Sunday, July 31, 2011

S&P/Case-Shiller Home Price Indices, May 2011

 

The S&P/Case-Shiller Home Price Indices are the leading measures for the US residential housing market, tracking changes in the value of residential real estate both nationally as well as in 20 metropolitan regions.


Stay informed with HousingViews, S&P's Blog on the Housing Market.

 

 

Recent Case-Shiller News
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Latest Press Release
Some More Seasonal Improvement in Home Prices According to the S&P/Case-Shiller Home Price Indices(PDF)

Data through May 2011, released today by S&P Indices for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, show a second consecutive month of increase in prices for the 10- and 20-City Composites.

Download Data
  Files formatted in ExcelFiles formatted in Excel

* The S&P/Case-Shiller Home Price Indices are calculated monthly using a three-month moving average and published with a two month lag. New index levels are released at 9 am on the last Tuesday of every month.


(data as of 26-July-2011)
NameNot-Seasonally AdjustedSeasonally Adjusted
Home Price Index Levels May 2011
May 2011
Home Price Sales Pair Counts May 2011
Not Calculated
U.S. National Index Levels Q1 2011
Q1 2011
Home Price Tiered Index Levels May 2011
May 2011
Condominium Index Levels May 2011
May 2011
Condominium Sales Pair Counts May 2011
Not Calculated
Key Housing Indicators (Monthly)
 
May 2011 (as of 26-Jul)
The Latest Indicators are usually updated by 2 pm on the last Tuesday of every month.

Index Announcements

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Some More Seasonal Improvement in Home Prices According to the S&P/Case-Shiller Home Price Indices

Data through May 2011, released today by S&P Indices for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, show a second consecutive month of increase in prices for the 10- and 20-City Composites.

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April Seasonal Boost in Home Prices According to the S&P/Case-Shiller Home Price Indices

Data through April 2011, released today by S&P Indices for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, show a monthly increase in prices for the 10- and 20-City Composites for the first time in eight months...

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National Home Prices Hit New Low in 2011 Q1 According to the S&P/Case-Shiller Home Price Indices

Data through March 2011, released today by Standard & Poor’s for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, show that the U.S. National Home Price Index declined by 4.2% in the first quarter of 2011...

See All Index Announcements

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San Diego Leading Economic Indicators for June, 2011

 
 

Home

Leading Economic Indicators Down in June

Note: The tentative release date for next month's report is August 25.

July 26, 2011 -- The USD Burnham-Moores Center for Real Estate’s Index of Leading Economic Indicators for San Diego County fell 0.2 percent in June.  The drop was led by a sharp decrease in consumer confidence and featured moderate declines in building permits, initial claims for unemployment insurance, and local stock prices.  These overweighed a big increase in help wanted advertising and a more modest gain in the outlook for the national economy to push the USD Index to its first loss in 27 months.  

Index of Leading Economic Indicators 
The index for San Diego County that includes the components listed below (June
Source: USD
 Burnham-Moores Center for Real Estate
- 0.2 % 
Building Permits 
Residential units authorized by building permits in San Diego County (June)
Source: Construction Industry Research Board
 
- 0.76% 
Unemployment Insurance 
Initial claims for unemployment insurance in San Diego County, inverted (June

Source: Employment Development Department 
- 0.49% 
Stock Prices 
San Diego Stock Exchange Index (June) 
Source: San Diego Daily Transcript 
- 0.61%
Consumer Confidence 
An index of consumer confidence in San Diego County, estimated  (June)
Source: The Conference Board
- 1.06% 

Help Wanted Advertising 
An index of online help wanted advertising in San Diego (June) 
Source: Monster Worldwide
+ 1.09% 
National Economy 
Index of Leading Economic Indicators (June)
Source: The Conference Board 
+ 0.68% 

Although a downturn in the local economy is not imminent, the first drop in the USD Index in more than two years is a cause for concern.  Economists usually look for three consecutive changes in one direction in a leading index as a signal of a turning point in an economy, so it remains to be seen whether this is a beginning of a trend or simply a one month aberration.  The data on the local economy, particularly the labor market, is mixed.  Although the unemployment rate increased in June (see below), wage and salary job growth was solid, especially on a year-over-year basis.  Average employment for the first six months of 2011 is up almost 17,000 jobs compared to the same period in 2010.  The sectors showing the strongest gains are administrative, support, and waste services (+4,650 jobs), leisure and hospitality (+4,500), health care (+4,400), and professional, scientific, and technical services (+4,000).  Only construction (-2,000) was down significantly.  

