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10 States Facing the Most Foreclosures Right Now

This summer there’s some good news. June foreclosure activity has dropped to its lowest level since November 2015. In June 2017, there were a total of 73,828 U.S. properties with a foreclosure filing, down 22% from a year ago and even more from previous years.

This is all according to ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database, which released its Midyear 2017 U.S. Foreclosure Market Report, showing a total of 428,400 U.S. properties with foreclosure filings. This includes default notices, scheduled auctions or bank repossessions that occurred in the first six months of 2017. Data has been collected from more than 2,200 counties nationwide, with those counties accounting for more than 90% of the U.S. population.

Although the study is full of foreclosures, they’ve become fairly rare in the housing market.

“With a few local market exceptions, foreclosures have become the unicorns of the housing market: hard to find but highly sought after,” said Daren Blomquist, senior vice president with ATTOM Data Solutions.

As homeowners stay on top of their mortgages and housing payments, fewer foreclosures have been occurring. (If you’ve been faced with foreclosure, you’ll likely see the damage to your credit score. Not sure? You can see two of your credit scores for free on Credit.com).

Here are the ten states with the highest foreclosure rates as of June 2017.

10. New Mexico

June 2017 Foreclosure Rate: 1 in every 272 housing units

Change from January to June 2016: Down 10.57%

Change from January to June 2015: Up 1.77%

9. Ohio

June 2017 Foreclosure Rate: 1 in every 229 housing units

Change from January to June 2016: Down 18.49%

Change from January to June 2015: Down 24.33%

8. South Carolina

June 2017 Foreclosure Rate: 1 in every 221 housing units

Change from January to June 2016: Down 15.05%

Change from January to June 2015: Down 14.31%

7. Florida

June 2017 Foreclosure Rate: 1 in every 217 housing units

Change from January to June 2016: Down 33.60%

Change from January to June 2015: Down 56%

6. Nevada

June 2017 Foreclosure Rate: 1 in every 215 housing units

Change from January to June 2016: Down 30.59%

Change from January to June 2015: Down 40.45%

5. Connecticut

June 2017 Foreclosure Rate: 1 in every 200 housing units

Change from January to June 2016: Up 3.19%

Change from January to June 2015: Up 44.75%

4. Illinois

June 2017 Foreclosure Rate: 1 in every 183 housing units

Change from January to June 2016: Down 10.19%

Change from January to June 2015: Down 25.78%

3. Maryland

June 2017 Foreclosure Rate: 1 in every 161 housing units

Change from January to June 2016: Down 30.62%

Change from January to June 2015: Down 31.55%

2. Delaware

June 2017 Foreclosure Rate: 1 in every 137 housing units

Change from January to June 2016: Down 6.48%

Change from January to June 2015: Up 20.42%

1. New Jersey

June 2017 Foreclosure Rate: 1 in every 101 housing units

Change from January to June 2016: Up 1.8%

Change from January to June 2015: Up 8.53%

This article was written by Page DiFiore and originally published on credit.com.

Article source: http://www.realtor.com/news/real-estate-news/10-states-facing-foreclosures-right-now/

Foreclosures Spike in DC, Deep South

According to ATTOM Data Solutions’ Midyear 2017 U.S. Foreclosure Market Report, there were a total of 428,400 U.S. properties with foreclosure filings (default notices, scheduled auctions or bank repossessions) in the first six months of 2017, down 20% from the same time period a year ago and down 28% from the same time period two years ago.

However, counter to the national trend, eight states and the District of Columbia posted a year-over-year increase in foreclosure activity in the first half of 2017. Foreclosure activity increased 60% in the District compared to a year ago, while states with an increase included New Jersey (up 2%); Connecticut (up 3%); Louisiana (up 5%); and Mississippi (up 11%).

“With a few local market exceptions, foreclosures have become the unicorns of the housing market: hard to find but highly sought after,” said Daren Blomquist, senior vice president with ATTOM Data Solutions. “More than 38 percent of properties sold at foreclosure auction in the first half of this year went to third-party buyers rather than back to the bank – the highest share we’ve ever seen going back as far as 2000, the earliest this data is available.”

Nationwide, 0.32% of all housing units (one in every 311) had a foreclosure filing in the first half of 2017.

States with the highest foreclosure rates in the first half of 2017 were New Jersey (0.99% of housing units with a foreclosure filing); Delaware (0.73%); Maryland (0.62%); Illinois (0.55%); and Connecticut (0.5%).

A total of 203,875 U.S. properties started the foreclosure process in the first six months of 2017, down 20% from a year ago to the lowest six-month total going back to the second half of 2005, the earliest data available.

