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Foreclosure Filings Down 19 Percent In One Year
Foreclosure filings fell 19 percent last month versus one year ago, says foreclosure-tracking firm RealtyTrac. It’s yet one more signal that the U.S. housing market may have already climbed off its bottom.
According to RealtyTrac, a ”foreclosure filing” is any one of the following foreclosure-related events : (1) A default notice on a home; (2) A scheduled auction for a home; or, (3) A bank repossession of a home.
In looking at the January 2012 figures :
- Default Notices were down 22% from January 2011
- Scheduled Auctions were down 19% from January 2011
- Bank Repossessions were down 15% from January 2011
On a monthly basis, however, the numbers weren’t so promising.
Default notices and scheduled auctions were mostly unchanged, but bank repossessions rose 8 percent. The rise in bank repossessions is likely because 2010′s robo-signing controversy has been rectified at the state and lender level.
This trend toward more bank-owned homes is expected to continue through 2012.
As in most months, January’s foreclosure activity was geographically concentrated. Nevada led the nation in Foreclosures Per Capita, followed closely by California. 13 states fared worse than the national average of 1 foreclosure per 624 households. 37 fared better.
The difference in foreclosure frequency among the two groupings was stark :
- Top 13 Foreclosure States : 1 foreclosure per 435 households, on average
- Bottom 37 Foreclosure States : 1 foreclosure per 5,101 households, on average
North Dakota had January’s lowest foreclosure rate nationwide. Just 1 in 63,500 homes was in some form of foreclosure in North Dakota last month.
As a first-time or seasoned buyer in Pleasanton , foreclosed homes can be enticing. They’re plentiful and cheap. However, just because a foreclosed home can be bought for a “steal”, that doesn’t mean it’s worth buying. The process of buying a foreclosed homes is different from the process of buying a non-foreclosed home.
The contract-and-negotiation process may be different with a foreclosed property, and foreclosed homes are often sold “as-is”. This means the home you buy at auction could be run-down and defective to the point where it’s uninhabitable.
If you plan to buy a foreclosed home, therefore, have a real estate professional on your side. The internet can teach you much about how the California housing market works, but when it comes to writing contracts, you’ll want an experienced agent on your side.
How To Take Advantage Of The Foreclosure Settlement
Starting March 1st the $25 billion Robo-Signing (or Foreclosure) settlement will begin to go into effect. The settlement, put together between the US government and five major banks (Ally Financial Inc/GMAC Mortgage, Bank of America, Citigroup, JP Morgan Chase and Wells Fargo), is designed to help relieve many borrowers who are either struggling to make payments, owe more than their home is worth or have already lost their home to Take Advantage of The Foreclosure Settlementforeclosure.
But how do you take advantage of this new settlement if you’re not a borrower in the above situations? What if you’re a new homebuyer, just starting to look for a home?
This settlement will encourage banks to deal with the delayed foreclosures they’ve been sitting on lately, and eventually speed up the foreclosure process.
As these foreclosures go through, there will be an increasingly large amount of available properties to be sold, all at extremely low prices, creating a great opportunity for new homebuyers and real estate agents alike to get homes at great deals!
If you want more information about the settlement or how you can take advantage, contact Robert Sinohue, Guaranteed Rate.
Make Your Own Organic Fruit Wash
How clean are the fruits and vegetables you eat? Unless you pick your food straight from the farm, your food is likely more dirty than you think.
In addition to pesticide treatment made while food is still “on the vine”, fruits and vegetables you buy at a grocery are often coated in wax to preserve their “shelf life”; and you can never know how much dirt your food has rolled in.
Even organic foods are handled multiple times on the way to the grocery store. They may be pesticide-free, but they’re not dirt-free or free from human handling.
This is why we wash fruits and vegetables before consumption — to wash off dirt. But, there are extra precautions you can take to make sure your food is truly “clean”.
