Newsline

Foreclosure Inventory Down From Year Ago CoreLogic recently released its November National Foreclosure Report, which said there were 46,000 completed foreclosures nationwide in November 2013, down from 64,000 in November 2012, a year-over-year decrease of 29 percent. On a month-over-month basis, completed foreclosures decreased 8.3 percent, from 50,000 in October 2013.   Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. As a basis of comparison to the 46,000 completed foreclosures reported for November 2013, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006 before the decline in the housing market in 2007. Since the financial crisis began in September 2008, there have been approximately 4.7 million completed foreclosures across the country.   As of November 2013, approximately 812,000 homes in the United States were in some stage of foreclosure, known as the foreclosure inventory, compared to 1.2 million in November 2012, a year-over-year decrease of 34 percent. Month over month, the foreclosure inventory was down 4.6 percent from October 2013 to November 2013. The foreclosure inventory as of November 2013 represented 2.1 percent of all homes with a mortgage compared to 3 percent in November 2012. More info      MBA Lowers 2014 Mortgage Originations Forecast The Mortgage Bankers Association (MBA) lowered its forecast for mortgage originations in 2014 by $57 billion to $1.12 trillion for the year, based on declining mortgage application activity and increasing interest rates.     “Despite an economic outlook of steady growth and a recovering job market, mortgage applications have been decreasing – likely due to a combination of rising rates and regulatory implementation, specifically the new Qualified Mortgage Rule,” said Mike Fratantoni, chief economist for MBA.  “As a result, we have lowered our expectations for both purchase and refinance originations in the first half of 2014.  Purchase originations are now expected to be $677 billion for 2014, compared to $711 billion forecast previously.  Compared to 2013, purchase originations are expected to increase by 3.8 percent.” Refinance originations were revised lower as well and are now expected to be $440 billion in 2014, compared to $463 billion estimated previously.  The updated refinance total is around 60 percent lower than 2013 refinance originations.  More info “Understanding California's Home Sellers” Webinar C.A.R. is offering its members a free webinar about the findings of its 2013 Home Seller Survey. The survey takes a look at sellers in greater detail, and gathers insights on home seller demographics, the types of homes sold, the details of the selling experience from the owners’ perspective, and many aspects about client and real estate agent interaction. Attendees also will learn how to communicate more effectively with clients, understand how consumers choose their agent, improve the agent’s value proposition, and maximize social networking and Internet profiles. The one-hour webinar will take place Thursday, Jan. 30, at 2 p.m. Register today. Two California Neighborhoods Top List of Hottest Neighborhoods in 2014 Redfin has compiled a list of neighborhoods with the greatest growth in popularity over the last four months, and two California neighborhoods top the list – Bernal Heights North Slope in San Francisco, and Eagle Rock in Los Angeles County.  According to Redfin, highly ranked schools and scenic community parks appear to be the common thread among the top neighborhoods. However, Redfin agents have found that the real trend in 2014 neighborhood popularity is a short commute at an affordable price. The trending neighborhoods offer a short drive to or easy access to a commuter rail line at prices that are not the most expensive in the city. “After a year in which prices popped 13 percent, Americans are checking out still-close-in but often-overlooked neighborhoods in search of affordability, even if means less-fashionable restaurants or a home that needs a little more work,” said Redfin CEO Glenn Kelman.  More info