Thursday saw Existing Home Sales shoot up 12.3% in December, to an annual rate of 5.28 million, well ahead of the 4.87 million rate the consensus expected. Overall, existing home sales are off 2.9% compared to a year ago, but that's when sales were artificially boosted by the homebuyer tax credits. All regions showed sales gains in single family homes, condos and coops.
The supply of existing homes dropped to 8.1 months from 9.5 months in November. The pace of existing home sales is up 38% since July and sales are now only around 5% off the long-term trend, which has been a 5.5 million annual pace. All this has happened without government tax credit support. Smart buyers don't want to miss out on housing affordability that's at its highest level in 40 years.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
Monday, January 24, 2011
Sunday, January 23, 2011
The Palms at Amelia
The Palms at Amelia - Located in Fernandina Beach
Special bank pricing on the remaining inventory.
2 Bedroom units $67,500
3 Bedroom units $77,500
Click here for details
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
Thursday, January 13, 2011
Fort Clinch State Park
Fort Clinch State ParkDaily tours with period reenactors depicting garrison life bring the fort to life for visitors. Sunbathing, swimming, and beachcombing are popular activities at the beach. Anglers can fish from the pier or take advantage of excellent surf fishing. Hikers and bicyclists can enjoy a six-mile trail through the park. Self-guided nature trails provide opportunities to learn about and observe native plants and wildlife. A full-facility campground and a youth camping area provide overnight accommodations. Located north of the city of Fernandina Beach, off State Road A1A.
Fort Clinch State Park
2601 Atlantic Ave.
Fernandina Beach, FL 32034
Phone: 904-277-7274
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
Fort Clinch State Park
2601 Atlantic Ave.
Fernandina Beach, FL 32034
Phone: 904-277-7274
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
Thursday, January 6, 2011
Florida is Hot!
The top 10 fastest growing states increased by the following:
Nevada, 35.1%
Arizona, 24.6%
Utah, 23.8%
Idaho, 21.1%
Texas, 20.6%
North Carolina, 18.5%
Georgia, 18.3%
Florida, 17.6%
Colorado, 16.9%
South Carolina, 15.3%
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
Nevada, 35.1%
Arizona, 24.6%
Utah, 23.8%
Idaho, 21.1%
Texas, 20.6%
North Carolina, 18.5%
Georgia, 18.3%
Florida, 17.6%
Colorado, 16.9%
South Carolina, 15.3%
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
7 Steps to Take Before You Buy a Home
January 6th, 2011
--------------------------------------------------------------------------------
By doing your homework before you buy, you’ll feel more content about your new home.
Most potential homebuyers are a smidge daunted by the fact that they’re about to agree to a hefty mortgage that they’ll be paying for the next few decades. The best way to relieve that anxiety is to be confident you’re purchasing the best home at a price you can afford with the most favorable financing. These seven steps will help you make smart decisions about your biggest purchase.
1. Decide how much home you can afford
Generally, you can afford a home priced 2 to 3 times your gross income. Remember to consider costs every homeowner must cover: property taxes, insurance, maintenance, utilities, and community association fees, if applicable, as well as costs specific to your family, such as day care if you plan to have children.
2. Develop your home wish list
Be honest about which features you must have and which you’d like to have. Handicap accessibility for an aging parent or special needs child is a must. Granite countertops and stainless steel appliances are in the bonus category. Come up with your top-five must-haves and top-five wants to help you focus your search and make a logical, rather than emotional, choice when home shopping.
3. Select where you want to live
Make a list of your top-five community priorities, such as commute time, schools, and recreational facilities. Ask your REALTOR® to help you identify three to four target neighborhoods based on your priorities.
4. Start saving
Have you saved enough money to qualify for a mortgage and cover your downpayment? Ideally, you should have 20% of the purchase price set aside for a downpayment, but some lenders allow as little as 5% down. A small downpayment preserves your savings for emergencies. However, the lower your downpayment, the higher the loan amount you’ll need to qualify for, and if you still qualify, the higher your monthly payment. Your downpayment size can also influence your interest rate and the type of loan you can get. Finally, if your downpayment is less than 20%, you’ll be required to purchase private mortgage insurance. Depending on the size of your loan, PMI can add hundreds to your monthly payment. Check with your state and local government for mortgage and downpayment assistance programs for first-time buyers.