Lenders foreclosed (REO) on a total of 169,124 U.S. properties in the first six months of 2017, down 14% from a year ago to the lowest six-month total since the second half of 2014.

Among properties lost to foreclosure at public foreclosure auctions in the first half of 2017, 38.3% went to third-party buyers, up from 26.9% in the first half of 2016 to the highest level as far back as data is available, to the first half of 2000. The share of completed foreclosures going to third-party buyers peaked during the previous housing boom, at 22.3% in the first half of 2005.

There were a total of 220,062 U.S. properties with foreclosure filings in Q2 2017, down 6 percent from previous quarter and down 22 percent from a year ago to lowest quarterly total since Q2 2006.

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Article source: http://www.mortgageorb.com/foreclosures-spike-d-c-deep-south

Foreclosure rate drops to all-time low in Twin Cities

The foreclosure rate in the Twin Cities metro is at an all-time low and is now one of the lowest in the U.S.

It’s a development, however, that’s partly the result of underlying troubles in the housing market: a shortage of listings and tight credit.

During the first half of the year, the foreclosure rate in the seven-county metro fell 44 percent to just 0.17 percent, according to a midyear report from Attom Data Solutions. During that time, just 2,384 households received a foreclosure-related filing such as a default notice, scheduled auction or bank repossession. That ranks the Twin Cities 183rd among 217 metro areas tracked by Attom.

“With a few local market exceptions, foreclosures have become the unicorns of the housing market: hard to find but highly sought after,” said Daren Blomquist, a senior vice president and spokesman for Attom.

It’s a dramatic shift for a housing market that just a few years ago was drowning in heavily discounted property listings, creating a wide range of problems including depressed prices.

The situation was at its worst in 2010, when 15,306 households received a foreclosure filing.

In the Rochester metro area, just 41 foreclosure notices have been delivered so far this year. That puts the foreclosure rate in the region at just 0.05 percent, the third-lowest ranking in the nation.

Rochester is home to the Mayo Clinic and has a diverse, stable economy that has largely been immune to much of the volatility that other areas experienced before and after the recession of 2007-09. That means house prices also haven’t been as volatile, said Jeff Byrd, broker at ReMax Results in Rochester.

Fewer risky loans

Byrd also said that because Rochester is a relatively small, close-knit community there’s been very little predatory lending and risky loan-making, practices that helped trigger the foreclosure crisis in the first place.

“That didn’t happen in Rochester,” Byrd said. “People just didn’t do loans that weren’t right.”

Nationwide, just 0.32 percent of all housing units had a foreclosure filing in the first half of 2017, a 20 percent decline from the same period a year ago.

During that period, 203,875 properties started the foreclosure process, the lowest six-month total since the second half of 2005, the earliest data available. Attom said only 28 of the nation’s 217 metro areas saw an annual increase in foreclosure activity during the first half of the year.

The foreclosure stats are the lowest since Attom began tracking them in the mid-2000s.

Rock-bottom rates suggest that listing inventory of both traditional and distressed properties (foreclosures and short sales) is dangerously low, leading to the purchase of even the most distressed property listings.

The situation is also a sign that mortgage underwriting may be too strict, keeping out prospective buyers.

“There’s a trade-off,” Blomquist said. “You don’t want lending too loose so that you introduce too much risk to [the] market and too many foreclosures, but if your credit is too tight only a very select few people can afford to buy or qualify to buy.”

 

 

Article source: http://www.startribune.com/foreclosure-rate-drops-to-all-time-low-in-twin-cities/435886913/

‘It’s hell’: 84-year-old twins homeless after foreclosure | WREG.com

ORANGEVALE, Ca. — For 84 years, twin brothers Clifford and Gary Koekoek have done everything together.

They survived the Nazi occupation in their native Netherlands together. They moved to the U.S. and briefly worked in Hollywood. They both served in the military. But now, they’ve become homeless, yet again – together.

“Right now, I’m broke,” Clifford told KTXL-TV. “Sometimes we don’t eat.”

In 2007, they wanted to fix the roof on their Orangevale, California home, which they say they bought from their mother. The house has been in their family since 1984.

“We took a loan thinking that we had a conventional loan,” said Gary.

But it wasn’t a conventional loan. It was an adjustable rate loan, meaning their payments got higher and higher over time.  Eventually, they couldn’t afford it, and the bank foreclosed on their house.

In October of last year, the twins were kicked out. The men had nowhere to turn and began sleeping together in a car they share.

When asked if they ever feel overwhelmed, Clifford responded, “I do … all the time,” as he fought back tears.

“I would almost say it’s hell,” said Gary.

The two say they spend most of their time now just walking. Both log plenty of hours at the Sacramento Public Library in Orangevale. Gary mostly pores over deed records, trying to find a way to get their house back.

