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Wednesday, November 21, 2012

Mortgage Loan Delinquencies Increased 7.7% in Sept. 2012

Mortgage Loan Delinquencies Increased 7.7% in Sept. 2012


Although there is arguably a downward trend in mortgage loan delinquencies as compared to 2010, there was a 7.7% increase in September, 2012.  This data is supplied by Lender Processing Services, a company based in Jacksonville, Florida.


Other mortgage and foreclosure rates and numbers, such as foreclosure starts, foreclosure sales, delinquency cures, and loan prepayments all decreased in September.  These decreases may be related to a longer term trend, or may be a simple result of September, 2012 having less than the usual numbers of business days.  Of course, the increase in delinquencies during a “short month” is disturbing.


McGrath & Spielberger, PLLC provides assistance to those involved in mortgage disputes, including borrowers in need of mortgage relief services such as mortgage loan modification, foreclosure negotiation, and deed-in-lieu or other negotiated settlement resolutions.

Monday, November 19, 2012

Distressed Mortgage Relief Services: Did Equifax Sell Your Data?

Distressed Mortgage Relief Services: Did Equifax Sell Your Data?


Since McGrath & Spielberger provides foreclosure and mortgage relief services as a legitimate and rule-abiding law firm, we are continuously interested in and make ourselves aware of others who allegedly provide such services but do not do so legally. Many of the non-law firms and fake law firms which have been prosecuted by the state and federal governments gained their clients – the very clients who were swindled – through either internet or US Mail advertising. In fact, individuals who fall behind on mortgage loans often receive a constant stream of solicitations by US Mail, often in very official looking envelopes which, when opened, suggest to the reader that the company offering services can do magical things. How do these non-law firms and fake law firms get your address, and know that you might be vulnerable to signing up for such services? 


Of course, most mortgage loan servicers and mortgage loan lenders will report the loan status to the credit agencies, the largest of which of course are Equifax, Experian, and Transunion. Unbeknownst to many, Equifax, Experian, and Transunion sell data to those who wish to buy it.  Thankfully, there are at least some legal restrictions on the credit bureaus’ ability to do so.  The Federal Trade Commission charged Equifax with violating the FTC Act and the Fair Credit Reporting Act (FCRA) by improperly selling information relating to consumers who were in financial distress and behind on their mortgage loan payments. 


Equifax and the other credit bureaus sell this data, which marketing companies then sell or put to use on behalf of law firms, non-law firms and fake law firms, so that they can solicit you.  Obviously, the selling of this data is the first step in a cascade of events which leads many distressed homeowners coming under further financial strain when they pay a company to assist them in saving their home, and that company fails to make proper efforts and/or fails to follow the law. 


Equifax has agreed to pay an approximately $1.6 million fine to resolve these charges, and the company that it improperly sold most of this data to, Direct Lending Source, will pay a $1.2 million penalty.  Companies known as Bailey & Associates Advertising Inc. and Virtual Lending Source are affiliates of Direct Lending Source. 


The Equifax Settlement. In addition to the financial penalty, the proposed settlement with Equifax prohibits the company from furnishing prescreened lists to anyone that it does not have reason to believe has a permissible purpose to receive them; from failing to maintain reasonable procedures to limit the furnishing of prescreened lists to anyone except those who have a permissible purpose to receive them; and from selling prescreened lists in connection with offers for debt relief products or services and mortgage assistance relief products and services, when advance fees are charged, with limited exceptions. (The charging of advanced fees for mortgage relief services is generally prohibited by non-lawyers.) 


The Direct Lending Settlement. The court order settling the FTC’s charges against the Direct Lending defendants imposes a $1.2 million civil penalty and prohibits the company from using or obtaining consumer reports without a permissible purpose; from using or selling consumer reports in connection with solicitations for debt relief or mortgage assistance relief products or services offered by entities that charge advance fees; from failing to disclose to the consumer reporting agency that originally furnishes the report the identity of the end user of the report, and each permissible purpose for which the report is being provided to an end user; and from failing to establish and comply with reasonable procedures designed to ensure that a report is resold only for a purpose for which it has been furnished. 


