In a recent WSJ journal blog indicated that a new foreclosure hotline has opened for complaints. "The regulators and mortgage servicers have also launched a toll free number 1-888-952-9105 and a website."
More information can be found here: http://blogs.wsj.com/developments/2011/11/01/robo-signing-prompts-new-foreclosure-reviews/
Thursday, November 17, 2011
Wednesday, October 26, 2011
South Florida Lis Penden Filings Show Market Still Conflicted
Mount Pleasant, PA, October 26, 2011 --(PR.com)-- South Florida’s real estate market, decimated by the on-going real estate crisis, continues to show mixed results based on the latest pre foreclosure filing data compiled by Default Research, Inc. The numbers show that in the 3rd quarter of 2011, Broward County, FL saw Lis Pendens filings decline by a robust 24% compared to the second quarter of this year, while Miami-Dade and Palm Beach Counties saw modest increases in Lis Pendens filings, 9.79% and 10.82%, respectively.
“The numbers look really good in Broward County, compared to the numbers turned in by Miami-Dade and Palm Beach Counties. It’s important people not assume that these somewhat better numbers are indicative of a lasting trend in the South Florida real estate market,” Default Research, Inc. Vice President Burt Cooper, said. “Remember, the industry was embroiled in controversy last year when allegations of widespread mortgage documentation problems cast doubt on millions of residential mortgages.
“As lenders revamp their procedures, I expect to see sharp increases in the overall number of Lis penden filings. These streamlined procedures could lead to short-term increases in foreclosure filings. Only time will tell how well Florida’s court system will be able to absorb these increases, or if the average length of time it takes for the foreclosure process to play out is dramatically impacted.”
The three Broward County cities with the most Lis Pendens filings were Mirmar (102), Ft. Lauderdale (97) and Pembroke Pines (84); Miami-Dade County was led by Miami (797), followed by Hialeah (163) and Homestead (59); Palm Beach County was led by West Palm Beach (127), Boca Raton (75) and Boynton Beach (68).
Lis Pendens filings are used as early indicators of real estate market trouble because it is the first step in a lender reclaiming ownership of mortgaged properties when scheduled mortgage payments are not made.
Cooper noted that, although the South Florida residential real estate market has multiple hurdles to cross in its quest to spring back to life, there are multiple buying opportunities for investors armed with good data.
“There are lots of bargains to be had right now. Investors with ready access to investing capital can buy distressed real estate at bargain basement prices, make modest repairs, and then hold properties as income-producing assets,” Cooper said. “The key is to find the right properties at the right time. Keep in mind, the real profits come later, after the market comes back to life. Until then, investors can enjoy positive monthly cash flow, which means that the current market can be a win-win proposition.”
Requests for interviews or additional information are welcome. Default Research compiles pre foreclosure statistics in multiple states and counties. Additional information can be found at market.defaultresearch.com.
“The numbers look really good in Broward County, compared to the numbers turned in by Miami-Dade and Palm Beach Counties. It’s important people not assume that these somewhat better numbers are indicative of a lasting trend in the South Florida real estate market,” Default Research, Inc. Vice President Burt Cooper, said. “Remember, the industry was embroiled in controversy last year when allegations of widespread mortgage documentation problems cast doubt on millions of residential mortgages.
“As lenders revamp their procedures, I expect to see sharp increases in the overall number of Lis penden filings. These streamlined procedures could lead to short-term increases in foreclosure filings. Only time will tell how well Florida’s court system will be able to absorb these increases, or if the average length of time it takes for the foreclosure process to play out is dramatically impacted.”
The three Broward County cities with the most Lis Pendens filings were Mirmar (102), Ft. Lauderdale (97) and Pembroke Pines (84); Miami-Dade County was led by Miami (797), followed by Hialeah (163) and Homestead (59); Palm Beach County was led by West Palm Beach (127), Boca Raton (75) and Boynton Beach (68).
Lis Pendens filings are used as early indicators of real estate market trouble because it is the first step in a lender reclaiming ownership of mortgaged properties when scheduled mortgage payments are not made.
Cooper noted that, although the South Florida residential real estate market has multiple hurdles to cross in its quest to spring back to life, there are multiple buying opportunities for investors armed with good data.
“There are lots of bargains to be had right now. Investors with ready access to investing capital can buy distressed real estate at bargain basement prices, make modest repairs, and then hold properties as income-producing assets,” Cooper said. “The key is to find the right properties at the right time. Keep in mind, the real profits come later, after the market comes back to life. Until then, investors can enjoy positive monthly cash flow, which means that the current market can be a win-win proposition.”
