Summit Realty

Foreclosure starts surge in Western states

By Inman News

Foreclosure starts jumped by double digits from July to August in four out of five Western states tracked by ForeclosureRadar, reversing what had been a declining trend over the past several months, the company said.

The increase in foreclosure starts seen in Arizona, California, Nevada, Oregon and Washington appeared to be driven primarily by Bank of America and related companies, which boosted notice of default and notice of trustee sale filings by 116 percent from July to August.

Wells Fargo and US Bank also ramped up foreclosure start filings, ForeclosureRadar said, while filings by JP Morgan Chase and Citibank were essentially flat, ForeclosureRadar said.

In California, foreclosure starts jumped nearly 70 percent from July to August, totaling 31,965 — the highest level in a year. The average time to foreclose in California increased to 333 days in August, 49 days longer than a year ago.

Notice of trustee sale filings were up more moderately, rising 6 percent from July to August but still down nearly 24 percent from a year ago at 24,020.

California properties sold back to the bank (REO) increased 12 percent from July, to 11,104, down nearly 23 percent from a year ago. Sales to third parties on the courthouse steps were up 10 percent from July, to 3,853, an 11 percent increase from a year ago.

California foreclosure inventories remain down or flat from a year ago. Banks had 107,000 REO homes on their books — about the same as in July — and the number of homes scheduled for trustee sale was down nearly 24 percent from a year ago, to 94,000.

Homes in preforeclosure — those already hit with a notice of default but not yet scheduled for sale — jumped 20.5 percent from July to August, to 134,000. That was 10 percent below the preforeclosure number in California a year ago.

In Arizona, notice of trustee sale filings — the first step in the foreclosure process in that state — were up nearly 15 percent from July to August, to 7,060. That’s 34 percent below the same time a year ago. Time to foreclose in August was flat from July at 175 days, but up 15 percent from a year ago.

The number of Arizona homes going back to the bank as REOs fell 8 percent from July and 43 percent from a year ago, to 3,068. Sales to third parties on the courthouse steps were up 5 percent from July and 39 percent from a year ago, to 1,666.

Banks had 25,278 Arizona homes in their REO inventories, down 5 percent from July and 22 percent from a year ago. Another 35,860 had been hit with a notice of trustee sale filing, down 3 percent from July and 38 percent from a year ago.

In Nevada, notice of default filings jumped 44 percent from July but were down nearly 14 percent from a year ago, to 6,108. Time to foreclose jumped 14 percent from July to August, reaching a new record of 368 days.

Notice of trustee sale filings slipped for the fifth consecutive month, dropping 10 percent from July and 43 percent from a year ago, to 3,523.

Banks took back 1,805 Nevada homes, up 1 percent from July but down 14 percent from a year ago. Properties sold to third parties on the courthouse steps rose 20 percent from July and 28 percent from last year, to 786.

Foreclosure inventories were down or flat from a year ago. Banks had 16,425 REOs on their books, down nearly 5 percent from July and from a year ago.

The number of properties scheduled for sale was down 9 percent from July and 40 percent from a year ago, to 7,758. Homes in preforeclosure jumped nearly 26 percent from July to 47,509, down 14 percent from a year ago.

Washington saw a 3 percent increase in notice of trustee sale filings from July to August, reversing four months of consecutive declines. Activity on the courthouse steps slowed as foreclosures sold back to the bank (REOs) dropped 30 percent month over month, and foreclosures sold to third parties — typically investors — were down 33 percent. Time to foreclose was nearly flat in August at 104 days.

In Oregon, notices of default were up 36 percent from July to August, but filing activity was down 46 percent from a year ago. Properties sold back to the bank rose 243.3 percent from July as Recontrust, a subsidiary of Bank of America, began to clear the 2,800 foreclosures it started in April.

Properties sold to third-party investors were up 46 percent from July and 17.4 percent from a year ago. Time to foreclose dropped in August for the second month in a row, falling nine days from July, to 150 days.

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A Little Guidance for Your Home Search

Whether you’re a first time buyer, buying up, or downsizing, buying a home in San Diego CA can seem a little stressful at times. Here are a few tips to help keep you on the right track to getting the right house with minimal stress.

Always research before you look, like you’re most likely doing right now. Decide what features you most want to have in your San Diego home, what neighborhoods you prefer, and how much you’d be willing to spend each month for housing.

Get your finances in order. Review your credit report and be sure you have enough money to cover your down payment and closing costs. Then, talk to a lender and get pre-qualified for a mortgage. This will save you the heartache later of falling in love with a house you can’t afford or are not prepared to make an offer on.

Be realistic. It’s OK to be picky, but don’t be unrealistic with your expectations. There’s no such thing as a perfect home. Use your list of priorities as a guide to evaluate each property.

Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own.

Decide your moving timeline. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? All of these factors will help you determine when you should move.

Think long term. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in this home for a longer period? This decision may dictate what type of San Diego home you’ll buy as well as the type of mortgage terms that will best suit you.

Insist on a home inspection from a qualified professional. If possible, get a warranty from the seller to cover defects for one year.

Get help from a REALTOR®. Hire a San Diego real estate professional who specializes in buyer representation. Unlike the listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. As a buyer’s representative, I do not charge my home buyers any fees or commissions for my services. For more information about buying or selling San Diego real estate contact Travis Breton at 760-470-2752 or visit http://sdhomesource.com

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Small Projects Have Big Impact When Selling

It’s a buyer’s market, and even small things can set your San Diego house apart from the competition. The problem is, over time, homeowners no longer see small projects like fixing a hinge on a seldom-used cabinet door or cleaning scuff marks off the back door.

But in a home buyers eyes, those little projects put questions in their minds, not only, “how much will these repairs cost?” but also, “if the little things aren’t done, are there big things that haven’t been done as well?”

A clean and clutter-free San Diego home is a great start. But it’s important to take a more critical eye to your home before listing it for sale. If you can afford it, have a pre-listing home inspection to identify problems ahead of time. Fix the problems that you are able to, and be prepared to disclose and/or negotiate the ones you can’t fix up front. Here are five areas where a small fix can make a big impact on how a buyer sees your San Diego home.

Heating and cooling is a critical component to San Diego homes and one of the most costly repairs to make on a home. A heating and cooling system that appears to poorly maintained can raise concerns with potential San Diego home buyers. Be sure to replace the furnace filters to ensure optimal air flow to the HVAC system. Clean all the air vents and ceiling fan blades.

Electrical. Replace any burned out light bulbs in all fixtures inside and outside. Replace cracked or missing outlet covers and switch plate covers. These are simple, inexpensive items that improve the overall appearance of any home for sale in San Diego.

Walls and windows. Repair and touch up dings, scratches and holes in the walls, even small holes from picture hangers. Clean scuff marks off base boards, walls and doors. Clean the windows and vacuum the window tracks inside and outside to get rid of debris.

Flooring is an item that every San Diego home buyer immediately notices. Shampoo the carpet if it is still in good condition. Where possible, replace broken floor tiles or boards. If the carpet is looking worn or stained, get estimates to replace it so you will be armed with information if the buyer tries to negotiate a concession.

With all the recent news and health concerns about mold, it is important to have the plumbing in tip top condition. Fix any leaky faucets or pipes. Besides being clean, bathroom fixtures should function properly. Check the faucets for water flow and temperature. Make sure the toilets flush properly and don’t “run.”

Finally, if you started home improvement projects that you haven’t quite finished, finish it! Not only will it be one less thing on your to-do list, it could improve your chances of standing out to potential San Diego home buyers.

Looking to buy or sell San Diego real estate? Contact Travis Breton at 760-470-2752 or visit http://sdhomesource.com

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How to get an offer on your home

Selling your San Diego home can be much easier if you follow a few basic guidelines. Even in a slow real estate market you can get a good offer in a minimal amount of market time if you are a realistic seller.

The most important factor in getting a good offer on your San Diego home (in my opinion) is to price it right from the get go. Set a price at the lower end of your property’s realistic price range. Pricing your San Diego home at the upper end of the property’s price range “hoping to leave room for negotiating” can deter potential buyers from viewing your property if there are similar lesser priced property’s in your neighborhood.

Prepare for visitors. Get your San Diego house market ready PRIOR to listing it in the MLS and showing it. You want your home to be ready to show the day it hits the market. Listing your San Diego home in the MLS and stating it cannot be shown for a week due to clean up will only frustrate potential buyers and lead them to believe the home is in poor condition.

Be flexible about showings. It’s often disruptive to have a house ready to show at the spur of the moment but the more amenable you can be about letting people see your home, the sooner you’ll find a buyer. Having a lockbox on the property, even if you want to be present during every showing is also a big plus. A San Diego Realtor who is preparing a list of properties to show their client may choose to skip your property if they think it will be difficult to show due to not having a lockbox present.

Anticipate the offers. Decide in advance what price and terms you’ll find acceptable. A quick response back to the potential buyer will keep them interested in the property.

Don’t refuse to drop the price. If your San Diego home has been on the market for more than 30 days without an offer, you should be prepared to at least consider lowering your asking price. Despite declining prices, there are still a lot of San Diego home buyers out there. If you have little to no showings and no offers with-in the first 30 days, your list price is most likely too high.

Looking to buy or sell San Diego real estate? Contact Travis Breton at 760-470-2752 or visit http://sdhomesource.com

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