9:45am | The pace of foreclosures may be slowing—even with a few accidental foreclosures here and there adding to the total—but the market still isn’t all that good. Don’t take my word for it. Just ask J.R. Ewing, whose shrewd business acumen isn’t enough to save him from market doldrums. “J-EA-NNIE!”
RealtyTrac on Thursday released its U.S. Foreclosure Market Report for February, which shows foreclosure filings— default notices, scheduled auctions and bank repossessions—fell 2% from the previous month, and while filings were still 6% above the level of February 2009, that mark was the smallest increase since January 2006.
“This leveling of the foreclosure trend is not necessarily evidence that fewer homeowners are in distress and at risk for foreclosure, but rather that foreclosure prevention programs, legislation and other processing delays are in effect capping monthly foreclosure activity — albeit at a historically high level that will likely continue for an extended period,” RealtyTrac CEO James J. Saccacio said in a statement. “In addition, severe winter weather appears to have temporarily slowed the processing of foreclosure records in some Northeastern and Mid-Atlantic states.”
The report shows one in every 418 U.S. housing units received a foreclosure filing in February. California’s foreclosure rate ranked fourth highest, with one in every 195 housing units receiving a foreclosure filing in February, and the state led the nation in total filings, with 68,562 properties receiving a foreclosure filing during the month. The good news is: that is down 5% from January and down 15% from a year ago.
Nevada’s foreclosure activity fell nearly 7% from the previous month and was down 30% from February 2009, but the state’s foreclosure rate continued to rank highest in the nation with one in every 102 Nevada housing units received a foreclosure filing during the month.
In Arizona and Florida roughly one in every 163 housing units received a foreclosure filing. Michigan ranked fifth highest among the states, with one in every 226 housing units receiving a filing. Other states with foreclosure rates among the nation’s 10 highest were Utah (one in 275), Idaho (one in 296), Illinois (one in 305), Georgia (one in 331) and Maryland (one in 407).
Speaking of foreclosures, as if there aren’t enough already, Bank of America is apologizing for accidentally seizing a woman’s home and damaging her house, according to a story by ABC News. The bank repossessed her home even though the mortgage was up to date in what’s know as an “accidental foreclosure,” though people who experience it probably have a more colorful description for such a snafu. In fact, “accidental foreclosures” are becoming more common with major banks as foreclosure rates rise, experts say.
The down housing market has shot J.R. in the foot—and hey, where’s Jeannie when he needs her? I just couldn’t help myself after reading that Larry Hagman, the man best known for putting the swagger in J.R. Ewing and the stagger in Maj. Anthony Nelson, has lopped 11% off the asking price of his Ojai estate to $9.5 million, a story in the Wall Street Journal states. The 78-year-old and his wife, Maj, built the 43-acre property in 1992, according to the article.
The nine-bedroom Mediterranean-style house includes an entertaining space that fits more than 200 guests, as well as a lap pool and retractable roof—the latter amenity is no doubt an homage to his “Dallas” days and the stadium that houses America’s Team. “The home’s living areas are oriented toward views of the Pacific, the Channel Islands and the Santa Clara River Valley,” the story states.
And lastly, as I mentioned last week, I’m looking for a little help from lbpost.com readers. I am writing a column on how people use their properties during the Toyota Grand Prix of Long Beach. I know, for example, that people in the International Tower hold extravagant parties during the event each April. Anyone doing something like this in that building this year? Or over at West Ocean? Or Aqua? Anyone? There are others with stellar Grand Prix views, who have purposely purchased their property just for a view of the Grand Prix.
If you know of anyone who is doing something Grand Prix related with their residential or commercial properties, or if you yourself are, please e-mail me at [email protected].