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Short Sales Overtook REO Sales in Q3 | Cross River Real Estate

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For the first time ever, sales of properties in some stage of foreclosure (pre-foreclosure sales) outnumbered sales of bank-owned properties (REO) in the third quarter, as short sales continue to gain market share at the expense of REO and sales of completed foreclosures at auction.

Pre-foreclosure sales, largely short sales, increased 22 percent from the second quarter and were also up 22 percent from the third quarter of 2011, while the average sales price decreased 3 percent from the previous quarter and was down 5 percent from a year ago, according to RealtyTrac. A total of 98,125 pre-foreclosure sales occurred during the quarter compared to a total of 94,934 REO sales.

By contrast, REO sales increased 19 percent from the previous quarter but were still down 20 percent from the third quarter of 2011. A total of 193,059 U.S. properties in some stage of foreclosure or bank-owned (REO) were sold during the third quarter, an increase of 21 percent from the previous quarter, but still down 3 percent from the third quarter of 2011. Foreclosure-related sales accounted for 19 percent of all U.S. residential sales during the third quarter – down from 20 percent in the previous quarter but the same level as in the third quarter of 2011.

Pre-foreclosure properties sold for an average price of $191,025 in the third quarter, down 3 percent from the second quarter and down 5 percent from the third quarter of 2011. The average sales price of a pre-foreclosure residential property in the third quarter was 27 percent below the average sales price of a non-foreclosure residential property, up from a 25 percent discount in the previous quarter and a 19 percent discount in the third quarter of 2011.

The average REO sales price decreased 7 percent from the previous quarter but was still up 7 percent from the third quarter of 2011. REOs sold for an average price of $161,954 in the third quarter, down 7 percent from the second quarter but up 7 percent from the third quarter of 2011. The average sales price of a bank-owned home in the third quarter was 38 percent below the average price of a non-foreclosure home, up from a 33 percent discount in the second quarter but down from a 39 percent discount in the third quarter of 2011.

Homes in foreclosure or bank owned sold at an average price that was 32 percent below the average price of a home not in foreclosure, up from a 29 percent discount in the second quarter and a 31 percent discount in the third quarter of 2011.

Short sales of properties not in the foreclosure process increased 15 percent from the previous quarter and were up 17 percent from the third quarter of 2011. These non-foreclosure short sales accounted for an estimated 22 percent of all residential sales, bringing the total distressed sale share to an estimated 41 percent for the quarter. Non-foreclosure short sales prices in the third quarter fell short of the total amount of loans outstanding by an average of $82,312 per short sale. For all short sales, including non-foreclosure and in-foreclosure properties, the sales price was short of combined loan amounts by average of $94,896 per short sale.

“The shift toward earlier disposition of distressed properties continued in the third quarter as both lenders and at-risk homeowners are realizing that short sales are often a better alternative than foreclosure,” said Daren Blomquist, vice president of RealtyTrac. “However, the scheduled expiration of the Mortgage Forgiveness Debt Relief Act at the end of this year could stifle this trend toward short sales. If that law expires as scheduled, homeowners who agree to a short sale could see their income tax jump significantly because the portion of the unpaid loan balance not covered by the short sale proceeds will be considered taxable income in many cases.

Pre-foreclosure homes that sold in the third quarter took an average of 359 days to sell after starting the foreclosure process, up from an average of 319 days in the previous quarter and up from an average of 318 days in the third quarter of 2011.

Third parties purchased a total of 94,934 bank-owned (REO) residential properties in the third quarter, an increase of 19 percent from the previous quarter but down 20 percent from the third quarter of 2011. REO sales accounted for 10 percent of all residential sales during the quarter, the same as in the second quarter but down from 11 percent of sales in the third quarter of 2011.

Separately, Lender Processing Services reported yesterday that foreclosure starts declined significantly foreclosure starts over the last two months – down 21.9 percent in October and almost 48 percent on a year-over-year basis – leading to a nearly 7 percent drop in overall foreclosure inventory.

“LPS observed a drop-off in foreclosure starts in September that accelerated in October,” Blecher said. “This decline coincided with the implementation of new procedural changes outlined in the National Mortgage Settlement, which requires, among other things, that mortgage servicers provide written notice to borrowers 14 days prior to referring a delinquent loan to a foreclosure attorney. This has resulted in what is likely a temporary slowdown in foreclosure starts that we do not believe is indicative of a longer-term trend. However, we will continue to monitor this activity closely in the coming months.”