5. Ask about all the costs before you sign
A downpayment is just one homebuying cost. Your REALTOR® can tell you what other costs buyers commonly pay in your area-including home inspections, attorneys’ fees, and transfer fees of 2% to 7% of the home price. Tally up the extras you’ll also want to buy after you move-in, such as window coverings and patio furniture for your new yard.
6. Get your credit in order
A credit report details your borrowing history, including any late payments and bad debts, and typically includes a credit score. Lenders lean heavily on your credit report and credit score in determining whether, how much, and at what interest rate to lend for a home. Most require a minimum credit score of 620 for a home mortgage.
You’re entitled to free copies of your credit reports annually from the major credit bureaus: Equifax, Experian, and TransUnion. Order and then pore over them to ensure the information is accurate, and try to correct any errors before you buy. If your credit score isn’t up to snuff, the easiest ways to improve it are to pay every bill on time and pay down high credit card debt.
7. Get prequalified
Meet with a lender to get a prequalification letter that says how much house you’re qualified to buy. Start gathering the paperwork your lender says it needs. Most want to see W-2 forms verifying your employment and income, copies of pay stubs, and two to four months of banking statements.
If you’re self-employed, you’ll need your current profit and loss statement, a current balance sheet, and personal and business income tax returns for the previous two years.
Consider your financing options. The longer the loan, the smaller your monthly payment. Fixed-rate mortgages offer payment certainty; an adjustable-rate mortgage offers a lower monthly payment. However, an adjustable-rate mortgage may adjust dramatically. Be sure to calculate your affordability at both the lowest and highest possible ARM rate.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
--------------------------------------------------------------------------------
By doing your homework before you buy, you’ll feel more content about your new home.
Most potential homebuyers are a smidge daunted by the fact that they’re about to agree to a hefty mortgage that they’ll be paying for the next few decades. The best way to relieve that anxiety is to be confident you’re purchasing the best home at a price you can afford with the most favorable financing. These seven steps will help you make smart decisions about your biggest purchase.
1. Decide how much home you can afford
Generally, you can afford a home priced 2 to 3 times your gross income. Remember to consider costs every homeowner must cover: property taxes, insurance, maintenance, utilities, and community association fees, if applicable, as well as costs specific to your family, such as day care if you plan to have children.
2. Develop your home wish list
Be honest about which features you must have and which you’d like to have. Handicap accessibility for an aging parent or special needs child is a must. Granite countertops and stainless steel appliances are in the bonus category. Come up with your top-five must-haves and top-five wants to help you focus your search and make a logical, rather than emotional, choice when home shopping.
3. Select where you want to live
Make a list of your top-five community priorities, such as commute time, schools, and recreational facilities. Ask your REALTOR® to help you identify three to four target neighborhoods based on your priorities.
4. Start saving
Have you saved enough money to qualify for a mortgage and cover your downpayment? Ideally, you should have 20% of the purchase price set aside for a downpayment, but some lenders allow as little as 5% down. A small downpayment preserves your savings for emergencies. However, the lower your downpayment, the higher the loan amount you’ll need to qualify for, and if you still qualify, the higher your monthly payment. Your downpayment size can also influence your interest rate and the type of loan you can get. Finally, if your downpayment is less than 20%, you’ll be required to purchase private mortgage insurance. Depending on the size of your loan, PMI can add hundreds to your monthly payment. Check with your state and local government for mortgage and downpayment assistance programs for first-time buyers.
5. Ask about all the costs before you sign
A downpayment is just one homebuying cost. Your REALTOR® can tell you what other costs buyers commonly pay in your area-including home inspections, attorneys’ fees, and transfer fees of 2% to 7% of the home price. Tally up the extras you’ll also want to buy after you move-in, such as window coverings and patio furniture for your new yard.
