This weeks weekly HotSheet for The Cascade Team Real Estate. Click the picture or this link to see what agents are listing homes, selling homes, and closing deals this week!
Friday, October 29, 2010
Thursday, October 28, 2010
Issaquah Highlands Homes for Sale
Offered at $350,000 1911juneberrylanene.TheCascadeTeam.info
Immaculate home in the heart of the Highlands! Spacious end unit with 3 bedrooms plus main floor den. Great room with gas fireplace and large dining area. Chef's kitchen with granite counters, gleaming hardwoods and breakfast nook with slider to private patio. King sized master suite with sitting area. Sumptuous master bath with tile floor and large walk-in closet. Attached two car garage.
Matt Jensen
Office: 206.909.8200
Mobile: 206.909.8200
cary@thecascadeteam.com
www.mattjensenre.com
Managing Broker
Redmond Homes for Sale
Offered at $464,500 13724176thavenuene.TheCascadeTeam.info
Great Room Style English Hill 4 bed/2.5 bath Turn-Key Professional Remodel! New slab granite kitchen with stainless appliances, custom extra-tall cabinets. NEW Hardwoods on main floor, Brand New Master Bath: Spa-like floating glass tile shower, dual sink vanity w/ granite top! All baths Updated. NEW: Interior paint, new carpet in bedrooms, newly painted/stained decks. Super Backyard- LARGE & Private, entertainment deck, backs to greenbelt! Newer 40-yr. roof, quiet street, stellar Northshore schools, neighborhood trails lead to Sunrise Elementary! Welcome Home!
Shannon Woodcock
Office: 425.396.4569
Mobile: 206.484.5330
cary@thecascadeteam.com
www.shannonwoodcock.com
Broker
Seattle Area Leads Nation in Foreclosures
KOMO4 News:
Story Published: Oct 28, 2010 at 7:07 AM PDT
Story Updated: Oct 28, 2010 at 7:16 AM PDT
In the greater Seattle area including King, Pierce, and Snohomish Counties, 1 out of every 129 homes has recieved a Foreclosure Notice. Nationally that number is 1 out of every 339 meaning that Seattle is facing more than doubble the average foreclosure rate as the rest of the nation.
The foreclosure crisis intensified across a majority of large U.S. metropolitan areas this summer, with Seattle and Chicago - cities outside of the states that have shouldered the worst of the housing downturn - seeing a sharp increase in foreclosure warnings.
California, Nevada, Florida and Arizona remain the nation's foreclosure hotbeds, accounting for 19 of the top 20 metropolitan areas with the highest foreclosure rates between July and September, foreclosure listing firm RealtyTrac Inc. said Thursday.
Those states saw housing values surge during the housing boom years. When the boom ended, values collapsed and foreclosures soared.
But the latest data show that many of the metro areas in those states saw a decline in the number of households receiving foreclosure-related filings, while many cities in other states saw a spike in foreclosure activity.
"The epidemic is spreading from the states at the ground zero of the foreclosure problems out into areas that hadn't been previously affected," said Rick Sharga, a senior vice president at RealtyTrac.
The trend is the latest sign that the nation's foreclosure crisis is worsening as homeowners facing high unemployment, slow job growth and uncertainty about home prices continue to fall behind on their mortgage payments.
In all, 133 out of 206 metropolitan areas with at least 200,000 residents posted an annual increase in foreclosure activity in the three months ended Sept. 30, RealtyTrac said.
The firm tracks notices for defaults, scheduled home auctions and home repossessions - warnings that can lead up to a home eventually being lost to foreclosure.
Eleven out of the nation's 20 largest metropolitan areas saw foreclosure activity increase in the third quarter compared to the same period last year.
The Seattle-Tacoma-Bellevue metro area registered the sharpest annual increase - 71 percent. One in every 129 households received a foreclosure filing.
The Chicago-Naperville-Joliet metropolitan area posted the second-highest annual jump, a 35 percent increase. One in every 84 households received a foreclosure notice.
Among the other metro areas where foreclosure activity jumped by a large margin this summer were Houston-Sugar Land-Baytown, up 26 percent; Detroit-Warren-Livonia, at nearly 23 percent; and, Atlanta-Sandy Springs-Marietta, up 20 percent.
Economic woes, such as unemployment or reduced income, continue to be the main catalysts for foreclosures this year. The U.S. unemployment rate hit 9.6 percent last month.
In the Seattle metro area, unemployment stood slightly lower at 8.5 percent in August and has been edging lower. It was 8.7 percent in August last year.
Still, many troubled homeowners have been unable to hang on. As a result, there's been no letup in the inventory of foreclosed homes on the market this year, says John Bauer, an agent with ZipRealty in Seattle who represents lenders selling foreclosed properties.
"It has been on an upward trend curve ever since 2008," Bauer said. "And not just the third quarter of this year, but the last 12 months, it's been on a steady ascension."
Chicago also had the third-highest number of homes repossessed by lenders during the quarter - 12,568 - behind the Phoenix metro area's 14,317 and the Miami metro area's 12,963, RealtyTrac said.
Banks have seized more than 816,000 homes through the first nine months of the year and are on pace to seize more than a million.
A controversy stemming from allegations that banks evicted people without reading foreclosure documents wasn't a factor in the July-September quarter, Sharga said.
Lenders such as Bank of America and Ally Financial's GMAC Mortgage initially halted foreclosure activity but have since resumed processing foreclosures.
Preliminary data from this month shows almost no change in foreclosure activity versus September, Sharga said.
"We're not seeing what we might have anticipated in terms of a falloff," he said.
The Las Vegas-Paradise, Nev., metropolitan area topped the list of metropolitan areas with the highest foreclosure rates in July-September with one in every 25 homes receiving a foreclosure warning - more than five times the national average. But foreclosure filings declined 20 percent from the same quarter last year.
"It's not out of the woods yet, it's just less bad than it was a year ago," Sharga said.
Rounding out the rest of the top 10 metros with the highest foreclosure rate were Cape Coral-Fort Myers, Fla.; Modesto, Calif.; Stockton, Calif.; Merced, Calif.; Riverside-San Bernardino-Ontario, Calif.; Miami-Fort Lauderdale-Pompano Beach, Fla.; Phoenix-Mesa-Scottsdale, Ariz.; Bakersfield, Calif.; and Vallejo-Fairfield, Calif.The foreclosure crisis intensified across a majority of large U.S. metropolitan areas this summer, with Seattle and Chicago - cities outside of the states that have shouldered the worst of the housing downturn - seeing a sharp increase in foreclosure warnings.
