But the new numbers tell only part of the story. What they really demonstrate is that millions of homes remain distressed and that the foreclosure process itself continues to be troubled.

It was late in 2010 that the robo-signing scandal came to light, the practice of signing foreclosure affidavits without actually verifying that the claims were true. The result is that while most foreclosures are justified by non-payment some are not. The judicial system must now figure out how to repair improper foreclosures and — going forward — how to assure that no family is thrown out of their home without cause.

“Foreclosures were in full delay mode in 2011, resulting in a dramatic drop in foreclosure activity for the year,” said Brandon Moore, chief executive officer of RealtyTrac. “The lack of clarity regarding many of the documentation and legal issues plaguing the foreclosure industry means that we are continuing to see a highly dysfunctional foreclosure process that is inefficiently dealing with delinquent mortgages — particularly in states with a judicial foreclosure process.

“There were strong signs in the second half of 2011 that lenders are finally beginning to push through some of the delayed foreclosures in select local markets. We expect that trend to continue this year, boosting foreclosure activity for 2012 higher than it was in 2011, though still below the peak of 2010.”

Annual Results

There are two ways to view the market: properties impacted and foreclosure filings. Each measure has value as an index of marketplace activity.

Realtytrac says in 2011 that 1,887,777 U.S. properties faced foreclosure, a 34 percent decrease when compared with 2010. Foreclosure filings themselves — default notices, scheduled auctions and bank repossessions — fell almost 30 percent.

Going back to 2005, the annual foreclosure filing totals from RealtyTrac look like this:

In the past seven years almost 18 million foreclosure filings have been sent out. However, the actual number of impacted homes is substantially lower because borrowers often receive multiple notices for a single property.

December activity hits 49-month low, scheduled auctions up in fourth quarter

Foreclosure filings were reported on 205,024 U.S. properties in December, a decrease of 9 percent from the previous month and down 20 percent from December 2010. December’s total was the lowest monthly total since November 2007 — a 49-month low.

December Default notices (NOD, LIS) decreased 19 percent from the previous month and were down 23 percent from December 2010; Scheduled foreclosure auctions (NTS, NFS) decreased 12 percent from the previous month and were down 24 percent from December 2010; and bank repossessions (REO) increased 10 percent from the previous month but were still down 12 percent from December 2010.

Foreclosure filings were reported on 586,133 U.S. properties in the fourth quarter, a 4 percent decrease from the previous quarter and down 27 percent from the fourth quarter of 2010. Fourth quarter default notices were down 6 percent from the previous quarter and down 22 percent from the fourth quarter of 2010; scheduled foreclosure auctions increased 4 percent from the previous quarter but were still down 32 percent from the fourth quarter of 2010; and REOs decreased 11 percent from the previous quarter and were down 24 percent from the fourth quarter of 2010.

Nevada, Arizona, California post top state foreclosure rates for year

More than 6 percent of Nevada housing units (one in 16) had at least one foreclosure filing in 2011, giving it the nation’s highest state foreclosure rate for the fifth consecutive year despite a 31 percent decrease in foreclosure activity from 2010. Nevada foreclosure activity dropped 35 percent from the third quarter to the fourth quarter, driven primarily by a 70 percent decrease in default notices — the result of a new law (AB 284) that took effect in October requiring lenders to file an additional affidavit before starting the foreclosure process. The new law also increases the penalties for the use of fraudulent documents in foreclosure.

Despite a 28 percent drop in foreclosure activity from November to December — caused largely by a 41 percent drop in scheduled foreclosure auctions — Arizona registered the nation’s second highest state foreclosure rate for the third year in a row, with 4.14 percent of its housing units (one in 24) with at least one foreclosure filing in 2011.

California also experienced a substantial month-over-month drop in initial foreclosure notices in December — default notices there were down 38 percent from the previous month — but the state still registered the nation’s third highest foreclosure rate for all of 2011. One in every 31 California housing units (3.19 percent) had at least one foreclosure filing during the year, down from 4.08 percent in 2010 and 4.75 percent in 2009.

Georgia posted the nation’s fourth highest state foreclosure rate, with 2.71 percent of housing units (one in 37) with at least one foreclosure filing in 2011, and Utah posted the nation’s fifth highest state foreclosure rate, with 2.32 percent of its housing units (one in 43) with a foreclosure filing during the year.

Other states with 2011 foreclosure rates ranking among the nation’s 10 highest wereMichigan (2.21 percent), Florida (2.06 percent), Illinois (1.95 percent), Colorado (1.78 percent), and Idaho (1.77 percent).

Foreclosure processing timelines continue to increase

U.S. properties foreclosed in the fourth quarter took an average of 348 days to complete the foreclosure process, up from 336 days in the third quarter and up from 305 days in the fourth quarter of 2010. The length of the average foreclosure process has increased 24 percent from 281 days in the third quarter of 2010, when lenders began to re-evaluate foreclosure procedures in earnest as the result of the so-called robo-signing controversy.

The average foreclosure process in New York has increased 37 percent during the same time period, and New York properties foreclosed in the fourth quarter took an average of 1,019 days to complete the foreclosure process — the longest of any state.

New Jersey documented the nation’s second longest average foreclosure process, at 964 days, and Florida documented the nation’s third longest average foreclosure process, at 806 days. Foreclosure activity in both these states dropped more than 60 percent from 2010 to 2011. All three states with the longest foreclosure timelines employ the judicial foreclosure process.

Texas continued to register the shortest average foreclosure process of any state, at 90 days — still an increase from 86 days in the third quarter and from 81 days in the fourth quarter of 2010. Other states with average foreclosure process among the nation’s shortest in the fourth quarter were Delaware (106 days), Kentucky (108 days), Virginia(132 days), and Louisiana (134 days).

Top metro foreclosure rates

With 7.38 percent of its housing units (one in 14) with at least one foreclosure filing in 2011, Las Vegas posted the nation’s top foreclosure rate for the year among metropolitan statistical areas with a population of 200,000 or more.

Ten out of the top 20 metro foreclosure rates in 2011 were in California cities, led by Stockton at No. 2, with 5.43 percent of housing units (one in 18) with at least one foreclosure filing during the year. Other California cities in the top 10 were Modesto at No. 3 (5.29 percent), Vallejo-Fairfield at No. 4 (5.20 percent), Riverside-San Bernardino at No. 5 (5.16 percent), Merced at No. 7 (4.40 percent), Bakersfield at No. 9 (4.31 percent), Sacramento at No. 10 (4.17 percent), Fresno at No. 11 (3.82 percent), Visalia at No. 13 (3.67 percent), and Ventura at No. 16 (3.27 percent).