Hopefully this punishment will prevent Equifax from committing the same types of transgressions in the future, deter the other agencies from doing the same, and perhaps even reduce the number of distressed homeowners who are taken in by aggressive marketing schemes which eventually lead to them becoming the victims of fraud.  Of course, $1.6 million dollars is a mere drop in the bucket for huge companies like Equifax, Experian, and Transunion.  


McGrath & Spielberger, PLLC provides assistance to borrowers in need of mortgage relief and debt negotiation services, such as mortgage loan modification, foreclosure negotiation, refinancing, deed-in-lieu or other negotiated mortgage settlement resolutions, and debt settlement negotiations and debt defense.


 

Friday, November 16, 2012

Short Sale Even if You are Current on Your Mortgage?

Short Sale Even if You are Current on Your Mortgage?


You may be able to execute a short sale on your home even if you are current on your mortgage loan, if your loan is owned or guaranteed by Freddie Mac or Fannie Mae.  The Federal Housing Finance Agency has created new guidelines which went into effect on November 1, 2012.  According to the FHFA acting director, “these new guidelines demonstrate FHFA’s and Fannie Mae’s and Freddie Mac’s commitment to enhancing and streamlining processes to avoid foreclosure and stabilize communities….”  The timing on this is interesting, since FHFA has recently come under attack by other government agencies for refusing to allow Fannie Mae and Freddie Mac loans to be subject to the National Mortgage Settlement


The intent of the new guidelines is to allow eligible borrowers, specifically including those with certain recognized hardships, to participate in a short sale with their mortgage servicer without that servicer having to go back to Fannie Mae or Freddie Mac for specific and individual approval.   In other words, if a borrower meets the guidelines, approval by Fannie Mae and Freddie Mac should be considered to already be in place.


The new short sale guidelines issued with regard to Fannie Mae and Freddie Mac loans should allow the following:



  • a streamlined short sale approach for the borrowers most in need;

  • enable servicers to quickly and easily to qualify who are current on their mortgages for short sales;

  • a waiver of the right to pursue deficiency judgments in exchange for financial contributions when a borrower has sufficient  income or assets to make cash contributions or sign promissory notes;

  • special treatment for military personnel with Permanent Change of Station orders;

  • consolidate existing short sale programs into a single uniform program;

  • provide servicers and borrowers clarity on processing a short sale when a foreclosure sale is pending; and

  • an offer up to $6,000 by Fannie Mae and Freddie Mac will to second lien holders to expedite a short sale.


McGrath & Spielberger, PLLC provides assistance to borrowers in need of mortgage relief services, such as mortgage loan modification, foreclosure negotiation, refinancing, and deed-in-lieu or other negotiated settlement resolutions.

Thursday, November 15, 2012

Mortgage Modification and Relief Tax Issues: Key Facts 1 – 5

 IRS, Taxes - Mortgage Forgiveness Debt Relief Act expiring! Key Facts 1 – 5.

(Originally posted in 2012; the Act has been renewed several times, including to cover through 2014)


As an attorney who represents homeowners and borrowers in mortgage and foreclosure matters, I am frequently asked about the tax implications which may come into play when some or all of a mortgage loan is forgiven or cancelled.  While I always recommend that clients in such situations seek advice from a tax attorney (such as our Angel Oliver or Kelly Brown) or a qualified CPA, I can share the following key points, with this information based on publications by the IRS itself.  Please note that I am only addressing federal tax matters here, not any state tax matters.

This specifically addresses issues related to the Mortgage Forgiveness Debt Relief Act of 2007.  Another blog post coming soon will address the “insolvency exclusion”, which may also reduce or eliminate the need for a borrower to pay taxes on forgiven mortgage debt.  Please keep in mind, that as of today’s date – December 4, 2012 – the Mortgage Forgiveness Debt Relief Act of 2007 is set to expire at the end of 2012.  Here are five key pieces of information to know about the Mortgage Forgiveness Debt Relief Act.