California, Nevada, Florida and Arizona remain the nation's foreclosure hotbeds, accounting for 19 of the top 20 metropolitan areas with the highest foreclosure rates between July and September, foreclosure listing firm RealtyTrac Inc. said Thursday.
Those states saw housing values surge during the housing boom years. When the boom ended, values collapsed and foreclosures soared.
But the latest data show that many of the metro areas in those states saw a decline in the number of households receiving foreclosure-related filings, while many cities in other states saw a spike in foreclosure activity.
"The epidemic is spreading from the states at the ground zero of the foreclosure problems out into areas that hadn't been previously affected," said Rick Sharga, a senior vice president at RealtyTrac.
The trend is the latest sign that the nation's foreclosure crisis is worsening as homeowners facing high unemployment, slow job growth and uncertainty about home prices continue to fall behind on their mortgage payments.
In all, 133 out of 206 metropolitan areas with at least 200,000 residents posted an annual increase in foreclosure activity in the three months ended Sept. 30, RealtyTrac said.
The firm tracks notices for defaults, scheduled home auctions and home repossessions - warnings that can lead up to a home eventually being lost to foreclosure.
Eleven out of the nation's 20 largest metropolitan areas saw foreclosure activity increase in the third quarter compared to the same period last year.
The Seattle-Tacoma-Bellevue metro area registered the sharpest annual increase - 71 percent. One in every 129 households received a foreclosure filing.
The Chicago-Naperville-Joliet metropolitan area posted the second-highest annual jump, a 35 percent increase. One in every 84 households received a foreclosure notice.
Among the other metro areas where foreclosure activity jumped by a large margin this summer were Houston-Sugar Land-Baytown, up 26 percent; Detroit-Warren-Livonia, at nearly 23 percent; and, Atlanta-Sandy Springs-Marietta, up 20 percent.
Economic woes, such as unemployment or reduced income, continue to be the main catalysts for foreclosures this year. The U.S. unemployment rate hit 9.6 percent last month.
In the Seattle metro area, unemployment stood slightly lower at 8.5 percent in August and has been edging lower. It was 8.7 percent in August last year.
Still, many troubled homeowners have been unable to hang on. As a result, there's been no letup in the inventory of foreclosed homes on the market this year, says John Bauer, an agent with ZipRealty in Seattle who represents lenders selling foreclosed properties.
"It has been on an upward trend curve ever since 2008," Bauer said. "And not just the third quarter of this year, but the last 12 months, it's been on a steady ascension."
Chicago also had the third-highest number of homes repossessed by lenders during the quarter - 12,568 - behind the Phoenix metro area's 14,317 and the Miami metro area's 12,963, RealtyTrac said.
Banks have seized more than 816,000 homes through the first nine months of the year and are on pace to seize more than a million.
A controversy stemming from allegations that banks evicted people without reading foreclosure documents wasn't a factor in the July-September quarter, Sharga said.
Lenders such as Bank of America and Ally Financial's GMAC Mortgage initially halted foreclosure activity but have since resumed processing foreclosures.
Preliminary data from this month shows almost no change in foreclosure activity versus September, Sharga said.
"We're not seeing what we might have anticipated in terms of a falloff," he said.
The Las Vegas-Paradise, Nev., metropolitan area topped the list of metropolitan areas with the highest foreclosure rates in July-September with one in every 25 homes receiving a foreclosure warning - more than five times the national average. But foreclosure filings declined 20 percent from the same quarter last year.
"It's not out of the woods yet, it's just less bad than it was a year ago," Sharga said.
Rounding out the rest of the top 10 metros with the highest foreclosure rate were Cape Coral-Fort Myers, Fla.; Modesto, Calif.; Stockton, Calif.; Merced, Calif.; Riverside-San Bernardino-Ontario, Calif.; Miami-Fort Lauderdale-Pompano Beach, Fla.; Phoenix-Mesa-Scottsdale, Ariz.; Bakersfield, Calif.; and Vallejo-Fairfield, Calif.
Story Published: Oct 28, 2010 at 7:07 AM PDT
Story Updated: Oct 28, 2010 at 7:16 AM PDT
In the greater Seattle area including King, Pierce, and Snohomish Counties, 1 out of every 129 homes has recieved a Foreclosure Notice. Nationally that number is 1 out of every 339 meaning that Seattle is facing more than doubble the average foreclosure rate as the rest of the nation.
The foreclosure crisis intensified across a majority of large U.S. metropolitan areas this summer, with Seattle and Chicago - cities outside of the states that have shouldered the worst of the housing downturn - seeing a sharp increase in foreclosure warnings.
California, Nevada, Florida and Arizona remain the nation's foreclosure hotbeds, accounting for 19 of the top 20 metropolitan areas with the highest foreclosure rates between July and September, foreclosure listing firm RealtyTrac Inc. said Thursday.
Those states saw housing values surge during the housing boom years. When the boom ended, values collapsed and foreclosures soared.
But the latest data show that many of the metro areas in those states saw a decline in the number of households receiving foreclosure-related filings, while many cities in other states saw a spike in foreclosure activity.
"The epidemic is spreading from the states at the ground zero of the foreclosure problems out into areas that hadn't been previously affected," said Rick Sharga, a senior vice president at RealtyTrac.
The trend is the latest sign that the nation's foreclosure crisis is worsening as homeowners facing high unemployment, slow job growth and uncertainty about home prices continue to fall behind on their mortgage payments.
In all, 133 out of 206 metropolitan areas with at least 200,000 residents posted an annual increase in foreclosure activity in the three months ended Sept. 30, RealtyTrac said.
The firm tracks notices for defaults, scheduled home auctions and home repossessions - warnings that can lead up to a home eventually being lost to foreclosure.
Eleven out of the nation's 20 largest metropolitan areas saw foreclosure activity increase in the third quarter compared to the same period last year.
The Seattle-Tacoma-Bellevue metro area registered the sharpest annual increase - 71 percent. One in every 129 households received a foreclosure filing.
The Chicago-Naperville-Joliet metropolitan area posted the second-highest annual jump, a 35 percent increase. One in every 84 households received a foreclosure notice.
Among the other metro areas where foreclosure activity jumped by a large margin this summer were Houston-Sugar Land-Baytown, up 26 percent; Detroit-Warren-Livonia, at nearly 23 percent; and, Atlanta-Sandy Springs-Marietta, up 20 percent.
