Foreclosure Filings Up 62%

It has been a while but then I have been incredibly busy with my day job but I have finally carved out time to get back to these entries... Today's story comes from the Courier Post Online
A brief term definition.

Foreclosure filings: In this case, it the umbrella term used to designate default notices, auction sale notices and bank repossessions.

Foreclosure filings increase 62% over last April 2006 to 147,708. The top ten states with high foreclosure rates are:

1. Nevada
2. Colorado
3. Connecticut
4. California
5. Ohio
6. Georgia
7. Florida
8. Arizona
9. Illinois
10. Michigan

Read the article here.

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Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey

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For more information on Real Estate in New Jersey visit here.

ARM's Worries Affect Stock Market

It has been a bit of concern to everybody including the Fed, but until yesterday it had not really showed in a way that would get the working man’s attention. Yesterday it did. What was it: the concern over sub-prime loan defaults, i.e, foreclosures.
Investors withdrew from the sub-prime mortgage sector yesterday and caused a drop in Dow Jones Industrials of more that 240 points. In fact, all the US stock indexes were down about two percent.
Granted there were other contributing factors like retail sale profit figures being relatively small (0.1 percent) and the Mortgage Bankers Association saying that foreclosures increased 28 basis points from the third quarter which is up 25 basis points from last year.
While there forecast for sub-prime loans continues to look dour the number of houses on the market continues to increase. Prime mortgages continues to rise and buyers have plenty of variety from which to choose their future home.

Read the MBAA press release
Read The Times of Trenton article

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Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Mortgages, Home loans, Foreclosure

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Real Estate Investing: Foreclosure

The number of properties nearing or in foreclosure has increased to 1.05 percent in the third quarter of 2006 from 0.99 percent in the second quarter. In 2005 the rate was 0.97 according to the Mortgage Bankers’ Association. Thinking of investing in a property that is in the foreclosure process? While there are bargains out there, some research is definitely needed to make sure everything stays fair and meets your profit taking goals. Things that can make a foreclosure less than ideal are liens on the property, repair work, and holding costs (the funds needed to keep the property in “showcase” condition while awaiting a buyer).
Amy Hoak does a pretty good job explaining things for the real estate investor. It is worth a read.

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Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Investing, Real Estate Investing, Foreclosure

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For more information on Real Estate in New Jersey visit here.