Highlights:  After starting the year strongly, residential units authorized by building permits slowed dramatically in the last couple of months.  Revised data for May showed that zero multi-family residential units were authorized in the month, the first time ever that no units were authorized in a month.  For the first half of the year, total residential units authorized were up more than 38 percent when compared to the first half of 2010.  All of that gain came from multi-family units, which were up 115 percent.  Single-family units authorized were actually down about 4 percent in the same period. . . The labor market variables were mixed in June.  Job losses surged, leading initial claims for unemployment insurance to turn negative after five straight positive months.  On the positive side, hiring remains solid as help wanted advertising advance for the sixth consecutive month.  The net result is that the local unemployment rate rose sharply to 10.4 percent in June from 9.6 percent in May, breaking a modest two month string where the unemployment rate was below 10 percent. . . Consumer confidence continues to fall as gas prices remain relatively high and the labor market shows no sign of improving quickly.  This is significant because consumer activity represents two-thirds or more of economic activity. . . Local stock prices fell in June along with the rest of the financial markets as investors turned negative on the outlook for the economy. . . Despite some weakness in a number of economic variables, the national Index of Leading Economic Indicators was up again in June.  Although growth in GDP for the first quarter was slow, it was still positive.  The same can be said for national employment growth in May and June, which was positive but very weak. 

 June’s decrease puts the USD Index of Leading Economic Indicators for San Diego County at 117.0, down from May’s reading of 117.2.  Revised data for building permits and the national Index of Leading Economic Indicators led to the change for April being revised upward from +0.9 percent to +1.0 percent, but there were no other changes.  Please visit the Website address given below to see the revised changes for the individual components.  The values for the USD Index for the last year are given below:

   

Index

% Change
2010 JUN 109.7 +0.2%
  JUL 110.0 +0.3%
  AUG 110.0 +0.0%
  SEP 110.0 +0.0%
  OCT 110.0 +0.0%
  NOV 110.2 +0.3%
  DEC 110.7 +0.4%
2011 JAN 111.7 +1.0%
  FEB 114.0 +2.0%
  MAR 115.3 +1.2%
  APR 116.4 +1.0%
  MAY 117.2 +0.7%
  JUN 117.0 +0.3%

Home - All Months



For more information on the University of San Diego's Index of Leading Economic Indicators, please contact:

Professor Alan Gin 
School of Business Administration 
University of San Diego 

Posted via email from RealtorPeg

Saturday, July 30, 2011

Fleet Science Center Fun Summer Exhibits & Programs August, 2011

Reuben H. Fleet Science Center RHFleet eUpdate
Your Guide to the Fleet
AUGUST 2011
Reuben H. Fleet Science Center
August eupdate
See Sean Casey & the Tornado Intercept Vehicle
Sean Casey & the TIV IMAX film-maker Sean Casey and his custom-built "Tornado Intercept Vehicle" (known as "the TIV") are taking a special road-trip to San Diego to meet fans and visitors here at the Fleet Science Center! Like our page on Facebook for details about an opportunity to win a ride in the TIV with Sean! You can also win 4 tickets to see TORNADO ALLEY and meet Sean Casey when you construct a TIV out of the materials of your choice and upload a picture of your creation to our Facebook page! More>>

Saturday, August 20
10:00 a.m. - 4:00 p.m.