Economic woes, such as unemployment or reduced income, continue to be the main catalysts for foreclosures this year. The U.S. unemployment rate hit 9.6 percent last month.
In the Seattle metro area, unemployment stood slightly lower at 8.5 percent in August and has been edging lower. It was 8.7 percent in August last year.
Still, many troubled homeowners have been unable to hang on. As a result, there's been no letup in the inventory of foreclosed homes on the market this year, says John Bauer, an agent with ZipRealty in Seattle who represents lenders selling foreclosed properties.
"It has been on an upward trend curve ever since 2008," Bauer said. "And not just the third quarter of this year, but the last 12 months, it's been on a steady ascension."
Chicago also had the third-highest number of homes repossessed by lenders during the quarter - 12,568 - behind the Phoenix metro area's 14,317 and the Miami metro area's 12,963, RealtyTrac said.
Banks have seized more than 816,000 homes through the first nine months of the year and are on pace to seize more than a million.
A controversy stemming from allegations that banks evicted people without reading foreclosure documents wasn't a factor in the July-September quarter, Sharga said.
Lenders such as Bank of America and Ally Financial's GMAC Mortgage initially halted foreclosure activity but have since resumed processing foreclosures.
Preliminary data from this month shows almost no change in foreclosure activity versus September, Sharga said.
"We're not seeing what we might have anticipated in terms of a falloff," he said.
The Las Vegas-Paradise, Nev., metropolitan area topped the list of metropolitan areas with the highest foreclosure rates in July-September with one in every 25 homes receiving a foreclosure warning - more than five times the national average. But foreclosure filings declined 20 percent from the same quarter last year.
"It's not out of the woods yet, it's just less bad than it was a year ago," Sharga said.
Rounding out the rest of the top 10 metros with the highest foreclosure rate were Cape Coral-Fort Myers, Fla.; Modesto, Calif.; Stockton, Calif.; Merced, Calif.; Riverside-San Bernardino-Ontario, Calif.; Miami-Fort Lauderdale-Pompano Beach, Fla.; Phoenix-Mesa-Scottsdale, Ariz.; Bakersfield, Calif.; and Vallejo-Fairfield, Calif.The foreclosure crisis intensified across a majority of large U.S. metropolitan areas this summer, with Seattle and Chicago - cities outside of the states that have shouldered the worst of the housing downturn - seeing a sharp increase in foreclosure warnings.
California, Nevada, Florida and Arizona remain the nation's foreclosure hotbeds, accounting for 19 of the top 20 metropolitan areas with the highest foreclosure rates between July and September, foreclosure listing firm RealtyTrac Inc. said Thursday.
Those states saw housing values surge during the housing boom years. When the boom ended, values collapsed and foreclosures soared.
But the latest data show that many of the metro areas in those states saw a decline in the number of households receiving foreclosure-related filings, while many cities in other states saw a spike in foreclosure activity.
"The epidemic is spreading from the states at the ground zero of the foreclosure problems out into areas that hadn't been previously affected," said Rick Sharga, a senior vice president at RealtyTrac.
The trend is the latest sign that the nation's foreclosure crisis is worsening as homeowners facing high unemployment, slow job growth and uncertainty about home prices continue to fall behind on their mortgage payments.
In all, 133 out of 206 metropolitan areas with at least 200,000 residents posted an annual increase in foreclosure activity in the three months ended Sept. 30, RealtyTrac said.
The firm tracks notices for defaults, scheduled home auctions and home repossessions - warnings that can lead up to a home eventually being lost to foreclosure.
Eleven out of the nation's 20 largest metropolitan areas saw foreclosure activity increase in the third quarter compared to the same period last year.
The Seattle-Tacoma-Bellevue metro area registered the sharpest annual increase - 71 percent. One in every 129 households received a foreclosure filing.
The Chicago-Naperville-Joliet metropolitan area posted the second-highest annual jump, a 35 percent increase. One in every 84 households received a foreclosure notice.
Among the other metro areas where foreclosure activity jumped by a large margin this summer were Houston-Sugar Land-Baytown, up 26 percent; Detroit-Warren-Livonia, at nearly 23 percent; and, Atlanta-Sandy Springs-Marietta, up 20 percent.
Economic woes, such as unemployment or reduced income, continue to be the main catalysts for foreclosures this year. The U.S. unemployment rate hit 9.6 percent last month.
In the Seattle metro area, unemployment stood slightly lower at 8.5 percent in August and has been edging lower. It was 8.7 percent in August last year.
Still, many troubled homeowners have been unable to hang on. As a result, there's been no letup in the inventory of foreclosed homes on the market this year, says John Bauer, an agent with ZipRealty in Seattle who represents lenders selling foreclosed properties.
"It has been on an upward trend curve ever since 2008," Bauer said. "And not just the third quarter of this year, but the last 12 months, it's been on a steady ascension."
Chicago also had the third-highest number of homes repossessed by lenders during the quarter - 12,568 - behind the Phoenix metro area's 14,317 and the Miami metro area's 12,963, RealtyTrac said.
Banks have seized more than 816,000 homes through the first nine months of the year and are on pace to seize more than a million.
A controversy stemming from allegations that banks evicted people without reading foreclosure documents wasn't a factor in the July-September quarter, Sharga said.
Lenders such as Bank of America and Ally Financial's GMAC Mortgage initially halted foreclosure activity but have since resumed processing foreclosures.
Preliminary data from this month shows almost no change in foreclosure activity versus September, Sharga said.
"We're not seeing what we might have anticipated in terms of a falloff," he said.
The Las Vegas-Paradise, Nev., metropolitan area topped the list of metropolitan areas with the highest foreclosure rates in July-September with one in every 25 homes receiving a foreclosure warning - more than five times the national average. But foreclosure filings declined 20 percent from the same quarter last year.
"It's not out of the woods yet, it's just less bad than it was a year ago," Sharga said.
Rounding out the rest of the top 10 metros with the highest foreclosure rate were Cape Coral-Fort Myers, Fla.; Modesto, Calif.; Stockton, Calif.; Merced, Calif.; Riverside-San Bernardino-Ontario, Calif.; Miami-Fort Lauderdale-Pompano Beach, Fla.; Phoenix-Mesa-Scottsdale, Ariz.; Bakersfield, Calif.; and Vallejo-Fairfield, Calif.
Wednesday, October 27, 2010
Seattle Home price decline 5th worse in US amoung cities.
