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Archive for August, 2011

Recently UPDATED 2 bedroom 2 bathroom condo with laundry inside is located within walking distance to Montana, Third Street Promenade and Palisades Park.  Check our website frequently at http://www.WarfieldEvans.com or contact us via email or cell.

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REO, preforeclosure properties selling at a larger discount

RealtyTrac: Share of distressed real estate sales dips in Q2
By Inman News
Inman News™

The share of bank-owned homes and homes in some stage of foreclosure dropped 5 percent from the first quarter to the second quarter, falling from 36 percent to 31 percent, but was up from 24 percent in second-quarter 2010, according to a report released today by foreclosure data provider RealtyTrac.

And distressed properties are selling at a larger discount these days, RealtyTrac reported:

The average sales price of a bank-owned (also known as real estate owned or REO) home was $145,211 in the second quarter, which was about 40 percent below the average sales price of a nonforeclosure home. That compares with a 36 percent discount in first-quarter 2011 and a 34 percent discount in second-quarter 2010.

The average sales price of a preforeclosure home (preforeclosures, which are homes in default or scheduled for sale at public auction, are often sold in a short-sale process) was $192,129 in the second quarter, which is 21 percent below the average sales price of a nonforeclosure home. That compares with a 17 percent discount in first-quarter 2011 and a 14 percent discount in second-quarter 2010.

There were 162,680 sales of bank-owned homes to third parties in the second quarter, RealtyTrac also reported, roughly flat compared with the 162,900 reported in the first quarter and down 10 percent from second-quarter 2010. REO sales accounted for 19 percent of home sales in the second quarter, compared with 23 percent in the first quarter and 15 percent in second-quarter 2010.

There were 102,407 sales of preforeclosure homes to third parties in the second quarter of this year, up 19 percent from the first quarter but down 12 percent compared to second-quarter 2010. These sales accounted for 12 percent of sales in the second quarter of this year, flat with the first quarter and up 10 percent compared to second-quarter 2010.

“The jump in preforeclosure sales volume, coupled with bigger discounts on preforeclosures and a shorter average time to sell preforeclosures, all point to a housing market that is starting to focus on more efficiently clearing distressed inventory through more streamlined short sales — at least in some areas,” said James Saccacio, RealtyTrac CEO, in a statement.

“This gives distressed homeowners who do not qualify for loan modification or refinancing — or who are not interested in those options and want to sell — a better chance of completing a short sale to avoid foreclosure.” Expedited short sales, he added, “also give lenders the opportunity to more pre-emptively purge nonperforming loans from their portfolios,” and avoid a lengthy foreclosure and REO process.

Among those metro areas with at least 100 foreclosure-related sales in the second quarter, Louisville, Ky., had the largest average foreclosure discount — 54 percent below the average sales price of nonforeclosure homes. Florida’s Sebastian-Vero Beach metro area was second on the list with an average foreclosure discount of 53 percent, followed by Milwaukee (51 percent), Pittsburgh (51 percent), and Kalamazoo, Mich. (50 percent), RealtyTrac reported.

Top 10 States with Largest Volume of Foreclosure Sales in Q2 2011

California 69,897
Florida 34,558
Arizona 25,756
Nevada 15,685
Michigan 11,668
Texas 11,517
Georgia 10,485
Illinois 9,355
Colorado 8,044
Ohio 6,868

Top 10 States with Largest Share of Foreclosure Sales in Q2 2011 (as a percentage of total sales)

Nevada 65.43%
Arizona 56.64%
California 51.31%
Michigan 40.61%
Georgia 38.42%
Colorado 35.90%
Florida 35.06%
Illinois 34.01%
Oregon 33.41%
Idaho 29.59%
Utah 26.85%

Top 10 States with Highest Average REO Discount

New Jersey 53.53%
New York 52.99%
Kentucky 51.58%
Illinois 49.89%
California 49.64%
Ohio 49.04%
Maryland 48.48%
Wisconsin 46.69%
Michigan 45.95%
Virginia 45.38%