"Return to the Moon" on a Public Challenger Mission
Nierman Learning Challenger Center
Take the ultimate trip! A realistic Mission Control mock-up and 21st century Space Station will introduce you to the teamwork, technology and drama involved in space travel. Work in teams to solve science, technology and math problems using our hands-on space simulators. High-tech hardware and computer modules enhance the realistic feel of the mission control and space station. Astronauts may monitor and test life support systems, work in the clean room to build, test and launch a space probe, or use isolation station robots and glovebox workstations to analyze extraterrestrial samples.

Must be 10 years or older to participate. Families welcome to fly together. More>>

Saturday, August 6
12:00 p.m. - 2:00 p.m.


"Identity: An Exhibition of You" Closes September 25
Identity
From the physical to the psychological, visitors of all ages are getting an entirely new perspective on what makes each member of their family unique. There's something at the Fleet for everyone in your group. Kids 5 and under can't get enough of the hands-on experiences in "Kid City," adults and kids are rediscovering that math is fun at the whimsical "Geometry Playground" exhibition, and there's never too little time to build a towering block structure with hundreds of wooden KEVA planks. See you soon! More>>


Family Science Saturdays in August: "Forensic Detectives"   
Forensic Detectives Every Saturday in August, piece together the clues and crack the case in this fun just-for-kids mystery! Special activities take place in the Discovery Lab and are $2 with admission. More>>

ScholarShare College Savings Plan is a proud sponsor of Family Science Saturdays at the Fleet.
Scholar Share logo



Saturdays in August from 1:00 - 3:00 p.m.


Parent & Child Share Feedback on "Young Scientists"
Young Scientists
Four-year old Wesley and his mom Karen have been taking part in the "Young Scientists" program for a number of months. They can recall all of the sessions they've participated in, including "Transportation," "Space," "Weather," and "Kitchen Chemistry" classes - where the favorite activity was ice-cream making. Wesley told us he looks forward to Friday because that's the day he gets to come to the Science Center to see his teachers. Mom Karen shares, "I love that it's all hands-on which is ideal for this age and the small class size." Each week she looks forward to Wesley learning about new science topics from his teachers who, "explain things so well to the kids to help them learn about the concepts." If you are interested in exploring hands-on science exploration with your preschool-age child or grandchild, sign up for the next session of "Young Scientists." More>>


Free Admission to 250 Science Centers
Membership faces icon
Planning your summer vacation? Trying to save more? Remember that your Fleet Science Center membership card is valid for free exhibit gallery admission at over 250 science centers around the world.

To take advantage of this benefit:

1.  Locate a science center where you will be traveling 
2.  Call at least 48 hours in advance
3.  Some restrictions may apply
Free admission at other science centers is one more reason that Fleet membership is a great value all year long! Not a member yet? Click here or call the Membership Office at (619) 238-1233, ext. 713.

*Membership Reminder: Always arrive 20 minutes before a film starts to exchange your member IMAX Voucher at the Ticket Counter before you line up at the Theater.   

Mark Your Calendar for Free Admission on Grandparents Day
Grandparents day
Save the date! On Sunday, September 11, we're partnering with ScholarShare College Savings Plan to offer free admission to grandparents and their grandchildren visiting the Science Center together!


This Month's Experiment: Leaky Bag
August TME WATCH THE VIDEO
INSTRUCTIONS (PDF)

Watch the Fleet's August edition of This Month's Experiment to see how to poke a hole in a bag of water without making a mess. DO try this at home!  


San Diego Arts and culture
LEED certification logo
IMAX logo
Quick Links
August Events
1
Senior Monday: "Pollinators in Peril: What's Up with Bees?
2 Free Tuesday
3 The Sky Tonight Planetarium Show
3 Exploring Ethics Lecture
6 Public Nierman Challenger Learning Center Mission
6  Family Science Saturday: "Forensic Detectives"
13 Saturday Science Club for Girls: "Dive into Oceanography?
13
 Family Science Saturday: "Forensic Detectives"
20 Meet Sean Casey and See the TIV
20  Family Science Saturday: "Forensic Detectives"
21 IMAX en Español: MYSTERY OF THE NILE
27
 Family Science Saturday: "Forensic Detectives"
IMAX Films
Tornado Alley
TORNADO ALLEY