  1. Forgiven mortgage debt exclusion limits.  In normal circumstances, an individual would likely have to pay taxes on the amount of debt forgiven, similar as if that amount was actually income.  However, under the Mortgage Forgiveness Debt Relief Act of 2007, there is an exclusion of potentially up to $2,000,000.00 dollars of debt forgiven on ones principal residence.  The limit is $1,000,000.00 for a married person filing a separate tax return.

  2. Mortgage debts reduced or forgiven in full. You may exclude debt reduced through mortgage modification / restructuring as well as mortgage loans fully forgiven.

  3. Foreclosures. Mortgage debt forgiven as a result of a foreclosure can qualify for this exclusion.

  4. Principal residence loans only. The debt at issue must have been used to buy, build, or substantially improve your principal residence, and that debt must be secured by the residence.

  5. Refinanced debt. With regard to refinanced debt potentially being forgiven, refinanced debt used to substantially improve your primary residence also qualifies (although there may be additional limitations on the amount which can be excluded).


Right now, the clock is ticking as borrowers hope to gain forgiveness of mortgage loan debt before the Mortgage Forgiveness Debt Relief Act of 2007 expires at the end of 2012.

McGrath & Spielberger, PLLC provides assistance to those involved in mortgage disputes, including borrowers in need of mortgage relief services such as mortgage loan modification, foreclosure negotiation,  and deed-in-lieu  or other negotiated settlement resolutions.

Wednesday, November 14, 2012

We’ve all heard of the FHA; what is it?

We’ve all heard of the FHA; what is it?


The following is information provided by the Federal Government.


The Federal Housing Administration, generally known as "FHA", provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single family and multifamily homes including manufactured homes and hospitals. It is the largest insurer of mortgages in the world, insuring over 34 million properties since its inception in 1934.


What is FHA Mortgage Insurance?


FHA mortgage insurance provides lenders with protection against losses as the result of homeowners defaulting on their mortgage loans. The lenders bear less risk because FHA will pay a claim to the lender in the event of a homeowner's default. Loans must meet certain requirements established by FHA to qualify for insurance.


Why does FHA Mortgage Insurance exist?


Unlike conventional loans that adhere to strict underwriting guidelines, FHA-insured loans require very little cash investment to close a loan. There is more flexibility in calculating household income and payment ratios. The cost of the mortgage insurance is passed along to the homeowner and typically is included in the monthly payment. In most cases, the insurance cost to the homeowner will drop off after five years or when the remaining balance on the loan is 78 percent of the value of the property -whichever is longer.


The History of FHA


Congress created the Federal Housing Administration (FHA) in 1934. The FHA became a part of the Department of Housing and Urban Development's (HUD) Office of Housing in 1965.


When the FHA was created, the housing industry was flat on its back:



  • Two million construction workers had lost their jobs.

  • Terms were difficult to meet for homebuyers seeking mortgages.

  • Mortgage loan terms were limited to 50 percent of the property's market value, with a repayment schedule spread over three to five years and ending with a balloon payment.

  • America was primarily a nation of renters. Only four in 10 households owned homes.


During the 1940s, FHA programs helped finance military housing and homes for returning veterans and their families after the war.


In the 1950s, 1960s and 1970s, the FHA helped to spark the production of millions of units of privately-owned apartments for elderly, handicapped and lower income Americans. When soaring inflation and energy costs threatened the survival of thousands of private apartment buildings in the 1970s, FHA's emergency financing kept cash-strapped properties afloat.


The FHA moved in to steady falling home prices and made it possible for potential homebuyers to get the financing they needed when recession prompted private mortgage insurers to pull out of oil producing states in the 1980s.


By 2001, the nation's homeownership rate had soared to an all time high of 68.1 percent as of the third quarter that year.


The FHA and HUD have insured over 34 million home mortgages and 47,205 multifamily project mortgages since 1934. FHA currently has 4.8 million insured single family mortgages and 13,000 insured multifamily projects in its portfolio.


In the more than 60 years since the FHA was created, much has changed and Americans are now arguably the best housed people in the world. HUD has helped greatly with that success.


How is FHA funded?