Other metro areas with foreclosure rates ranking among the top 20 were Phoenix at No. 6 (5.10 percent); Reno, Nev., at No. 8 (4.37 percent); Atlanta at No. 12 (3.69 percent); Prescott, Ariz., at No. 14 (3.50 percent); Cape Coral-Fort Myers, Fla., at No. 15 (3.29 percent); Greeley, Colo., at No. 17 (2.97 percent); Detroit at No. 18 (2.94 percent); Boise, Idaho, at No. 19 (2.85 percent); and Salt Lake City at No. 20 (2.81 percent).

All top 20 metro areas showed a decrease in foreclosure activity from 2010, and all butAtlanta posted a decrease from 2009. Atlanta metro foreclosure activity in 2011 was up 2 percent from 2009.

Foreclosure Filings Off Nearly 30%, RealtyTrac is a post from: OurBroker.com -- Refinance, Home Mortgage Loans & Rates, Home Equity Loan

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Does this change make a lot of sense? No. Is this change the law of the land? Yes.

Let’s see what happened.

Mortgage loan limits were raised substantially in 2008. It was thought that higher limits will would help revive high-cost real estate markets in big cities and along the cost. After three years it became obvious that higher loan limits helped few but created additional risk for lenders and mortgage insurance programs, such as the FHA.

To solve the risk problem, Congress agreed to lower mortgage loan rates as of October 1, 2011. The rates were lowered and the world did not collapse. Indeed, the National Association of Realtors reported that in October existing home sales ROSE despite the lower loan limits.

With everything working well Congress naturally decided to raise FHA and conventional loan limits back to the pre-October 2011 levels. The new legislation passed with huge majorities in the Senate (60-39) and the House (298-121).

However, when the legislation got into a conference committee — representatives from both houses who are supposed to work out any conflicts in the two pieces of legislation — a strange thing happened: FHA conforming loan limits went up for two years and conventional loan limits remained stuck.

Always Smaller

It used to be FHA loans were always smaller than conventional loans for a very simple reason: FHA loans could be no larger than 87 percent of the conventional loan limit. So, if the conventional loan limit was $300,000 the largest FHA mortgage could only be $261,000 in the lower 48 states.

Now we have a situation where FHA mortgages can be bigger in high-cost areas than conventional loans. This is remarkable given how some lenders have worried that the FHA program will be over-utilized or that it allegedly will need billions of dollars in taxpayer bailout money. (See: Will The FHA Go Bankrupt?)

Also, some conservatives object to the FHA because it sells mortgage insurance, something the private sector also sells.

So, where do we stand with loan limits as of November 19, 2011? Here we go:

How Mortgage Limits Vary

There are several types of mortgage loan limits. Generally, most borrowers need to look at the limits for conventional, FHA and VA loans to see how much can be financed with the most-widely originated loans.

If you borrow at or below the conventional loan limit for non-government mortgages, you would have what is generally known as a “conforming” loan. If the amount borrowed is above the conventional loan limit, you would have a “jumbo” loan and face a higher rate because larger loans imply more risk to investors, the folks who buy mortgages.

As well, a “conventional” mortgage can be seen as loans originated from the private sector. FHA and VA mortgages are originated in the private sector but insured through government programs. For specifics, look at FHA and VA mortgage requirements.

Conventional Loans

As of October 1, 2011 the conventional loan limits depend on the county where you’re located. Instead of one national mortgage limit, loan limits depend on; one, whether the property is in a general or high cost area; two, whether the property is within the lower 48 states; and, three, whether the property located in Alaska, Hawaii, Guam and the U.S Virgin Islands.

In general terms, the October 2011 loan limits for a single-family home range from $417,000 to $625,500 in the 48 continental states. Once you know the loan limit for a single-family home in a specific area you can then see the limits for owner-occupied homes with two to four units.

VA Loans

After October 1, 2011 the Department of Veterans Affairs (VA) will use the same loan limits as before. There are no changes. As the VA explains:

“The maximum guaranty for VA guaranteed loans closed October 1, 2011 through December 31, 2011 will remain unchanged. The Veterans’ Benefits Improvement Act of 2008 provided a temporary increase in VA loan limits for loans closed January 1, 2009 through December 31, 2011. Because of this legislation, VA loan limits will remain the same for the remainder of the calendar year. Please note that VA does not have a maximum loan amount. Loan limit refers to the maximum loan a lender could make and still receive a 25% guaranty from VA, assuming the veteran has full entitlement.”

Official loan limits for specific areas range from $417,000 to as much as $1,094,625. To find the VA loan limit for a given area, please use the chart below:

2011 VA County Loan Limits for High-Cost Counties

Some important points about financing for vets, active-duty personnel, and members of the National Guard and Reserve:

• Qualified individuals can purchase homes with one to four units provided that they live in one unit. The veteran must certify as to occupancy.
• In the case of an active-duty veteran who cannot occupy because of his or her status as an active duty member of the armed forces, occupancy by the spouse can satisfy the occupancy requirement.
• Individuals on active duty have strong protections preventing foreclosure under the Servicemembers Civil Relief Act (SCRA).

FHA Loans

The FHA loan program has loan limits for owner-occupied homes under its 203(b) program, the most-common FHA option. The FHA loan limit varies according to whether you live in a typical real estate market, a “high cost” market or you reside in Alaska, Guam, Hawaii, and the Virgin Islands.

As of November 18, 2011 and through 2013 the FHA 203(b) loan limits look like this:

To qualify for the FHA loans above, at least one unit must be owner occupied.

HUD has an online database which shows the latest FHA loan limits by state and county. The system can be reached by going to the FHA Loan Limits Page

Also, HUD has a list of Areas at Ceilings and Above and Areas Between Floor and Ceiling.

FHA-Insured Reverse Mortgages

The loan limits for FHA-insured reverse mortgages (also known as home equity conversion mortgages or HECMs) will remain at $625,500. HUD, in 2010, introduced the HECM Saver program as an alternative to its standard HECM plan. The difference? The Saver program has an up-front insurance fee which is less than the cost of take-out food for four but the amount you can borrow against equity has been reduced. For specifics, speak with attorneys who specialize in elder law and fee-only financial planners.

