Category Archives: Foreclosure Assistance

US Foreclosures Drop to Lowest Levels in 7 Years

US home foreclosures dropsHere’s another sign that the tide has turned on the national real estate market: US homes entering the foreclosure process fell to their lowest levels in 7 years during the 3rd quarter of 2013.

This is tremendous news for interested home sellers because foreclosures have been pulling down median sales prices all across the country for the last few years.

What’s more, the drop in foreclosures signals that fewer homeowners are falling behind on mortgage payments, which is yet another indication that the market is in fact improving.

And that’s good news for everyone!

More National Housing Market Trends

According to a recent Associated Press article, lenders started the foreclosure process on 174,366 homes between July and September, which is the lowest level since the second quarter of 2006.

Here are some more recent trends that experts are seeing on the national real estate market:

  • Foreclosure starts fell 13 percent from the previous quarter.
  • What’s more, foreclosure starts were down 39 percent from the third quarter last year.
  • During the third quarter 2013, foreclosure starts saw year-over-year decreases in 38 states, including Colorado, Arizona, California and Illinois.
  • Meanwhile, there were year-over-year increases in foreclosure starts in 11 states, including Maryland, Oregon, New Jersey and Connecticut.
  • Although there were fewer homes entering the foreclosure process, lenders actually increased their home repossessions. Thus, data shows there was actually a quarterly increase in homes lost to foreclosure.
  • Completed foreclosures increased 7 percent between the second and third quarter.
  • Still, completed foreclosures were down 24 percent year-over-year during the third quarter.
  • 119,485 homes were taken back by lenders during the third quarter. Experts project that the country will complete about 507,497 foreclosures by the end of the year, which is actually down about 24 percent from 2012′s total.
  • Foreclosures peaked in 2010 with 1.05 million. They have been decreasing since then.
  • The total number of homes taken back by banks increased between the second and third quarter in 26 states, including New York, New Jersey, Illinois and Virginia.
  • During the third quarter, it took an average of 551 days between the time a home began the foreclosure process to the time it was completed repossessed. This is an increase from the average number of days this process took in the second quarter, which was 526 days.
  • New York had the longest foreclosure processing time with an average of 1,037 days, or almost three years. Meanwhile, Maine had the shortest foreclosure processing time with 160 days.
  • Florida continues to have the highest rate of foreclosures, with a rate that is more than twice the national average during the third quarter.
  • The other states that made the Top 10 List for Highest Foreclosure Rates in the 3rd Quarter were: Nevada, Maryland, Illinois, Ohio, Connecticut, Delaware, New Jersey, Indiana and South Carolina.

Keeping Our Eyes on Real Estate Trends for You

While we just shared with you a ton of real estate data, the bottom line is that the drop in overall foreclosure starts is an indication that the US housing market is continuing to improve. This improvement is being aided by steady job growth, more reliable loans and rising home prices.

Check back soon for more updates on US housing market trends!

There are still homeowners that may be facing foreclosure and there are options available, view more foreclosure resources here. To learn about home values in your particular Ann Arbor neighborhood, contact us at The Bouma Group today at 734-761-3060 or email info@bouma.com.

Avoid Ann Arbor Foreclosure

The Bouma Group can help you avoid Ann Arbor Foreclosure!

Ann Arbor Foreclosure Assistance

Chances are that you or someone you know in the Ann Arbor area is facing the possibility of foreclosure. Please understand that you/they are not alone. Today, 1 out of every 10 homeowners in America is behind on their mortgage payments. These are tough and frustrating times. Now more than ever, it’s important to identify your options. Foreclosure can be avoided, your credit can be saved, and your financial future can be salvaged.

Through my experience handling distressed properties at The Bouma Group, I’ve found that homeowners today have more questions than answers about their circumstances. We have created a website www.avoidannarborforeclosure.com to help you understand the possible solutions to foreclosure, as well as provide a detailed explanation of short sales, which may be the best course of action for some homeowners. On the website, I’m offering you a FREE Report to explain your options and help you decide on a course of action. The idea of losing a home can be overwhelming, and I feel it is vital for you to have all the facts necessary to make an informed decision. Continue reading

What You Need to Know About the Foreclosure Moratorium

Homeowners here in Ann Arbor who have been following the news during the past week, know that many banks have called for a moratorium on foreclosures. Bank of America, one of the major mortgage lenders here in Michigan, was the first to extend their review of foreclosure documents to all 50 states. As of yesterday (10/25), Bank of America resumed  foreclosure activity in 23 states, while continuing their nationwide review. Here are some questions and answers which will help to shed some light on the current foreclosure situation. Answers have been provided by Bank of America:

What is a foreclosure sale?
After a severely delinquent customer goes through the foreclosure proceedings, their home becomes the property of the investor or bank. At that time, the home is sold at public auction. It is only after that time that a customer may be evicted from their home.

