RealtyTrac Articles

If you’re looking to save big on a foreclosure purchase, you should consider buying in one of these 11 towns where foreclosure homes on average sold for at least a 50 percent discount in Q3 2011.0Fri, 27 Jan 2012 08:00:00 GMTIf you’re looking to save big on a foreclosure purchase, you should consider buying in one of these 11 towns where foreclosure homes on average sold for at least 50 percent less than homes not in foreclosure during the third quarter of 2011, according to the latest RealtyTrac U.S. Foreclosure Sales Report. These steep foreclosure discounts are available in a wide range of markets, with a wide range of average home prices. At the high end are markets like San Francisco and Bridgeport, Conn., where the average price of a foreclosure was more than $300,000 — still 50 percent below the average price of homes not in foreclosure in those markets.

I have always been a bit of a gambler and come from an entrepreneurial upbringing; a childhood friend in the mortgage business asked me to head down to a local foreclosure auction and meet Mike Baird. 0Thu, 26 Jan 2012 08:00:00 GMTI have always been a bit of a gambler and come from an entrepreneurial upbringing; a childhood friend in the mortgage business asked me to head down to a local foreclosure auction and meet Mike Baird. I cautiously walked up the courthouse steps for the first time and inquired around for Mike so we could shake hands for the first time. I was not prepared for what I was about to witness; an ordinary and unassuming individual approached, proclaimed “buyer beware”, and start firing off addresses of properties impending sales at the auction. Where was the courtroom, the judge, a sheriff?

Strategic defaults are on the rise, writes Jon Maddux, CEO of YouWalkAway in the December 2011 issue of the Foreclosure News Report, a monthly newsletter published by RealtyTrac. 0Wed, 18 Jan 2012 08:00:00 GMTStrategic defaults are on the rise, writes Jon Maddux, CEO of YouWalkAway in the December 2011 issue of the Foreclosure News Report, a monthly newsletter published by RealtyTrac. In an article titled, “The Evolution of Strategic Default,” Maddux describes the evolution of strategic default since he founded YouWalkAway four years ago. “We saw the term ‘walk away’ become ‘strategic default’ and news headlines go from ‘deadbeat homeowners walk away’ to ‘credit savvy borrowers choose strategic default,’” he wrote. “Clearly there is a socio-economic shift in the way people are viewing foreclosure today. The stigma has been eroded.”

Foreclosure filings were reported on 1,887,777 U.S. properties in 2011, a decrease of 34 percent in total properties from 2010. Foreclosure activity in 2011 was the lowest since 2007. 0Mon, 09 Jan 2012 08:00:00 GMTForeclosure filings were reported on 1,887,777 U.S. properties in 2011, a decrease of 34 percent in total properties from 2010, according to the RealtyTrac Year-End 2011 U.S. Foreclosure Market Report. Foreclosure activity in 2011 was the lowest since 2007. The report also shows that 1.45 percent of U.S. housing units (one in 69) had at least one foreclosure filing during the year, down from 2.23 percent in 2010, 2.21 percent in 2009, and 1.84 percent in 2008. Total U.S. foreclosure activity and the U.S. foreclosure rate in 2011 were both at their lowest annual level since 2007.

RealtyTrac Stats & Trends allows you to see current and historical foreclosure activity displayed in colorful charts, graphs and heat maps for any state, county, city or ZIP code nationwide.0Thu, 05 Jan 2012 08:00:00 GMTRealtyTrac Stats & Trends allows you to see current and historical foreclosure activity displayed in colorful charts, graphs and heat maps for any state, county, city or ZIP code nationwide. This quick video shows you how to access and navigate the RealtyTrac Stats & Trends Center to find information on foreclosure rates, historical foreclosure activity, property characteristics of foreclosures and foreclosure sales activity, including average foreclosure sales prices and discounts.

There was an abundance of good news on the foreclosure front in 2011 that might portend a rosy outlook for 2012. But the housing market has not completely escaped the clutches of the foreclosure crisis.0Thu, 05 Jan 2012 08:00:00 GMTThere was an abundance of good news on the foreclosure front in 2011 that might portend a rosy outlook for 2012 — at least at first blush. U.S. foreclosure activity was down on an annual basis in every month during the year through November, according to RealtyTrac’s monthly foreclosure market reports. These annual decreases put the nation on pace to have fewer than 2 million properties with foreclosure filings for the year, down more than 30 percent from the nearly 2.9 million properties with foreclosure filings in 2010. See our year-end 2011 foreclosure report being issued Jan. 12.

Investors did it. According to the Federal Reserve Bank of New York, real estate investors had an outsized role in the collapse of the mortgage marketplace and the national economy. 0Tue, 20 Dec 2011 08:00:00 GMTInvestors did it. According to the Federal Reserve Bank of New York, real estate investors had an outsized role in the collapse of the mortgage marketplace and the national economy. The new report claims these investors defaulted in large numbers after the housing bubble burst and thereby contributed importantly to the intensity of the housing cycle’s downward leg. The reality is different. Without real estate investors a lot of people would be living in parks, home prices would be substantially lower and the national economy would be a whole lot smaller. Rather than fewer real estate investors we need more. Here's why.

It sure didn't take long to raise FHA loan limits. The lower limits went into effect October 1st but were gone by mid-November. Now you can get an FHA loan for as much as $729,750 instead of just $625,5000Fri, 16 Dec 2011 08:00:00 GMTIt sure didn't take long to raise FHA loan limits. The lower limits went into effect October 1st but were gone by mid-November. Now you can get an FHA loan for as much as $729,750 instead of just $625,500

In the 1960s protests against the war in Vietnam and racial segregation were on the news almost every night, a tradition which is now back with the Occupy movement and Bank Transfer Day (November 5th). 0Thu, 15 Dec 2011 08:00:00 GMTIn the 1960s protests against the war in Vietnam and racial segregation were on the news almost every night, a tradition which is now back with the Occupy movement and Bank Transfer Day (November 5th).