A Brief History

Loan limits used to be set annually and the same limit applied to all states and all counties in the lower 48 states. The limits were 50 percent higher outside the countinental U.S.

The real estate marketplace began withdrawing from the highs seen in April 2007 and price reductions continued into 2008. Given lower home values, conventional loan limits were supposed to be reduced for 2009. At this point the government stepped in and changed the rules with the Economic Stimulus Act of 2008 (ESA) and the Housing and Economic Recovery Act of 2008 (HERA). These laws gave us the loan limit system we have in place today.

Until September 30, 2011, the Department of State, Foreign Operations, and Related Programs Appropriations Act extended the maximum loan limits first established in 2008.

On November 18, 2011 the President signed H.R. 2112: The Consolidated and Further Continuing Appropriations Act, 2012. This legislation increased the FHA loan limit.

A CAUTION: Because maximum loan limits can change at anytime, visitors to OurBroker.com are advised to speak with local real estate brokers and lenders BEFORE entering the real estate marketplace for the latest mortgage information.

Copyright 2011 OurBroker.com. All Rights Reserved

————————————————————————————————————–

FHA Loan Limits Rise, Conventional & VA Mortgage Limits Stick is a post from: OurBroker.com -- Refinance, Home Mortgage Loans & Rates, Home Equity Loan

Technorati Tags: 2008, 2009, 2010, 2011, 2012, conference committee, Congress, conventional, Economic Recovery Act of 2008, Economic Stimulus Act of 2008, ESA, Fannie Mae, FHA, Freddie Mac, HECM, HERA, high cost, HUD, jumbo, limit, loan, new, saver, VA

Note: This material is now out of date. Please go to: FHA Loan Limits Rise, Conventional & VA Mortgage Limits Stick.

Before looking at the numbers let’s make three quick points:

First, the October 1st loan limits will continue only until December 31, 2011. As of January 1, 2012 it’s possible that we could have new loan limits or they might stay the same. At this moment there’s a political fight in Washington brewing over the issue.

Second, most borrowers need far less than the mortgage loan limits for FHA, VA and conventional mortgages. For instance, in a low cost area the maximum conventional loan amount will be $417,000. According to the National Association of Realtors the typical home sold for just $174,000 in July 2011.

Third, the new is the same as the old. The limits which started October 1, 2011 are the same limits we had in place before July 1, 2007.

How Mortgage Limits Vary

There are several types of mortgage loan limits. Generally, most borrowers need to look at the limits for conventional, FHA and VA loans to see how much can be financed with the most-widely originated loans.

If you borrow at or below the conventional loan limit for non-government mortgages, you would have what is generally known as a “conforming” loan. If the amount borrowed is above the conventional loan limit, you would have a “jumbo” loan and face a higher rate because larger loans imply more risk to investors, the folks who buy mortgages.

As well, a “conventional” mortgage can be seen as loans originated from the private sector. FHA and VA mortgages are originated in the private sector but insured through government programs. For specifics, look at FHA and VA mortgage requirements.

Conventional Loans

As of October 1, 2011 the conventional loan limits depend on the county where you’re located. Instead of one national mortgage limit, loan limits depend on; one, whether the property is in a general or high cost area; two, whether the property is within the lower 48 states; and, three, whether the property located in Alaska, Hawaii, Guam and the U.S Virgin Islands.

In general terms, the October 2011 loan limits for a single-family home range from $417,000 to $625,500 in the 48 continental states. Once you know the loan limit for a single-family home in a specific area you can then see the limits for owner-occupied homes with two to four units.

VA Loans

After October 1, 2011 the Department of Veterans Affairs (VA) will use the same loan limits as before. There are no changes. As the VA explains:

“The maximum guaranty for VA guaranteed loans closed October 1, 2011 through December 31, 2011 will remain unchanged. The Veterans’ Benefits Improvement Act of 2008 provided a temporary increase in VA loan limits for loans closed January 1, 2009 through December 31, 2011. Because of this legislation, VA loan limits will remain the same for the remainder of the calendar year. Please note that VA does not have a maximum loan amount. Loan limit refers to the maximum loan a lender could make and still receive a 25% guaranty from VA, assuming the veteran has full entitlement.

Official loan limits for specific areas range from $417,000 to as much as $1,094,625. To find the VA loan limit for a given area, please use the chart below:

2011 VA County Loan Limits for High-Cost Counties

Some important points about financing for vets, active-duty personnel, and members of the National Guard and Reserve:

• Qualified individuals can purchase homes with one to four units provided that they live in one unit. The veteran must certify as to occupancy.
• In the case of an active-duty veteran who cannot occupy because of his or her status as an active duty member of the armed forces, occupancy by the spouse can satisfy the occupancy requirement.
• Individuals on active duty have strong protections preventing foreclosure under the Servicemembers Civil Relief Act (SCRA).

FHA Loans

The FHA loan program has loan limits for owner-occupied homes under its 203(b) program, the most-common FHA option. The FHA loan limit varies according to whether you live in a typical real estate market, a “high cost” market or in Alaska, Guam, Hawaii, and the Virgin Islands.

As of October 1, 2011 the FHA 203(b) loan limits look like this:

To qualify for the FHA loans above, at least one unit must be owner occupied.

HUD has an online database which shows the latest FHA loan limits by state and county. The system can be reached by going to the FHA Loan Limits Page

Also, HUD has a list of Areas at Ceilings and Above and Areas Between Floor and Ceiling.

FHA-Insured Reverse Mortgages

The loan limits for FHA-insured reverse mortgages (also known as home equity conversion mortgages or HECMs) will remain at $625,500. HUD, in 2010, introduced the HECM Saver program as an alternative to its standard HECM plan. The difference? The Saver program has an up-front insurance fee which is less than the cost of take-out food for four but the amount you can borrow against equity has been reduced. For specifics, speak with attorneys who specialize in elder law and fee-only financial planners.

A Brief History

Loan limits used to be set annually and the same limit applied to all states and all counties in the lower 48 states. The limits were 50 percent higher outside the countinental U.S.

