Further Decline in California Foreclosure Activity
April 24, 2012
DQNews.com
La Jolla, CA.--The number of California homes entering the formal foreclosure process during the first quarter declined to its lowest level in almost five years, the result of a more stable economy and housing market, as well as policies that increasingly favor short sales, a real estate information service reported.A total of 56,258 Notices of Default (NODs) were recorded at county recorders offices during the first quarter of this year. That was down 8.5 percent from 61,517 for the prior three months, and down 17.6 percent from 68,239 in first-quarter 2011, according to San Diego-based DataQuick.Last quarter's tally of 56,258 NODs was the lowest since 53,943 NODs were recorded in second-quarter 2007. NOD filings peaked in first-quarter 2009 at 135,431."Prices peaked five years ago and then started to fall off a cliff. Foreclosure activity goes up when property values decline, and the worst of that decline was happening three years ago. Right now, property values in many areas appear flat," said John Walsh, DataQuick president."A few years back, there were some breathtakingly negative forecasts making the rounds regarding the foreclosure problem, some of which have played out, and some of which haven't. The 'shadow supply' has yet to result in a second huge wave of foreclosures. The 'reset problem' hasn't really materialized, largely because interest rates are resetting down, not up. And, remarkably, whole batches of presumed 'toxic' mortgages continue to perform. There's no doubt that housing, especially negative equity, is one of the biggest drags on a struggling economy, but it's not necessarily playing out the way some pundits thought," he said.The most active "beneficiaries" in the formal foreclosure process last quarter were Bank of America (10,419), Wells Fargo (7,577), Bank of New York (5,380) and JP Morgan (5,343).The trustees who pursued the highest number of defaults last quarter were ReconTrust Co (mostly for Bank of America and Bank of New York), Quality Loan Service Corp (Bank of America), NDEx West (Wells Fargo) and Cal-Western Reconveyance Corp (Wells Fargo).Most of the loans going into default are still from the 2005-2007 period. The median origination quarter for defaulted loans is still third-quarter 2006. That has been the case for three years, indicating that weak underwriting standards peaked then.Although NOD filings dropped across the home price spectrum last quarter, they remained far more concentrated in California's most affordable communities. Zip codes with first-quarter 2012 median sale prices below $200,000 collectively saw 8.9 NODs filed for every 1,000 homes in those zip codes, while the ratio was 5.6 NODs filed per 1,000 homes for zip codes with $200,000 to $800,000 medians. For the group of zip codes with median sale prices above $800,000, there were 2.3 NODs filed per 1,000 homes.On primary mortgages, California homeowners were a median nine months behind on their payments when the lender filed the Notice of Default. The borrowers owed a median $17,897 on a median $319,418 mortgage.On home equity loans and lines of credit in default, borrowers owed a median $4,978 on a median $75,000 credit line. The amount of the credit line that was actually in use cannot be determined from public records.San Diego-based DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts. Notices of Default are recorded at county recorders offices and mark the first step of the formal foreclosure process.Although 56,259 default notices were filed last quarter, they involved 55,368 homes because some borrowers were in default on multiple loans (e.g. a primary mortgage and a line of credit).Of the state's larger counties, mortgages were least likely to go into default in Marin, San Francisco, and San Mateo counties. The probability was highest in Tulare, Sacramento and San Joaquin counties.Trustees Deeds recorded (TDs), or the actual loss of a home to the formal foreclosure process, totaled 30,261 during the first quarter. That was down 3.2 percent from 31,260 filed the prior quarter, and down 29.7 percent from 43,052 during first-quarter 2011.Last quarter's Trustees Deeds total was the lowest since the third quarter of 2007, when 24,209 were filed. The all-time peak was 79,511 in third-quarter 2008. The state's all-time low was 637 in the second quarter of 2005, DataQuick reported.Just as with NOD filings, foreclosures remained far more concentrated in