In fact it’s more rare to see a foreclosure now.
Completed Foreclosures Down 31% from Year Ago, but Remain High
10/31/2012 By: Esther Cho
Completed foreclosures continued their descent into September, falling 31 percent from a year ago, according to data from CoreLogic.
The analytics company reported the number of homes lost to foreclosure in September dropped to 57,000. The decline is a steep drop from 83,000 in September 2011, and a decrease from the upwardly revised 59,000 in August.
In addition to the monthly and yearly declines, Mark Fleming, chief economist for CoreLogic, said completed foreclosures are also down 50 percent since the peak month in September 2010 and are 22 percent less than the beginning of the year.
Before the housing crises, completed foreclosures were much lower than the sinking figures reported recently. Between 2000 and 2006, completed foreclosures averaged 21,000 per month.
“While there is significant progress to be made before returning to pre-crisis levels, the trend is in the right direction as short sales, up 27 percent year over year in August, continue to gain popularity,” said Fleming.
Since the start of the financial crisis in September 2008, about 3.9 million homes have been lost to foreclosure in the United States.
Foreclosure inventory is also depleting, with the number of homes in foreclosure inventory falling to 1.4 million, or 3.3 percent of all homes with a mortgage, in September. Mortgaged homes in any stage of the foreclosure process are counted as foreclosure inventory.
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Proprietary OC Housing News home purchase analysis
601 LINDEN Ln La Habra, CA 90631
$549,000 …….. Asking Price
$549,000 ………. Purchase Price
10/23/2012 ………. Purchase Date
$0 ………. Gross Gain (Loss)
($43,920) ………… Commissions and Costs at 8%
============================================
($43,920) ………. Net Gain (Loss)
============================================
0.0% ………. Gross Percent Change
-8.0% ………. Net Percent Change
0.0% ………… Annual Appreciation
Cost of Home Ownership
——————————————————————————
$549,000 …….. Asking Price
$109,800 ………… 20% Down Conventional
3.50% …………. Mortgage Interest Rate
30 ……………… Number of Years
$439,200 …….. Mortgage
$100,074 ………. Income Requirement
$1,972 ………… Monthly Mortgage Payment
$476 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$137 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$0 ………… Homeowners Association Fees
============================================
$2,585 ………. Monthly Cash Outlays
($307) ………. Tax Savings
($691) ………. Equity Hidden in Payment
$122 ………….. Lost Income to Down Payment
$157 ………….. Maintenance and Replacement Reserves
============================================
$1,866 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$6,990 ………… Furnishing and Move In at 1% + $1,500
$6,990 ………… Closing Costs at 1% + $1,500
$4,392 ………… Interest Points
$109,800 ………… Down Payment
============================================
$128,172 ………. Total Cash Costs
$28,600 ………. Emergency Cash Reserves
============================================
$156,772 ………. Total Savings Needed
The property above is available for sale on the MLS.
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Nearby Foreclosures
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