But the odds aren’t good.

“They were just living in their car in front of Raley’s when I found out,” said Aaron Hoerner, a friend of the family for about ten years. He’s been making a social media push to find them permanent housing. The whole experience, he says, gives him a new perspective on homelessness.

“It’s easy to walk by and not look at their situation but if you stop and talk to somebody, everybody has a story,” said Hoerner.

Their story has certainly had its dramatic ups and downs. And at age 84, they seem to have hit their most difficult chapter.

“It’s a lot of stress. I’d rather go back to the war and get shot at, than this crap,” said Clifford.

A GoFundMe account has been set up to help the brothers out. You can donate here.

Article source: http://wreg.com/2017/07/20/id-rather-go-back-to-the-war-84-year-old-twins-homeless-after-foreclosure/

Private firms are now buying foreclosures in record numbers

Foreclosures in the first six months of 2017 plummeted 20% from last year, according to the Midyear 2017 U.S. Foreclosure Market Report from ATTOM Data Solutions, a multi-sourced property database.

And according to the release from ATTOM: “While overall foreclosure activity is down, there is a noticeable trend up in loans being foreclosed by two firms that have been very active in buying up non-performing loans from government agencies and the big banks over the past few years: giant private equity firm Lone Star Funds (under the moniker of LSF9), and Goldman Sachs (under subsidiary MTGLQ).”

The first six months of the year saw a total of 428,400 foreclosure filings, including default notices, scheduled auctions or bank repossessions, a decrease of 20% from the same period last year and 28% from two years ago.

“With a few local market exceptions, foreclosures have become the unicorns of the housing market: hard to find but highly sought after,” ATTOM Senior Vice President Daren Blomquist said. “More than 38% of properties sold at foreclosure auction in the first half of this year went to third-party buyers rather than back to the bank, the highest share we’ve ever seen going back as far as 2000, the earliest this data is available.”

Third-party buyers bought 38.3% of all properties lost to foreclosure at a public foreclosure auction, up from 26.9% last year, marking a new high.

However, counter to this downward trend, eight states saw an uptick in foreclosure activity from last year. Foreclosure activity increased the most in Mississippi which was up 11%, followed by Louisiana’s increase of 5%, Connecticut’s 3% and New Jersey’s 2%.

“Although foreclosures are fading overall, there has been a notable an uptick in foreclosures completed by some nonbank entities, counter to the sharp downward foreclosure trend among big banks and government-backed loans,” Blomquist said. “These divergent foreclosure trends are likely the result of the big banks and government agencies selling off distressed loans over the past few years to nonbank entities that are now foreclosing on an increasing volume of that deferred distress.”

While there were more than 400,000 foreclosure filings during the first six months, only 203,875 properties started the foreclosure process during that same time frame, down 20% from last year and the lowest six-month total since the second half of 2005.

 

Article source: https://www.housingwire.com/articles/40740-private-firms-are-now-buying-foreclosures-in-record-numbers

Good news: Tampa Bay no longer a major foreclosure capital of the country

Once in the top five nationally for foreclosure filings, the Tampa Bay area no longer makes even the top 25.

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As bay area home prices and values continue to rise, the number of homes in foreclosure plunged 42 percent in the first six months of this year compared to the same period in 2016, ATTOM Data Solutions reported today.

As of June 30, Pinellas had the fewest percentage of homes in some stage of foreclosure — one in every 276. That was followed by Hernando (one in 203), Hillsborough (one in 179) and Pasco (one in 178).

That showing was good enough to drop Tampa Bay to 28th in foreclosure filings among major metro areas whereas just a few years ago it frequently ranked second or third. And it comes as filings nationwide are down 20 percent from a year ago.

“With a few local market exceptions, foreclosures have become the unicorns of the housing market — hard to find but highly sought after,” said Daren Blomquist, senior vice president of ATTOM, the parent company of RealtyTrac.

PREVIOUS COVERAGE: Remembering 2013, the year Tampa Bay’s housing market came alive

Blomquist noted that 38 percent of all homes sold at U.S. foreclosure auctions now are bought by third-party bidders — typically investors — instead of going back to the bank. That’s the highest percentage since data became available in 2000 and is a sign of a healthier economy.

Nationwide, one in every 311 homes was in some stage of foreclosure in the first half of this year with New Jersey, Delaware, Maryland, Illinois and Connecticut having the highest foreclosure rates. Florida, once ranked No. 1, dropped to seventh .

Florida is still among the top five states in the length of time it takes to foreclose.

Nationally, homes foreclosed in the second quarter of this year took an average of 883 days from the first public foreclosure notice, known as a lis pendens, to complete the foreclosure process.