The real estate marketplace began withdrawing from the highs seen in April 2007 and price reductions continued into 2008. Given lower home values, conventional loan limits were supposed to be reduced for 2009. At this point the government stepped in and changed the rules with the Economic Stimulus Act of 2008 (ESA) and the Housing and Economic Recovery Act of 2008 (HERA). These laws gave us the loan limit system we have in place today.

Until September 30, 2011, the Department of State, Foreign Operations, and Related Programs Appropriations Act extended the maximum loan limits first established in 2008.

A CAUTION: Because maximum loan limits can change at anytime, visitors to OurBroker.com are advised to speak with local real estate brokers and lenders BEFORE entering the real estate marketplace for the latest mortgage information.

Copyright 2012 OurBroker.com. All Rights Reserved

————————————————————————————————————–

New FHA, VA and Conventional Mortgage Loan Limits is a post from: OurBroker.com -- Refinance, Home Mortgage Loans & Rates, Home Equity Loan

Technorati Tags: 2008, 2009, 2010, 2011, 2012, conventional, Economic Recovery Act of 2008, Economic Stimulus Act of 2008, ESA, Fannie Mae, FHA, Freddie Mac, HECM, HERA, high cost, HUD, jumbo, limit, loan, new, saver, VA

The final figures would actually have been worse had it not been for the foreclosure moratoriums and slow-downs caused by the still-simmering robo-signing scandal. In most cases the lower figures reflect delays and deferrals, foreclosures which will proceed once paperwork issues are cleared up and added to 2011 totals.

“Total properties receiving foreclosure filings would have easily exceeded 3 million in 2010 had it not been for the fourth quarter drop in foreclosure activity — triggered primarily by the continuing controversy surrounding foreclosure documentation and procedures that prompted many major lenders to temporarily halt some foreclosure proceedings,” said James J. Saccacio, chief executive officer of RealtyTrac. “Even so, 2010 foreclosure activity still hit a record high for our report, and many of the foreclosure proceedings that were stopped in late 2010 — which we estimate may be as high as a quarter million — will likely be re-started and add to the numbers in early 2011.”

Foreclosure Filings

Foreclosure filings — default notices, scheduled auctions and bank repossessions — slowed in 2010. This reduction also was related to procedural and paperwork issues, matters that are likely to be resolved in 2011.

Going back to 2005, the annual totals from RealtyTrac look like this:

___ 2010 — 3,825,637 foreclosure filings — down 3.45 percent.

___ 2009 — 3,957,643 foreclosure filings — up 21 percent.

___ 2008 — 3,157,806 foreclosure filings — up 81 percent.

___ 2007 — 2,203,295 foreclosure filings — up 75 percent.

___ 2006 — 1,259,118 foreclosure filings — up 42 percent.

___ 2005 — 885,468 foreclosure filings.

Trends

In terms of percentages, foreclosure filings increased the most in 2007 and 2008. However, the number of filings topped out in 2009 and would have been higher in 2010 had it not been for a fourth-quarter slow-down caused by paperwork concerns. Looking toward 2011, many marginal borrowers have left the marketplace and as we start the new year there’s evidence of some economic improvement. That said, home prices nationwide are down 14.5 percent from the April 2007 high.

Real estate — as always — is a localized commodity. That means while national trends are significant, buyers and sellers need to watch pricing patterns in local neighborhoods and communities, patterns which may not follow national swings.

Also, before home values can generally begin to rise the enormous inventory of foreclosed and distressed properties must be reduced. Steps such as a renewal of the tax credit for first-time home buyers and efforts to bring more small investors into the marketplace should be encouraged.

RealtyTrac also reported the following results for 2010:

Highest state foreclosure rates

More than 9 percent of Nevada housing units (one in 11) received at least one foreclosure filing in 2010, giving it the nation’s highest state foreclosure rate for the fourth consecutive year despite a 5 percent decrease in foreclosure activity from 2009. Nevada foreclosure activity in December increased 18 percent from the previous month and was up 14 percent from December 2009. Fourth quarter foreclosure activity in Nevada decreased nearly 7 percent from the previous quarter but increased 19 percent from the fourth quarter of 2009.

Arizona registered the nation’s second highest state foreclosure rate for the second year in a row, with 5.73 percent of its housing units (one in 17) receiving at least one foreclosure filing in 2010, and Florida registered the nation’s third highest foreclosure rate, with 5.51 percent of its housing units (one in 18) receiving at least one foreclosure filing during the year.

Other states with 2010 foreclosure rates ranking among the nation’s 10 highest were California (4.08 percent), Utah (3.44 percent), Georgia (3.25 percent), Michigan (3.00 percent), Idaho (2.98 percent), Illinois (2.87 percent), and Colorado (2.51 percent).

California, Florida, Arizona, Illinois and Michigan account for half of national total

Five states accounted for 51 percent of the nation’s total foreclosure activity in 2010: California, Florida, Arizona, Illinois and Michigan. Together these five states documented nearly 1.5 million properties receiving a foreclosure filing during the year despite annual decreases in the three states with the most foreclosure activity.

A total of 546,669 California properties received a foreclosure filing in 2010, a decrease of nearly 14 percent from 2009 but still the largest state total. After hitting a two-year low in November, California foreclosure activity rebounded nearly 15 percent higher in December but was still down 18 percent from December 2009.

Florida posted the nation’s second biggest total in 2010, with 485,286 properties receiving a foreclosure filing — a 6 percent decrease from 2009. Florida foreclosure activity in December hit the lowest monthly level since July 2007, down 22 percent from the previous month and down nearly 54 percent from December 2009.

A total of 155,878 Arizona properties received a foreclosure filing in 2010, a 4 percent decrease from 2009 but the third biggest state total for the third straight year. Arizona foreclosure activity in December jumped nearly 31 percent higher from a 32-month low in November, but was still down nearly 33 percent from December 2009.

Illinois posted the fourth biggest state total, with 151,304 properties receiving a foreclosure filing in 2010, and Michiganposted the fifth biggest state total, with 135,874 properties receiving a foreclosure filing during the year. Foreclosure activity in both states increased about 15 percent from 2009.

Other states with 2010 totals among the 10 biggest in the country were Georgia (130,966), Texas (118,923), Ohio (108,160), Nevada (106,160), and New Jersey (64,808).