By The Associated Press and Seattle Times staff
The Standard & Poor's/Case-Shiller 20-city home-price index fell 0.2 percent in August from July. Fifteen of the cities showed monthly price declines, including Seattle, whose 0.75 percent drop was the fifth worst.
Home prices are weakening around the country, even in metro areas that were showing strength earlier in the year.
The Standard & Poor's/Case-Shiller 20-city home price index released Tuesday fell 0.2percent in August from July. Fifteen of the cities, including Seattle, showed monthly price declines. Prices are expected to drop further in the coming months.
The biggest drop came in Phoenix. Prices there fell 1.3 percent from a month earlier. Seattle's decline of 0.75 percent was fifth worst among the 20 cities.
Prices in three California cities that had been rebounding — San Francisco, San Diego and Los Angeles — also fell in August from July.
Detroit, Chicago, Washington, New York and Las Vegas were the only cities to show monthly price increases. The 20-city index has risen 6.7 percent from its April 2009 bottom. But it remains nearly 28 percent below its July 2006 peak.
A higher proportion of foreclosed homes likely pushed down California markets, said David Blitzer, the S&P index's chairman. During the summer, foreclosures were moving swiftly. That was before allegations surfaced of mortgage lenders using flawed documents to foreclose on homes. Lenders responded by freezing foreclosures in many states.
Even with the declines, the San Francisco area's home prices have surged more than 21 percent from spring 2009, when they hit bottom. Prices in San Diego have risen nearly 14 percent and in Los Angeles they have increased by more than 10 percent in that same period. Home prices would have to rise by more than 50 percent in each of the markets to return to their peaks during the housing boom.
Those California cities "had come back very fast and very strongly," Blitzer said. "Prices come down when you get a lot more foreclosures."
Problems with flawed foreclosure paperwork could weaken home prices. That would happen if buyers fear purchasing foreclosed homes because the sale could be contested — or even canceled — if the previous owner claims the foreclosure was invalid.
In an October survey taken by the National Association of Realtors, about 23 percent of real-estate agents said they have a client who is no longer interested in purchasing a foreclosed property due to the foreclosure-document mess.
In the short run, however, the documents problem could prop up sale prices if fewer foreclosed homes are put up for sale.
Home prices rose in many markets from April through July. But those increases were mostly fueled by now-expired government tax credits. Now that the peak buying season is over, a record number of foreclosures, job concerns and weak demand are pushing prices down.
August's Case-Shiller price decline in the Seattle metropolitan area — which includes King, Snohomish and Pierce counties — followed five straight months of increases. Prices are down 24 percent from their August 2007 peak.
Most experts expect roughly 5 million U.S. homes to be sold through the entire year. That would be in line with last year's totals and just above sales for 2008, the worst since 1997.
Seattle Times business reporter Eric Pryne contributed to this report.
The Standard & Poor's/Case-Shiller 20-city home-price index fell 0.2 percent in August from July. Fifteen of the cities showed monthly price declines, including Seattle, whose 0.75 percent drop was the fifth worst.
Home prices are weakening around the country, even in metro areas that were showing strength earlier in the year.
The Standard & Poor's/Case-Shiller 20-city home price index released Tuesday fell 0.2percent in August from July. Fifteen of the cities, including Seattle, showed monthly price declines. Prices are expected to drop further in the coming months.
The biggest drop came in Phoenix. Prices there fell 1.3 percent from a month earlier. Seattle's decline of 0.75 percent was fifth worst among the 20 cities.
Prices in three California cities that had been rebounding — San Francisco, San Diego and Los Angeles — also fell in August from July.
Detroit, Chicago, Washington, New York and Las Vegas were the only cities to show monthly price increases. The 20-city index has risen 6.7 percent from its April 2009 bottom. But it remains nearly 28 percent below its July 2006 peak.
A higher proportion of foreclosed homes likely pushed down California markets, said David Blitzer, the S&P index's chairman. During the summer, foreclosures were moving swiftly. That was before allegations surfaced of mortgage lenders using flawed documents to foreclose on homes. Lenders responded by freezing foreclosures in many states.
Even with the declines, the San Francisco area's home prices have surged more than 21 percent from spring 2009, when they hit bottom. Prices in San Diego have risen nearly 14 percent and in Los Angeles they have increased by more than 10 percent in that same period. Home prices would have to rise by more than 50 percent in each of the markets to return to their peaks during the housing boom.
Those California cities "had come back very fast and very strongly," Blitzer said. "Prices come down when you get a lot more foreclosures."
Problems with flawed foreclosure paperwork could weaken home prices. That would happen if buyers fear purchasing foreclosed homes because the sale could be contested — or even canceled — if the previous owner claims the foreclosure was invalid.
In an October survey taken by the National Association of Realtors, about 23 percent of real-estate agents said they have a client who is no longer interested in purchasing a foreclosed property due to the foreclosure-document mess.
In the short run, however, the documents problem could prop up sale prices if fewer foreclosed homes are put up for sale.
Home prices rose in many markets from April through July. But those increases were mostly fueled by now-expired government tax credits. Now that the peak buying season is over, a record number of foreclosures, job concerns and weak demand are pushing prices down.
August's Case-Shiller price decline in the Seattle metropolitan area — which includes King, Snohomish and Pierce counties — followed five straight months of increases. Prices are down 24 percent from their August 2007 peak.
Most experts expect roughly 5 million U.S. homes to be sold through the entire year. That would be in line with last year's totals and just above sales for 2008, the worst since 1997.
Seattle Times business reporter Eric Pryne contributed to this report.
Monday, October 25, 2010
Home Sales Up In Sept. But More Troubles Ahead.
ALAN ZIBEL, AP Real Estate Writer
WASHINGTON -- Sales of previously occupied homes rose last month after the worst summer for the housing market in more than a decade. And the industry fears lawsuits over flawed foreclosure documents could keep buyers on the sidelines in the final months of the year.
Sales grew 10 percent in September to a seasonally adjusted annual rate of 4.53 million, the National Association of Realtors said Monday.
Home sales have declined 37.5 percent from their peak annual rate of 7.25 million in September 2005. They have risen from July's rate of 3.84 million, which was the lowest in 15 years.
Most experts expect roughly 5 million homes to be sold through the entire year. That would be in line with last year's totals and just above sales for 2008, the worst since 1997.
Still, sales could fall further if potential lawsuits from former homeowners claiming that banks made errors when seizing their homes make consumers fearful of buying foreclosed properties.