The LPS Mortgage Monitor reported that September loan originations were down, likely due to the shortened number of business days in the month. However, prepayment speeds (historically a good indicator of refinance activity) rebounded in October, and as such, LPS expects to see overall origination numbers pick up for that month. LPS also found that mortgage spreads remain elevated, averaging 197 basis points above the 10-Year Treasury rates, with interest rates consistent across all product types.

via realestateeconomywatch.com

19 handy Google tricks that you were not aware of | Katonah NY Realtor

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After covering everything that Google Search has to offer, you can easily forge that search only forms one small part of the Google behemoth. With so many different features and clients available, it’s very easy to use the basic features for each and leave it at that.

However, if you delve a little deeper, there are many tricks hidden away that will help improve your experience. To help you out, here are a number of tips and tricks that you can use for four of Google’s more popular features: Gmail, Maps, Google Drive and Google News.

Gmail

Use Filtered Search

Gmail’s search bar is very handy for finding that message you got months ago, but most people don’t realise how easy it is to access advanced search. Just click the downward facing arrow on the right-hand side of the search bar and you will be presented with a number of different search options. You can narrow your search down to the person who sent it, the subject, words used, and the dates it would have been sent.SearchingforMail 765x449 19 handy Google tricks that you weren’t aware of

Activate Starring Feature

Sometimes you will come across important messages, but the only way you can mark them is with the yellow tab or star icon. Thankfully, there is a feature in settings which lets you mark your inbox with different symbols to help you. Start by clicking the gear icon in the upper right hand corner and scroll halfway down the general settings page to find the “Stars” setting. Here you can drag different stars and icons into the “In Use” section to activate them. The next time you’re starring an email, you can cycle through the different colours by clicking on the icon repetitively.Stars 765x429 19 handy Google tricks that you weren’t aware of

Cut Down Text In Email Replies

The annoying thing about email threads is that if the messages are long and numerous, it’s very easy for the context to get lost among the many paragraphs of text. There’s a handy way to get around this as blogger John Graham-Cunning recently discovered. Before you hit reply, highlight the block of text you want quoted and then hit reply. This ensures that only that text you highlighted will be quoted in the email below your message.HighlightingTextReply 765x429 19 handy Google tricks that you weren’t aware of

Keyboard Shortcuts

Like all Google features, there are keyboard shortcuts that you can take advantage of. Simply go into the gear icon on the upper right general settings and activate the shortcut. You can find a list of the different keyboard shortcuts by visiting this link.

Sign Out Remotely

If you’ve signed into Gmail on different computers and forgot to sign out, you can sign out remotely through the details section. If you scroll down to the bottom of Gmail, you will see your last activity at the bottom right hand corner. Click on “Details” underneath this and you can sign out of all other sessions.RemoteSignOut 765x449 19 handy Google tricks that you weren’t aware of

Emphasise Important Words In Gchat

If you want to add extra emphasis to your comments on Gchat, you can add some basic formatting as you type. To make text bold, surround your text with asterisks (*bold*), use underscore to add italics (_italics_) and hyphens to add strikethrough (-strikethrough-).BoldText 765x429 19 handy Google tricks that you weren’t aware of

See Which Emails Were Sent To You Directly

If you want to keep track of what emails are sent to you directly and which ones were sent to a group, you should activate the “Personal Message Indicators” setting. Found near the end of general settings, activating it will place arrow icons within the important tab. One arrow signifies emails sent to you and others, while double arrows indicate emails sent just to you.personallevelindicators 765x429 19 handy Google tricks that you weren’t aware of

Activate Gmail Remotely

If you’re a Chrome user, you can download a handy app which will allow you to work on Gmail without an internet connection. It allows you to read, respond to, search and archive mail without network access. For those interested, you can download it through the link here.gmailoffline 765x429 19 handy Google tricks that you weren’t aware of

Google Maps

Remove Side Column

Not really a tip per se, but handy to know when you’re viewing a map. If you want more space to work around with, simply click the small arrow on the right of the printer and URL icon (the chain). This will minimise the column so that you have more space to view the map.hidepanel 765x429 19 handy Google tricks that you weren’t aware of