6. Get your credit in order
A credit report details your borrowing history, including any late payments and bad debts, and typically includes a credit score. Lenders lean heavily on your credit report and credit score in determining whether, how much, and at what interest rate to lend for a home. Most require a minimum credit score of 620 for a home mortgage.
You’re entitled to free copies of your credit reports annually from the major credit bureaus: Equifax, Experian, and TransUnion. Order and then pore over them to ensure the information is accurate, and try to correct any errors before you buy. If your credit score isn’t up to snuff, the easiest ways to improve it are to pay every bill on time and pay down high credit card debt.
7. Get prequalified
Meet with a lender to get a prequalification letter that says how much house you’re qualified to buy. Start gathering the paperwork your lender says it needs. Most want to see W-2 forms verifying your employment and income, copies of pay stubs, and two to four months of banking statements.
If you’re self-employed, you’ll need your current profit and loss statement, a current balance sheet, and personal and business income tax returns for the previous two years.
Consider your financing options. The longer the loan, the smaller your monthly payment. Fixed-rate mortgages offer payment certainty; an adjustable-rate mortgage offers a lower monthly payment. However, an adjustable-rate mortgage may adjust dramatically. Be sure to calculate your affordability at both the lowest and highest possible ARM rate.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
National Housing Stats
Traffic Up, But Buyers Show Tremendous
Price Sensitivity■
Some buyers hunt for bargains, most remain fearful of lower prices:
Our Monthly Survey of Real Estate Agents indicated a modest uptick in
traffic in December, bringing traffic back to weak, but more palatable levels
in many areas. Many agents noted that buyers were brought into the market
by the perception of good deals, or the fear that mortgage rates would
continue to increase. Traffic also remains spotty within markets, with
increases one month followed by decreases the following and vice versa.
■
Mortgage rates introduced a sense of urgency, bargain hunters looked
around: The fear of rising mortgage rates was a clear catalyst for buyer
urgency across markets, although some agents mentioned that the higher
rates are already starting to reduce the pool of potential buyers. In nearly
every market (especially those with significant foreclosure listings), buyers
remained focused on finding distress listings. Buyers remain fearful of further
price declines; so the need a clear bargain to have sufficient confidence. Our
traffic index increased to 29.1 in December, up from 22.1 in November.
■
Continued pressure on home prices, but somewhat less seller
willingness to cut before the Spring. Our price index inched up to 23.0 in
December, from 21.6 in November, indicating continuing pressure, as any
reading below 50 indicates sequentially lower home prices. However, agents
noted that the lower prices had brought out some additional buyers and that
sellers were reluctant to cut prices further given their hope for significantly
higher buyer traffic in the Spring. We do worry about renewed pressure on
prices in the Spring if demand is not sufficient and also because of the
added competition as foreclosures return to the market (after banks
postponed sales due to documentation issues). Our home listings (inventory)
index improved to 51.2 in December from 41.3 in November, indicating flat
inventory and generally consistent with the trend of lower inventory in
December.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
www.ameliaislandsearch.com
Price Sensitivity■
Some buyers hunt for bargains, most remain fearful of lower prices:
Our Monthly Survey of Real Estate Agents indicated a modest uptick in
traffic in December, bringing traffic back to weak, but more palatable levels
in many areas. Many agents noted that buyers were brought into the market
by the perception of good deals, or the fear that mortgage rates would
continue to increase. Traffic also remains spotty within markets, with
increases one month followed by decreases the following and vice versa.
■
Mortgage rates introduced a sense of urgency, bargain hunters looked
around: The fear of rising mortgage rates was a clear catalyst for buyer
urgency across markets, although some agents mentioned that the higher
rates are already starting to reduce the pool of potential buyers. In nearly
every market (especially those with significant foreclosure listings), buyers
remained focused on finding distress listings. Buyers remain fearful of further
price declines; so the need a clear bargain to have sufficient confidence. Our
traffic index increased to 29.1 in December, up from 22.1 in November.