FHA is the only government agency that operates entirely from its self-generated income and costs the taxpayers nothing. The proceeds from the mortgage insurance paid by the homeowners are captured in an account that is used to operate the program entirely. FHA provides a huge economic stimulation to the country in the form of home and community development, which trickles down to local communities in the form of jobs, building suppliers, tax bases, schools, and other forms of revenue.


McGrath & Spielberger, PLLC provides assistance to those involved in mortgage disputes, including borrowers in need of mortgage relief services such as mortgage loan modification, foreclosure negotiation,  and deed-in-lieu  or other negotiated settlement resolutions.

Wednesday, November 7, 2012

Wells Fargo Again Prosecuted by Federal Government for Mortgage Fraud

The Federal Government has Filed a Civil Mortgage Fraud Lawsuit Against Wells Fargo Bank for Fraud Over Ten Years with Regard to Federal Housing Administration Lending


The US Attorney for the Southern District of New York and the US Department of Housing and Urban Development have filed a civil mortgage fraud lawsuit against Wells Fargo bank.  The government is accusing Wells Fargo of more than ten years of fraud in relation to Wells Fargo’s participation in the Federal Housing Administration Lending ProgramMore specifically, the Federal Government claims that as a result of fraud by Wells Fargo, hundreds of millions of dollars in insurance claims were improperly paid to Wells Fargo by the government in relation to thousands of defaulted mortgages.  This means that your tax dollars, directly or indirectly, may have been illegally taken by Wells Fargo. 


Wells Fargo has denied the allegations, and presumably is not going to eagerly pay the $570 million dollar fine that the government is seeking.  That fine represents triple the damages that may have actually occurred in relation to over 6000 defaulted mortgages and the insurance claims paid on them. 


The lawsuit alleges, among other things, that Wells Fargo employed an irresponsible and potentially illegal bonus structure by which its employees received higher compensation if they approved more loans.  Not surprisingly, this led to many loans being approved that should not have been, with the end result being a higher rate of default.  Of course, the incredibly high rate of defaults the last few years has greatly contributed to the overall economic crisis in this country and to the catastrophic mortgage and housing market. Interestingly, in 2011 Wells Fargo became the largest US mortgage loan servicer. 


Of course, this lawsuit follows not long after the National Mortgage Settlement (also referred to as the “Department of Justice Settlement” or “DOJ Settlement”) was entered into earlier this year.  Just when Wells Fargo thought it might have a reduction in negative publicity, the opposite has occurred.


McGrath & Spielberger, PLLC provides assistance to those involved in mortgage disputes, including borrowers in need of mortgage relief services such as mortgage loan modification, foreclosure negotiation, refinancing, and deed-in-lieu or other negotiated settlement resolutions.

Tuesday, November 6, 2012

Columbus – Franklin County, Ohio: housing, foreclosures, jobs, and politics – are we better off now as compared to 2008?

Columbus – Franklin County, Ohio: housing, foreclosures, jobs, and politics – are we better off now as compared to 2008?


RealtyTrac has published some very interesting data related to the current real estate market, foreclosures, and unemployment in Franklin County.  This includes the cities of Bexley, Canal Winchester, Columbus, Dublin, Gahanna, Grandview Heights, Grove City, Groveport, Hilliard, New Albany, Pickerington, Reynoldsburg, Upper Arlington, Westerville, Whitehall, and Worthington. RealtyTrac has various maps which show political data for each county (when available), as well as real estate, foreclosure, and unemployment statistics within that county.  The results for Franklin County, Ohio, are below. 


Presidential politics, 2008 vs. now.  In 2008, approximately 59% of Franklin County voters who voted supported President Obama and cast their votes for him.  It is considered a certainty that a majority of voters who cast ballots this November 6 in Franklin County will do so in support of President Obama. 


Foreclosure “starts”, 2008 vs. now.  In 2008, approximately 4,412 properties in Franklin County fell into a foreclosure status.  Of course, this would generally reflect that those properties began to become distressed in early 2008 or earlier.  The number of foreclosure starts in 2012 is approximately 4,731.