Adjust Your Route

When you’re searching for directions and you want to avoid a particular road or street, you can adjust your route by dragging it to a different path. This will create a new white marker which Google will use to calculate a new route and timeframe. You can create as many of these markers as you wish.dragtochangeroute 765x430 19 handy Google tricks that you weren’t aware of

Add/Remove Layers

Depending on your location, you can add or remove layers to your map. Depending on your location, you can see terrain, traffic, weather reports, Wikipedia entries, bike trails and when you zoom in close enough in satellite mode, 45 degree mode. You can access these modes by hovering on the box located on the top right-hand corner and expand it by clicking the arrow button at the bottom.layers 765x429 19 handy Google tricks that you weren’t aware of

Drag and Zoom

Google Labs has some incredibly handy tools, but it can be very easy to miss it considering its location. When you open up maps, you will find Maps Labs at the bottom left hand corner of the screen. One of the options you can choose is ‘Drag ‘n’ Zoom’ which lets you zoom in by drawing a box on the map. Click the magnifying box underneath the original zoom to activate it. The smaller the box, the further you zoom in.dragandzoomtool 765x450 19 handy Google tricks that you weren’t aware of

Measure Distances

Another Google Labs tool that you can activate. Clicking the ruler tool at the bottom right hand corner of your map will let you measure the distance between two points in metres or feet. The fun part behind this option is you can choose the geeky option and measure the distance based on the size of American football fields, Olympic swimming pools and light years among other more useful measurements. This feature will only let you measure in straight lines, however.DistanceMeasurement 765x429 19 handy Google tricks that you weren’t aware of

Google Drive

Keyboard Shortcuts

It’s probably no surprise that Google Drive has its own set of keyboard shortcuts which you can find through the cog icon. Scroll down the menu and you will see an option for keyboard shortcuts. Clicking this will bring up all the different key combinations available to you.DriveShortcuts 765x429 19 handy Google tricks that you weren’t aware of

Access Revision History

If you’re creating or viewing a document on Google Drive and you want to see what changes were made, go into file and select “Revision History.” This will bring up a list of previous versions of said document that you can restore or use to view differences between that version and the latest. If the document is shared by more than one person, all changes are colour coded to show which person was behind each change.RevisionHistory 765x429 19 handy Google tricks that you weren’t aware of

Attach Drive Files To Your Email

When you’re writing up an email, you can insert a file directly from Drive through your Gmail account by clicking the Drive icon at the bottom of the new compose email format. It will appear when you scroll over the attachment icon at the bottom. This option isn’t available if you’re using the old compose format, in which case you’ll have to add in your files manually.GoogleDriveAttachment 765x429 19 handy Google tricks that you weren’t aware of

Google News

Personalise Your News

Google News is a handy way to find articles when normal search isn’t enough, but you mightn’t be aware that it can also be used as a news portal. Going to the News homepage will present you with all the major news stories, local and national, for you to read. However, if you’re not happy with the articles you’re presented with, the customise section is what you’re looking for.

By clicking on the cog icon at the top right-hand corner, you can adjust the sliders for a number of topics to determine how often they appear. Also, you can add specific news sources to the list and adjust how often they appear on your feed, allowing you a more personalised experience.

personalisegooglenews 765x430 19 handy Google tricks that you weren’t aware of

Adjust Appearance Of Blogs & Press Releases

In its search function, Google News also incorporates blog posts and press releases to give you a more comprehensive view of the news and what’s happening. If you only want major media outlets and sites to appear on your feed, you have the option to lessen or get rid of blog posts and press releases from your feed. When in the customise section, go into settings (found underneath adjust sources) and you can adjust the frequency they appear.personalisetaste 765x450 19 handy Google tricks that you weren’t aware of

Add Specific Topics

If you want to have a stream that related to specific search terms, then create your own section. In the customise section, go into advanced (found underneath the Personalize Google News section), and select “Create A Custom Section.” Here you can add in any search term and you will be presented with a feed correlating to that. Remember if you want to add more than one term, separate them with a comma.customsection 765x429 19 handy Google tricks that you weren’t aware of

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This article is published in association with SimplyZesty, a digital marketing agency.

Image Credit: AFP/Getty Images

via thenextweb.com