■
Continued pressure on home prices, but somewhat less seller
willingness to cut before the Spring. Our price index inched up to 23.0 in
December, from 21.6 in November, indicating continuing pressure, as any
reading below 50 indicates sequentially lower home prices. However, agents
noted that the lower prices had brought out some additional buyers and that
sellers were reluctant to cut prices further given their hope for significantly
higher buyer traffic in the Spring. We do worry about renewed pressure on
prices in the Spring if demand is not sufficient and also because of the
added competition as foreclosures return to the market (after banks
postponed sales due to documentation issues). Our home listings (inventory)
index improved to 51.2 in December from 41.3 in November, indicating flat
inventory and generally consistent with the trend of lower inventory in
December.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
www.ameliaislandsearch.com
Restaurant Week - Amelia Island
Restaurant Week headed to Amelia Island
Uncategorized — posted by jimabbott on January, 5 2011 4:26 PM Discuss This: Comments(0) | Add to del.icio.us | Digg it
For the third consecutive year, Amelia Island is serving up its popular Restaurant Week, a seven-day showcase of some of the island’s favorite spots for food and fun.
Running Jan. 23-30, this year’s Restaurant Week features 23 different island restaurants, ranging from fine dining to flip-flop friendly. Each participating restaurant will offer a special fixed menu (priced at either $19 or $29 per person) that includes three courses and a beverage. During Restaurant Week, diners can also enter to win a “Year of Dining” that includes one $50 gift certificate for each participating restaurant to be used throughout the next year.
Participating Restaurants include:
29 South (904) 277-7919 American Cuisine
Baxter’s (904) 277-4503 Steakhouse
Beech Street Grill (904) 277-3662 Fine Dining
Bonito Grill & Sushi (904) 261-0508 Asian Cuisine
Brett’s Waterway Café (904) 261-2660 Casual Seafood & Steak
Café 4750 Italian Kitchen & Wine Bar (904) 277-1028 Italian
Café Karibo (904) 277-5269 Eclectic American Cuisine
Crab Trap (904) 261-4749 Seafood
Espana Restaurant & Tapas (904) 261-7700 Spanish & Portuguese
Golf Club of Amelia Island (904) 277-8015 Casual Dining
Horizon’s (904) 321-2430 Continental Cuisine
Jack & Diane’s (904) 321-1444 Casual Dining
Joe’s 2nd Street Bistro (904) 321-2558 Fine Dining
Kelley’s Courtyard Café (904) 432-8213 American Cuisine
Le Clos (904) 261-8100 French Cuisine
Lulu’s at the Thompson House (904) 432-8394 Creole-American Cuisine
Marina Restaurant (904) 261-5310 Casual Seafood Dining
Merge (904) 277-8797 Fine Dining
O’Kanes Irish Pub & Eatery (904) 261-1000 Irish Cuisine
PLAE (904) 277-2132 Fine Dining
Sliders Seaside Grill (904) 277-6652 Oceanfront Dining
The Surf Restaurant & Bar (904) 261-5711 Seafood & Steak
The Verandah (904) 321-5050 Casual Seafood Dining
In conjunction with Restaurant Week, several of Amelia Island accommodators are offering a “Free Night, Any Night” deal, which allows visitors to receive a Free Night with a minimum nights stay. For more details, visit www.ameliaisland.com/free.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
www.ameliaislandsearch.com
Uncategorized — posted by jimabbott on January, 5 2011 4:26 PM Discuss This: Comments(0) | Add to del.icio.us | Digg it
For the third consecutive year, Amelia Island is serving up its popular Restaurant Week, a seven-day showcase of some of the island’s favorite spots for food and fun.
Running Jan. 23-30, this year’s Restaurant Week features 23 different island restaurants, ranging from fine dining to flip-flop friendly. Each participating restaurant will offer a special fixed menu (priced at either $19 or $29 per person) that includes three courses and a beverage. During Restaurant Week, diners can also enter to win a “Year of Dining” that includes one $50 gift certificate for each participating restaurant to be used throughout the next year.