Top 10 States with Highest Average Preforeclosure Discount

Missouri 43.19%
Tennessee 39.24%
Mississippi 39.22%
Indiana 36.93%
Maryland 36.11%
California 35.95%
Texas 35.03%
Delaware 33.84%
Georgia 33.03%
Kentucky 32.76%

9 States with Rise in Share of Foreclosure Sales (Q2 2010-Q2 2011)

Wyoming 96.63%
Nevada 30.71%
Montana 25.59%
Delaware 24.93%
Washington 22.61%
Iowa 21.13%
Arizona 16.07%
Colorado 5.23%
Hawaii 4.21%

Top 10 States with Largest Decline in Share of Foreclosure Sales (Q2 2010-Q2 2011)

New Hampshire -50.38%
Indiana -48.76%
Maine -47.40%
New Jersey -46.42%
New York -42.65%
Nebraska -42.33%
Mississippi -41.76%
Utah -34.79%
North Carolina -32.11%
Kentucky -30.82%

Copyright 2011 Inman News

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SUMMER STREET PARTY FOR KIDS AT THE LOS ANGELES MISSION

End of Summer Block Party Features Food, Fun and Free Backpacks and School Supplies for Skid Row Kids

WHAT: The Los Angeles Mission 75th Anniversary year End of Summer Block Party.

A giant street fair for children with food, games, prizes, crafts, face painting, bounce houses, giant inflatable slide and more. Children who live in the area will have a day of carefree summer fun at the Los Angeles Mission’s Annual End of Summer Block Party.

There will be health screenings, and FUN, FUN, FUN!

WHO: Celebrities and political leaders will join hundreds of other volunteers to help serve the nearly 3,000 kids and theirfamilies who will attend.

Scheduled to attended: HilaryDuff (Bloodworth), Charlotte Ross(Glee), Katie Blair (Miss California USA 2011), Angie Everhart (Take Me Home Tonight), Brandon Molale (TrueBlood), Parris Mostellar (Judy Moody and theNot Bummer Summer), Ty Paintz (How to EatFried Worms), Lauren Storm (I Love You Beth Cooper), Savannah Jayde (Big Time Rush), Kellie Goss (Big TimeRush), Tucker Albrizi (Alvin and theChipmunks), Allisyn Ashley Arm (MeetDave), Paige Adkins (Cuttin’ Da Mustard), REBORN (Gospel Artist), OrenWilliams (Lincoln Heights), Zachary Williams (Lincoln Heights), JustinTinnicci (Big Love), Lauren Dair Owens (Kids Quest) and others.

WHEN: SATURDAY August 27, 2011, 11:00 AM to3:00 PM

WHERE: Los Angeles Mission, 303 East 5thStreet (on the corner of 5th and Wall Street), Los Angeles, CA90013.

WHY: Families who receive backpacks won’t have to decide between food and school supplies for their children. The Los Angeles Mission, along with City National Bank, US Bank, Blessings in a Backpack and Hilary Duff, Jackson Hewitt, Buck Consultants and many others make the event possible.

TheEnd of Summer Block Party gives children who experience fear, hunger, health issues and stress on a daily basis a chance to spend the day just being a kid!

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Closed escrow sales of existing, single-family detached homes in California dropped 4.1 percent to a seasonally adjusted 458,440 units in July, according to information collected by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).

July home sales were up 4.5 percent from the 438,850 units sold in July 2010. The statewide sales figure represents what would be the total number of homes sold during 2011 if sales maintained the July pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

“Although July sales improved over last year, they were somewhat weaker than expected, given current prices and mortgage rates,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Economic uncertainty and recent developments in financial markets have caused hesitation among buyers, the effects of which we may see in the coming months. We must see sustained job and income gains along with an increase in consumer confidence before we can expect to see consistent improvement in the housing market.”

The statewide median price of an existing, single-family detached home sold in California dipped 0.3 percent in July to $294,230 from a revised $295,210 in June. July’s median price was down 7.6 percent from the $318,550 recorded in July 2010.

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