Average home sale price, 2008 vs. now.  In 2008, the average home sale price in Franklin County was approximately $160,522. This year it has been approximately $173,463. 


Percentage of residential real estate sales involving distressed properties, 2008 vs. now.  For purposes of this statistic, distressed sales are considered to be properties which are in some stage of foreclosure or are owned by the bank / mortgage loan lender.  In 2008, distressed sales represented 24.96% of all residential real estate sales in Franklin County.  By comparison, in 2012, those types of sales represent 19.58% of the total residential real estate sales in Franklin County, Ohio. This is a decrease of 21.6%.


Unemployment rates in Franklin County, 2008 vs. now. In 2008, the unemployment rate in Franklin County was 5.9%.  Unfortunately, it is now 6.5%. This is an increase of 10.1%.


Regardless of whom our next President is, we very much hope that the statistics contained herein improve as we get further into the next Presidential term.


McGrath & Spielberger, PLLC provides assistance to those involved in mortgage disputes, including borrowers in need of mortgage relief services such as mortgage loan modification, foreclosure negotiation, refinancing, and deed-in-lieu or other negotiated settlement resolutions.

Monday, November 5, 2012

Nashville – Davidson County, Tennessee: housing, foreclosures, jobs, and politics – are we better off now as compared to 2008?

Nashville – Davidson County, Tennessee: housing, foreclosures, jobs, and politics – are we better off now as compared to 2008?


RealtyTrac has published some very interesting data related to the current real estate market, foreclosures, and unemployment in Davidson County. This includes the cities of Nashville, Belle Meade, Berry Hill, Forest Hills, Goodlettsville, and Oak Hill. RealtyTrac has various maps which show political data for each county (when available), as well as real estate, foreclosure, and unemployment statistics within that county.  The results for Davidson County, Tennessee, are below. 


Presidential politics, 2008 vs. now.  In 2008, approximately 59.9% of Davidson County voters who voted supported President Obama and cast their votes for him.  It is considered a certainty that a majority of voters who cast ballots this November 6 in Davidson County will do so in support of President Obama. 


Foreclosure “starts”, 2008 vs. now.  In 2008, approximately 1,192 properties in Davidson County fell into a foreclosure status.  Of course, this would generally reflect that those properties began to become distressed in early 2008 or earlier.  The number of foreclosure starts in 2012 is approximately 1,519.


Average home sale price, 2008 vs. now.  In 2008, the average home sale price in Davidson County was approximately $232,084. This year it has been approximately $203,972. This is a drop of 12%.


Percentage of residential real estate sales involving distressed properties, 2008 vs. now.  For purposes of this statistic, distressed sales are considered to be properties which are in some stage of foreclosure or are owned by the bank / mortgage loan lender.  In 2008, distressed sales represented 13.25% of all residential real estate sales in Davidson County.  By comparison, in 2012, those types of sales represent 12.07% of the total residential real estate sales in Davidson County, Tennessee. This is a decrease of 8.9%.


Unemployment rates in Davidson County, 2008 vs. now. In 2008, the unemployment rate in Davidson County was 6%.  Unfortunately, it is now 7.4%. This is an increase of 23.3%.


Regardless of whom our next President is, we very much hope that the statistics contained herein look much better as we get further into the next Presidential term.


McGrath & Spielberger, PLLC provides assistance to those involved in mortgage disputes, including borrowers in need of mortgage relief services such as mortgage loan modification, foreclosure negotiation, refinancing, and deed-in-lieu or other negotiated settlement resolutions.


 

Palm Beach County, Florida: housing, foreclosures, jobs, and politics – are we better off now as compared to 2008?

Palm Beach County, Florida: housing, foreclosures, jobs, and politics – are we better off now as compared to 2008?


RealtyTrac has published some very interesting data related to the current real estate market, foreclosures, and unemployment in Palm Beach County.  This includes, but is not limited to, the cities of West Palm Beach, Palm Beach, Jupiter, Manalapan, Boca Raton, Wellington, Boynton Beach, Delray Beach, Lantana, & Palm Beach Gardens. RealtyTrac has various maps which show political data for each county (when available), as well as real estate, foreclosure, and unemployment statistics within that county.  The results for Palm Beach County, Florida, are below. 