the state's most affordable neighborhoods. Zip codes with first-quarter 2012 median sale prices below $200,000 collectively saw 5.9 homes foreclosed on for every 1,000 homes, compared with 2.6 foreclosures per 1,000 homes for zip codes with medians between $200,000 and $800,000 and less than one - 0.8 - foreclosure per 1,000 homes in the group of zip codes with $800,000-plus medians.While 1.45 million of California's 8.7 million houses and condos have been involved in a foreclosure proceeding over the past five years, 835,000 (9.6 percent) have been lost to foreclosure.Foreclosure resales - homes that had been foreclosed on over the past 12 months - accounted for 33.5 percent of California resale activity last quarter, down from a revised 33.6 percent the prior quarter and 39.8 percent a year ago. The statewide figure peaked at 57.8 percent in the first quarter of 2009. Foreclosure resales varied significantly by county last quarter, from 9.0 percent in San Francisco County to 55.2 percent in Yuba County.Short sales - transactions where the sale price fell short of what was owed on the property - made up an estimated 20.2 percent of statewide resale activity last quarter. That was up from an estimated 19.6 percent the prior quarter and up from 18.1 percent a year earlier.On average, homes foreclosed on last quarter took 8.5 months to wind their way through the formal foreclosure process, beginning with an NOD. That's down from an average of 9.7 months the prior quarter and 9.1 months a year earlier.At formal foreclosure auctions held statewide last quarter, an estimated 33.4 percent of the foreclosed properties were bought by investors or others who don't appear to be lender or government entities. That was up from an estimated 29.2 percent the previous quarter and up from 23.2 percent from a year earlier, DataQuick reported.Notices of Default (Trustees Deeds further down)
houses and condos
County/Region 2011Q1 2012Q1 Yr/Yr% Los Angeles 13,957 11,443 -18.0% Orange 4,652 3,733 -19.8% San Diego 4,758 4,185 -12.0% Riverside 6,769 5,542 -18.1% San Bernardino 5,514 4,722 -14.4% Ventura 1,437 1,255 -12.7% Imperial 289 257 -11.1% Socal 37,376 31,137 -16.7% San Francisco 466 340 -27.0% Alameda 2,373 1,860 -21.6% Contra Costa 2,778 2,251 -19.0% Santa Clara 2,253 1,496 -33.6% San Mateo 829 612 -26.2% Marin 309 209 -32.4% Solano 1,301 1,146 -11.9% Sonoma 864 698 -19.2% Napa 215 179 -16.7% Bay Area 11,388 8,791 -22.8% Santa Cruz 300 220 -26.7% Santa Barbara 598 481 -19.6% San Luis Obispo 482 291 -39.6% Monterey 602 471 -21.8% Coast 1,982 1,463 -26.2% Sacramento 3,797 3,464 -8.8% San Joaquin 1,853 1,572 -15.2% Placer 933 735 -21.2% Kern 1,865 1,641 -12.0% Fresno 1,946 1,555 -20.1% Madera 356 262 -26.4% Merced 601 415 -30.9% Tulare 970 796 -17.9% Yolo 322 277 -14.0% El Dorado 479 340 -29.0% Stanislaus 1,384 1,170 -15.5% Kings 237 186 -21.5% San Benito 114 79 -30.7% Yuba 194 189 -2.6% Colusa 42 32 -23.8% Sutter 205 177 -13.7% Central Valley 15,298 12,890 -15.7% Mountains* 732 663 -9.4% North Calif* 1,463 1,314 -10.2% Statewide* 68,239 56,258 -17.6% includes additional countiesTrustees Deeds Recorded (number of homes foreclosed on)
houses and condos
County/Region 2011Q1 2012Q1 Yr/Yr% Los Angeles 6,836 4,723 -30.9% Orange 1,926 1,521 -21.0% San Diego 2,902 1,862 -35.8% Riverside 4,990 3,291 -34.0% San Bernardino 3,967 2,713 -31.6% Ventura 649 552 -14.9% Imperial 265 192 -27.5% Socal 21,535 14,854 -31.0% San Francisco 181 151 -16.6% Alameda 1,307 1,152 -11.9% Contra Costa 1,891 1,285 -32.0% Santa Clara 952 681 -28.5% San Mateo 346 261 -24.6% Marin 146 118 -19.2% Solano 976 679 -30.4% Sonoma 519 397 -23.5% Napa 119 111 -6.7% Bay Area 6,437 4,835 -24.9% Santa Cruz 164 135 -17.7% Santa Barbara 314 258 -17.8% San Luis Obispo 263 187 -28.9% Monterey 421 293 -30.4% Coast 1,162 873 -24.9% Sacramento 3,096 2,225 -28.1% San Joaquin 1,463 985 -32.7% Placer 612 451 -26.3% Kern 1,640 981 -40.2% Fresno 1,383 1,004 -27.4% Madera 319 204 -36.1% Merced 607 333 -45.1% Tulare 615 441 -28.3% Yolo 272 157 -42.3% El Dorado 302 198 -34.4% Stanislaus 1,186 827 -30.3% Kings 199 116 -41.7% San Benito 63 63 0.0% Yuba 194 136 -29.9% Colusa 43 28 -34.9% Sutter 170 146 -14.1% Central Valley 12,164 8,295 -31.8% Mountains* 564 438 -22.3% North Calif* 1,190 966 -18.8% Statewide* 43,052 30,261 -29.7% * includes additional countiesSource: DataQuick; DQNews.com
Wednesday, April 25, 2012
Monday, April 23, 2012
Look Out North Korea. We Got The Missle Thing Right And Soon We Will Get This Right!