"You're going to see uncertainty on the part of homebuyers," said Quinn Eddins, director of research at Radar Logic Inc., which tracks the housing market.
In a survey taken by the Realtors group this month, about 23 percent of the 2,000 agents surveyed said they have a client who is no longer interested in purchasing a foreclosed property due to the foreclosure-document mess.
Federal banking regulators and attorneys general in all 50 states are investigating whether mortgage companies forced people from their homes using flawed paperwork.
Mortgage applications to purchase homes last week were 29 percent below the same week a year ago, according to the Mortgage Bankers Association. At that time, buyers were rushing to purchase homes to qualify for federal tax credits.
Last month the inventory of unsold homes on the market fell about 2 percent to 4 million. That's a 10.8 month supply at the current sales pace. It compares with a healthy level of about six months.
Sales grew last month across the country. They rose by 14.5 percent from a month earlier in the Midwest, nearly 11 percent in the South, 10 percent in the Northeast and 5 percent in the West.
The median sale price was $171,700, down 2.4 percent from the same month year ago.
Saturday, October 23, 2010
CNN Ranks 6 NW areas as most overvalued in US!
Metro area Median home price Percent overvalued 2010 Percent overvalued 2006
NEW YORK (CNNMoney.com) -- Don't say we didn't warn you.
NEW YORK (CNNMoney.com) -- Don't say we didn't warn you.
Friday, October 22, 2010
Issaquah Condo for Sale
23420 SE Black Nugget Road 306 Issaquah - $174,900
Highly desirable and Beautiful Top Floor Corner home on 1 level, GARAGE, sparkling Mountain Views, New Stainless Steel appliances awaits you! Meticulously-kept, outstanding high Vaulted ceilings, very bright, track/recessed lighting, brand New tub/surround, all appls stay! Master w/ big walk-in closet, deck additional storage. Community perfectly located near I-90, Microsoft, Costco, quick commute to Bellevue, park-n-ride, access & Eastside amenities. Ready for immediate occupancy. Great value!
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All information in this site is deemed reliable but is not guaranteed and is subject to change |
The Cascade Team's Weekly Hot Sheet
This is a new weekly feature we are launching. It will showcase our agents with New Listings, Pending Sales, Sold Listings and who get Sales with Buyers.
It has been an amazing week for business! There are over 10 different agents that had activity this week! Great job Team!
Check this out to see who’s HOT at The Cascade Team this week! Just click the Picture below to see this week’s HotSheet.
Snoqualmie Ridge Home for Sale
Priced at $435,000
Bedrooms: 4 Bathrooms: 2.5
Home Size: 2,550 sq.ft. Garage: 2
Lot Size: 5,748 sq.ft. Community: Snoqualmie Ridge
County: United States Property Type: Single Family Detached
Year Built: 1998 MLS Number: 145976
Property Description
Beautiful Conner resale in the heart of Snoqualmie Ridge. This charming 4 bed, 2.5 bath home is complete with gourmet chefs kitchen that includes a Viking stove hood vent, stainless steel appliances, large butcher block custom counter top, beautifully tiled master bath and powder room, his/hers walk in closets, fully fenced backyard, and sunny main floor office. Prime location! Close to school, several parks, shopping, trails, and many more key spots. This home also comes with 1 year Fidelity Home Warranty!
Bothell Real Estate for Sale
Gorgeous, Updated 4 bed/2.5 bath Amber Ridge Masterpiece....You'll Never Want to Leave Home! Gourmet kitchen w/ commercial grade appl., out-of-this-world custom granite counter with raised bistro dining-island! Vacation resort worthy outdoor spaces: Lighted sport court, huge entertain. deck, 6-person hot tub~enveloped by a totally private, light/bright, fully-fenced backyard. Master with sitting area & sumptuous updated bath. NEWER: Arch. comp. roof/furnace/hot water heater. 1-Year Home Warranty!
Wednesday, October 20, 2010
Tuesday, October 19, 2010
Seattle ranks 1st in nation for trick-or-treating
Seattle ranks first in the nation for trick-or-treating, according to an analysis from Zillow.com.
The real-estate website analyzed data relating to home values, walk scores, crime and relocation rates to determine where tick-or-treaters would find the best loot on Halloween.
Seattle topped the list, followed by San Francisco, Portland, San Jose and Denver.
Eleven out of the top 20 cities were located on the West Coast. (See the breakdown here.)
In 2009, Zillow looked at five cities to find hot neighborhoods for trick-or-treating, including Seattle. Wallingford ranked first, followed by Queen Anne, Magnolia, the University District and Capitol Hill.
Sunday, October 17, 2010
Saturday, October 16, 2010
Former Home Owners Reclaim Foreclosed Property
One possible outcome of the foreclosure crisis could be a fight between former owners of foreclosed homes and lenders.
An example of what might become a larger trend happened in California, where a couple and their nine children used a crowbar to break into their former home. Their lawyer recommended that they take this step, according to AOL’s HousingWatch.com
The former owners, Jim and Danielle Earl, say they were trying to catch up with their payments when the lender sold the property to Conejo Capital Partners.
The Earls say it’s unclear what entity owns the loan. Housing Watch says the original lender was Washington Mutual, which became JPMorgan Chase. The Earls say that Chase failed to properly assume the loan and didn’t have the right to sell it, nor could Conejo Capital Partners legally sell it.
The Earls’ attorney, Michael Pines, told the Ventura newspaper, “They may claim we’re violating the law. We’re claiming they violated the law. Typically the authorities will say this is a civil dispute, but the question is, who owns the home? Because whoever doesn’t is trespassing.”
Source: The Wall Street Journal, Emily Peck
Friday, October 15, 2010
North Bend Real Estate For Sale
Offered at $350,000 44522.TheCascadeTeam.info
Beautiful home with barn, offering privacy on nearly an acre! Immaculate 3 bedroom, 2.5 bath home features ideal kitchen, sunny dining, spacious master bedroom, master bath with skylight, stunning living/bonus room, large family room with Franklin wood stove (can heat the whole house for energy efficiency) and a 2 car attached garage. Numerous upgrades include a metal roof, Leaf Guard gutter system, large Monarch deck, skylights throughout, conduction dimming switches, lighting upgrades, instant hot water, keyless electronic deadbolt, etc. All appliances stay! This exceptional property is very private with a fully fenced backyard, pasture, dog run raised bed vegetable garden. Heated 3 stall barn has water, 90 amps of power & a 240 plug - perfect for your animals, a workshop or both. Large tool shed plus additional fenced area with shed for goats or a dog run. This amazing property offers unlimited options and tons of storage. Walk or ride to the trails fr! om your home! Move in ready for you, and your horse. Home Warranty. Priced to sell today & not a short sale. Your own private paradise, yet only 32 miles to Seattle!