What does this mean for customers currently in the foreclosure process?
Bank of America will continue the foreclosure process on delinquent borrowers, but will not proceed to judgment or with a foreclosure sale at this time. Foreclosure sales which were scheduled for October 9 or later were stopped and will be rescheduled at a later date.

Why are banks taking this action?
Due to questions raised about the foreclosure affidavit-signing process, steps are being taken as a precaution. Most lenders are reviewing their processes for handling foreclosure documents.
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Facing Foreclosure? Don’t Abandon That Home!

Over Easter weekend, over 1,000  University of Michigan  students participated in Detroit Partnership Day and helped demolish hundreds of abandoned homes in the area, as well as cleaned parks and painted murals ion 20 sites in northwest and southwest Detroit.

The problem of abandoned homes is an interesting dimension of the housing crisis in Detroit, as well as in Ann Arbor and around the country.  With so many homes being foreclosed upon, the “orphaned” properties that remain have created difficult legal disputes as to who should care for the properties while the foreclosure process occurs. In many cases, the homeowners abandon their homes upon receiving their first notice.

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Ann Arbor Real Estate Market Statistics for 2008

Ann Arbor Area Board of Realtors Numbers are In!

Well, the numbers just came in from the Ann Arbor Area Board of Realtors – Ann Arbor area real estate values are down 15.5%. This is a great figure, however, it’s much like saying the temperature in the USA is 82 degrees. What does that mean? Not a lot, because it doesn’t take into account the fact that the temperature can range from 10 degrees – 102 degrees depending on where you’re located. Well, home prices are just the same. Depending on where you live in Washtenaw County, your rate of decrease can vary dramatically.

Data collected from the Ann Arbor MLS shows that depending on the school district, there are large differences in market stats. Comparing data from the 4th Qtr of 2007 to the 4th Qtr of 2008, using price/Sq Ft as the true indicator of price, the chart below shows that the depreciation has ranged from a low of -7.1 in Chelsea to a high of -38.8% in Willow RunAnn Arbor saw a drop of -7.6% putting it in the lower range.

  Average Sales Price       Homes Sold  
9/06-8/07 9/07-8/08 % Change   9/06-8/07 9/07-8/08 % Change
Ann Arbor $316,969 $291,899 -7.9%   1100 1111 1.00%
Saline $315,456 $302,634 -4.1%   265 294 10.94%
Dexter $324,668 $285,914 -11.9%   241 263 9.13%
Chelsea $263,757 $223,819 -15.1%   178 161 -9.55%
Ypsilanti $143,497 $104,586 -27.1%   274 263 -4.01%
Lincoln $197,273 $172,151 -12.7%   334 399 19.46%
Manchester $237,253 $183,258 -22.8%   46 53 15.22%
Milan $209,871 $146,983 -30.0%   88 109 23.86%
Willow Run $126,697 $87,783 -30.7%   151 209 38.41%
TOTAL $265,556 $224,223 -15.6%   2677 2862 6.91%

 

        Price per SF     Average SF  
  9/06-8/07 9/07-8/08 % Change   9/06-8/07 9/07-8/08 % Change
Ann Arbor 160 142 -11.3%   2005 2325 15.96%
Saline 136 122 -10.3%   2342 2449 4.57%
Dexter 143 117 -18.2%   2368 2427 2.49%
Chelsea 136 111 -18.4%   1984 2078 4.74%
Ypsilanti 107 72 -32.7%   1386 1434 3.46%
Lincoln 110 89 -19.1%   1823 1926 5.65%
Manchester 124 105 -15.3%   1981 1783 -9.99%
Milan 116 86 -25.9%   1760 1721 -2.22%
Willow Run 94 61 -35.1%   1347 1369 1.63%
TOTAL 137 114 -16.8%   1938 2093 8.00%

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Ann Arbor Foreclosure Assistance Consumer Alert!

Because bank owned Ann Arbor properties are becoming more commonplace and foreclosures are on the rise the proliferation of scam artist are also on the rise here in Washtenaw County. These unscrupulous people are trying to take advantage of Washtenaw County homeowners who are in a very difficult financial situation. Many unknowingly fall prey to these scam artist who poss as so-called legitimate organizations.

Ann Arbor Foreclosure Danger Signs!

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