For Florida homes foreclosed during the quarter, the process took 1,203 days. Other states with long lag times were New Jersey (1,347 days), Indiana (1,259 days), New York (1,255 days) and Illinois (1,059 days),

Virginia, by comparison, was unusually speedy — a borrower there who didn’t contest foreclosure could be out of the house in just 176 days.

Contact Susan Taylor Martin at smartin@tampabay.com or (727) 893-8642. Follow @susanskate

Article source: http://www.tampabay.com/news/business/realestate/good-news-tampa-bay-no-longer-a-major-foreclosure-capital-of-the-country/2330977

84-year-old twins homeless after foreclosure on their house – New York’s PIX11 / WPIX

ORANGEVALE, Calif. – For 84 years, twin brothers Clifford and Gary Koekoek have done everything together.

They survived the Nazi occupation in their native Netherlands, together. They moved to the U.S. and briefly worked in Hollywood, together. They both served in the military. But now, they’ve become homeless, yet again – together.

“Right now, I’m broke,” Clifford told KTXL-TV. “Sometimes we don’t eat.”

In 2007, they wanted to fix the roof on their Orangevale, California home, which they say they bought from their mother. The house has been in their family since 1984.

“We took a loan thinking that we had a conventional loan,” said Gary.

But it wasn’t a conventional loan. It was an adjustable rate loan, meaning their payments got higher and higher over time.  Eventually, they couldn’t afford it, and the bank foreclosed on their house.

In October of last year, the twins were kicked out. The men had nowhere to turn and began sleeping together in a car they share.

When asked if they ever feel overwhelmed, Clifford responded, “I do … all the time,” as he fought back tears.

“I would almost say it’s hell,” said Gary.

The two say they spend most of their time now just walking. Both log plenty of hours at the Sacramento Public Library in Orangevale. Gary mostly pores over deed records, trying to find a way to get their house back.

But the odds aren’t good.

“They were just living in their car in front of Raley’s when I found out,” said Aaron Hoerner, a friend of the family for about ten years. He’s been making a social media push to find them permanent housing. The whole experience, he says, gives him a new perspective on homelessness.

“It’s easy to walk by and not look at their situation but if you stop and talk to somebody, everybody has a story,” said Hoerner.

Their story has certainly had its dramatic ups and downs. And at age 84, they seem to have hit their most difficult chapter.

“It’s a lot of stress. I’d rather go back to the war and get shot at, than this crap,” said Clifford.

A GoFundMe account has been set up to help the brothers out. You can donate here.

Article source: http://pix11.com/2017/07/19/id-rather-go-back-to-the-war-84-year-old-twins-homeless-after-foreclosure/

One57′s record-breaking foreclosure put on hold – Curbed NY

One of New York’s largest residential foreclosures—possibly the largest in the city’s history—has been postponed for the time being. An auction for one of One57’s pricey penthouses was set to take place today, but according to Bloomberg, it’s been canceled after a new creditor connected to the pricey pad’s owner surfaced.

This new creditor claims that the apartment’s owner, Nigerian oil tycoon Kolawole Aluko, is on the hook for $83 million worth of unpaid gasoline and jet fuel (presumably for one of his three private jets, or perhaps his private yacht). That revelation forcing the Luxembourg-based bank who granted Aluko a $35.3 million mortgage to halt its foreclosure plans.

Aluko purchased the 6,240-square-foot home for $50.9 million in 2015, making it the eighth priciest condo to sell in the supertall skyscraper; but two years later, it’s become One57’s second unit to enter into foreclosure after Aluko failed to repay the mortgage within a year’s time.

According to court documents filed in Florida, debt collectors are attempting to force the registered apartment owners, Earnshaw Associates Ltd. and One57 79 Inc., to file bankruptcy to ensure that the $83 million debt is repaid, per Bloomberg.

The U.S. Department of Justice is investigating Aluko’s business transactions and plans to seize all U.S. property purchased with money from his fraudulent deals, including an $80 million yacht that the billionaire is reportedly hiding out on.

Article source: https://ny.curbed.com/2017/7/19/15994948/one57-billionaires-row-foreclosure-auction

10 States Facing the Most Foreclosures Right Now

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Article source: http://blog.credit.com/2017/07/10-states-facing-the-most-foreclosures-right-now-177107/

Scenes From the Foreclosure Crisis: Water, Land and Housing in Michigan – Truth

As Nebraska ponders approval for the Keystone XL pipeline, environmental groups are working to block the pipeline’s path and promote renewable energy.

Article source: http://www.truth-out.org/opinion/item/41299-scenes-from-the-foreclosure-crisis-water-land-and-housing-in-michigan