Tonya Eliason
Office: 425.396.4569
Mobile: 425.831.5721
cary@thecascadeteam.com
www.tonyaeliason.com
Broker
Homes for Sale Everett
12404 E. Gibson Road J103
Everett, WA
Compleletly Updated Condo!
Offered at $89,950 12404egibson.TheCascadeTeam.info
Absolutely stunning Bluegrass Condo in a Gated Community! This spacious 2 bedroom/ 2 bath condo was remodeled in 2006. Beautiful hardwood floors throughout the main areas and plush carpet in the bedrooms. Stainless Steel Appliances and a eating bar in the kitchen with custom cabinets offering tons of storage. Wood burning fireplace in the living room and a separate dining area with a door leading you to your private serene BACKYARD with an ALL Weather Trex Deck. Huge Individual GARAGE and uncovered parking spot! Premium LOCATION!!
Wesley Rankin
Office: 425.502.6404
Mobile: 206.724.4663
cary@thecascadeteam.com
www.thecascadeteam.com
Broker
The Cascade Team Real Estate 14205 SE 36th Street, Suite 100 Bellevue, WA 98006
Monday, October 11, 2010
Woodinville Homes for Sale!
Offered at $450,000 201st.TheCascadeTeam.info
This well appointed home sits on a quiet cul-de-sac is surrounded by mature trees and landscape. Inside you will find a number of high end finishes granite, hardwood floors, slate fireplace, and more! The open floor plan is great for entertaining. The gourmet kitchen has slab granite, gas cooktop, stainless appliances and a large island. The family room comes with a slate gas fireplace; great for those cold winter evenings. Upstairs you will find a large bonus room. The large master suite has a spa like feel, with attached bath and jetted soaking tub. Enjoy the fully fenced yard and serene woods while entertaining.
Issaquah Highlands Real Estate
Issaquah - NE Noble St - $510,000.00
Immaculate home in Issaquah Highland's Dahlia Park! This Built Green Bennett resale features soaring ceilings, gleaming hardwoods and high end finish work throughout. Chef's kitchen with slab granite, stainless appliances, double convection oven and center island with gas cooktop and eating bar. Main floor master suite with luxurious 5 piece bath. Main floor den with French doors. Upper level features two spacious bedrooms, bonus room and loft bonus area. Delightful backyard with large patio. For more information contact Matt Jensen at 206-909-8200.
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All information in this site is deemed reliable but is not guaranteed and is subject to change |
Sunday, October 10, 2010
The Cascade Team "Attack of the Commission Creeps"
Just in time for Halloween..... It's The Cascade Team's first full length YouTube commercial. Staring Cary Porter, Becky Lower, Diego Vitelli (Lead Zombie) and our "Hero" Doug Young along with a cast of zombies! We hope you enjoy............... "Attack of the Commission Creeps"! Comments are very much welcomed and appreciated on YouTube. You can help us go viral!!!!
Friday, October 8, 2010
BofA halts foreclosure sales in all 50 states
By ALAN ZIBEL, AP Real Estate Writer Alan Zibel, Ap Real Estate Writer –
WASHINGTON – Bank of America Corp., the nation's largest bank, said Friday it would stop sales of foreclosed homes in all 50 states as it reviews potential flaws in foreclosure documents.
A week earlier, the company had said it would only stop such sales in the 23 states where foreclosures must be approved by a judge.
The move comes amid evidence that mortgage company employees or their lawyers signed documents in foreclosure cases without verifying the information in them.
"We will stop foreclosure sales until our assessment has been satisfactorily completed," company spokesman Dan Frahm said in a statement. "Our ongoing assessment shows the basis for our past foreclosure decisions is accurate."
Concern is growing that mortgage lenders have been evicting homeowners using flawed court papers. State and federal officials have been ramping up pressure on the mortgage industry over worries about potential legal violations.
On Thursday, Senate Majority Leader Harry Reid, D-Nev., urged five large mortgage lenders to suspend foreclosures in Nevada until they have set up systems to make sure homeowners aren't "improperly directed into foreclosure proceedings." Nevada is not among the states where banks had suspended foreclosures.
Also Friday, PNC Financial Services Group Inc. said it is halting most foreclosures and evictions in 23 states for a month so it can review whether documents it submitted to courts complied with state laws. An official at the Pittsburgh-based bank confirmed the decision on Friday, which was reported earlier by the New York Times. The official requested anonymity because the decision hasn't been publicly announced.
PNC becomes the fourth major U.S. lender to halt some foreclosures amid evidence that mortgage company employees or their lawyers signed documents in foreclosure cases without verifying the information in them.
In addition to PNC and Bank of America, Ally Financial's GMAC Mortgage unit and JPMorgan Chase & Co. have announced similar moves in the past two weeks.
In some states, lenders can foreclose quickly on delinquent mortgage borrowers. By contrast, the 23 states use a lengthy court process. They require documents to verify information on the mortgage, including who owns it.
Thursday, October 7, 2010
Desirable English Hill in Redmond
17508 NE 138th Street Redmond - $439,500
English Hill—Meticulously Maintained and Solidly Built Burnstead Re-sale Featuring an Ideal Floor Plan! Open Kitchen/Family room orients to the manicured, private backyard sanctuary. The Master Suite is a treat to behold: Huge light-filled, spa-like bathroom, oversized bedroom (walk-in closet), and a BONUS sitting area big enough for office, media, reading retreat or nursery! All bedrooms are spacious. Home offers plenty of storage with a kitchen pantry, built-ins in the garage and plenty of closets throughout. Community trails lead to Award Winning Sunrise Elementary. New Interior and Exterior paint, Newer Roof; Home Warranty Offered! Welcome Home!
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All information in this site is deemed reliable but is not guaranteed and is subject to change |
Snoqualmie Ridge Condo!
Snoqualmie - 35315 SE Aspen Ln #1002 - $315,000.00
Beautiful Dr Horton condo @ Snoqualmie Ridge. 9' ceilings, tiled kitchen counter w/ SS appliances, gas fire place, hardwood floors, 2 bedrooms each w/ private baths. Private deck w/ Mt Si views. 2 car+ garage. Close to city center & schools. Home includes a 1 year Fidelity National Home Warranty. For more information contact Cary Porter at 425-891-7447 or Doug Young at 425-533-7028.
