This past week saw 198 Notice of Sales for Pima County meaning a rough total of 35.8 million dollars entered into a final stage of preforeclosure. Once again the zip code of 85706 led the way with 22 notices followed by 85713 with 14 notices.
Here is the chart looking at the number of notices per zipcode.
I thought it would be interesting to post the weekly statistics from the notice of sale list. This is a list that I comprise every week, via the Pima County Recorders Page. The data is collected by counting the “Notice of Sales” and associating the address with the correct zipcode. (Note that there is more than one way to file for a foreclosure in Pima County, but Notice of Sales are used for Deeds of Trust, which is the most common lien banks use.) Thus this is not a definitive number, but should be a reasonably accurate number based on my data gathering techniques. More data will be added in the coming weeks, and a chart of all 2007 notice of sales is in the works.
The past week saw 158 “Notice of Sales” filed, valued at roughly $30 million dollars in property. (Note that I only calculate the value based on the first mortgage. So if a home is encumbured by more than one lien only the first lien is used. Thus this number could be undervalued by up to 30% or more. A high degree of error, but at this time the data gathering methods do not allow for more accuracy. This will be something I will continue to work on improving.) Continuing trends include: over 95% of the deeds of trust entering foreclosure where originated in 2005-2007, the highest concentration of filings occur for the 85706 zipcode, and areas of new home developements show increasing numbers of foreclosure starts.
Time and time again, more and more economic pundits and real estate experts keep pushing the housing recovery back. They gloriously state the recovery will start in the next few months, and everyone should be preparing to buy a house as you won’t see another opportunity like this again in your lifetime! Then the next month’s real estate home sales reports reveal the facts that any home seller already knows. The recovery hasn’t begun, more houses are on the market, the average price is dropping, foreclosures are at an all time high, and the banks who are supposed to lend money - aren’t.
While all this news is piling on there are still multiple “the sun will come up tomorrow” real estate professionals out there who will give you an exaggerated price expectation to receive your business. Many times when a homeowner contacts me about purchasing their home, they will give me a price that a real estate professional has derived for them. Often that price is based on the average price of homes for sale. Not the average price of homes sold. This is an easy statistical switch that has been used for years, and usually sets the homeowners up for home selling failure.
In this market if you want to sell your home quickly, it has to provide an incentive for the buyer. Most often that incentive is a low purchase price. When you are deciding what price to sell your home, ask for a list of all the homes that have sold, not the homes that are listed. You are going to want to set the starting price of your home 1-3% below the lowest comparable home sale. That will help to generate interest and the feedback should let you know if the house is overpriced and needs a price reduction. Here is some advice that was offered by a real estate professional.
Advice to homeowners: If you need to sell and you’re not getting much interest, cut the price by an extreme amount. If you make halfhearted cuts, you’ll remain overpriced and you’ll follow the market all the way to the bottom. Advice to buyers: Bargain hard. Many sellers are still asking for too much. “As tough as our market’s been, the toughest thing is to get sellers to understand that prices aren’t going up 18 percent to 20 percent a year anymore,” says Ned Redpath, head of Coldwell Banker Redpath & Co. Realtors in Hanover, N.H.
Sometimes now matter how many reductions or incentives to buy a home -there just won’t be a buyer for a home, and that is where our company can step in and provide a solution for you, the homeowner. If you have listed your property with no success or you just need a quick solution to selling your home, that is where WeBuyTucsonHomes can help!
From CNN Business
NEW YORK (CNNMoney.com) — The Dow has shed thousands of points and the global economy is in crisis.
So who wants to buys a house right now? Not many people, it turns out.
The National Association of Home Builders, for instance, has seen its contract cancellations spike recently to as high as 30%, compared with an average rate of about 20%. During the housing boom, as few as 5% of sales were cancelled.
“The events of the past couple of weeks have people’s heads spinning,” said Steve Melman, NAHB’s director of economic surveys.
The National Association of Realtors estimates that about 25% of the clients its members are working with are staying on the sidelines. They’re looking at homes and intend to buy at some point, but right now they’re worried about their jobs, their declining investments and falling housing prices.
“You have to have a lot of confidence to make this kind of big-ticket purchase in the current environment,” said NAR spokesman Walter Molony.
If your house is for sale currently you might have thought it was going to sell only to fall out later. If you decide to sell you home to us at WeBuyTucsonHomes.com you won’t have to worry about the sale being canceled. We are committed to purchasing you home once we write a contract. Call us today to receive a free offer on your home!
~Caleb
Mr. Mortgage mentions GetGreenCredit.com as a viable mortgage modification company that may help you reduce your principal balance, and lower your interest rate to 2-3%. I haven’t heard of GetGreenCredit.com and I don’t endorse the company, but if you owe more on your house than its worth (if you purchased or refinanced in the last few years, the chances are high your loan is more than what your house is worth.) it might be worth your time to contact them. Be sure to research the company, and maybe even contact other debt settlement companies to compare their offerings.
Here is the Mr. Mortgage video. It runs 10 minutes and he speaks about GetGreenCredit.com starting at the 7 minute mark.
As always if you need to sell your house quickly contact WeBuyTucsonHomes.com today and we will answer all of your questions.
Caleb