Requests for interviews or additional information are welcome. Default Research compiles pre foreclosure statistics in multiple states and counties. Additional information can be found at market.defaultresearch.com.
Wednesday, January 5, 2011
Default Research Reports Year-End Data: Phoenix Foreclosures Drop 6%; Investors Return to Market
Phoenix, AZ, January 05, 2011 --(PR.com)-- Year-end foreclosure data for Maricopa County, AZ (Phoenix) show that Notices of Trustee Sales (NTS) in 2010 dropped by 4,106 to 57,776, down from 61,882 in 2009. At the same time, the value of properties dropped by 10%, signaling continued volatility in the Phoenix housing market.
Phoenix led the county with (20,528) NTS, followed by Mesa, 5,755; Glendale, 4,213; Scottsdale, 3,598; and Gilbert, 3,522. While 90% of NTS were single family homes, 5.0% were condominiums and 2% were commercial properties.
Arizona’s non-judicial foreclosure process requires Notices of Trustee Sales to be recorded a minimum of 90 days before auction, generally 90 days after the first late mortgage payment. Foreclosing lenders are also required to publish once-weekly notices in a newspaper in the same county as the property for four weeks. In addition, lenders must mail a notice to all parties affected by the foreclosure within 5 days of the recorded NTS.
Phoenix property values declined 10% in 2010, with the rate of decline increasing throughout 2010. Serdar Bankaci, Founder of Default Research, Inc., a pre-foreclosures tracking firm, said that, while property values are dropping, inventories have remained relatively stable, which he sees as a positive sign.
“It’s never a good sign when property values drop, but there is light at the end of the tunnel – and I don’t believe it’s the light of an oncoming train,” Bankaci said. “Foreclosed properties are beginning to sell, primarily because investors are returning to the market. I see this trend continuing – even accelerating – in 2011.”
Bankaci doesn’t expect 2011 to be a year of dramatic swings in the Phoenix real estate market. “Foreclosure rates should hold steady in 2011. I don’t see any big changes there. The same goes for home prices. I know other real estate experts are predicting larger negative swings in property values, but I don’t see it,” Bankaci said. “Unemployment in Maricopa County is 8.3% – a full percentage point lower than the national average of 9.3. Secondly, investors are beginning to flood back into the market. As they do, inventories will drop – and conventional buyers will be competing with investors for available properties, which will necessarily have a stabilizing effect on the market.”
Phoenix led the county with (20,528) NTS, followed by Mesa, 5,755; Glendale, 4,213; Scottsdale, 3,598; and Gilbert, 3,522. While 90% of NTS were single family homes, 5.0% were condominiums and 2% were commercial properties.
Arizona’s non-judicial foreclosure process requires Notices of Trustee Sales to be recorded a minimum of 90 days before auction, generally 90 days after the first late mortgage payment. Foreclosing lenders are also required to publish once-weekly notices in a newspaper in the same county as the property for four weeks. In addition, lenders must mail a notice to all parties affected by the foreclosure within 5 days of the recorded NTS.
Phoenix property values declined 10% in 2010, with the rate of decline increasing throughout 2010. Serdar Bankaci, Founder of Default Research, Inc., a pre-foreclosures tracking firm, said that, while property values are dropping, inventories have remained relatively stable, which he sees as a positive sign.
“It’s never a good sign when property values drop, but there is light at the end of the tunnel – and I don’t believe it’s the light of an oncoming train,” Bankaci said. “Foreclosed properties are beginning to sell, primarily because investors are returning to the market. I see this trend continuing – even accelerating – in 2011.”
Bankaci doesn’t expect 2011 to be a year of dramatic swings in the Phoenix real estate market. “Foreclosure rates should hold steady in 2011. I don’t see any big changes there. The same goes for home prices. I know other real estate experts are predicting larger negative swings in property values, but I don’t see it,” Bankaci said. “Unemployment in Maricopa County is 8.3% – a full percentage point lower than the national average of 9.3. Secondly, investors are beginning to flood back into the market. As they do, inventories will drop – and conventional buyers will be competing with investors for available properties, which will necessarily have a stabilizing effect on the market.”
Default Research is Reporting That LA County’s 42% Decrease in Notices of Default a Red Herring; Expert Sees Further Pain in LA Real Estate Market
Los Angeles, CA, January 05, 2011 --(PR.com)-- Los Angeles County Notices of Default dropped by 34,862 in 2010, according to data released by Default Research, Inc., a leading pre-foreclosure tracking firm. 48,069 homeowners received notices that their mortgages were seriously delinquent in 2010, down from 82,931 in 2009.