Born to be Wild
BORN TO BE WILD

HUBBLE POSTER
HUBBLE

Fridays at the Fleet
See "classic" and current IMAX films at 6, 7 & 8 p.m. every Friday night! Only $9.50 for one film and $6 for each additional film.
AUGUST  SCHEDULE:
6PM:  BORN TO BE WILD
7PM:  TORNADO ALLEY
8PM:  ADVENTURES IN WILD CALIFORNIA
Enter to Win
Congratulations to Andrea Lazos, winner of a family 4-pack of tickets to visit the "Geometry Playground" and "Identity" exhibitions at the Fleet.

This month, it could be YOUR turn to win! Enter to win a family 4-pack to the Fleet to see the IMAX film of your choice!

RHF LOGO  

To enter, please complete this form by August 15, 2011.

Connect With Us

AAAA

Posted via email from RealtorPeg

Friday, July 22, 2011

Housing Market Expected to Follow Overall Economy, Positive Trend Expected Through Remainder of 2011

Home sales are expected to outpace 2010 sales by 3 to 5 percent for the remainder of 2011 as the housing market follows the overall economy, according to Freddie Mac.

Freddie Mac’s U.S. Economic and Housing Market Outlook for July, released Monday, suggests the housing market is not likely to see a full “double dip.”

According to the report, “The sluggish job update likely reflects a temporary ‘soft patch’ in the economy rather than foreshadowing an inflection point in gross domestic product (GDP) growth.”

Unemployment rose for the third straight month, now up to 9.2 percent, the highest rate in six months, while nonfarm payroll employment increased by only 18,000 jobs.

“Following June’s labor market report, households are naturally concerned about their financial futures which is

being reflected in the housing market,” said Freddie Mac’s vice president and chief economist, Frank Nothaft.

“Yet, the single-family market will likely improve over the balance of 2011, in keeping with positive GDP forecasts for the United States,” Nothaft continued.

The rental housing market showed signs of recovery with a 15.2 percent gain through the first quarter of 2011, according to the Apartment Property Price Index.

April prices rose compared to March, according to the FHFA Purchase-Only House Price Index for the U.S. and Standard and Poor’s S&P/Case Shiller Home Price Indices, which showed gains of 0.8 percent and 0.7 percent respectively.

Nothaft notes, “[A]fter clear weakness in national price metrics through the first quarter, there are glimmers the second quarter will likely show gradual improvement over time.”

Freddie Mac also announced a reminder to sellers and servicers that the temporary maximum loan limits for mortgages secured by properties in some high-cost areas are set to expire September 30, 2011. The expiration applies to sales of super conforming mortgages to Freddie Mac.

Super conforming loans dated on or after October 1, 2011 are subject to limits imposed by the Housing and Economic Recovery Act of 2008 (HERA).

The Federal Housing Finance Agency will likely provide new HERA loan limits for 2012.

 

Posted via email from RealtorPeg

Thursday, July 21, 2011

Big Mortgages Are Back - For Awhile?

Low interest rates are driving high-end home buyers to supersized mortgages at a pace unseen since the housing boom. But the deals may have a limited shelf life.

16jumbosAssociated Press

A new home for sale in Los Angeles: Jumbo loans are cheap historically and compared to conventional loans.

So-called jumbo loans—generally those bigger than $417,000—are a better bargain now than they have been in years. The average rate on a 30-year jumbo mortgage is 5.15%, down from 6.41% two years ago, according to mortgage data firm HSH Associates. That means the monthly payment on a 30-year $600,000 home loan is now about $3,280, some $480 less than the cost of the same loan two years ago, for an annual savings of nearly $5,800.

Not only are jumbo loans cheap relative to historical rates, they are cheap relative to smaller "conforming" loans, which are backed by Fannie Mae, Freddie Mac and federal agencies. The difference between the rates on a jumbo mortgage and a conforming loan is just 0.43 percentage point, the narrowest spread since 2007.