Presidential politics, 2008 vs. now.  In 2008, approximately 61.5% of Palm Beach County voters who voted supported President Obama and cast their votes for him.  It is considered a certainty that a majority of voters who cast ballots this November 6 in Palm Beach County will do so in support of President Obama. 


Foreclosure “starts”, 2008 vs. now.  In 2008, approximately 15,519 properties in Palm Beach County fell into a foreclosure status.  Of course, this would generally reflect that those properties began to become distressed in early 2008 or earlier. Interestingly, the number of foreclosure starts in 2012 is approximately 8,709. Of course, a certain percentage of those homeowners who have fallen into foreclosure have since come to me for help. 


Average home sale price, 2008 vs. now.  In 2008, the average home sale price in Palm Beach County was approximately $384,833. This year it has been approximately $237,145. 


Percentage of residential real estate sales involving distressed properties, 2008 vs. now.  For purposes of this statistic, distressed sales are considered to be properties which are in some stage of foreclosure or are owned by the bank / mortgage loan lender.  In 2008, distressed sales represented 15.2% of all residential real estate sales in Palm Beach County.  By comparison, in 2012, those types of sales represent 21.73% of the total residential real estate sales in Palm Beach County, Florida. This is an increase of 43%.


Unemployment rates in Palm Beach County, 2008 vs. now. In 2008, the unemployment rate in Palm Beach County was 7.8%.  Unfortunately, it is now 9.8%. This is an increase of 25.6%.


Regardless of whom our next President is, we very much hope that the statistics contained herein look much better as we get further into the next Presidential term.


McGrath & Spielberger, PLLC provides assistance to those involved in mortgage disputes, including borrowers in need of mortgage relief services such as mortgage loan modification, foreclosure negotiation, refinancing, and deed-in-lieu or other negotiated settlement resolutions.


 

Friday, November 2, 2012

Fulton County, Georgia: housing, foreclosures, jobs, and politics – are we better off now as compared to 2008?

Fulton County, Georgia: housing, foreclosures, jobs, and politics – are we better off now as compared to 2008?


RealtyTrac has published some very interesting data related to the current real estate market, foreclosures, and unemployment in Fulton County.  This includes the cities of Alpharetta, Atlanta, Chattahoochee Hills, College Park, East Point, Fairburn, Hapeville, Johns Creek, Milton, Mountain Park, Palmetto, Roswell, Sandy Springs, and Union City. RealtyTrac has various maps which show political data for each county (when available), as well as real estate, foreclosure, and unemployment statistics within that county.  The results for Fulton County, Georgia, are below. 


Presidential politics, 2008 vs. now.  In 2008, approximately 67.2% of Fulton County voters who voted supported President Obama and cast their votes for him.  It is considered a certainty that a majority of voters who cast ballots this November 6 in Fulton County will do so in support of President Obama. 


Foreclosure “starts”, 2008 vs. now.  In 2008, approximately 11,517 properties in Fulton County fell into a foreclosure status.  Of course, this would generally reflect that those properties began to become distressed in early 2008 or earlier.  It is a surprise to see the numbers: the number of foreclosure starts in 2012 is approximately 7,043.


Average home sale price, 2008 vs. now.  In 2008, the average home sale price in Fulton County was approximately $172,073. This year it has been approximately $263,674. 


Percentage of residential real estate sales involving distressed properties, 2008 vs. now.  For purposes of this statistic, distressed sales are considered to be properties which are in some stage of foreclosure or are owned by the bank / mortgage loan lender.  In 2008, distressed sales represented 26.72% of all residential real estate sales in Fulton County.  By comparison, in 2012, those types of sales represent 33.19% of the total residential real estate sales in Fulton County, Georgia. This is an increase of 24.2%.


Unemployment rates in Fulton County, 2008 vs. now. In 2008, the unemployment rate in Fulton County was 7.3%.  Unfortunately, it is now 10.2%. This is an increase of 39.7%.