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All information in this site is deemed reliable but is not guaranteed and is subject to change |
The Legend of Haunted Ridge
The Legend of Haunted Ridge
Check out the virtual Tour of this year's Haunted Ridge Cemetery. To read the full story of "The Legend of Haunted Ridge" click here:
Wednesday, October 6, 2010
Homes for Sale Seattle
Seattle - 1730 23rd Ave - $430,000.00
Gracefully designed, elegant Craftsman townhome, w slate entry, classic handrails, five-panel doors, 9ft ceilings & oak hardwds. Chef's kitchen w/slab granite & SS appliances. Formal living rm w/gas fireplace & adjoining dining rm. Upper floor master suite w/double vanity bath & vaulted ceilings. Stacked W/D closet. Radiant floor heat & limestone counters in upper baths. Extra storage, surround sound, central vac, CAT-5, fenced & landscaped yard w/field turf. Close to Safeway and Trader Joe's! For more information contact Ed Irwin at 206-275-4500 or Cheri Moll at 206-799-8834.
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All information in this site is deemed reliable but is not guaranteed and is subject to change |
Tuesday, October 5, 2010
“Wise Buyers” Taking Advantage of Chance to Get Stellar Homes
KIRKLAND, Wash. (Oct. 5, 2010) – Home sales remained subpar around most of Washington during September, but directors from Northwest Multiple Listing Service say they are encouraged by some positive signs.
“It’s a slow recovery, but it’s trending in the right direction,” said Joe Spencer, president and COO of John L. Scott Real Estate and a member of the NWMLS board of directors.
Among positive indicators the directors cited were pending sales (“starting to show signs of life”), month’s supply of inventory (pointing toward a more balanced market), stabilizing prices (with more homes being priced competitively), the market adjusting to no more tax credits, and strong sales of “specialty homes.”
Northwest MLS members reported 5,741 pending sales during September across the 21 counties in its service area. That’s a drop from August (down 4.9 percent) and from the same month a year ago (a decline of 24.3 percent), but an improvement on the total number of mutually accepted offers for May, June and July.
MLS director Pat Grimm, managing broker at Windermere RE/Capitol Hill in Seattle, reports an upsurge in people looking at properties, particularly move-up buyers. He attributes some of that activity to homes “finally being priced competitively.” The new pool of potential buyers are “getting their feet wet, but they’re taking their time before they jump in,” he commented.
Prospective buyers have plenty of choices across the price spectrum. MLS members added 9,038 new listings to inventory during September, bringing the total selection to 42,153 active listings.
Spencer, of John L. Scott Real Estate, said he is encouraged by the month’s supply of inventory at the end of September. “The three-county area of King, Snohomish, and Pierce are reporting about six months of inventory, which is a positive indicator based on the last 30 years of market data.” Historically, the MLS director noted, this points to a more balanced market and stabilizing home prices. “That’s not to say we should expect prices to increase right away, but it’s a positive sign nonetheless, especially when you consider that the national supply of inventory is more than 11 months,” Spencer stated.
“There are many very wise buyers taking advantage of what may be a once-in-a-lifetime opportunity,” said Mike Skahen, whose real estate career spans nearly 30 years. “We haven’t seen a summer like this in home sales since 1982 when interest rates were hovering around 16 percent,” he observed.
Skahen, the owner and designated broker at Lake & Company Real Estate in Seattle and a member of the NWMLS board of directors, said the buyers they’re seeing have good jobs with Google and Amazon. “They realize they have the chance to get stellar homes in great locations at 25 percent off what they were selling for three years ago and at interest rates approaching 4 percent. I doubt you’ll see a market and selection better than right now,” he commented.
Skahen said his office just had a $600,000 Green Lake mid-century home sell with four competing offers, and his company was one of three brokerages that presented offers on a $770,000 Ravenna listing, but they were outbid.
“Buyers are snapping up homes in all price ranges that are well located, in good condition, and that are priced fairly,” Skahen reported.
NWMLS members reported 3,997 closed sales during September, down from the same month a year ago, when members notched 5,132 completed transactions. Year-to-date, the volume is up about 9.8 percent from the first nine months of 2009 (40,318 closings through Sept. 2010 versus 36,714 closed sales through Sept. 2009).
Last month’s closed sales of single family homes and condominiums (combined) had a median price of $257,600. That’s down about 5.6 percent from the year-ago price (area-wide) of $273,000. Ten of the 21 counties served by NWMLS reported year-over-year price increases.
“The types of homes that are selling particularly well are specialty homes-- homes that have a unique mix of character and amenities. It can be a waterfront estate or a Craftsman cottage, but there are qualities about the home that really make it stand out. Those homes are one of a kind and they're never bought on price alone,” said OB Jacobi, general manager of Windermere Real Estate Company.
“Crazy requirements” are impeding the pace of sales, according to NWMLS director Dick Beeson, broker/owner of Windermere Commencement Associates in Tacoma. “Agents are finding it’s much more difficult to navigate the closing process than ever before. If it’s not the conditions of an inspection report, it’s the appraisal coming in off sale price or lenders reviewing and re-reviewing the buyer’s qualifications or buyers rethinking whether or not to buy,” he explained.
Looking ahead, Beeson expects the balance of the year to be “somewhat fickle,” in part because of upcoming elections and lingering uncertainty around the slow pace of the recovery.
“Sellers know they must position themselves better than their competition on all levels – price, condition, terms,” Beeson stated, while noting buyers who procrastinate risk losing purchasing power because of anticipated increases in interest rates.
“Interest rates below 5 percent are an extraordinary event, and buyers need to take advantage of them,” Beeson emphasized. A 1 percent increase in the interest rate on a $300,000 mortgage increases the monthly payment by $183, he explained, adding experts expect rate hikes. “It’s not if, it’s when,” he contended.
Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service MLS in the Northwest. Its membership includes more than 24,000 brokers and agents. The organization, based in Kirkland, currently serves 21 counties in Western and Central Washington.
Monday, October 4, 2010
BofA suspends foreclosures in 23 states
By Jonathan Stempel and Maria Aspan Jonathan Stempel And Maria Aspan –
NEW YORK (Reuters) – Amid growing public anger over home seizures, Bank of America Corp has suspended some of its foreclosures and JPMorgan Chase & Co has come under investigation in California and Connecticut.