That makes borrowing bigger amounts more attractive than it has been in recent years, and also presents opportunities for buyers who might have been previously locked out of pricey markets due to higher rates, says Stuart Gabriel, director of the Ziman Center for Real Estate at the University of California, Los Angeles.

Buyers already have taken advantage. Jumbo loans accounted for almost one in every six new mortgages, including new-home purchases and refinances, in the first quarter of 2011, according to Inside Mortgage Finance.

At that pace, the number of jumbo loans issued in 2011 could be the highest in five years, when the housing market was near its peak. That is in part because people are trying to lock in a government-backed jumbo loan now ahead of a planned limit reduction.

Starting in October, the federal government will start easing its support of jumbo loans as large as $729,750, which it began as an emergency measure three years ago. The new limits will vary by location, but will drop to $625,500 in top-tier markets such as New York, Los Angeles and Washington, D.C.

Many potential buyers are trying to take advantage of substantial price declines of expensive homes over recent years, Mr. Gabriel says. That includes people who bought well before the housing bubble and who are still significantly above water now and want to trade up while prices are low.

Other prospective buyers who sat out the boom but stayed employed and saved money during the downturn now have money for pricier houses, and the jumbo loan is their ticket in.

Right now, some of the cheapest jumbo mortgages can be found at independent mortgage firms, some of which are Web-based. Those include Ultra Mortgage LLC, WCS Lending LLC and Multi-State Home Lending Inc., where the annual percentage rate on a 30-year fixed nonconforming jumbo loan ranges from 4.64% to 4.99%, according to LendingTree LLC, which tracks mortgage rates.

Depending on location, jumbo loans typically require a down payment of 20% to 30%, says Keith Gumbinger, vice president of HSH Associates—double or triple the typical 10% down payment for a smaller loan. Buyers also need to be able to document their income, assets and net worth, including two years of tax returns and recent brokerage and bank statements, he says. They also will need high credit scores, at least 740 to 760 on the FICO-score range.

But borrowers should act quickly. Since lenders won't be able to sell as many jumbo loans to government-backed agencies—thereby unloading risk—they may not originate as many, says Mr. Gumbinger. What's more, the added risk means they likely will raise their interest rates. The upshot: buyers could have fewer choices and face pricier loans.

Many lenders will have to stop originating mortgages over the $625,500 limit by the end of July for home purchases and by mid-August for refinances, Mr. Gumbinger says, since mortgages can take up to two months to close.

All of this could make it harder for home buyers to get financing, possibly leading to fewer home sales and pushing down prices.

Still, some housing analysts say that with the government out of the way, more lenders will eventually start competing against one another—perhaps as early as next year. The renewed competition could result in easier lending standards over time.

Posted via email from RealtorPeg

Wednesday, July 20, 2011

Gov. Brown, Legislature Requiring Rural Homeowners to Pay Fire Fee

As Californians have crowded the state's bucolic foothills and scenic mountains with subdivisions and cabin retreats, pushing further into the combustible wild, state firefighting has become a billion-dollar enterprise.

Now, with the state continuing to lurch from one fiscal crisis to another, Gov. Jerry Brown and the Legislature are pushing back.

They are requiring rural homeowners who rely on state firefighters to pay a $150 annual fee for fire-prevention services. Lawmakers are mulling over whether to revive proposed land-use restrictions that were killed just three years ago, after fierce objections from developers and local officials. And, Brown has directed the California Department of Forestry and Fire Protection to study how the state manages and pays for fires in those zones and whether local governments should shoulder more of that responsibility.

Brown has said that the cash-strapped state can no longer afford the entire cost of battling blazes in fire-prone areas. The new fee could raise as much as $200 million a year from the more than 846,000 homeowners who live within more than 31 million acres of "state responsibility areas," where Cal Fire is the primary responder.