2.9 million properties faced foreclosure in 2010, new record says RealtyTrac is a post from: OurBroker.com -- Refinance, Home Mortgage Loans & Rates, Home Equity Loan

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Zillow reports that US homeowners lost $1 trillion in 2009 and it expects that losses will total $1.7 trillion in 2010. Specifically, Zillow estimates that values dropped by $1 trillion in the second half of 2010 compared with $600 billion for the first six months of the year.

“By comparison,” says Zillow, “from 2001 to the end of September 2010, the war in Iraq has cost $750.8 billion.

Only 31 of 129 markets tracked by the company showed gains in 2010. Negative equity for mortgages properties — situations where the loan balance was greater than the value of the home — reached 23.2 percent in the third quarter of 2010 versus 21.8 percent at the end of 2009.

Tax Credit Impact

“Despite a strong start to 2010, by the end of the year homes lost more of their value in 2010 than they did in 2009,” said Zillow Chief Economist Stan Humphries. “Government interventions like the homebuyer tax credit helped buoy the market during the second half of 2009 and the first half of 2010, but we saw a renewed downturn in the last half of this year. It’s a testament to the nearly irresistible force of the overall market correction that government incentives can only temporarily hold back the tide, and that the market will ultimately find its natural equilibrium of supply and demand.”

However, the reason the tax-credit for first-time homebuyers could only “temporarily hold back the tide” was not because it was ineffective but because it ended with sale agreements made no later than April 30, 2010.

Looking Ahead To 2011

“Unfortunately,” says Humphries, “with foreclosures near an all-time high in late 2010 and high rates of negative equity persisting, it does not appear that the first part of 2011 will bring much relief.”

US home values fall $9 trillion since 2006, says Zillow is a post from: OurBroker.com -- Refinance, Home Mortgage Loans & Rates, Home Equity Loan

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The problem represented by distressed properties is that they hold down the values of nearby homes. If a house down the street is selling for a third off, or if two of the last eight sales in your neighborhood were foreclosures, you can bet that buyers will not want to pay a premium price for your home — especially if other foreclosures remain on the market. Until the local supply of distressed homes is largely gone nearby housing prices are likely to be stalled, if not falling outright.

RealtyTrac said that 188,748 U.S. properties in some stage of foreclosure, default, scheduled for auction or bank-owned (REO) were sold to third parties in the third quarter. The average sales price of properties in some stage of foreclosure was $169,523, down 0.44 percent from the third quarter of 2009.

The average sales price of properties not in foreclosure was $249,721, says RealtyTrac, up 6.42 percent from the previous quarter and up 4.36 percent from the third quarter of 2009. Sales volume of non-foreclosure properties decreased 29 percent from the previous quarter and nearly 31 percent from the third quarter of 2009.

“The expiration of the homebuyer tax credit in the second quarter created a substantial dip in overall buyer demand in the third quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “Demand for foreclosures also dipped in the third quarter, but those who did purchase a short sale or REO during the quarter were able to get an average discount of more than 32 percent — the highest average foreclosure discount we’ve seen since the fourth quarter of 2005.”

“The foreclosure-processing controversy, which was brought to light at the very end of the third quarter, could chill demand even further — particularly for foreclosure properties,” Saccacio continued. “A quick but responsible resolution to that issue would be ideal to help the market continue to properly clear out foreclosure inventory and get distressed properties into the hands of qualified buyers and investors who will likely add value to those properties and the neighborhoods they are in.”

Other results from the RealtyTrac survey:

Foreclosure sales by type

A total of 113,933 bank-owned (REO) properties sold to third parties in the third quarter, down nearly 26 percent from the previous quarter and down nearly 35 percent from the third quarter of 2009. REO sales accounted for 15 percent of all sales in the third quarter, the same as the previous quarter and slightly below the 16 percent of all sales reported in the third quarter of 2009. REOs sold for an average discount of nearly 41 percent, up from an average discount of 34 percent in the previous quarter and an average discount of nearly 35 percent in the third quarter of 2009.

A total of 74,815 pre-foreclosure properties in default or scheduled for auction sold to third parties in the third quarter, down nearly 24 percent from the previous quarter and down 24 percent from the third quarter of 2009. Pre-foreclosure sales accounted for nearly 10 percent of all sales, up slightly from 9 percent in the previous quarter and 9 percent in the third quarter of 2009. Pre-foreclosure sales, which are often short sales, sold for an average discount of 19 percent, up from an average discount of nearly 13 percent in the previous quarter and an average discount of 18 percent in the third quarter of 2009.

Nevada, Arizona, California post highest percentage of foreclosure sales

Foreclosure sales accounted for nearly 54 percent of all sales in Nevada in the third quarter, the highest percentage of any state but down from nearly 56 percent of all sales in the previous quarter and 62 percent of all sales in the third quarter of 2009. Both pre-foreclosure sales and REO sales in Nevada were down from the previous quarter and from the third quarter of 2009. Nevada properties in some stage of foreclosure sold for an average discount of 19 percent in the third quarter.

Arizona foreclosure sales accounted for nearly 47 percent of all sales in the third quarter, the second highest percentage of any state despite a decrease of 27 percent from the previous quarter and a decrease of 32 percent from the third quarter of 2009. Arizona properties in some stage of foreclosure sold for an average discount of 25 percent in the third quarter.

Foreclosure sales accounted for nearly 40 percent of all sales in California in the third quarter, the third highest percentage nationwide but down from 43 percent of all sales in the previous quarter and nearly 52 percent of all sales in the third quarter of 2009. California foreclosure sales were down nearly 27 percent from the previous quarter and down 43 percent from the third quarter of 2009. California properties in some stage of foreclosure sold for an average discount of nearly 39 percent.

Other states where foreclosure sales accounted for at least one-quarter of all sales were Florida (37 percent), Massachusetts (35 percent), Michigan (32 percent), Georgia (29 percent), Oregon (27 percent), Idaho (25 percent) and Illinois (25 percent).

Ohio, Kentucky, Tennessee post highest foreclosure discounts

Ohio foreclosures sold for an average discount of nearly 45 percent in the third quarter, the biggest discount percentage of any state and up from an average discount of 42 percent in the previous quarter. Ohio pre-foreclosures sold for an average discount of nearly 21 percent, and Ohio REOs sold for an average discount of nearly 51 percent.