One such method is to use a make-it-yourself, organic fruit wash. The recipe is basic and simple. All you need is a large, lidded pitcher for mixing, some everyday foods, and a spray bottle.
- In the large pitcher, pour 1 cup of water, 1 cup of white vinegar, and 1 tablespoon of baking soda.
- Add 25 drops of grapefruit seed extract. If you can’t find this at your local grocery, check with a natural food store or specialty store.
- Mix ingredients in the pitcher, and pour into a spray bottle
That’s it.
Then, when you’re ready to clean fruits and vegetables, use your homemade spray wash and coat the food liberally. Let the food stand for 5 minutes, then rinse the spray wash from the food in the sink.
Expect dirt to roll off fruit and vegetables surfaces and for the spray’s vinegar component to neutralize pesticides. You’ll be left with cleaner, healthier natural foods.
To make the fruit wash should take less than 5 minutes. Each batch should last one month, depending on the amount of fruits and vegetables you consume.
When Can I Buy A Home After Foreclosure, Bankruptcy, Or Short Sale?
A very common question in the mortgage industry lately is this; when can I buy a home after foreclosure, bankruptcy, or a short sale? With many people having 
to foreclose and file for bankruptcy in the past few years, this has become quite a common topic. Most people do not know how long they must wait before jumping back into the housing market. The length of time you need to wait before being able to qualify for a house is dependent upon which loan program, or product, you choose. Each loan program has a different answer.
The housing crisis that we have experienced recently has caused many rules and regulations to change, regarding these situations.
Here is the up to date breakdown for the waiting period:
| Foreclosure | Short SaleDeed-In-Lieu | Ch. 7 Bankruptcy | Ch. 13 Bankruptcy | |
| Fannie Mae | 7 yrs from completion date. | 2 yrs with max 80% LTV ratio.4 yrs with max 90% LTV ratio.7 yrs > 90% LTV. | 4 years from discharge or dismissal date. | 2 yrs from discharge date.4 yrs from dismissal date. |
| Freddie Mac | 7 yrs from completion date.4-7 yrs max 10% down. | 4 yrs from completion date for short sale.4 yrs for deed-in-lieu | 4 years from discharge or dismissal date. | 2 yrs from discharge date. |
| FHA | 3 yrs from completion date. | 3 yrs from completion date. | 2 yrs from discharge date. | 1 yr of the payout must elapse & payment performance must be satisfactory; buyer must receive permission from the court to enter into a mortgage. |
| VA | 2 yrs from discharge date. | No specific information on this yet, assume foreclosure rule of 2 years. | 2 yrs from discharge date. | 1 yr of the payout must elapse & payment performance must be satisfactory; buyer must receive permission from the court to enter into a mortgage. |
| USDA Rural | 3 yrs from completion date. | 3 yrs from completion date. | 3 yrs from discharge date. | 1 yr of the payout must elapse & payment performance must be satisfactory; buyer must receive permission from the court to enter into a mortgage. |
Once your waiting period is over you should begin looking at your credit report, and credit score. At least six months before you initiate any home buying transactions, you should be focusing on your credit report and score to make sure there are no discrepancies. A smart thing to do would be to contact a credit specialist, or your trusted mortgage advisor, to ensure you are on the right track. If you are interested in finding out more please call (925) 364-5210, or email rsinohue@guaranteedrate.com
Are You Missing the Best Time to Buy a Home?
For the sixth month in a row, homebuilder confidence rose, climbing four points in February and reaching the highest mark the index has seen since May 2007! And it’s no wonder: with low rates, low down payment options and a recovering economy, there has been a lot of buyers looking at the market. It’s reported that there are two times the amount of buyers touring homes now than there were in September of 2011.
Home affordability is certainly at its best right now, and home builders can see what’s coming, which means that low home prices could be ending soon. Your best chance at getting your home for a low price, with a low interest rate could be right now. It could be too late 3 months from now!
Click here to get pre-approved so that finding your dream home is easier!
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