A spokesman for the governor said the levy will "ensure that landowners in these areas that receive a disproportionate benefit from Cal Fire's services pay an appropriate portion of the state's wildland firefighting costs."

Experts say the fire fee, if it survives threatened court challenges from taxpayer groups, marks a significant, if small, shift in California's approach to wildland development. Still, better management of growth in fire-hazard regions, they said, will take stronger planning measures, including mandating that counties have sufficient fire protection before approving new construction.

For millions of Californians, the pull of nature is irresistible.

After the Cedar fire turned sun-drenched San Diego Country Estates into a moonscape in 2003, homeowner Stephen Brown didn't think twice. He hired an architect to rebuild his Mexican-style house in rural Ramona, in the foothills of the Cuyamaca Mountains on the edge of the Cleveland National Forest.

"You gotta do what you gotta do," said Brown, a financial planner. "It was my home."

The last two administrations were frustrated in their efforts to rein in firefighting costs. In 2003, then-Gov. Gray Davis signed a bill imposing a fire-protection fee on landowners in state responsibility areas, a move the nonpartisan Legislative Analyst's Office had recommended a decade earlier. But in the face of legal challenges, the Legislature repealed the law before it took effect.

In Southern California alone, the U.S. Forest Service estimates that roughly 189,000 homes were constructed in fire-prone areas from 2003 to 2007, at the height of the last real estate boom. In response, Cal Fire developed a series of maps to classify fire hazard risks up and down the state, soliciting local input.

At a meeting in Riverside County in 2007, Richard Halsey, director of the California Chaparral Institute, a conservation group, suggested to fire officials that "no-build" zones be created in the most dangerous areas. His remark, he said, was met with silence.

"There are certain areas you just shouldn't build in. They are going to burn no matter what," Halsey said. "But the political will to prevent that just isn't there."

During the past decade, Cal Fire became the primary responder for tens of thousands of additional homes in developed wildlands, according to U.S. Census Bureau data. The agency's budget tripled, from $415 million to more than $1.2 billion.

To help pay for the escalating costs, then-Gov. Arnold Schwarzenegger proposed in 2008 that a fire fee be tacked onto all Californians' insurance bills. The Legislature rejected the measure, in part because many lawmakers considered it a tax. A measure that would have imposed a $50 fee on residences in areas protected by Cal Fire died as well, when local governments fought it.

Land-use measures didn't fare any better. Schwarzenegger vetoed a bill that would have tightened building restrictions in fire-prone areas. The California Chamber of Commerce had labeled it a "job killer."

The measure would have driven up development costs by requiring that new subdivisions have two access roads and adequate water pressure and fire protection.

"The building and development community would prefer to have as little cost as possible and local decision-makers would prefer not to think about it, either," said former Assemblyman Dave Jones, who wrote the bill and is now the state's insurance commissioner.

Likewise, taxpayers in some of the state's most fire-prone regions have resisted paying for fire services. In San Diego, which bore the brunt of the deadly Cedar fire in 2003 and Witch fire in 2007, residents have repeatedly rejected measures that would have increased taxes to pay for more firefighters and upgraded equipment.

Max Moritz, founder of the UC Berkeley Center for Fire Research and Outreach, helped Cal Fire develop statewide fire-risk maps. He said policymakers fight not just an aversion to taxes but the idea that fire is a manageable threat.

"We have this mentality that we can fight fires," he said. "Instead, we could learn from how we have planned and zoned around other natural hazards: floods, earthquakes, landslides. We don't have any way to sustainably coexist with fire."

When Brown took office, he sought to change attitudes.

He proposed an ambitious realignment of state services, including a shift of all firefighting and medical response duties to local governments in areas where Cal Fire has been serving as primary responder. The services, he said, are "more appropriately provided by local jurisdictions which have approved development in these areas."

Local communities were outraged. Before long, the administration jettisoned the firefighting proposal, saying that it had overestimated the state's savings. Instead, the Legislature pursued the homeowner fee. Signing the fee into law last week,Brown invoked what he called the "beneficiary pays principle."