Regardless of whom our next President is, we very much hope that the statistics contained herein look much better as we get further into the next Presidential term.


McGrath & Spielberger, PLLC provides assistance to those involved in mortgage disputes, including borrowers in need of mortgage relief services such as mortgage loan modification, foreclosure negotiation, refinancing, and deed-in-lieu or other negotiated settlement resolutions.

Charleston County, South Carolina: housing, foreclosures, jobs, and politics – are we better off now as compared to 2008?

Charleston County, South Carolina: housing, foreclosures, jobs, and politics – are we better off now as compared to 2008?


RealtyTrac has published some very interesting data related to the current real estate market, foreclosures, and unemployment in Charleston County.  This includes the cities of Charleston, Mount Pleasant, Folly Beach, North Charleston and Isle of Palms. RealtyTrac has various maps which show political data for each county (when available), as well as real estate, foreclosure, and unemployment statistics within that county.  The results for Charleston County, South Carolina, are below. 


Presidential politics, 2008 vs. now.  In 2008, approximately 53.5% of Charleston County voters who voted supported President Obama and cast their votes for him.  It is a possibility that a majority of voters who cast ballots this November 6 in Charleston County will do so in support of President Obama. 


Foreclosure “starts”, 2008 vs. now.  In 2008, approximately 8 properties in Charleston County fell into a foreclosure status.  Of course, this would generally reflect that those properties began to become distressed in early 2008 or earlier.  While it may not come as a complete surprise, given what we have experienced the last few years, it is still shocking to see the numbers: the number of foreclosure starts in 2012 is approximately 1,755. Of course, a certain percentage of those homeowners who have fallen into foreclosure have since come to me for help. 


Average home sale price, 2008 vs. now.  In 2008, the average home sale price in Charleston County was approximately $435,739. This year it has been approximately $348,334. 


Percentage of residential real estate sales involving distressed properties, 2008 vs. now.  For purposes of this statistic, distressed sales are considered to be properties which are in some stage of foreclosure or are owned by the bank / mortgage loan lender.  In 2008, distressed sales represented 4.28% of all residential real estate sales in Charleston County.  By comparison, in 2012, those types of sales represent 20.18% of the total residential real estate sales in Charleston County, South Carolina. This is an increase of 371%.


Unemployment rates in Charleston County, 2008 vs. now. In 2008, the unemployment rate in Charleston County was 6.3%.  Unfortunately, it is now 7.9%. This is an increase of 25.4%.


Regardless of whom our next President is, we very much hope that the statistics contained herein look much better as we get further into the next Presidential term.


McGrath & Spielberger, PLLC provides assistance to those involved in mortgage disputes, including borrowers in need of mortgage relief services such as mortgage loan modification, foreclosure negotiation, refinancing, and deed-in-lieu or other negotiated settlement resolutions.


 

Thursday, November 1, 2012

Raleigh – Wake County, North Carolina: housing, foreclosures, jobs, and politics – are we better off now as compared to 2008?

Raleigh – Wake County, North Carolina: housing, foreclosures, jobs, and politics – are we better off now as compared to 2008?


RealtyTrac has published some very interesting data related to the current real estate market, foreclosures, and unemployment in Wake County.  This includes the cities of Raleigh, Cary, Apex, Wake Forest, Garner, Holly Springs, Morrisville, Fuquay-Varina, Knightdale, Wendell, Zebulon & Rolesville. RealtyTrac has various maps which show political data for each county (when available), as well as real estate, foreclosure, and unemployment statistics within that county.  The results for Wake County, North Carolina, are below. 


Presidential politics, 2008 vs. now.  In 2008, approximately 57% of Wake County voters who voted supported President Obama and cast their votes for him.  It is considered a certainty that a majority of voters who cast ballots this November 6 in Wake County will do so in support of President Obama. 


Foreclosure “starts”, 2008 vs. now.  In 2008, approximately 143 properties in Wake County fell into a foreclosure status.  Of course, this would generally reflect that those properties began to become distressed in early 2008 or earlier.  While it may not come as a complete surprise, given what we have experienced the last few years, it is still shocking to see the numbers: the number of foreclosure starts in 2012 is approximately 1,011. Of course, a certain percentage of those homeowners who have fallen into foreclosure have since come to me for help. 


