Are foreclosures on their way out?

Foreclosure home sales dropped significantly in the third quarter of 2012 (3Q 2012). The number of real estate owned property (REO) resales experienced an equally dramatic drop from the first quarter. Notice of default (NOD) filings decreased as well. REO resales are down 23,000 REO resales took place in the 3Q 2012.  That is: one-fifth of all California resales; down 32%…

REO resales in CA

An estimated 23,000 real estate owned property (REO) resales occurred in the third quarter of 2012 (3Q 2012). That’s 38% fewer REO resales than one year ago. Unsurprisingly, this translates into a sharp drop in REO market share. REO resales accounted for 20% of all California resale activity in 3Q 2012, down from 34% one…

Top 10 Real Estate Internet Resources

Top 10 Real Estate Internet Resources I thought it would be a good idea to list my Top 10 favorite websites, blogs and other internet sites for real estate. These include law blogs, local and national real estate sites, and even marketing blogs. Feel free to bookmark this post! 1.  HousingWire This is one of the…

LOOKS LIKE “CONSPIRACY THEORISTS” WERE RIGHT AGAIN

Last Thursday the MSM was doing back flips and proclaiming the long awaited Obama jobs recovery had arrived, when unemployment claims supposedly plunged by over 30,000 in one week. Myself, Denninger, Zero Hedge and MISH all called it bullshit and lies. The MSM then arrived to scorn and ridicule those who would question the integrity…

OBAMA CUTS DEAL WITH IRAN OVER NUKES

Iranian and U.S. negotiators have reached an agreement that calls for Iran to halt part of its nuclear program in exchange for the lifting of many of the U.S. sanctions against the Islamic regime, according to a highly placed source. Iran’s supreme leader, Ayatollah Ali Khamenei, expects a letter from President Obama in a few…

Welcome to the grand (money) illusion

Consider a seller who bought a home for his family at the price of $300,000 in 2003. The value of the home quickly inflates – more than doubling before the crash – then drops down to $250,000 by 2009, where it stays today. The seller has taken a new, better paying job with a farther…

Silver lining in Fannie’s REO auction

Fannie Mae sold its first pool of real estate owned properties (REOs) to Pacifica, a California based real estate investment company, to let as rentals. The 699 Florida homes sold for $78 million — 96% of their estimated value. This is approximately $111,600 on average for each property. This deal is a joint venture between Fannie Mae and Pacifica. Fannie financed the…

Weekly Real Estate Statistical Update

As you see, the rate of home ownership in California continues to decline. Today’s homeownership rate is 54.7%. That’s down from 55.2% last year, but up slightly from the beginning of this year. It’s likely the homeownership rate will level off by 2016, with 51% of Californians owning their home. Rising interest rates will keep the homeownership rate at 51% for probably…

Mortgage rates hit record low again

Mortgage rates again fell record low levels this week, as the Federal Reserve’s decision to buy billions in home loans for the foreseeable future continued to lower costs for would-be home buyers. Mortgage finance backer Freddie Mac’s weekly survey showed the average 30-year fixed-rate mortgage fell to 3.40% from 3.49% the previous week, which had…