Notices of Default, recorded approximately 90-180 days after a property owner defaults on a mortgage, is the first stage in the California non-judicial foreclosure process. Once this occurs, property owners have 90 days to cure the default or a Notice of Trustee Sale will be recorded in the county in which the property is located. As soon as 21 days later, the property can be sold to the highest bidder at a public auction.
Although Los Angeles County Notices of Default had a year-over-year decline of 42%, Default Research, Inc., Founder Serdar Bankaci sees trouble looming for the Los Angeles housing market. He believes there are three primary reasons for this: declining home prices, rising inventories, and high unemployment.
“While fewer Notices of Default is a good sign, you have to dig a little deeper to see a clearer picture of the LA housing market. Home prices are down 1.2%. Although it could be worse, this is bad news for a real estate market that has seen inventories increase by 7% this year,” Bankaci said.
Rising inventories confirm Bankaci’s worst fears that the LA housing market remains in dire straits. “Inventory is rising. That means properties are sitting on the market, unsold. Investors aren’t flocking to LA to invest – and high unemployment is otherwise constricting the market.”
Bankaci believes that LA County’s 12.5% unemployment rate, 127% of the national unemployment rate of 9.8%, indicates that potential buyers are priced out of the market by their lack of employment. “Let’s face it. If you’re unable to find a job, buying a house is the last thing on your to-do list. Until LA County sees some serious job creation, millions of potential buyers will be sitting on the sidelines, waiting for conditions to improve,” Bankaci said.
“Since this won’t happen overnight, LA County prices should remain flat – and possibly fall some more,” Bankaci said. “The good news is that the current foreclosure rate should remain fairly constant in 2011.”
The 5 California cities hardest hit by Notices of Default in 2010 are Los Angeles 9,010; Long Beach, 2,334; Palm Dale, 2,119; Lancaster, 2,077; and Whittier, 1,094.
Notices of Default, recorded approximately 90-180 days after a property owner defaults on a mortgage, is the first stage in the California non-judicial foreclosure process. Once this occurs, property owners have 90 days to cure the default or a Notice of Trustee Sale will be recorded in the county in which the property is located. As soon as 21 days later, the property can be sold to the highest bidder at a public auction.
Although Los Angeles County Notices of Default had a year-over-year decline of 42%, Default Research, Inc., Founder Serdar Bankaci sees trouble looming for the Los Angeles housing market. He believes there are three primary reasons for this: declining home prices, rising inventories, and high unemployment.
“While fewer Notices of Default is a good sign, you have to dig a little deeper to see a clearer picture of the LA housing market. Home prices are down 1.2%. Although it could be worse, this is bad news for a real estate market that has seen inventories increase by 7% this year,” Bankaci said.
Rising inventories confirm Bankaci’s worst fears that the LA housing market remains in dire straits. “Inventory is rising. That means properties are sitting on the market, unsold. Investors aren’t flocking to LA to invest – and high unemployment is otherwise constricting the market.”
Bankaci believes that LA County’s 12.5% unemployment rate, 127% of the national unemployment rate of 9.8%, indicates that potential buyers are priced out of the market by their lack of employment. “Let’s face it. If you’re unable to find a job, buying a house is the last thing on your to-do list. Until LA County sees some serious job creation, millions of potential buyers will be sitting on the sidelines, waiting for conditions to improve,” Bankaci said.
“Since this won’t happen overnight, LA County prices should remain flat – and possibly fall some more,” Bankaci said. “The good news is that the current foreclosure rate should remain fairly constant in 2011.”
The 5 California cities hardest hit by Notices of Default in 2010 are Los Angeles 9,010; Long Beach, 2,334; Palm Dale, 2,119; Lancaster, 2,077; and Whittier, 1,094.
Friday, October 1, 2010
Phoenix Notice of Trustee Sales Fall 13% in August; Evidence of Housing Market Improvement
Mount Pleasant, Pennsylvania, September 16, 2010 – Maricopa County Notice of Trustee Sales filings fell 13% in August, adding fuel to the belief that the battered Phoenix-area housing market is showing signs of stabilization.
Serdar Bankaci, CEO of Default Research, Inc., said the current Maricopa Notice of Trustee Sales filing figures reflect a growing belief -- held by a broad spectrum of housing experts -- that home prices are no longer falling, and that legislative action and government intervention is having a positive impact.
“These numbers tell a compelling tale. They show that fewer people are in pre-foreclosure and that home prices have stopped their free-fall. It’s a major improvement over what we’ve seen over the last couple of years -- and gives us reason to hope that the worst is behind us.”