Super Secret Hypersonic Aircraft Flew Out of Its Skin
By Lee Ferran | ABC News – 12 hrs ago- Super Secret Hypersonic Aircraft …
It turns out that tearing through the atmosphere at 20 times the speed of sound is bad for the skin, even if you're a super high-tech aircraft developed by the government's best engineers at its far-out research agency.
DARPA, the Defense Advanced Research Project Agency, has made public its best guess about what might have caused its unmanned arrowhead-shaped Hypersonic Technology Vehicle (HTV-2) to suddenly lose contact and crash in the Pacific just a few minutes after slicing through the sky at Mach 20 last August: it was going so fast its skin peeled off.
After an eight-month investigation, DARPA concluded that even though the HTV-2 was expected to lose some of its skin mid-flight, "larger than anticipated portions of the vehicle's skin peeled from the aerostructure," the agency said in a statement Friday.
The agency said it expected the HTV-2, which goes so fast it can make the commute from New York to Los Angeles in 12 minutes, to experience "impulsive shock waves" at such speeds, but shocks it experienced last August were "more than 100 times what the vehicle was designed to withstand."
While the test was very public, the details of the HTV-2's design, stability system and potential purpose remain highly classified.
Two months after DARPA's test, the Army tested its own hypersonic aircraft - this one a long-range weapon system called the Advanced Hypersonic Weapon (AHW) designed to strike any target in the world in just a couple hours.
Housing Survey: Fewer “low ball” Offers in 2012
Housing Survey: Fewer “low ball” Offers in 2012
A year ago, according to researchers at the National Association of Realtors, one out of 10 members surveyed in a monthly poll complained about low-ball offers on houses listed for sale. In the latest survey — conducted in March among 4,500 agents and brokers across the country but not yet released — there were hardly any. Instead, the focus of volunteered comments has shifted to declining inventory levels — fewer houses available to sell — and multiple offers on well-priced listings.
A low-ball offer typically involves a contract submitted to a seller where the price proposed by the purchaser is 25 percent or more below list. Low-balls increase sharply when there’s a glut of properties available, asking prices are out of sync with local economic realities and values are depressed or uncertain. Buyers figure: Hey, why not? Maybe I’ll get lucky.
Based on the latest survey results, that sort of strategy is not a winning move in many communities this spring. In fact, in local markets where inventories are tight and competition for homes rising, realty agents say that buyers looking to steal houses by low-balling their offers are ending up at the back of the line, their contracts either rejected out of hand or countered close to the original asking price.
In high-demand, high-cost markets that have rebounded from recession slumps, sellers are now firmly in control; they pay scant attention to low-ballers.
Jayne Esposito, an agent with Coldwell Banker Residential Brokerage in Los Gatos, Calif., says that multiple offers are “the rule, not the exception,” in her area, and many transactions end up with final contract prices higher than the listing. “Sure, I’ve had a few buyers try to low-ball, and they wouldn’t listen,” she said in an interview, “but that didn’t work out well for them.”
Similar trends are underway in more moderately priced markets.
New Construction Permits at High Levels
New Construction Permits at High Levels
The report comes in the wake of a slow month in residential construction, and it is very auspicious for two reasons. First, the American economy is traditionally buoyed by construction of single-family residences and multifamily projects. The National Association of Home Builders estimates that for every home built in the U.S., three jobs are created on an annual basis. Second, the time reference given for the report. September 2008 will always be remembered as a dark month in the history of the American economy, for it was at that time when investment banking giant Lehman Brothers crashed and precipitated the global financial crisis.