With foreclosures selling at an average price that was 44 percent below the average sales price of non-foreclosure properties, Kentucky posted the nation’s second highest average foreclosure discount in the third quarter. Kentucky pre-foreclosures sold for an average discount of nearly 31 percent, and Kentucky REOs sold for an average discount of nearly 51 percent.

Tennessee foreclosures sold for an average discount of 42 percent in the third quarter, the third highest average discount nationwide and up from an average discount of nearly 38 percent in the previous quarter. Tennessee pre-foreclosures sold for an average discount of 28 percent, and Tennessee REOs sold for an average discount of 43 percent.

Other states with average foreclosure discounts of more than 40 percent were Illinois, New Jersey, Michigan, Pennsylvania and Georgia.

Foreclosure discount now 32% — have home values hit bottom? is a post from: OurBroker.com -- Refinance, Home Mortgage Loans & Rates, Home Equity Loan

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Note: This material is now out of date. Please go to: FHA Loan Limits Rise, Conventional & VA Mortgage Limits Stick.

There are several types of mortgage loan limits. Generally, most borrowers need to look at conventional, FHA and VA loan limits to see how much can be financed with the most-widely originated loans.

If you borrow at or below the conventional loan limit for non-government mortgages, you would have what is generally known as a “conforming” loan. If the amount borrowed is above the conventional loan limit, you would have a “jumbo” loan and face a higher rate because larger loans imply more risk to investors, the folks who buy mortgages.

As well, a “conventional” mortgage can be seen as loans originated from the private sector. FHA and VA mortgages are originated in the private sector but insured through government programs. For specifics, look at FHA and VA mortgage requirements.

Conventional Loans

For 2011 the conventional loan limits depend on the county where you’re located. Instead of one national mortgage limit, we now have one for each county — and there are more than 3200 counties.

In general terms, 2011 loan limits for a single-family home range from $417,000 to $729,750. Once you know the loan limit for a single-family home in a specific area you can then see the limits for owner-occupied homes with two to four units.

Example #1 — Basic Loan limit

One Unit — $417,000

Two Unit — $533,850

Three Unit — $645,300

Four Unit — $801,950

Example #2 — Loan Limit for Certain High-Cost Areas

One-Unit –$729,750

Two Unit — $934,200

Three Unit — $1,129,250

Four Unit — $1,403,400

Also, in 2011 there are loan limits for so-called “higher cost” areas. In other words, instead of looking at “counties” you can also look at “areas.” These selected areas are located in Arizona, California, Colorado, Connecticut, The District of Columbia, Delaware, Florida, Georgia, Hawaii, Idaho, Massachusetts, Maryland, North Carolina, New Hampshire, New Jersey, New Mexico, Nevada, New York, Ohio, Oregon, Pennsylvania, Rhode Island, Tennessee, Utah, Virginia and West Virginia.

The chart for specific high-cost areas and loan limits can be found at:

Loan Limits for 2009 Mortgage Originations — High-Cost Areas (Remember, the limits for 2011 are the same as 2009)

VA Loans

For 2011 the Department of Veterans Affairs (VA) will use a locality-based approach to establish VA loan limits. Official loan limits for specific areas range from $417,000 to as much as $1,094,625. To find the VA loan limit for a given area, please use the chart below:

2009 VA County Loan Limits for High-Cost Counties

Some important points about financing for vets made by the VA:

• Vets can purchase homes with one to four units provided that they live in one unit. The veteran must certify as to occupancy.
• In the case of an active-duty veteran who cannot occupy because of his or her status as an active duty member of the armed forces, occupancy by the spouse can satisfy the occupancy requirement.

FHA Loans

The FHA loan program has loan limits for owner-occupied homes under its 203(b) program, the most-common FHA option. The FHA loan limit varies according to whether you live in a typical real estate market, a “high cost” market or in Alaska, Guam, Hawaii, and the Virgin Islands.

For 2011 the FHA loan floor for owner-occupied properties look like this:

One-Unit — $271,050

Two-Unit — $347,000

Three-Unit — $419,400

Four-Unit — $521,250

For 2011 FHA loan limits in higher-cost areas are as follows:

One-Unit — $729,750

Two-Unit — $934,200

Three-Unit — $1,129,250

Four-Unit — $1,403,400

The FHA has special, higher potential loan limits outside the continental U.S. for Alaska, Hawaii, Guam and the Virgin Islands.

One-Unit — $1,094,625

Two-Unit — $1,401,300

Three Unit — $1,693,875

Four-Unit — $2,105,100

To qualify for the FHA loans above, at least one unit must be owner occupied.

HUD has an online database which shows the latest FHA loan limits by state and county. The system can be reached by going to the

FHA Loan Limits Page

FHA-Insured Reverse Mortgages

The loan limits for FHA-insured reverse mortgages (also known as home equity conversion mortgages or HECMs) has been set at $625,500. HUD, in 2010, introduced the HECM Saver program as alternative to its standard HECM plan. The difference? The Saver program has an up-front insurance fee which is less than the cost of take-out food for four but the amount you can borrow against equity has been reduced. For specifics, speak with attorneys who specialize in elder law and fee-only financial planners.

A Brief History

Loan limits used to be set annually and the same limit applied to all states and all counties in the lower 48 states. The limits were 50 percent higher outside the countinental U.S.

The real estate marketplace began withdrawing from the highs seen in April 2007 and price reductions continued into 2008. Given lower home values, conventional loan limits were supposed to be reduced for 2009. At this point the government stepped in and changed the rules with the Economic Stimulus Act of 2008 (ESA) and the Housing and Economic Recovery Act of 2008 (HERA). These laws gave us the loan limit system we have in place today.

For 2011, the Department of State, Foreign Operations, and Related Programs Appropriations Act extends the maximum loan limits first established in 2008.

A CAUTION: Because maximum loan limits can change at anytime, visitors to OurBroker.com are advised to speak with local real estate brokers and lenders BEFORE entering the real estate marketplace for the latest mortgage information.

Mortgage Loan Limits — Conventional, FHA, VA is a post from: OurBroker.com -- Refinance, Home Mortgage Loans & Rates, Home Equity Loan

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According to FHA Commission David H. Stevens, “homeowner equity started growing again in the second quarter of 2009 — to date, increasing over a trillion dollars, or close to $14,000 on average for the nation’s nearly 78 million homeowners.”

Better Values — But Not Everywhere

There have been a number of recent reports which show that home values have begun to stabilize — an expression which is much better than fall, plunge or dive.

