Jul 31 2012, 9:07AM by Jann Swanson
The pace of foreclosure activity in the U.S. remained unchanged in June with 60,000 completed foreclosures, the same number as in May but 25 percent lower than the June 2011 total of 80,000. The number of pending foreclosures was also unchanged from May at 1.4 million homes or 3.4 percent of all homes with a mortgage and the year-over-year change was a single basis point decrease from 3.5 percent. There were 1.5 million homes in the inventory a year earlier. The foreclosure inventory represents the share of mortgages homes that are in some stage of foreclosure.
These figures were reported on Tuesday by CoreLogic in its National Foreclosure Report for June. The company said that there have now been approximately 3.7 million completed foreclosures since the financial crisis began in September 2008.
“While completed foreclosures and real-estate owned (REO) sales virtually offset each other over the past four months, producing static levels of foreclosure inventory for most of this year, they are beginning to diverge again,” Mark Fleming, chief economist for CoreLogic said. “Over the last two months REO sales declined while completed foreclosures leveled out. So we could see foreclosure inventory rising going forward.”
“The decline in the flow of completed foreclosures to pre-financial crisis levels is more welcome news pointing to an emerging housing market recovery,” according to Anand Nallathambi, CoreLogic’s president and CEO. “However, we believe even more can be done to reduce the inventory of foreclosures by decreasing the level of regulatory uncertainty and expanding alternatives to foreclosure.”
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Proprietary OC Housing News home purchase analysis
$425,000 …….. Asking Price
$635,000 ………. Purchase Price
2/16/2007 ………. Purchase Date
($210,000) ………. Gross Gain (Loss)
($50,800) ………… Commissions and Costs at 8%
($260,800) ………. Net Gain (Loss)
-33.1% ………. Gross Percent Change
-41.1% ………. Net Percent Change
-7.2% ………… Annual Appreciation
Cost of Home Ownership
$425,000 …….. Asking Price
$14,875 ………… 3.5% Down FHA Financing
3.70% …………. Mortgage Interest Rate
30 ……………… Number of Years
$410,125 …….. Mortgage
$107,982 ………. Income Requirement
$1,888 ………… Monthly Mortgage Payment
$368 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$106 ………… Homeowners Insurance at 0.3%
$427 ………… Private Mortgage Insurance
$0 ………… Homeowners Association Fees
$2,790 ………. Monthly Cash Outlays
($286) ………. Tax Savings
($623) ………. Equity Hidden in Payment
$18 ………….. Lost Income to Down Payment
$126 ………….. Maintenance and Replacement Reserves
$2,025 ………. Monthly Cost of Ownership
Cash Acquisition Demands
$5,750 ………… Furnishing and Move In at 1% + $1,500
$5,750 ………… Closing Costs at 1% + $1,500
$4,101 ………… Interest Points
$14,875 ………… Down Payment
$30,476 ………. Total Cash Costs
$31,000 ………. Emergency Cash Reserves
$61,476 ………. Total Savings Needed
The property above is available for sale on the MLS.Contact us for a comparative market analysis, a cost of ownership analysis, or information on how you can make an offer today!
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