Notice of Sale and Notice of Default filings are High this week, See the trends here! September 29, 2009

The notice of defaults recorded this week are at the third highest (at 139) level since  I started tracking them back in the first part of June.  I assumed that it would be high just because of the passed trends.  Its seems like we get them in spurts, and then they go way down.  The Notice of Sales reported this week (108) is at the highest level since June 28th.  I am guessing from what I have seen so far is that we will have a continued upward trend in the Notice of sales, compared to the last three months.  Some of the banks are starting to process some of the pent-up inventory that has been sitting there for the past year.  I was reading the WSJ, and some of the numbers of the current loans that are in default that haven't been processed yet for the foreclosure proceedings were at very high levels.  I said this in an earlier post that there was 1.2 million of those loans that haven't even started in the distressed pipeline, because of the banks are waiting to see if they can qualify them for Loan Mods, or other bank "workout programs" that are available.  Soon as they become disqualified they move them into the foreclosure process.  To qualify for some of those programs, you need to fit a certain criteria, and the banks are coming to realize that most of the people can't even make the first cut.   

      Here are the current charts for the NOD's and NOS's in Ada county for the past 3 months.  Click on the bottom link to go to the Distressed Property Reports Page.to download free copies of the current recipients for the NOD's and NOD's.

http://sites.google.com/a/schrenkerickson.com/distressed-property-reports/home

You can always go to AdaCountyMarketReport.com and click on "Distressed Property Reports Pages" on the right hand column.  

thanks

Jeremy Erickson

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Posted via email from Jeremy R Erickson

Notice of Default and Notice of Sale recordings are way down for Ada County! See the trends here. September 16, 2009

The filings from Ada County are out for the week, and the Notice of defaults are down to the 2nd lowest amount in the last 3 months.  The Notice of Sales are also down too.  From what I can tell in the short run, we are trending downward, but it doesn't take much to make it go back up.  Now that I have over three months data collected from the NOD's and NOS's I think we can conclude that the filings are pretty sporatic, but the data is talking.  We just need to dive further into it.  I think it goes in phases, we have a real high week and then it goes down down down, then we have another high week, and then it goes down down down.. then it happens again.  The problem that I see is the high weeks keep getting higher.  I can't really put a lot into this theory yet until have a couple of months more data. My prediction is that in the next week or two the NOD's will be ski high again, and then we will start over again.    So stay tuned, and tell me what you think, please leave your comments below.

Jeremy Erickson
AdaCountyMarketReport.com

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Posted via email from Jeremy R Erickson

Improving Home Sales Belie Market Reality – WSJ.com August 25, 2009

By PAUL VIGNA

The housing market has come out of its tailspin, lifted by falling home prices, low mortgage rates and an $8,000 federal tax credit offered to some first-time home buyers. But stability, to say nothing of strength, still looks a long way off.

The National Association of Realtors is expected to report Friday morning that sales of existing homes rose for the fourth consecutive month in July, up 2.2% from June, on a seasonally adjusted basis. Problem is, a lot of the action is in distressed properties.

A survey conducted in June of 1,500 real-estate agents sponsored by the trade publication Inside Mortgage Finance found that 36% of all sales involve “nondistressed” properties.

 

July Home Sales Reach Two Year High

1:44

In a boost for the economy, sales of homes in July reached levels not seen since 2007. Dow Jones Newswires’ Meena Thiruvengadam reports that trend should continue, thanks to falling prices and ongoing sales of foreclosed properties.

Of the nondistressed sales, only 31% were what the survey described as “unforced or optional.” The rest were sales by homeowners in some kind of financial or personal crisis.

“Think about that for a minute,” John Mauldin of Millennium Wave Advisors wrote this week. “Two-thirds of home sales are either foreclosures or banks taking a loss on the mortgage.” And only a third of the remaining one-third — roughly 10% of overall sales — comes from “something we could call a normal selling process.”

That first-timer credit has sparked sales, and the NAR expects a flurry of sales in the next few months, as the credit expires Nov. 30. At the low end, it is a “feeding frenzy,” says Jim Klinge of Klinge Realty in San Diego.

Meanwhile, the Mortgage Bankers Association said Thursday that the number of homeowners behind on their mortgage payments hit a new high during the second quarter, with more than one in eight homeowners delinquent or in the foreclosure process.

So it is likely that sales will stay mired on the low end of the housing barbell.

Last July, sales of existing homes hit a five-month high, leading the NAR to openly hope a sustained upturn was coming.

It wasn’t.

Today, home sales are roughly where they were last year. Given the state of the consumer and the rise in foreclosures, they may be at this point again next year.

• Email: tape@wsj.com

via online.wsj.com

Don’t get to excited about the “Home Market Recovery” read this article for cup of depression for the day. Little bit of a downer, but good to consider some points.

Posted via web from Jeremy R Erickson

NOD’s were crazy high this week! NOS’s were up too! check the charts out here. August 25, 2009

Wow, can you believe the NOD's? (Notice of defaults) for the week.  Its almost like they saved them up just to dump them on the pile this week.  Trying to clear their desks before school starts.  Not sure what that means, I guess we just continue to watch them and see where it takes us.  It seemed like we were doing so good, then all the sudden someone just dumped a ton a bricks on the cart.  Lets hope that its just an anomaly and not a trend.  If you have an comments or questions, don't hesitate to leave a comment or send me a message directly.   Have a good week!  to see the entire spreadsheet, and the current Homeowners under default click here to navigate through the info.

