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21
Foreclosures Decreasing: Exploring the Short Sale Option
RealtyTrac released its U. S. Foreclosure Market Report for November 2010, which shows foreclosure filings were reported on 262,339 U. S. properties in November, a 21 percent decrease from the previous month and a 14 percent decrease from November 2009. One in every 492 U. S. housing units received a foreclosure filing during the month. Both the 21 percent month-over-month decrease and 14 percent year-over-year decrease in foreclosure activity were the highest drops recorded since RealtyTrac began publishing the U. S. Foreclosure Report in January 2005. Despite a 20 percent monthly decrease in foreclosure activity, Nevada posted the nation's highest state foreclosure rate for the 47th straight month. One in every 99 Nevada housing units received a foreclosure filing in November — nearly five times the national average. Thanks in part to sharp monthly drops in foreclosure activity in Arizona, Florida, California and Michigan, Utah's foreclosure rate leapfrogged to second highest among the states in November after being sixth highest the previous month. One in every 221 Utah housing units received a foreclosure notice during the month — more than twice the national average. With one in every 233 housing units receiving a foreclosure filing in November, California posted the nation's third highest foreclosure rate despite a nearly 14 percent decrease in foreclosure activity from the previous month and a 22 percent decrease in foreclosure activity from November 2009. Other states with foreclosure rates ranking among the top 10 in November were Arizona, Florida, Georgia, Michigan, Idaho, Illinois and Colorado. Reno-Sparks, Nev., also posted a foreclosure rate in the top 10, at No. 8 with one in every 150 housing units receiving a foreclosure filing in November. While our region does not have the nearly the foreclosure problem that Florida, Nevada, Arizona and California are experiencing, we do have a substantial number of sellers who are struggling with delinquent mortgages and a growing number of foreclosure properties are coming onto the market. At Ruhl&Ruhl, for example we have around 1,352 properties listed for sale. Of these, 71 are foreclosures, or 5.25% of our inventory. In addition, Ruhl&Ruhl is managing 88 properties that are in the foreclosure process but not yet listed for sale. So including those, foreclosures would account for 11.8% of our inventory. Further, we have 45 foreclosure properties currently pended, i.e. under contract to sell, but not yet closed. So foreclosures are defiantly negatively impacting our prices and will do so increasingly, unless we can educate sellers to opt for short sales instead. Sellers who are delinquent on their mortgage and anticipate that they may need to sell their property for less than the mortgage amount should contact their mortgage lender as soon as possible to see if they can structure a "short sale" instead of going into foreclosure. It is far less costly than the foreclosure process, does less damage to the homeowner's credit, and can be accomplished faster. The sooner sellers address this with their lender and Realtor, the better the options for the sellers. And short sales don't sell as nearly at discounted prices as foreclosures, and therefore don't hurt the neighborhood property values as much. Keep checking RuhlHomes.com for the most up to date information on the real estate market! Statistics and Information Provided By: Real Trends
