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Foreclosures Fall to Five-year Low

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  • William Matz | | 13 Oct 2012, 12:22 PM Agree 0
    Our local experience in CA is certainly much different. We have seen a sharp spike in filings. I attribute that to the completion of the Atty Gen'l settlement and much stricter foreclosure laws that go into effect January 1, 2013. In addition, new foreclosure risks are emerging, e.g. @40% of FHA mortgages being underwater. SSo caution remains in order.
  • Steve Cook | | 13 Oct 2012, 12:43 PM Agree 0
    William,

    Thanks for your comment.

    Your views are interesting and seem to differ from the data. You might check out http://www.foreclosuretruth.com/.

    Steve
  • William Matz | | 13 Oct 2012, 01:12 PM Agree 0
    Thanks for the reference. As I stated, I am only reporting what I see locally (N. of SF). E.g., a local paper for a town of only 11k had 15 notices of sale last issue. We may be some sort of anomaly. Also, I am talking only about Notices of Trustee Sale, which must be published, not the Notices of Default, which are just recorded.

    I remain concerned about a lingering cloud of mortgage mods, hybrid ARMs, and Option ARMs, which have been held in check by low interest rates. But when rates rise, many of these will be unsustainable. Amherst Securities Group predicted in 2010 that we would not see the peak in Option ARM foreclosures until Sept 2012, and that was before the delay cause by the AG investigation/settlement. Also, the @40% of FHA mortgages above. And, of course, all mortgages are at risk until the economy and jobs recover.
  • Jarl Kubat | | 13 Oct 2012, 07:20 PM Agree 0
    This is great news for Arizona Real Estate. I hope the fall in foreclosures continue not only for Arizona but throughout the United States!
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