Participating Restaurants include:
29 South (904) 277-7919 American Cuisine
Baxter’s (904) 277-4503 Steakhouse
Beech Street Grill (904) 277-3662 Fine Dining
Bonito Grill & Sushi (904) 261-0508 Asian Cuisine
Brett’s Waterway Café (904) 261-2660 Casual Seafood & Steak
Café 4750 Italian Kitchen & Wine Bar (904) 277-1028 Italian
Café Karibo (904) 277-5269 Eclectic American Cuisine
Crab Trap (904) 261-4749 Seafood
Espana Restaurant & Tapas (904) 261-7700 Spanish & Portuguese
Golf Club of Amelia Island (904) 277-8015 Casual Dining
Horizon’s (904) 321-2430 Continental Cuisine
Jack & Diane’s (904) 321-1444 Casual Dining
Joe’s 2nd Street Bistro (904) 321-2558 Fine Dining
Kelley’s Courtyard Café (904) 432-8213 American Cuisine
Le Clos (904) 261-8100 French Cuisine
Lulu’s at the Thompson House (904) 432-8394 Creole-American Cuisine
Marina Restaurant (904) 261-5310 Casual Seafood Dining
Merge (904) 277-8797 Fine Dining
O’Kanes Irish Pub & Eatery (904) 261-1000 Irish Cuisine
PLAE (904) 277-2132 Fine Dining
Sliders Seaside Grill (904) 277-6652 Oceanfront Dining
The Surf Restaurant & Bar (904) 261-5711 Seafood & Steak
The Verandah (904) 321-5050 Casual Seafood Dining
In conjunction with Restaurant Week, several of Amelia Island accommodators are offering a “Free Night, Any Night” deal, which allows visitors to receive a Free Night with a minimum nights stay. For more details, visit www.ameliaisland.com/free.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
www.ameliaislandsearch.com
Tuesday, December 28, 2010
Jacksonville Homebuyer Magazine
John Holbrook - REALTOR - Prudential Chaplin Williams Realty
Amelia Island, Fernandina Beach, Yulee FL 32034
Great Resource for Local Information!
Phone: 904-415-0171 - Blog of Local Market Information
Email: holbrook66@msn.com Search for homes at www.ameliaislandsearch.com
Tuesday, December 14, 2010
Housing Projections
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.netwww.johnholbrook.blogspot.com
Tuesday, December 7, 2010
Jacksonville Area Real Estate Report
Jacksonville, FL – Prices Fall, and Deals Bring Some Buyers Back in the Door(3,320 single-family permits in 2009, 23rd largest market in the country)
Buyers tire of waiting, start to act on low rates and prices. Our buyer traffic index
rebounded to 25 in November from 9 in October, indicating modestly better traffic over the past 30 days. This still suggests demand remains weak (readings below 50 indicate traffic below agents’ expectations), but is at least a little encouraging that it is the highest reading since May. Agents said buyers are still fearful and lack confidence, and are taking a long time to act. However, several mentioned that some buyers are tired of waiting and ready to purchase. One agent who saw better traffic noted, “These buyers have been searching for quite some time.” Another commented that “low interest rates and price reductions” have brought buyers off of the sidelines. There was no mention of the foreclosure issues this month, but a speedy resolution would likely help sales as buyers remain focused on finding the best perceived value, which they typically see as foreclosures and short sales.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
Buyers tire of waiting, start to act on low rates and prices. Our buyer traffic index
rebounded to 25 in November from 9 in October, indicating modestly better traffic over the past 30 days. This still suggests demand remains weak (readings below 50 indicate traffic below agents’ expectations), but is at least a little encouraging that it is the highest reading since May. Agents said buyers are still fearful and lack confidence, and are taking a long time to act. However, several mentioned that some buyers are tired of waiting and ready to purchase. One agent who saw better traffic noted, “These buyers have been searching for quite some time.” Another commented that “low interest rates and price reductions” have brought buyers off of the sidelines. There was no mention of the foreclosure issues this month, but a speedy resolution would likely help sales as buyers remain focused on finding the best perceived value, which they typically see as foreclosures and short sales.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
Monday, December 6, 2010
Housing Numbers
>> Market Update
INFO THAT HITS US WHERE WE LIVE Last Thursday the National Association of Realtors (NAR) reported Pending Home Sales for October UP 10.4% over the month before. This index is a measure of signed purchase contracts, which bodes well for Existing Home Sales a couple of months out. The NAR's chief economist commented, "It is welcoming to see a solid double-digit percentage gain, but activity needs to improve further to reach healthy, sustainable levels. The housing market clearly is in a recovery phase and will be uneven at times, but the improving job market and consequential boost to household formation will help the recovery process going into 2011."