Foreclosure filings were reported on 224,394 U.S. properties in November, a 3 percent decrease from the previous month and a 14 percent decrease from November 2010.0Wed, 14 Dec 2011 08:00:00 GMTForeclosure filings were reported on 224,394 U.S. properties in November, a 3 percent decrease from the previous month and a 14 percent decrease from November 2010, according to the RealtyTrac U.S. Foreclosure Market Report for November 2011. “Despite a seasonal slowdown similar to what we’ve seen in each of the past four years, November’s numbers suggest a new set of incoming foreclosure waves, many of which may roll into the market as REOs or short sales sometime early next year,” said James Saccacio, co-founder of RealtyTrac.

It was back in 1862 in the midst of the Civil War that the government passed the first Homestead Act, legislation that would give pioneers 160 acres if they settled west of the Mississippi. 0Mon, 12 Dec 2011 08:00:00 GMTIt was back in 1862 in the midst of the Civil War that the government passed the first Homestead Act, legislation that would give pioneers 160 acres if they settled west of the Mississippi.

The term "cramdown" used to be a dirty word in real estate, an expression meaning that a court would change loan terms — and not in a way that lenders liked. 0Thu, 08 Dec 2011 08:00:00 GMTThe term "cramdown" used to be a dirty word in real estate, an expression meaning that a court would change loan terms — and not in a way that lenders liked.

Just when you thought things could not possibly get worse a new worry is emerging on the housing front: Is the FHA going to demand billions in paybacks from weary lenders and servicers? 0Mon, 05 Dec 2011 08:00:00 GMTJust when you thought things could not possibly get worse a new worry is emerging on the housing front: Is the FHA going to demand billions in paybacks from weary lenders and servicers?

Scientists keep finding new celestial objects when searching through outer space, but the biggest black hole is fairly local, the much-hyped effort to resolve claims by 50 state attorney generals relating to mortgages, robo-signing and securities dis0Thu, 01 Dec 2011 08:00:00 GMTScientists keep finding new celestial objects when searching through outer space, but the biggest black hole is fairly local, the much-hyped effort to resolve claims by 50 state attorney generals relating to mortgages, robo-signing and securities disclosures.

Foreclosure filings were reported on 230,678 U.S. properties in October, a 7 percent increase from the previous month, but still down nearly 31 percent from October 2010.0Wed, 09 Nov 2011 08:00:00 GMTForeclosure filings were reported on 230,678 U.S. properties in October, a 7 percent increase from the previous month, but still down nearly 31 percent from October 2010, according to the RealtyTrac U.S. Foreclosure Market Report for October 2011. The report also shows one in every 563 U.S. housing units with a foreclosure filing during the month. “The October foreclosure numbers continue to show strong signs that foreclosure activity is coming out of the rain delay we’ve been in for the past year as lenders corrected foreclosure paperwork and processing problems,” said James Saccacio, chief executive officer of RealtyTrac.

This video demonstrates how to find government-owned foreclosures on RealtyTrac that often come with favorable financing terms for buyers -- both owner-occupants and investors.0Mon, 28 Nov 2011 08:00:00 GMTMany bank-owned foreclosures listed on RealtyTrac have favorable financing terms, including low down payments, lower credit score requirements, no mortgage insurance or appraisal requirements, and availability to both owner-occupants and investors. This video demonstrates how to find the government-owned foreclosures on RealtyTrac that often come with these favorable financing terms.

Why bother to buy real estate when you can't get financing? Well, maybe tales of mortgage woes are exaggerated. Or, maybe they're not true at all. 0Mon, 28 Nov 2011 08:00:00 GMTThe word is out: it's harder to get a mortgage, maybe impossible. Lenders are clamping down, especially on foreclosure purchases. Just about everyone says so. Since this is a “fact” why bother to buy real estate when you can't get financing? Well, maybe not a fact. Maybe tales of mortgage woes are exaggerated. Or, maybe they're not true at all. Here are four commonly believed myths about securing financing in today's real estate market, especially when it comes to financing a foreclosure purchase.

This slideshow from a webinar co-hosted by RealtyTrac and EXIT Realty, shows how to effectively find, research and purchase the best bank-owned bargains in your area. 0Tue, 08 Nov 2011 08:00:00 GMTThis slideshow from a webinar co-hosted by RealtyTrac and EXIT Realty, shows how to effectively find, research and purchase the best bank-owned bargains in your area. The slideshow covers the following: • Find listed and unlisted REOs in your neighborhood • Identify the best bargains and investments • Choose an effective and knowledgeable real estate professional • Make the best offers most likely to be accepted by the banks • Avoid common pitfalls in buying bank-owned

The average foreclosure timeline in many states grew longer in the third quarter of 2011 as did the average time to sell foreclosures. Here are some of the states where it takes the longest to foreclose. 0Mon, 24 Oct 2011 08:00:00 GMTThe average foreclosure timeline in many states grew longer in the third quarter of 2011 as did the average time to sell foreclosures. Here are some of the states where it takes the longest to foreclose.

Here are the top 20 markets where banks are starting to push through a new wave of foreclosures to help clear a backlog of distressed properties.0Mon, 24 Oct 2011 08:00:00 GMTHere are the top 20 markets where banks are starting to push through a new wave of foreclosures to help clear a backlog of distressed properties.