the bank."

"Either lenders are overwhelmed and can't get these properties back on sale quickly" said RealtyTrac spokesman Rick Sharga, "or they're deliberately slowing down." 0Fri, 23 Jan 2009 07:00:00 GMTRealtyTrac, the online marketer of foreclosed properties, recently discovered that it has far more foreclosed properties listed it its database, which the company compiles using courthouse records, than there are listed in the multiple listing services (MLS) maintained by real estate agents. "Either lenders are overwhelmed and can't get these properties back on sale quickly" said RealtyTrac spokesman Rick Sharga, "or they're deliberately slowing down."

More than 860,000 homes were foreclosed on last year, according to RealtyTrac. All told, builders were on track, as of last November, to build just 640,000 new homes and condos in 2008.0Fri, 16 Jan 2009 07:00:00 GMTMore than 860,000 homes were foreclosed on last year, according to RealtyTrac. All told, builders were on track, as of last November, to build just 640,000 new homes and condos in 2008.

Foreclosure filings in Manatee County soared 281 percent in December compared with the previous month. They were up 60 percent in Charlotte and 10 percent in Sarasota.0Thu, 15 Jan 2009 07:00:00 GMTForeclosure filings in Manatee County soared 281 percent in December compared with the previous month. They were up 60 percent in Charlotte and 10 percent in Sarasota.

Cape Coral-Fort Myers had the highest foreclosure rate in the nation for 2008, according to RealtyTrac. 0Thu, 15 Jan 2009 07:00:00 GMTCape Coral-Fort Myers had the highest foreclosure rate in the nation for 2008. “It’s over six times the national average and over two times the state average,” said Daren Blomquist, a spokesman for RealtyTrac.

Foreclosure notices were posted for 6,583 Rhode Island properties last year, a 258-percent increase from 2007 and a 1,525-percent increase from 2006, according to RealtyTrac. 0Thu, 15 Jan 2009 07:00:00 GMTForeclosure notices were posted for 6,583 Rhode Island properties last year, a 258-percent increase from 2007 and a 1,525-percent increase from 2006, according to data released today by property-data collector RealtyTrac Inc.