| Home foreclosure rate soars in 2007
LOS ANGELES — The number of U.S. homes that slipped into some stage of foreclosure in 2007 was 79 percent higher than in the previous year, a real estate tracking company said Tuesday. Many homeowners started to fall behind on mortgage payments in the last three months, setting the stage for more foreclosures this year. About 1.3 million homes received foreclosure-related warnings last year, up from 717,522 in 2006, Irvine-based RealtyTrac Inc. said. Foreclosure filings rose 75 percent from the previous year to 2.2 million. More than 1 percent of all U.S. households were in some phase of the foreclosure process last year, up from about half a percent in 2006, RealtyTrac said. Nevada, Florida, Michigan and California posted the highest foreclosure rates, the company said.
No. of homes in some stage of foreclosure soared, data show
The number of U.S. homes that slipped into some stage of foreclosure in 2007 was 79 percent higher than in the previous year, a real estate tracking company said Tuesday. Many homeowners started to fall behind on mortgage payments in the last three months, setting the stage for more foreclosures this year. About 1.3 million homes received foreclosure-related warnings last year, up from 717,522 in 2006, Irvine-based RealtyTrac Inc. said. Foreclosure filings rose 75 percent from the previous year to 2.2 million. More than 1 percent of all U.S. households were in some phase of the foreclosure process last year, up from about half a percent in 2006, RealtyTrac said. Nevada, Florida, Michigan and California posted the highest foreclosure rates, the company said.
Foreclosure Rates Mean Bad News For Valley Sellers
They're also making it tougher for other sellers who were hoping to make a profit selling their home. You can usually buy foreclosed homes for less than a regular house for sale. That's good news for the buyer, but bad news for sellers trying to compete with bank prices. Eyewitness News looked at a five bedroom home in northwest Las Vegas that has never been lived in. It was supposed to be a big help for Kathy and Michael Lowry. In their eyes, buying the home was an opportunity they couldn't pass up. Michael Lowry said, "Biggest real estate boom in the history of the United States, we couldn't go wrong. We needed to send our kids through college and we thought it was a great deal." But their plan to quickly re-sell for profit was shattered.
C.A.R. Reports Sales Decrease 33.4 Percent, Median Home Price Falls 16 ...
Home sales decreased 33.4 percent in December in California compared with the same period a year ago, while the median price of an existing home fell 16.5 percent, the CALIFORNIA ASSOCIATION OF REALTORS(R) (C.A.R.) reported today. "December is typically one of the slower months for sales, and the liquidity crunch continued to dampen sales beyond the normal seasonal decrease," said C.A.R. President William E. Brown. "Even so, seasonally adjusted sales edged above 300,000 homes for the first time since August 2007. "The liquidity crunch also contributed to the significant decline in the median price due to the lack of financing options for loans above the conforming loan limit of $417,000," Brown said. "It is imperative that the proposed increase to conforming loan limits that is part of the economic stimulus package receive swift approval by both houses of congress." Closed escrow sales of existing, single-family detached homes in California totaled 301,040 in December at a seasonally adjusted annualized rate, according to information collected by C.A.R.
Parkway design a model of compromise
In a Dec. 18 letter to the editor ("Road plan orphans park's west side"), a citizen voiced concern about several elements of the Shelby Farms Parkway that should be addressed. A 17-member advisory board, appointed by county Mayor A C Wharton, included business leaders, developers and traffic engineers, as well as representatives of the Wolf River Conservancy, the Sierra Club, Friends of Shelby Farms Park and park users. This board prioritized preservation of parkland, safety and recreational access along and across the parkway. .
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