The fall of Lehman Brothers was later found to have been caused mostly by its excesses in mortgage and real estate investments, thereby putting an immediate halt in the housing market. Real estate and mortgage activity in the U.S. since September of 2008 has been characterized by home loan delinquencies, foreclosures, frozen construction projects, strict lending, and stagnant property sales. To record the highest number of new residential building permits since September 2008 is very symbolic and promising for the American economy.
Multifamily Construction Projects Lead the Charge
Some real estate analysts warn against looking at the numbers with too much optimism due to the high number of apartment complexes and attached town homes currently under construction. Demand for multifamily housing has shot up in the last few months due to a red-hot rental market that is attracting real estate investors for the first time in years.
As a result of this heightened pace in construction of multifamily projects, some real estate reports could be skewed due to volatility. When building permits are tallied, each residence counts as a unit. When many multifamily construction projects file for permits or are completed simultaneously, figures can adjust drastically.
Construction of single-family homes remains flat, and it is expected to remain at such levels until real estate inventories of distressed properties pares down significantly. This inventory is part of what is often referred to as the shadow market, something that presents a challenge to home builders. The average median home prices also stand in the way of a full-blown residential construction since they are typically about 30 percent lower than new homes.
WordPress.com
Sunday, April 22, 2012
America's most expensive homes for sale, 2012
America's most expensive homes for sale, 2012
April 20, 2012
Provided by:
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| Fleur de Lys Mansion in Los Angeles is America's most expensive residential listing at $125 million. Photo: Forbes.com |
It’s difficult to decide where to look first when stepping out of the private elevator that leads into shoe heiress-turned-songwriter Denise Rich’s New York City penthouse apartment. A multimillion dollar art collection that includes an Andy Warhol painting of Marilyn Monroe and a Roy Lichtenstein sculpture grace the grand parlor, while the floor-to-ceiling windows offer surreal views of Central Park below.
Occupying the top two floors of Fifth Avenue’s white-glove Parc Cinq cooperative, the 12,000-square foot penthouse boasts seven bedrooms, 11 bathrooms, three kitchens, a wood-paneled library with wet bar and staff quarters. The master bedroom suite has a movie projector, a fireplace, and his-and-hers bathroom suites. The huge “hers” closet has jewelry safes tucked behind mirrors and a wall equipped for shoes that opens to expose a second hidden space storing more Manolo Blahniks. On the lower level lies an air-conditioned recording studio bedecked with platinum albums and pictures of Jessica Simpson and Mary J. Blige. There’s a private rooftop garden and once for a party, the wraparound terraces were iced over for skating.
All of these outrageous amenities, in the biggest Fifth Ave apartment to ever come to market, help justify an asking price of $65 million, making it the most expensive co-op for sale in the U.S. and one of the most expensive homes currently on offer in general.
To compile our list of the most expensive homes on the market in America right now, we sorted through listings on Realtor.com, Sotheby’s International Realty, the Corcoran Group, Christie’s International Real Estate (and its affiliates), Coldwell Banker Previews International and others. By sticking to MLS listings we may be missing out on some mega-mansions: Some ultra-expensive homes never officially hit the market — their owners choose to shop quietly for wealthy buyers through well-connected brokers.
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| The One57 Penthouses list for $115 million and $105 million with views of Central Park. Photo: One57 |
While the $65 million Denise Rich is asking for her pad may seem steep, compared to luxury condos in the Big Apple, which lack restrictions notoriously associated with co-ops, it’s somewhat of a deal. Nearby on the south side of Central Park, a grand ballroom-turned-penthouse condo at the Ritz Carlton is listed for $77.5 million. The 10,882-square-foot apartment includes four bedrooms, a library, a media room, a museum-quality display room and terraces overlooking the park. It’s the personal residence of Christopher Jeffries of Millennium Partners, the real estate developer who converted part of the Ritz to condos.
Both apartments came to market shortly after former Citigroup chairman Sanford Weill’s 15 Central Park West penthouse sold to Russian billionaire Dmitry Rybolovlev for $88 million, a record for a condo, raising the confidence of high-end home sellers and developers.
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| The former Beverly Hills estate of William Randolph Hearst is listed for $95 million. Photo: Hilton & Hyland | L.M. Ross |
“That has had an immediate effect on the value of other very high-end condos in the area,” says Hall Willkie, president of Brown Harris Stevens. His firm represented the Weills in that deal and currently represents Jeffries’ apartment as well as the $90 million Woolworth Mansion on Manhattan’s Upper East Side. He says several trophy apartments listed by the firm are enjoying bidding wars right now.