Government intervention to pump more than $300 million into the Arizona housing market for price stabilization efforts and new laws, such as a prohibition against some Homeowner Association practices of regulating the size and placement of “For Sale” signs, lead him to believe that these efforts are working.
“The Phoenix housing market has been chewed up and spit out by this crisis. It didn’t hit rock bottom overnight. Nobody can wave a magic wand or snap their fingers and wish this problem away,” Bankaci said.
“We’re taking steps in the right direction. The Maricopa County Notice of Trustee Sales filings proves it.”
There were 5,444 Notice of Trustee Sale filings in August, down 739 from July and 1,269 fewer than one year ago when 6,713 filings took place.
Serdar Bankaci, CEO of Default Research, Inc., said the current Maricopa Notice of Trustee Sales filing figures reflect a growing belief -- held by a broad spectrum of housing experts -- that home prices are no longer falling, and that legislative action and government intervention is having a positive impact.
“These numbers tell a compelling tale. They show that fewer people are in pre-foreclosure and that home prices have stopped their free-fall. It’s a major improvement over what we’ve seen over the last couple of years -- and gives us reason to hope that the worst is behind us.”
Government intervention to pump more than $300 million into the Arizona housing market for price stabilization efforts and new laws, such as a prohibition against some Homeowner Association practices of regulating the size and placement of “For Sale” signs, lead him to believe that these efforts are working.
“The Phoenix housing market has been chewed up and spit out by this crisis. It didn’t hit rock bottom overnight. Nobody can wave a magic wand or snap their fingers and wish this problem away,” Bankaci said.
“We’re taking steps in the right direction. The Maricopa County Notice of Trustee Sales filings proves it.”
There were 5,444 Notice of Trustee Sale filings in August, down 739 from July and 1,269 fewer than one year ago when 6,713 filings took place.
Monday, September 20, 2010
Los Angeles County Notices of Default Up 33%; Default Research Blames Unemployment, Economy
Los Angeles County Notices of Default Up 33%; Default Research Blames Unemployment, Economy
Los Angeles, CA, September 16, 2010 -- Los Angeles County Notices of Default rose sharply in August to their highest level since September 2009. The numbers – a leading indicator of the health of the Los Angeles housing market – show that 5,323 homeowners were placed on notice by their lenders that their mortgage payments were late.
Notices of Default, issued when mortgage payments are at least 30 days late, is the first step taken by lenders to notify mortgagors that additional collection steps, including foreclosure filings, will be taken unless immediate steps are taken to bring a mortgage current.
Serdar Bankaci, CEO of Default Research, Inc., says the reason for the recent surge in pre-foreclosure filings is due to high Los Angeles County unemployment rates as well as weak economic data – both locally and statewide.
“The numbers don't lie. They very clearly demonstrate that any recovery in state and national economic performance isn't trickling down to workers – the very people responsible for making these mortgage payments,” said Bankaci. “Until unemployment is curbed and workers see a real, sustained recovery in employment and wages, I expect pre-foreclosure filings to continue rising.”
“Pre-foreclosure is a result of weak job and economic numbers. When borrowers lose their jobs, they heavily rely on unemployment – and jobless benefits aren't nearly enough to fill the financial void left by their lack of income.”
While notices of default in the Los Angeles region in August reached 5,323, it is still considerably less than the 7,980 notices of default issued in July, 2009 at the height of the housing crisis.
Requests for interviews or additional information are welcome.
Contact:
Josh Chernikoff
Default Research Inc
(888) 211-8396 ext. 705
emailaddress@defaultresearch.com
http://www.defaultresearch.com
Thursday, April 29, 2010
Default Research Seen on Small Business Exchange
Los Angeles Real Estate Market Showing Signs of Recovery
Releasing the Metro Market Report™ figures, Serdar Bankaci, founder of Default Research Inc, said that notices of default were the first stage in the foreclosure process and were a good forward indicator for the real estate and foreclosure markets.
Good news for the Los Angeles County property market is that the latest foreclosure data from Default Research Inc, a leading online provider of pre foreclosure listings (http://www.defaultresearch.com) and information, shows a decline in the number of notices of default for certain residential and commercial properties.
Releasing the Metro Market Report™ figures, Serdar Bankaci, founder of Default Research Inc, said that notices of default were the first stage in the foreclosure process and were a good forward indicator for the real estate and foreclosure markets.
Good news for the Los Angeles County property market is that the latest foreclosure data from Default Research Inc, a leading online provider of pre foreclosure listings (http://www.defaultresearch.com) and information, shows a decline in the number of notices of default for certain residential and commercial properties.
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