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Tag Archives: RealtyTrac

RealtyTrac’s Rick Sharga Departs to Join Carrington Mortgage Holdings

Rick Sharga has been the voice of RealtyTrac for more than seven years, serving as SVP at the foreclosure tracking and research firm since 2004. But effective this week, he has left RealtyTrac to join Carrington Mortgage Holdings. Sharga has taken on the role of EVP at Carrington and will serve as its primary industry spokesman. Sharga will be responsible for developing branding and marketing strategies for the entire Carrington Family of Companies.

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Surge in Defaults Leads to 7% Increase in Foreclosure Filings in August

The lingering effects of the foreclosure moratoriums enacted after evidence of improper foreclosure processing came to light appear to be fading. Data released by RealtyTrac Thursday shows foreclosure filings heading upward during the month of August, with all of the increase coming from new default notices. The tracking company says overall filings jumped 7 percent between July and August. Default notices posted their biggest month-to-month increase since August of 2007, up 33 percent.

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Pre-Foreclosure Short Sales Jump 19% in Second Quarter

Short sales shot up 19 percent between the first and second quarters, with 102,407 transactions completed during the April-to-June period, according to RealtyTrac. Over the same timeframe, a total of 162,680 bank-owned REO homes sold to third parties, virtually unchanged from the first quarter. RealtyTrac's study also found that the time to complete a short sale is down, while the time it takes to sell an REO has lengthened. Discounts on both types of distressed properties increased last quarter.

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Foreclosure Declines Take on ‘Life of Their Own’ With Another 4% Drop

Foreclosure activity has fallen to its lowest level in over three-and-a-half years, according to RealtyTrac. The company released its July foreclosure market report on Thursday, which showed a 4 percent decline in filings from the previous month and a drop of 35 percent when compared to July 2010. The company says while the string of declines was initially triggered by the robo-signing controversy back in October 2010, the downward trend in foreclosure activity ""has now taken on a life of its own.""

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Metro Foreclosure Rates Decline Due to Processing Delays: RealtyTrac

Eighty-four percent of the country's largest metro areas experienced declines in foreclosure activity in the first half of the year, according to RealtyTrac's midyear metropolitan foreclosure report released Thursday. However, RealtyTrac attributes these declines not to an improving market, but to delays in local foreclosure processes. Even the top 10 metro areas with the highest foreclosure rates in the first half of the year showed a year-over-year decrease in foreclosure activity.

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Industry Insiders Weigh in on Case-Shiller Uptick

The closely watched S&P/Case-Shiller index showed its strongest positive movement since last summer with the release of Tuesday's report. The analysts at Standard & Poor's described the news as a ""welcome shift from recent months."" While it may fuel cautious optimism that at least a short-range upward trend is already in the making, industry experts and market analysts put the latest numbers into context and share their views on what to expect in the months ahead.

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Foreclosure Filings Decline but Signs of Renewed Activity Evident

RealtyTrac released a new report Thursday detailing foreclosure activity for the month of May. Filings dropped 2 percent from April and were down 33 percent from a year earlier. RealtyTrac attributed the decline to ongoing processing delays stemming from last fall's documentation issues. But the company says it's seeing hints of renewed activity, with spikes in various stages of the foreclosure process in some states. Georgia, for example, saw a 79 percent increase in new REOs last month.

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An Anomaly Within the Housing Numbers: Washington D.C.

The nation's Capitol stands out as the ""shining star"" in nearly every market report that crosses the wire. Washington, D.C. has consistently resisted home price declines, sales activity bucks widespread trends, and foreclosure numbers, too, have been almost non-existent due to an unofficial moratorium. Is it the absence of foreclosure property that's behind D.C.'s defiant market performance and will it turn now that emergency mediation rules have been enacted to restart foreclosures? Local experts say no, D.C. is just a market to itself.

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Foreclosure Sales in Q1 = 158,434

RealtyTrac has released a new report detailing foreclosure sales activity during the first quarter. Altogether, third parties purchased a total of 158,434 bank-owned and short sale homes during the first three months of this year. That's down 36 percent from a year earlier. At this pace, it would take three years to clear the current inventory of properties already on the banks' books or in foreclosure. REOs sold at an average discount of 35 percent in Q1, while short sale properties carried a mark-down of nearly 9 percent.

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Prospective Homebuyers Interested in Foreclosures at a Discount

A new study conducted by Trulia and RealtyTrac found that 56 percent of U.S. renters and 47 percent of current homeowners are at least ""somewhat likely"" to purchase a foreclosed home. Along with having some concerns about hidden costs and still-declining home values, many potential buyers expect to save money if they buy a foreclosure. On average, survey respondents said they would expect to pay 38 percent less for a foreclosed home than a similar home that was not in foreclosure - not too far above today's average discount of 36 percent.

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