Luxury real estate agents in Palm Beach, Fla., are hoping that the upturn in New York means better times are on the way for them. “It’s just a matter of time until New York’s robust home buying trickles into Palm Beach since this is the secondary market for those buyers,” asserts Kathleen Coumou, a senior vice president at Christie’s International Real Estate.
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| The Woolworth Mansion in NYC lists for $90 million and includes 20,000-square-feet of space. Photo: Brown Harris Stevens |
In Los Angeles, uber-expensive mansions abound. And opulence atop more than an acre of land will really cost you. Take Fleur de Lys, the 4-acre, 35,000-square foot faux French chateaux down the street in Holmby Hills from the Manor (the home formerly known as America’s most expensive for sale) is the most expensive on the West Coast, with an asking price of $125 million. Owned by Suzanne Saperstein, the ex-wife of former billionaire David Saperstein, the extravagant palace boasts 12 bedrooms, 15 bathrooms, a ballroom that fits 200 guests, two kitchens, a 50-seat theater, a 9-car garage – even a three-quarter-mile jogging track.
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| Rancho Dos Pueblos in Santa Barbara, CA lists for $84 million and includes 2,175 acres of property. Photo: Realtor.com |
But is it worth $125 million? With the exception of the Beverly House, the bankruptcy-addled William Randolph Hearst estate that’s listed for $95 million, it certainly out-prices its local competition, which includes four Los Angeles County spreads priced between $50 million and $65 million.
Many pricey properties on our list used to have higher price tags. Versailles, a humongous 90,000-square foot, unfinished Windermere, Fla., estate fashioned after the palace of Versailles, was listed for $100 million upon completion, but it now can be had for $65 million as is, or two-thirds complete, or $90 million finished. In some cases, pricey properties of years past have simply vanished from the sale block, with their owners perhaps waiting for a more opportune time to sell.
Friday, April 20, 2012
Big Win for Realtors®
Big Win for REALTORS®
Senate Bill 1220 which imposed a transfer tax to generate funds for affordable housing has been amended. SB 1220 would have created a real estate transfer tax of $75 per document to fund an affordable housing trust fund. In virtually all transactions a minimum of three documents are recorded (the grant deed, the release and reconveyance and a trust deed). SB 1220 would have created a minimum $225 transfer tax and the amount may go higher depending on the number of documents recorded. C.A.R. reached an agreement with Senator DeSaulnier on its amendments removing C.A.R.’s opposition by making it clear that SB 1220 does not apply to transfer/sales of real property and will not impose a transfer tax in the form of a point of sale. This is a win for REALTORS® and their clients. It is issues like this that your contribution to the REALTORS® Action Fund goes to lobby on your behalf. If you would like more information on this bill or any other please contact the Pacific West Association of REALTORS®. We thank you for your membership and your involvement in our industry. View related Real Estate news
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Thursday, April 19, 2012
Fw: Earth Day 2012 - 4/20 Money Pit e-Newsletter
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Show the planet some love! Why not celebrate Earth Day this Sunday by getting started on some green home improvements? You'll be doing your part to keep the planet happy - and the bonus is, green home improvements pay off in the form of lower energy bills, PLUS they increase your home's value. You can do-it-yourself, but you don't have to do it alone.
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Ideas & Solutions for a Green Home
Find out how to tell if a product is truly green, learn about solar power for your home, get recipes for all-natural cleaning supplies plus much more at MoneyPit.com's hub for environmentally friendly guides and tips. read moreAdd Curb Appeal with Accents from the Fypon Stone and Timber Collection
Details make all the difference when it comes to a home's curb appeal, and it's easy to update your abode with beautiful, durable accents from Fypon's Stone and Timber collection. read moreCheap Paint is Never a Bargain
Thinking of having the exterior of your house painted, but looking for ways to save money on the project? Whatever you do, don't buy some cheap-o bargain paint. Here's why. read moreON THE AIR: The Correct Way to Plant a Tree
Learn the right way to plant a tree and add beauty to your yard. Hear the latest information on solar panels and determine if they're right for you. Plus get answers to your home improvement questions about storm doors, roofing, toilet stains, and more. read moreGreen Product Guide 2012
Want to know how to go green? You can cut down on energy use at home, make your house more energy efficient and even bring more eco-friendly materials into your home. Check out The Money Pit's 2012 Green Guide to learn more about ways to save energy, money, and the planet. read moreShare This Information With A Friend!
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