Bank of America said on Friday it is delaying foreclosures in 23 states to review whether it has been conducting them properly. Two other big lenders -- JPMorgan and Ally Financial Inc's GMAC Mortgage -- have already suspended foreclosures.
Also, a Maine state court judge reprimanded GMAC Mortgage for how it repossesses homes. The judge concluded that GMAC submitted a company official's affidavit to support a foreclosure "in bad faith."
Companies are scrambling to defend and where needed improve their foreclosure procedures in the face of anger among homeowners and regulators.
The issue came to the forefront last month when GMAC revealed that officials had signed thousands of affidavits supporting such proceedings without knowing their contents.
Banks are expected to take over a record 1.2 million homes this year, up from about 1 million last year and just 100,000 as recently as 2005, real estate data company RealtyTrac Inc said on Thursday.
Bank of America will halt foreclosures in the 23 states where court approval is needed and amend affidavits "to be certain affidavits have followed the correct procedures," Rick Simon, a spokesman for the largest U.S. bank, said in a statement.
It was not immediately clear how many proceedings would be affected by Bank of America's decision, and Simon did not respond to emailed questions about the number of affected foreclosures.
The statement followed an Associated Press report that a Bank of America official admitted in a Massachusetts bankruptcy case that she signed 7,000 to 8,000 foreclosure documents a month and "typically" did not read them "because of the volume."
Last month, GMAC halted evictions in the 23 states, including Florida and New York. JPMorgan, meanwhile, has halted some 56,000 foreclosure proceedings in the 23 states.
Citigroup Inc has no plans to suspend foreclosures, a person familiar with the matter said on Friday.
The bank said this week that it reviews its foreclosure document-handling process on an ongoing basis.
Wells Fargo & Co's policies "satisfy us that the affidavits we sign are accurate," spokesman Jason Menke said in an emailed statement on Friday. "We will stand by our affidavits and, if we find an error, we will take the appropriate corrective action."
On Friday, Milwaukee-based Marshall & Ilsley Corp extended a 2008 foreclosure moratorium through year end.
Fannie Mae, which provides much credit in the housing market despite being in a conservatorship after its 2008 near-failure, said it will tighten oversight of servicers to ensure they follow the rules.
Investigators in at least six states are examining foreclosures by GMAC, JPMorgan or both.
CALIFORNIA, CONNECTICUT
On Friday, California Attorney General Jerry Brown ordered JPMorgan to stop foreclosures in that state, which does not require court orders to foreclose, until it proves it complies with the law.
He issued a similar directive to Ally last week, and said both lenders have admitted their review of important foreclosure documents was a "ruse."
Meanwhile, Connecticut Attorney General Richard Blumenthal said he opened a probe into JPMorgan , and called on state courts to freeze home foreclosures for 60 days. Blumenthal is also examining GMAC.
"This freeze should stop a foreclosure steamroller," Blumenthal said in a statement. Connecticut is among the 23 states that use court procedures for foreclosures.
JPMorgan spokesman Tom Kelly declined to comment.
Brown is a candidate to become California's governor. Blumenthal is running for the U.S. Senate. Both are Democrats.
In a ruling made available to media on Friday, a Maine state judge ordered Fannie Mae to cover some attorney's fees of a borrower, Nicolle Bradbury, because of GMAC's misconduct as its servicing agent in a foreclosure proceeding.
The judge, Keith Powers, said he was displeased with GMAC's "high-volume and careless approach" to affidavit signing, despite a 2006 Florida court order that it fix its procedures.
"Despite the Florida court's order, GMAC's flagrant disregard apparently persists," Powers wrote. "It is well past the time for such practices to end." He said an affidavit submitted in Bradbury's case "was submitted in bad faith."
The court accepted an amended affidavit, and the facts that led to the foreclosure in the case are not in dispute, Ally spokeswoman Gina Proia in a statement.
(Reporting by Scot Paltrow in Washington, D.C., and Maria Aspan and Jonathan Stempel in New York; Editing by Gary Hill)
Sunday, October 3, 2010
Old Republic Title Stops Insuring Titles in Chase, GMAC Foreclosures
DAVID STREITFELD
Published: Sunday, October 3, 2010 at 5:12 a.m.
A major title insurance company has stopped insuring homes foreclosed by JPMorgan Chase, another sign that the controversy over the legal practices of the big lenders is starting to influence the housing market.
The company, Old Republic National Title Insurance, told its agents Friday that it would not write policies on foreclosed Chase properties until “the objectionable issues have been resolved,” according to a memorandum sent out by the firm’s underwriting department.
A Chase spokesman declined to comment. Old Republic executives did not return calls for comment. The title insurer, which is based in Minneapolis, said earlier in the week that it would not write policies for properties that had been foreclosed by another big lender, GMAC Mortgage.
As GMAC and Chase try to deal with questions over their legal methods, they have halted all foreclosures in the 23 states where they need a court’s approval. Late Friday, Bank of America said it would stop all its pending foreclosures in those states as well.
GMAC and Bank of America have declined to say how many cases are involved. Chase said it was halting 56,000 cases. About two million households in the country are in foreclosure, and millions more are on the verge.
After a lender seizes a home in a foreclosure case and the defaulting homeowner is, if necessary, evicted, the company works with local real estate agents to prepare the house for sale. The National Association of Realtors said distressed sales, including foreclosures, were 34 percent of all existing home sales in August. In some stricken areas, the percentage is much higher.
When foreclosures are done with faulty documentation, that could leave the new owners of the house vulnerable to claims. Title insurance protects the buyer against defects, errors or omissions in the chain of title.
Old Republic said in the memorandum that its agents were already reporting written cancellations of contracts involving both Chase and GMAC.
Shares of the major title insurance companies dropped on Friday amid concern that their business would suffer as a result of the foreclosure freezes. Fidelity National Financial fell more than 4 percent, while First American Financial dropped 3 percent.
Fidelity National issued a statement saying it did not believe the problems with the foreclosure process would have “a material adverse impact.”
Mark P. Stopa, a lawyer in Florida who represents defaulting homeowners, said that if more title insurance firms began to shy away from insuring foreclosed properties, the entire housing market could suffer. The prices of foreclosures would plummet, because lenders will not issue a new mortgage without title insurance.
“Judges have to force banks to do foreclosures correctly,” Mr. Stopa said. But that would require a significant increase in staff, he said, and “I’ll believe it when I see it.”
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