Average home sale price, 2008 vs. now.  In 2008, the average home sale price in Wake County was approximately $245,000. This year it has been approximately $240,000. 


Percentage of residential real estate sales involving distressed properties, 2008 vs. now.  For purposes of this statistic, distressed sales are considered to be properties which are in some stage of foreclosure or are owned by the bank / mortgage loan lender.  In 2008, distressed sales represented 6.8% of all residential real estate sales in Wake County.  By comparison, in 2012, those types of sales represent 7.7% of the total residential real estate sales in Wake County, North Carolina. This is an increase of 13.2%.


Unemployment rates in Wake County, 2008 vs. now. In 2008, the unemployment rate in Wake County was 5.6%.  Unfortunately, it is now 7.7%. This is an increase of 37.5%.


Regardless of whom our next President is, we very much hope that the statistics contained herein look much better as we get further into the next Presidential term.


McGrath & Spielberger, PLLC provides assistance to those involved in mortgage disputes, including borrowers in need of mortgage relief services such as mortgage loan modification, foreclosure negotiation, refinancing, and deed-in-lieu or other negotiated settlement resolutions.


Charlotte – Mecklenburg County, North Carolina: housing, foreclosures, jobs, and politics – are we better off now as compared to 2008?

Charlotte – Mecklenburg County, North Carolina: housing, foreclosures, jobs, and politics - are we better off now as compared to 2008?


RealtyTrac has published some very interesting data related to the current real estate market, foreclosures, and unemployment in Mecklenburg County.  This includes the cities of Charlotte, Cornelius, Davidson, Huntersville, Matthews, Mint Hill, Pineville, and Stallings.  RealtyTrac has various maps which show political data for each county (when available), as well as real estate, foreclosure, and unemployment statistics within that county.  The results for Mecklenburg County, North Carolina, are below. 


Presidential politics, 2008 vs. now.  In 2008, approximately 62% of Mecklenburg County voters who voted supported President Obama and cast their votes for him.  This is not surprising for a county in which registered Democrats increasingly outnumber Republicans.  It is considered a certainty that a majority of voters who cast ballots this November 6 in Mecklenburg County will do so in support of President Obama. 


Foreclosure “starts”, 2008 vs. now.  In 2008, approximately 139 properties in Mecklenburg County fell into a foreclosure status.  Of course, this would generally reflect that those properties began to become distressed in early 2008 or earlier.  While it may not come as a complete surprise, given what we have experienced the last few years, it is still shocking to see the numbers: the number of foreclosure starts in 2012 is approximately 5,268.  In other words, in 2012, more foreclosures have been started every ten days than were started in the entire year of 2008! Of course, a certain percentage of those homeowners who have fallen into foreclosure have since come to me for help. 


Average home sale price, 2008 vs. now.  In 2008, the average home sale price in Mecklenburg County was approximately $235,000.  This year it has been approximately $252,000. 


Percentage of residential real estate sales involving distressed properties, 2008 vs. now.  For purposes of this statistic, distressed sales are considered to be properties which are in some stage of foreclosure or are owned by the bank / mortgage loan lender.  In 2008, distressed sales represented 12.75% of all residential real estate sales in Mecklenburg County.  By comparison, in 2012, those types of sales represent 17.14% of the total residential real estate sales in Mecklenburg County, North Carolina.  This is an increase of 34.4%.


Unemployment rates in Mecklenburg County, 2008 vs. now. In 2008, the unemployment rate in Mecklenburg County was 7.3%.  Unfortunately, it is now 10%.  This is an increase of 37%.


Regardless of whom our next President is, we very much hope that the statistics contained herein look much better as we get further into the next Presidential term.


McGrath & Spielberger, PLLC provides assistance to those involved in mortgage disputes, including borrowers in need of mortgage relief services such as mortgage loan modification, foreclosure negotiation, refinancing, and deed-in-lieu or other negotiated settlement resolutions.