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Foreclosure filings – notices of default, scheduled auctions, and bank repossessions – declined 5 percent during the first six months of the year compared with the previous six months, but rose 8 percent compared with the first six months of 2009, RealtyTrac® recently reported. The report also shows that 1.28 percent of all ... [Read More]
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Foreclosure filings – notices of default, scheduled auctions, and bank repossessions – declined 5 percent during the first six months of the year compared with the previous six months, but rose 8 percent compared with the first six months of 2009, RealtyTrac® recently reported. The report also shows that 1.28 percent of all U.S. housing units (one in 78) received at least one foreclosure filing in the first half of the year.
A total of 340,740 California properties received a foreclosure filing in the first half of 2010, the nation’s highest total, according to the report. Filings in California decreased 15 percent from the previous six months and nearly 13 percent from the first six months of 2009.
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Sales of foreclosure properties accounted for 31 percent of all residential sales nationwide in the first quarter, according to a foreclosure sales report published by RealtyTrac®. The report also showed that the average sales price of properties that sold while in the foreclosure process was nearly 27 percent less than ... [Read More]
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Sales of foreclosure properties accounted for 31 percent of all residential sales nationwide in the first quarter, according to a foreclosure sales report published by RealtyTrac®. The report also showed that the average sales price of properties that sold while in the foreclosure process was nearly 27 percent less than the average sales price of properties not in the foreclosure process.
A total of 144,503 bank-owned (REO) properties were sold to third parties in the first quarter, a decrease of 13 percent from the previous quarter and down 27 percent compared with the first quarter of 2009. REO sales accounted for 19 percent of all sales in the first quarter, up from nearly 16 percent in the previous quarter, but down from 21 percent of all sales in the first quarter of 2009. REOs sold for an average discount of 34 percent, up from an average discount of nearly 32 percent in both the previous quarter and the first quarter of 2009.
Foreclosure sales accounted for 51 percent of all sales in California in the first quarter, up slightly from 50 percent in the fourth quarter, but down from 70 percent of all sales in the first quarter of 2009, according to the report.
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Increases in U.S. salaries remain historically low, but projections for 2011 show a modest increase, according to The Conference Board annual salary increase budgets survey report.
For the second consecutive year, the median salary increase budget is 2.5 percent. Projections for 2011 show a modest increase to 3 percent. The lowest median salary increase ... [Read More]
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Increases in U.S. salaries remain historically low, but projections for 2011 show a modest increase, according to The Conference Board annual salary increase budgets survey report.
For the second consecutive year, the median salary increase budget is 2.5 percent. Projections for 2011 show a modest increase to 3 percent. The lowest median salary increase budget forecast for 2011 is in the transportation industry—2.25 percent for exempt employees and executives. The insurance industry also is below the 3-percent median overall forecast for non-exempt salaried, exempt, and executives, while the banking sector reported the lowest projected 2011 increase for non-exempt, hourly employees. Across industries, the 2011 forecast for salary increase budgets showed little variation, with no employee group in any industry projected to exceed the overall median of 3 percent.
Pay for performance continues to be the common approach for the allocation of salary increase budgets, as companies remain focused on higher-performing employees and growth businesses. While most companies have not budgeted general increases, overall merit increase percentages for both 2010 actual and 2011 projected budgets mirror the trend of those of total increases.
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Following nearly three decades of increases, the size of newly built single-family homes declined to an average of 2,438 square feet last year, according to data collected by the Census Bureau. New homes constructed in 2009 had fewer bedrooms than those in previous years. After increasing for nearly 20 years, the number of ... [Read More]
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Following nearly three decades of increases, the size of newly built single-family homes declined to an average of 2,438 square feet last year, according to data collected by the Census Bureau. New homes constructed in 2009 had fewer bedrooms than those in previous years. After increasing for nearly 20 years, the number of single-family homes with four or more bedrooms declined to 34 percent in 2009 compared with its peak of 39 percent in 2005. The number of single-family homes with three bedrooms increased from 49 percent to 53 percent between 2005 and 2009.
Homes built in 2009 also had fewer bathrooms. The proportion of homes with three or more bathrooms declined to 24 percent in 2009 compared with 28 percent in 2008. The percentage of single-family homes with two bathrooms rose to 37 percent in 2009 compared with 35 percent in 2008.
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Fannie Mae recently announced policy changes designed to encourage borrowers to work with their loan servicers and pursue alternatives to foreclosure. Under the new policies, borrowers who strategically default on their home loan despite having the capacity to pay and those who do not complete a workout alternative in good faith will be ... [Read More]
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Fannie Mae recently announced policy changes designed to encourage borrowers to work with their loan servicers and pursue alternatives to foreclosure. Under the new policies, borrowers who strategically default on their home loan despite having the capacity to pay and those who do not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the date of foreclosure. Borrowers who have extenuating circumstances may be eligible for new loan in a shorter timeframe.
Fannie Mae also will take legal action to recoup the outstanding mortgage debt from borrowers who strategically default on their loans in jurisdictions that allow for deficiency judgments. In an announcement next month, Fannie Mae will instruct its servicers to monitor delinquent loans facing foreclosure and put forth recommendations for cases that warrant the pursuit of deficiency judgments.
Troubled borrowers who work with their servicers, and provide information to help the servicer assess their situation, can be considered for foreclosure alternatives, such as a loan modification, a short sale, or a deed-in-lieu of foreclosure. A borrower with extenuating circumstances who works out one of these options with their servicer could be eligible for a new mortgage loan in three years or in as little as two years depending on the circumstances.