For instance, the National Association of Realtors reports that the price of a typical existing home was $179,300 in August, up 1.2 percent from a year ago. That’s good news, but not as good as the typical price reached in 2006 — $221,900.

The trouble is that the results have not spread evenly across the country. Huge foreclosure areas remain in Florida, Nevada, Arizona, California, Michigan, Ohio and Illinois. RealtyTrac reports that foreclosure notices continue to top 300,000 month after month, hardly evidence of good times for all.

The FHA Didn’t Run

Stevens also makes a point that many people don’t want to hear: Private lenders fled the housing scene, leaving behind millions of toxic loans, distressed borrowers and foreclosed houses.

Meanwhile, the FHA was there to provide financing. It didn’t lower it’s standards, charge prepayment fees, stop documenting loans or offer terms which were enticing upfront but poisonous in the short term. It offered what it has always offered: simple, insured mortgages that people could understand.

Is the FHA responsible for that trillion-dollar gain in values? Not entirely. But in part, sure. Just ask where the housing market would be if only private lenders were around and there was no FHA.

US Home Values Increase By $1 Trillion is a post from: OurBroker.com -- Refinance, Home Mortgage Loans & Rates, Home Equity Loan

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This is a case where the month-to-month numbers are less important than the annual comparisons. Why? In the July to August period the month of July has the major Independence Day holiday so some activity is delayed. In August there are no major holiday weekends and therefore no reductions in activity. The comparison with last August — that 5 percent drop — is thus meaningful, especially when you consider the string of foreclosures we’ve had since 2006.

While the news for August suggests modest improvement. However, a large number of potential foreclosures have been deferred because lenders can only handle so much volume. As well, some lenders are plainly delaying foreclosures to keep red ink off the books and the Making Home Affordable program is also keeping borrowers off the foreclosure rolls as they try to complete three-month trial modification periods.

“The trend lines of decreasing default notices and increasing bank repossessions converged in August, with virtually the same number of new default notices and bank repossessions for the month — a clear indication that the clogged foreclosure pipeline is being carefully managed on both ends by lenders and servicers,– said James J. Saccacio, chief executive officer of RealtyTrac. “On the front end, seriously delinquent loans are rolling into foreclosure at an unusually slow rate, while on the back end the dammed-up inventory of properties already in foreclosure is moving to REO in steady stream rather than a flood — presumably to prevent further erosion of home prices.”

The balance of the release from RealtyTrac is below

Foreclosure Activity by Type

A total of 96,469 U.S. properties received default notices (NOD, LIS) in August, a 1 percent decrease from the previous month and a 30 percent decrease from August 2009 — the seventh straight month where default notices have decreased on a year-over-year basis. Default notices peaked in April 2009, when 142,064 were reported nationwide.

Default notices increased on a monthly basis in some states, counter to the national trend. Default notices in California increased on a month-over-month basis for the third month in a row, and New York, Indiana, Ohio and Florida also registered month-over-month increases in default notices.

Foreclosure auctions (NTS, NFS) were scheduled for the first time on a total of 147,003 U.S. properties in August, a 9 percent increase from the previous month and a 2 percent increase from August 2009. The August total for scheduled auctions was the second highest monthly total in the history of the report, which goes back to April 2005, and was 7 percent below the peak of 158,105 in March 2010.

Lenders foreclosed on 95,364 U.S. properties in August, the highest monthly total in the history of the report and about 2 percent higher than the previous peak of 93,777 bank repossessions (REOs) in May 2010. August REO activity increased 3 percent from the previous month and was up 25 percent from August 2009 — the ninth straight month where REOs have increased on a year-over-year basis.

Nevada, Florida, Arizona post top state foreclosure rates in August

Nevada continued to document the nation’s highest state foreclosure rate for the 44^th straight month, with one in every 84 housing units receiving a foreclosure filing in August — 4.5 times the national average. Nevada maintained the nation’s highest state foreclosure rate despite a 25 percent year-over-year decrease in foreclosure activity in August — the 11^th straight month where Nevada foreclosure activity has decreased on a year-over-year basis.

Florida foreclosure activity decreased on a year-over-year basis for the fifth straight month in August, but the state’s foreclosure rate still ranked second highest among all states. One in every 155 Florida housing units received a foreclosure filing in August — 2.5 times the national average.

One in every 165 Arizona housing units received a foreclosure filing in August, the nation’s third highest state foreclosure rate, and one in every 194 Californiahousing units received a foreclosure filing in August, the nation’s fourth highest state foreclosure rate.

One in every 220 Idaho housing
units received a foreclosure filing in August, the nation’s fifth highest state foreclosure rate. A total of 2,915 Idaho properties received a foreclosure filing in August, an increase of nearly 9 percent from the previous month and an increase of 11 percent from August 2009. Idaho was the only state with a top 5 foreclosure rate to document a year-over-year increase in foreclosure activity.

Other states with foreclosure rates ranking among the top 10 in August were Utah, Georgia, Michigan, Illinois and Hawaii.

Five states account for more than 50 percent of national total

California alone accounted for 20 percent of the national total in August, with 69,143 properties receiving a foreclosure filing during the month — a 3 percent increase from the previous month but a 25 percent decrease from August 2009.

Florida accounted for nearly 17 percent of the national total, with 56,877 properties receiving a foreclosure filing — a 10 percent increase from the previous month but a 9 percent decrease from August 2009. Florida default notices were down 46 percent from August 2009 but increased 2 percent from the previous month, ending five straight months of month-over-month decreases in Florida default notices.

Michigan, Illinois and Arizona each accounted for about 5 percent of the national total in August, with 17,764 Michigan properties receiving foreclosure filings, 16,808 Illinois properties receiving foreclosure filings, and 16,510 Arizona properties receiving foreclosure filings.

Other states with foreclosure activity totals among the nation’s 10 highest in August were Georgia (16,366), Texas (14,290), Ohio (13,479), Nevada (13,385), and Washington (6,760).

Metro foreclosure hot spots continue downward trend

All 10 metro areas with the nation’s highest foreclosure rates in August posted year-over-year decreases in foreclosure activity for the second month in a row.

The Las Vegas-Paradise, Nev., metro area documented the highest foreclosure rate among metropolitan areas with a population of 200,000 or more, with one in every 73 housing units receiving a foreclosure filing, despite a 25 percent decrease in foreclosure activity from August 2009.

