The Republican reports on aggressive price cuts needed to sell a group of condos in Florence (12/4/07):
See also:
Gazette: “Foreclosure deeds double in area counties” (12/6/07)
The number of foreclosure deeds in Franklin and Hampshire counties so far this year has nearly doubled when compared to the same time period last year, according to the latest figures from The Warren Group, publisher of Banker & Tradesman.
Statewide, the number of foreclosure deeds tripled in the first 10 months of the year…
AP: “Home Foreclosures Hit Record High” (12/6/07)
The Mortgage Bankers Association in its quarterly snapshot of the mortgage market released Thursday said that the percentage of all mortgages nationwide that started the foreclosure process jumped to a record high of 0.78 percent during the July-to-September period. That surpassed the previous high of 0.65 percent set in the prior quarter…
The delinquency rate for all mortgages climbed to 5.59 percent in the third quarter. That was up from 5.12 percent in the second quarter and was the highest since 1986, the association said. Payments are considered delinquent if they are 30 or more days past due…
Doug Duncan, the association’s chief economist, said in an interview with The Associated Press that foreclosures and late payments are likely to stay high or get worse in the coming quarters…
CNNMoney: “Home prices: Worst drop since ’70” (11/29/07)
The report showed that the median price of a new home sold in October plunged 13 percent from year-earlier levels to $217,800. It was the most severe year-over-year drop since September 1970…
The annual pace of sales of new homes came in at 728,000 for the month..
Economists surveyed by Briefing.com had been expecting a sales rate of 750,000 in October. The current sales pace is only a little more than half the demand seen as recently as two years ago…
AP: “Empty Houses Home to Crime As Loans Fail” (11/13/07)
As defaults surge on mortgages made to borrowers with spotty credit and adjustable-rate loans, more people are noticing that their neighbors are caught up in the meltdown…
“They’ve seen a lot of prostitution in the area, vagrants wandering in and out of the empty houses and drug activity,” said Officer Dakarta Richardson of the Atlanta Police Department. “Some people that I talked to are afraid to walk out of their homes at night.”
[A recent study by Dan Immergluck of Georgia Institute of Technology in Atlanta and Geoff Smith of Woodstock Institute in Chicago] showed that when the foreclosure rate increases one percentage point, neighborhood violent crime rises 2.33 percent…
The homeowners sometimes have no options but to accept any renters they can get, said Norm Schriever, a local real estate and loan agent [in California]…
Thieves also have looted some empty homes, stripping them of electrical appliances or valuable copper wiring and pipes that can be sold as scrap, he said.
Banks aren’t watching foreclosed properties closely, said Modesto, Calif., Police Chief Roy Wasden.
William A. Roberts and business partner Andrew Dallin hoped to get about $500,000 each for four condominium units they created at 89-93 Main St. in a building called the Davis Block…
According to documents in the Hampshire County Hall of Records, Roberts sold the four units to two buyers for a total of $905,000, less than half of his original asking price listed by Murphy’s Realtors…
All four transactions are dated Nov. 27. According to real estate broker David A. Murphy, Roberts narrowly avoided foreclosure by selling the units before a scheduled auction…
See also:
Gazette: “Foreclosure deeds double in area counties” (12/6/07)
The number of foreclosure deeds in Franklin and Hampshire counties so far this year has nearly doubled when compared to the same time period last year, according to the latest figures from The Warren Group, publisher of Banker & Tradesman.
Statewide, the number of foreclosure deeds tripled in the first 10 months of the year…
AP: “Home Foreclosures Hit Record High” (12/6/07)
The Mortgage Bankers Association in its quarterly snapshot of the mortgage market released Thursday said that the percentage of all mortgages nationwide that started the foreclosure process jumped to a record high of 0.78 percent during the July-to-September period. That surpassed the previous high of 0.65 percent set in the prior quarter…
The delinquency rate for all mortgages climbed to 5.59 percent in the third quarter. That was up from 5.12 percent in the second quarter and was the highest since 1986, the association said. Payments are considered delinquent if they are 30 or more days past due…
Doug Duncan, the association’s chief economist, said in an interview with The Associated Press that foreclosures and late payments are likely to stay high or get worse in the coming quarters…
CNNMoney: “Home prices: Worst drop since ’70” (11/29/07)
The report showed that the median price of a new home sold in October plunged 13 percent from year-earlier levels to $217,800. It was the most severe year-over-year drop since September 1970…
The annual pace of sales of new homes came in at 728,000 for the month..
Economists surveyed by Briefing.com had been expecting a sales rate of 750,000 in October. The current sales pace is only a little more than half the demand seen as recently as two years ago…
AP: “Empty Houses Home to Crime As Loans Fail” (11/13/07)
As defaults surge on mortgages made to borrowers with spotty credit and adjustable-rate loans, more people are noticing that their neighbors are caught up in the meltdown…
“They’ve seen a lot of prostitution in the area, vagrants wandering in and out of the empty houses and drug activity,” said Officer Dakarta Richardson of the Atlanta Police Department. “Some people that I talked to are afraid to walk out of their homes at night.”
[A recent study by Dan Immergluck of Georgia Institute of Technology in Atlanta and Geoff Smith of Woodstock Institute in Chicago] showed that when the foreclosure rate increases one percentage point, neighborhood violent crime rises 2.33 percent…
The homeowners sometimes have no options but to accept any renters they can get, said Norm Schriever, a local real estate and loan agent [in California]…
Thieves also have looted some empty homes, stripping them of electrical appliances or valuable copper wiring and pipes that can be sold as scrap, he said.
Banks aren’t watching foreclosed properties closely, said Modesto, Calif., Police Chief Roy Wasden.