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
INFO THAT HITS US WHERE WE LIVE Last Thursday the National Association of Realtors (NAR) reported Pending Home Sales for October UP 10.4% over the month before. This index is a measure of signed purchase contracts, which bodes well for Existing Home Sales a couple of months out. The NAR's chief economist commented, "It is welcoming to see a solid double-digit percentage gain, but activity needs to improve further to reach healthy, sustainable levels. The housing market clearly is in a recovery phase and will be uneven at times, but the improving job market and consequential boost to household formation will help the recovery process going into 2011."
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
National Foreclosure Stats
Foreclosure Inventory
The servicer has referred the loan to an attorney for foreclosure. Loans remain in foreclosure inventory from referral to sale.
Inventory is continuing to rise rather dramatically – up 7.1% since June – and up 5.2% from the same time last year. This is not good news as this inventory will be placed on the market in coming months at discounted prices. That will put downward pressure on all housing values. Inventories are 7.4 times historical averages and continuing to rise.
The two greatest percentage increases in foreclosure inventories since 2008 come from jumbo prime and prime mortgages.
The movement of foreclosed inventory to REO (foreclosed properties on the market) dropped dramatically in October. The monthly decrease could be explained by the moratorium put into effect by some banks because of the robo-signing challenge.
Foreclosure Starts
Any active loan that was not in foreclosure in the prior month that moves into foreclosure inventory in the current month.
There were 263, 251 foreclosures started last month. This is down 4.4% from the previous month but up 2.9% from last year’s numbers. The monthly decrease could be explained by the moratorium put into effect by some banks because of the robo-signing challenge.
Loans NOT Yet in Foreclosure
The percentage of loans not yet in foreclosure that has not had a payment made in over six months.
27.2% of loans 6 months behind are still NOT in foreclosure
21.1% of loans 12 months behind are still NOT in foreclosure
19.2% of loans 18 months behind are still NOT in foreclosure
18.3% of loans 24 months behind are still NOT in foreclosure
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
The servicer has referred the loan to an attorney for foreclosure. Loans remain in foreclosure inventory from referral to sale.
Inventory is continuing to rise rather dramatically – up 7.1% since June – and up 5.2% from the same time last year. This is not good news as this inventory will be placed on the market in coming months at discounted prices. That will put downward pressure on all housing values. Inventories are 7.4 times historical averages and continuing to rise.
The two greatest percentage increases in foreclosure inventories since 2008 come from jumbo prime and prime mortgages.
The movement of foreclosed inventory to REO (foreclosed properties on the market) dropped dramatically in October. The monthly decrease could be explained by the moratorium put into effect by some banks because of the robo-signing challenge.
Foreclosure Starts
Any active loan that was not in foreclosure in the prior month that moves into foreclosure inventory in the current month.
There were 263, 251 foreclosures started last month. This is down 4.4% from the previous month but up 2.9% from last year’s numbers. The monthly decrease could be explained by the moratorium put into effect by some banks because of the robo-signing challenge.
Loans NOT Yet in Foreclosure
The percentage of loans not yet in foreclosure that has not had a payment made in over six months.
27.2% of loans 6 months behind are still NOT in foreclosure
21.1% of loans 12 months behind are still NOT in foreclosure
19.2% of loans 18 months behind are still NOT in foreclosure
18.3% of loans 24 months behind are still NOT in foreclosure
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
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