Nationally Foreclosures declined 24 percent in 2011
GET YOUR LIST OF FORECLOSED AND DISTRESSED HOMES
to 830,000 from 1.1 million in 2010, according to a new report by CoreLogic. Nationally, 1.4 million homes, or 3.4 percent of all homes with a mortgage, were in the foreclosure inventory at the end of 2011. For the month of December, 55,000 homes had completed the foreclosure process, down from 57,000 in November and down from 67,000 in December 2010.
Thats GOOD NEWS!
The share of borrowers who were delinquent on their mortgage payments by 90 days or more was 7.3 percent in December 2011 compared to 7.8 percent a year earlier.
REAL ESTATE IS LOCAL!!
Florida led the nation with the largest percentage of foreclosures inventory with 11.9 percent, followed by New Jersey (6.4 percent), Illinois (5.4 percent), Nevada (5.3 percent) and New York (4.6 percent). Add that UP! thats 33%. So 1/3 of the foreclosures are in 5 states…
States with the lowest foreclosure inventory were:
Wyoming (0.7 percent), Alaska (0.8 percent), North Dakota (0.8 percent), Nebraska (1.0 percent) and
WASHINGTON STATE (1.3 percent). FRI, FEB 10, 2012
CLICK the links for information on your LOCAL COMMUNITY, or HOME SALES information in YOUR NEIGHBORHOOD
Very nice article, exactly what I wanted to find.
Tax appraisal is dmrteeined by sales price and tax rate.An appraisal is dmrteeined by market value. The appraiser takes comparable homes which have recently sold in the neighborhood and the condition of the home to determine appraised value. I wouldn’t worry about it coming in any different from what you are offering the bank because the appraiser is a third party hired by you the buyer to give an accurate value. Even if the property was worth more he won’t appraise the property for more then you offered. If it is a bank owned home then they already had an appraiser do an appraisal and probably a Realtor do a BPO. You can rest assure that the bank wants to sell the property and wants it sold yesterday so they are pretty good about pricing homes accordingly.So it looks to me the previous owner paid 109k and you are paying 96k so your taxes will be lower then his but during a market on an incline your tax appraisal could go up.Good Luck!
What about short sales? That’s another important number to look at to see how the market is doing.
Our local MLS, just improved our reporting, so that the “pending short sales” are no longer reflected in the active listings, but in the pending, so much of the short sale inventory has “disappeared”, and was exaggerated, due to the prolonged period they would remain showing “active”.
Short sales happen for two reasons, sometimes people just have to move.. others are financially distressed and cannot stay in their homes.
Most homes purchased after 2006 through 2010 are in danger of being underwater, INVENTORY is a big baramoter of the health, and we measure it in months. While 3 years ago, the inventory was 16 months… (over burdened), our inventory now is 5 months, and that includes “pre-sale” new construction, (proposed building), so even 5 months is inflated and 3.5 months probably more realistic. 5-6 months is considered balanced inventory.
Hope that gives you some insight.. here is a great report, for additonal information http://ggmatthews.com/housing-trends
Well both real estate aappaisrls and tax aappaisrls are based on the location of the home.Usually (again based on state and local tax laws) a tax appraisal is lower than a real estate appraisal. (Some locations they are the same) It usually is based on some type of approved formula and has modifiers based on property usage.Real estate aappaisrls are usually market based, where an appraiser will identify homes in your area that are close in style and size to yours that have recently sold. They will use these to come up with an estimated market value for your home. They will take into consideration all the aspects of a home, where a tax appraisal is done more around sq footage and acreage.As for tax appraisal problems, well it doesnt affect market value of home, but it does effect your pocket book. property taxes are based off these aappaisrls. You will have a small window to challenge a new tax appraisal. these aappaisrls are not always fair and accurate. You can go to your local county/city clerks office to get information on tax appraisal process, percentage value of appraisal to market value, property tax rate and process to challenge tax appraisal if you feel it is not correct based on market value of home.Good luck