Foreclosure activity in Modesto, Calif., decreased 10 percent from August 2009, but the city still documented the nation’s second highest metro foreclosure rate, with one in every 95 housing units receiving a foreclosure filing in August. Six other California metro areas had foreclosure rates ranking among the top 10: Stockton at No. 3 (one in every 100 housing units receiving a foreclosure filing); Merced at No. 6 (one in 111); Riverside-San Bernardino-Ontario at No. 7 (one in 113); Bakersfield at No. 8 (one in 120); Vallejo-Fairfield at No. 9 (one in 124); and Sacramento-Arden-Arcade-Roseville at No. 10 (one in 125).

Two Florida metro areas registered foreclosure rates among the top 10: Cape Coral-Fort Myers, Fla., at No. 3, with one in every 104 housing units receiving a foreclosure filing; and Miami-Fort Lauderdale-Pompano Beach at No. 5, with one in every 111 housing units receiving a foreclosure filing.

August Foreclosure Levels Top 300,000 for 18th Month In A Row is a post from: OurBroker.com -- Refinance, Home Mortgage Loans & Rates, Home Equity Loan

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HUD’s 2009 American Housing Survey (AHS) also tells us that most families with young children live within a mile of a public elementary school. The most common home heating fuel in the U.S. is gas. Only a third of American homes have a working carbon monoxide detector.

First conducted in 1973, the survey’s long-term design allows analysts to trace the characteristics of U.S. housing units and their occupants. For example, the 2009 survey reveals that significantly more American homes are larger and have more bedrooms and bathrooms than homes 37 years ago. In addition, homes of 1973 were significantly less likely to have central air conditioning and other amenities considered commonplace today.

HUD says:

• There are 130,112,000 residential housing units in the U.S.; 86 percent of these are occupied.
• Sixty-eight percent of U.S. homes are owner-occupied.
• Fifty-one percent of all U.S. homes are located in suburban areas; 29 percent in central cities; and 20 percent outside metropolitan areas.
• The median age of ‘the American home’ is 36 years, though the survey finds that homes newly constructed since the 2007 AHS are generally larger, more expensive, have more bedrooms and bathrooms, and are more likely to include amenities such as central air conditioning.

More from the HUD study:

Unit Size

The median size of a home was 1,610 square feet in 1973. Newer homes now have a median size of 2,300 square feet.

Median lot size for single-family homes, including mobile homes, is 0.27 acres (compared to .36 acres in 1973) with owner-occupied units generally having more land than renter-occupied ones.

Rooms

Most homes (53 percent) have six or more rooms, with owner-occupied units generally having more rooms than renter-occupied ones. In 1973, only 39 percent of homes had six or more rooms.

Newly constructed homes generally have more rooms – 65 percent have six or more rooms.

Most homes have three or more bedrooms (64 percent compared to just 48 percent in 1973). New homes generally have more bedrooms – 80 percent of them have three or more bedrooms.

More than half of U.S. homes (51 percent) have two or more bathrooms compared to just 19 percent in 1973. Again new units have more bathrooms, with 89 percent of them having two or more bathrooms.

Equipment

All units have a refrigerator and kitchen sink and almost all homes (99 percent) have a cooking stove or range. Overall 98 percent of units have a full kitchen.

The most commonly used cooking fuel is electricity (60 percent) followed by piped gas (35 percent).

Two-thirds of the homes (66 percent) have a dishwasher, 51 percent have a disposal in the kitchen sink and three percent have a trash compactor. New units are more likely to have these amenities.

More than eight in ten homes have a washing machine (84 percent) and clothes dryer (81 percent).

About two-thirds of U.S. homes (65 percent) have central air-conditioning and another 21 percent have window units – new units are more likely to have central air-conditioning (89 percent). By contrast, only 17 percent of U.S. homes had central A/C in 1973 although 30 percent contained window units.

About nine in 10 homes (93 percent) reported a smoke detector while 36 percent reported having a working carbon monoxide detector.

Heating

About two-thirds of U.S. homes use warm-air furnace for heating; 12 percent use an electric heat pump; and 11 percent use steam or hot water system.

The most commonly used home heating fuel is piped gas (51 percent) followed by electricity (34 percent), though new units are more likely to use electricity.

Plumbing

Almost all units (99 percent) have complete plumbing facilities.
The most commonly used fuel for heating water is piped gas followed by electricity.

More than eight in ten units (88 percent) receive water from a public system or private company, and the remaining units received water from wells.

More than nine in ten households rated their water as being safe.
Eight in ten units use the public sewage disposal system and 20 percent use a septic tank, cesspool or chemical toilet.

Amenities

Most homes have a telephone (98 percent), porch, deck, balcony or patio (85 percent) and a garage or carport (66 percent).

About half (48 percent) have a separate dining room and three in ten units (30 percent) report two or more living rooms or recreation rooms.

About one-third (35 percent) have a usable fireplace.
New construction is more likely to have all these amenities.

Neighborhood

Ninety-five percent of units are located close to a grocery or drug store, and 97 percent of residents with access were satisfied with the stores near them.

Slightly more than half of U.S. homes (54 percent) are located near public transportation, with about seven in ten of the residents (71percent) living in these units saying that they live within a 10 minute walk to such transportation. However, just 17 percent of households living near public transportation report using it for commuting or school.

Most communities (90 percent) do not have secured entrances, though new construction is more likely to be in secured communities.

Residents, overall, were satisfied with police protection in their communities (91 percent).

Most residents reported that their neighborhoods did not have vandalized buildings (88 percent), barred windows (84 percent), and trash, litter or junk (89 percent).

However, 40 percent of residents said that their streets needed repairs.

Nearly half the households (45 percent) had access to community amenities such as a community center or clubhouse, trails, golf, daycare, shuttle bus or private beach or park area.

Noise from traffic was a problem reported by almost one-quarter of residents (23 percent), though fewer resident of new construction found this to be a problem (15 percent).

Six in ten households with children under the age of 14 years (60 percent) said that there was a public elementary school within one mile of their homes.

Less than one in ten households with someone 55 years or older (7 percent) reported living in an age-restricted community.

American Homes Keep Getting Bigger is a post from: OurBroker.com -- Refinance, Home Mortgage Loans & Rates, Home Equity Loan

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