Some lawmakers said the measure caused them to consider introducing land-use restrictions next year.

The fee "is a step in the right direction, but it's far from solving the whole problem," said state Sen. Christine Kehoe (D-San Diego), author of the 2008 measure. She said the state could establish stronger fire protection standards for local jurisdictions that want state emergency response funds.

As taxpayer groups prepare to fight the fee in court they argue it is really a tax and should not have passed the Legislature without a two-thirds vote homeowners like Steven Harkey are enraged. He lives on a bluff in rural Ramona and already pays a local fire fee.

When the Cedar fire charged toward his property in 2003, he fought the flames himself. He doused his roof with swimming-pool water to extinguish the baseball-sized embers.

"I know the danger up here," he said. "That's just what you live with."

The new fee is an unfair levy on back-country homeowners, he said. "I pay enough in property taxes. They don't have to hit me for more."

 

Posted via email from RealtorPeg

Tuesday, July 19, 2011

June Foreclosure Times Decrease in Three West-Coast States

Despite a recent trend in increasing foreclosure times, the average time it took to foreclose properties in California, Arizona, and Nevada decreased in June 2011, according to ForeclosureRadar.

“While the decrease in the time to foreclose last month is statistically interesting,” says Sean O’Toole, CEO and founder of ForeclosureRadar, “we do not see it as signaling an end to lenders looking to avoid losses that they can’t afford by continuing the extend and pretend policies of the past.”

While monthly numbers decreased in three states, year-over-year numbers still show an increase in the five West-coast states included in ForeclosureRadar’s monthly report. Based in Discovery Bay, California, ForeclosureRadar covers Arizona, California, Nevada, Oregon, and Washington.

The largest year-over-year increase in foreclosure time occurred in Nevada, where the average number of days rose from 239 days in June 2010 to 319 days in June 2011.

California experienced the second-largest increase in foreclosure time among the five states with an average of 317 days in June 2011 up from 261 days in June 2010.

Foreclosure filings also decreased in the five states in Foreclosure Radar’s report.

Foreclosure sales – both to banks and to third parties – decreased in four out of the five states, with Oregon as the exception.

Arizona’s notice of trustee sale filings declined 8.7 percent in June 2011 from the previous month.

Arizona’s foreclosure sales back to bank and to third-parties also decreased in June with back to bank sales dropping 16.6 percent for the month and foreclosure sales to third parties dropping 7.9 percent month-over-month.

The state’s REO sales took 4.6 percent longer in June than in May and 27.2 percent longer than June 2010.

California foreclosure activity slowed in June with notice of trustee sale filings down 11.7 percent from the previous month and 34.3 percent from June 2010.

Back to bank foreclosure sales in California declined 13.4 percent month-over-month, while third-party foreclosure sales declined 7.1 percent for the month.

Nevada’s default filings remained level at the lowest number since ForeclosureRadar began tracking them in August 2009.

The state’s notice of trustee sales decreased by 7.2 percent from the previous month, reaching their lowest level in 15 months.

Nevada’s foreclosure sales back to bank decreased by 25 percent month-over-month, while its third-party foreclosure sales decreased 12.4 percent over the same period.

Oregon’s default notices fell by 29.6 percent in June 2011 from the previous month, erasing the April spike caused by a temporary increase in filings by Recon Trust, a Bank of America subsidiary.

The state’s back to bank foreclosure sales rose 2 percent from the previous month, while third-party foreclosure sales increased 18.9 percent over the same period.

Washington’s notice of trustee sale filings fell by 2.4 percent, demonstrating a decrease for the third straight month.

Washington’s back to bank foreclosure sales decreased 19.8 percent from May to June, while foreclosure sales to third parties remained flat for the month.

 

Are you considering a San Diego real estate investment? Perhaps you'll relocate between San Diego neighborhoods? Moving to San Diego and checking out real estate agents? Then you should definitely check us out at http://www.realtorpeg.com  - You'll be glad you did!

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