Jeremy Erickson
(208) 991-3606 direct
(208) 379-5717 fax
jeremy@spluse.com

http://sites.google.com/a/schrenkerickson.com/distressed-property-reports/home

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Posted via email from Jeremy R Erickson

New Construction Market Report in online Spread Sheet format. View it like an excel spreadsheet online! July 26, 2009

Market Report Spread Sheet

This picture is a snapshot of the online spreadsheet that I have created.  Make sure you click on the Market report Spread Sheet link to see

the live form.  When you get to the web page, you will be able to navigate through the different sheets of information from the top.  Make sure you 

look at all the spread sheets so you can see all the info.  As soon as the month is gone, I will be preparing the new Market report for August.  Stay Tuned!

Here is the link again:

http://spreadsheets.google.com/pub?key=tdCcKpdGU3Emvfv_mz1K7XA&output=html

Posted via email from Jeremy R Erickson

Amazing backyard on this Listing at 7619 W Bearcreek Ct. Boise Id 83704 July 21, 2009

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Posted via email from Jeremy R Erickson

Why Choose S + E Real Estate? July 21, 2009

Check out this mind map, this shows some of the processes that we do to make sure our listings get maximum exposure.

Click here to see the the actual map in live form.  Its interactive, you can click some of the nodes to see some notes.

Video is coming soon. Here is that Link I was talking about.

http://www.mindmeister.com/23338747/why-choose-s-e-real-estate

Jeremy R Erickson

Posted via email from Jeremy R Erickson

Homebuilding picks up in southern Idaho « IBR Real Estate Update July 20, 2009

Homebuilding picks up in southern Idaho

By ibrealestate

Dani Grigg

The top builders in southern Idaho built more houses in June this year than they did last year.

The three contractors who built the most homes last month were Boise-based CBH Homes, Meridian-based Hubble Homes and Meridian-based Aspen Homes. They built a total of 87 homes in southern Idaho in June, compared to 68 in June 2008, according to a report from BuildIdaho.com

Trey Langford, founder of BuildIdaho.com, said he’s seeing increased optimism among homebuilders.

“Builders are enthusiastic based on the inquiries and the quality of inquiries they’re getting – meaning they don’t feel like tire kickers out there,” he said. “The numbers are fewer but the people that are contacting them are people that are motivated to buy or build new homes. They’re not just trying to figure out what the price of a new home is; they’re actually in the market.”

The top nine subdivisions in southern Idaho sold a total of 43 homes in June.

CBH Homes is the builder for seven of those subdivisions, while Brighton Homes and Eaglewood Homes are the builders for Paramount in Meridian, which tied for the highest number of sales (six) with CBH’s Silverleaf in Meridian.

via ibrealestate.wordpress.com

Its good to see that these builders are building more homes,its very good for the boise economy, and it tells you were the market is. They are dominating the market in the 125-175 range. You can also see AdaCountyMarketReport.com to see some more statistics.

Lennar Tots Up Chinese Drywall Damage – WSJ.com July 13, 2009

By JAMES R. HAGERTY

Lennar Corp. has identified about 400 homes in Florida that have confirmed problems with defective Chinese drywall and has set aside $39.8 million to repair the homes, the Miami-based home builder said in a securities filing Friday.

The figures are as of May 31, Lennar said.

Complaints about odors and corrosion blamed on defective drywall have been increasing for months. The U.S. Consumer Product Safety Commission, or CSPC, said in a letter to four U.S. Senators earlier this week that it has received more than 600 complaints relating to this drywall issue from 21 states and the District of Columbia. Most of the reports are from Florida, Louisiana and Virginia.

Lennar and some other builders have been forced to gut homes, mostly built in 2006 and 2007, to replace drywall, wiring and other fixtures.

Lennar said that it hasn’t yet found defective Chinese drywall in homes it built outside of Florida and that it isn’t yet able to “reasonably estimate its future exposure” to the problem, which has led to a spate of lawsuits against drywall suppliers and builders.

The builder said it has a $20.7 million receivable for covered damages under its insurance policies. Lennar said it is seeking reimbursement from subcontractors, insurers and others for costs the company expects to face in investigating the problems and repairing damaged homes.

Drywall, also known as wallboard, is made from gypsum coated with paper and is used in walls and ceilings.

The CPSC said recently that its staff members who have visited some of the homes noted odors and corrosion of metal inside the homes. “While in the homes, they also consistently experienced some throat irritation, scratchy eyes, headache and other symptoms that tended to clear up or dissipate after some time outside the homes,” the agency said.

The CPSC and state agencies are investigating potential health and safety risks related to the drywall.

Write to James R. Hagerty at bob.hagerty@wsj.com

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Home For Sale on Bearcreek Ct Boise Id July 13, 2009

Amazing 2550 Sq ft house in boise Idaho close to Ustick and cole Road in Bayhill Community. Located on a Very Quiet Secluded street with no through traffic. East Facing back yard, with no neighbors behind. The Landscape is amazing, and the pool is extrodinary. You have to see it, its amazing. The tile work through out the home and the outside living area is gorgeous. This home was built 14 years ago, but looks brand new. Please don’t compare it to any distressed properties, this property is in a league of its own. If you want a amazing home, in an awesome location, you have found it. Make this home yours today. Call Troy at 208-867-2921