Norada Real Estate Investments

California Counties Top The List In The US Foreclosure Statistics

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california foreclosure statisticsCalifornia Foreclosure Statistics

With Inland Empire foreclosures at pre-recession lows, Riverside County's foreclosure rate dropped to No. 21 statewide in April. A total 1,403 mortgage default notices, auction sale notices and bank repossessions were recorded in April, meaning 1 in 566 households was in some stage of foreclosure, according to Irvine-based RealtyTrac.

Of those, 45 were from Palm Desert, according to data provided by the organization to Palm Desert Patch. In Palm Desert:

  • One out of every 538 households received a foreclosure filing in April
  • That number was down by about 25% from March 2013, and down 55% from last April.
  • In April 2012, 100 households had been in default.

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U.S. Population Shifts

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People were on the move in 2012 and apparently the most popular place for them to move to was Pittsburgh, PA., according to the 2012 Top US Growth Cities Report recently released by U-Haul International.  The Steel City topped the list of 30 metro areas selected with a 9.04% population growth, based on data collected by U-Haul from over 1.6 million one-way truck rentals during a recent 12 month period.

The cities chosen for the list had more than 5,000 families moving in or out of the area during that time.   “Growth cities were then determined by calculating the percentage of inbound moves vs. outbound moves for each area,” said John Taylor, president of U-Haul International, Inc.   Other cities in the U-Haul top 10 included:
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Tennessee Foreclosures Down

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In Shelby County, there were 1,030 total foreclosures in the first quarter this year, according to real estate information company Chandler Reports.  That’s down from 1,252 foreclosures during the same period in 2012 – a drop of 17%.  Pull back one year before that, though, and the number of foreclosures had spiked to 1,235 in the first quarter of 2012 compared to 964 in the first quarter of 2011. At this time last year, in other words, the area was in the midst of a 30% gain in foreclosures.  Pointing to the recent drop, some local brokers and Realtors say a combination of forces is at work. There’s been a small improvement in the economy, which helps. Banks also are increasingly pursuing workouts, loan modifications and short sales.

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Phoenix is Facing a Housing Shortage

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A Phoenix home with 95 bids is just one example of a housing market entering a new and unprecedented phase.  Experts at Arizona State University School of Business say Phoenix is headed for a major housing shortage.

Long gone are the days when Phoenix was riddled with available, well-built single-family homes in the wake of the 2008 housing market bust.

Five years after the crash, the desert metro is facing lagging home construction, predictions of population growth and rising land prices, according to real estate experts with ASU.

The end result could be a significant housing shortage in the near future, experts contend.

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Zombie Foreclosures

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Hundreds of thousands of homes in the US are now labeled as “zombie” foreclosures. That's when the owner of a foreclosed home leaves only to find out years later that he or she still legally owns the home and is on the hook for property taxes and other fees. Such cases occur in more than a third of foreclosures, industry figures show.

Although it's hard to quantify exactly how many homes fall into the category, real estate information company RealtyTrac says that, in the first three months of the year, roughly 302,000 homes qualified as “zombie” properties because the owner has moved out, but the bank has not yet taken possession.

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Real Estate Market Trends for 2013

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The first quarter of 2013 is almost over and so far, a few trends have emerged in real estate.  These trends are not set in stone, nor can we be sure that they will continue on the same trajectories throughout the rest of the year.  As with any other major part of the economy, much of real estate depends on external factors such as employment, interest rates, and general economic conditions.

With that being said, the first quarter of 2013 has established a few trends in the national market that extend into regional and local markets and could point to broader movement throughout the rest of the year.

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The U.S. Real Estate Market is Back! [infographic]

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As we all know, America's housing market has been in a slump for many years.  Years of negative news made home buyers and real estate investors nervous about the future of the U.S. housing market.  However, the following infographic should bring optimism back to most people.

This infographic reports the opinions of real estate professionals, and their predictions look extremely promising!  Most feel positive about the direction the economy and the real estate market is headed.  If the trend continues, which it is expected to do, then this would be a great time to be investing in real estate.

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Real Estate Investment Outlook for 2013

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For a good number of real estate professionals, 2012 wasn't a great year. We were still on a downward spiral towards the bottom of the real estate market. This wasn't exciting news for real estate investors looking to make profitable deals investing in real estate. But as we move deeper into 2013, it's becoming abundantly clear that the tide is turning.

In previous years, buyers were getting used to having the upper hand. The market was like a poker game with the buyer being in possession of all the chips. Sellers are now in a position to reclaim not only the chips, but the pot as well. We are moving into a seller's market where the seller, not the buyer, will have the unfair advantage. Opportunity is knocking and it's been a long time since investors were able to capitalize on current and future market conditions.

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National Economic Outlook (March 2013)

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The budget shenanigans in Washington so far haven't had an effect on the recovery, but an extended period of lower government spending and job cuts will quickly lead to economic stagnation.

The economy is a self-reinforcing mechanism, a small dip in growth will be followed by further declines, even if the first dip was meant to be temporary. With jobs growing at a very modest rate, it won't take much to bring growth to a halt.

Aside from the very real possibility of a government-induced slowdown, the economy is doing well – in the modern sense that it's growing modestly. The number of jobs in February was 1.5 percent higher than last year, a small improvement over recent months, and unemployment fell to 7.7 percent. As usual, the heavy lifting was done by the health care sector – jobs up 2.1 percent – and business services, where jobs increased 2.8 percent. Government jobs were essentially flat, and retail jobs were up 1.8 percent.

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The Real Crash is Coming!

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Well, well, well… what an interesting year 2013 is shaping up to be!

The U.S. is still, at least according to the U.S., the world's largest economy. Super!

Of course, U.S. gross national production includes the value of goods and services Americans produce regardless of their location – even overseas!  But where do those employees live, rent homes, and spend money with local businesses (who rent homes and office space locally)?

Real estate investors typically care where the people are because people and their income is what gives real estate its value.  After all, there's lots of land on the moon, but it isn't worth much because there aren't any people there… at least not yet!

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