Foreclosures Activity Declines

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Foreclosure activity declines in September
Notices of Default (NOD) decreased 20.7 percent in California in September compared with August, and were down 48.1 percent compared with last year, according to ForeclosureRadar.

Foreclosure sales in California were down 17.9 percent from the prior month, and down 30.4 percent compared with last year. However, a larger portion of Trustee Sales, 39.2 percent, were purchased by investors compared with 27.2 percent last year.

“It was recently reported that the nation’s five largest mortgage servicers have implemented all of the 320 servicing standards required under the national mortgage settlement,” stated Sean O’Toole, founder & CEO of ForeclosureRadar. “The continued decline in Foreclosure Starts clearly shows that even though servicers are now apparently in compliance and clear to move forward with foreclosures, they are still in no rush to foreclose on the majority of delinquent borrowers.””

The time to foreclose on delinquent loans in California declined 2.8 percent in September.

 

Tight housing inventory hurts September home sales
A continued shortage of available homes for sale lowered California home sales in September, while the median price reached the highest level in more than four years, C.A.R. reported this week.

Sales in September were down 5.2 percent compared with August and down 1.2 percent compared with September 2011.

The statewide median price of an existing, single-family detached home inched up 0.3 percent from August’s $343,820 median price to $345,000 in September.  The September figure was up 19.5 percent from a revised $288,700 recorded in September 2011, marking the seventh consecutive month of both month-to-month and year-to-year price increases.  September’s median price was the highest since August 2008, when the median price was $352,730.  The year-to-year increase was the largest since May 2010.

“For the state, at 3.7 months of supply, unsold inventory is still less than half what it would be in a normal market,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  “As a result of the constrained supply at the moderate and lower end of the market, sales of homes priced under $200,000 dropped nearly 28 percent, and homes priced $200,000-$300,000 fell more than 15 percent in September.  By contrast, in the upper price range, where inventory isn’t as much of an issue, sales of homes priced $400,000-$500,000 rose more than 14 percent, and those priced above $500,000 increased more than 15 percent.”

 

Inventory shortage hits first-time buyers in California
The inventory of lower-priced homes for sale, which are commonly sought by first-time home buyers, has dropped by more than 40 percent in California over the past year, according to a new Zillow analysis, which tracks changes in the number of homes listed for sale on Zillow across the country as of Sept. 30, 2012, and compares inventory changes in the bottom, middle, and upper tiers of home prices.

California has the highest annual rate of inventory reductions across all three housing tiers (-37.5 percent), but the inventory in the bottom tier of homes saw the biggest decline (-42.7 percent); with lower-priced homes in the Fresno (-59.7 percent), Sacramento (-55.4 percent), San Francisco (-53.2 percent), and Modesto (-50.5 percent) metros seeing the largest annual reductions. These homes commonly are purchased by first-time home buyers and, more recently, investors. Nationally, the bottom price tier has experienced an inventory reduction of 15.3 percent over the past year.

Nationally, inventory rates have dropped by one-fifth (-19.4 percent) across all homes with inventory declining the most in higher-priced homes (-22 percent).

In the largest 30 metro areas, inventory across all tiers has fallen the most in the Sacramento, down 42.4 percent; San Francisco, down 42.4 percent; and San Diego, down 40.7 percent.

 

Tip of the week: Beware of malware targeting mobile devices
The Internet Crime Complaint Center has been made aware of various malware attacking Android operating systems for mobile devices.  Some of the latest known versions of this type of malware are Loozfon and FinFisher.  Loozfon is an information-stealing piece of malware.  Criminals use different variants to lure the victims.  One version is a work-at-home opportunity that promises a profitable payday just for sending out email.  A link within these advertisements leads to a website that is designed to push Loozfon on the user’s device.  The malicious application steals contact details from the user’s address book and the infected device’s phone number.

FinFisher is a spyware capable of taking over the components of a mobile device.  When installed, the mobile device can be remotely controlled and monitored no matter where the victim is located.  FinFisher can be easily transmitted to a Smartphone when the user visits a specific web link or opens a text message masquerading as a system update.

For information and tips on protecting mobile devices, visit http://www.ic3.gov/media/2012/121012.aspx.

Category : Blog

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