FORECLOSURE Sales DOWN 31% - What gives?

By
Real Estate Agent with Godzyk Real Estate Services


FORECLOSURE Sales were reported to be DOWN 31% in New Hampshire from July 2011 with 238 sales from July 2010 where there was 346 sales statewide. In Hillsborough County there 66 foeeclsoure sales for July 2011 down 44.5% from july 2010 where there was 119 sales which was reported from Real Data.

Over all for the year there has been 2340 foreclosure sales down 7.7% from last year during teh same period. 

As a leading listing agent of bank owned homes i have seen a slow down in foreclosures becuase becuase the banksare delaying new foreclsoure starts as they are fixing the mess from missing deeds and assignments which have held up closings up to 9 months on quite a few foreclosures. The legal notices in the newspaper seem to be down which matches the lower amount of inventory available to buyers. The key for new foreclosures is to price them correctly from the start just under market value. Cash buyers are making up the majority of buyers as they snap up deal after deal.  

Some banks have slowed their losses by over pricing new foreclosures. One trend that worries most agents is the banks using out of town and even out of state appraisers to appraise home sthat are missing the mark by sometimes twice as high as tehey should be priced. It causes a great delay in sales.

The outlook is good as interest rates fall slightly once again offering major buyer opportunities here in New Hampshire. If you need assistance in buying a bank owned home. Let us share our experience with you.



If you are looking to buy a bank owned home, please see my blog for a full list of tips and advice.





ONE OF NEW HAMPSHIRE'S LEADING BANK OWNED REAL ESTATE AGENTS


Updated  August 21, 2011

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Topic:
Real Estate Market Trends
Location:
New Hampshire Hillsborough County Manchester
Groups:
New England Professionals
Real Estate Investors
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Rainmaker
720,217
Mike Cooper
Your Winchester, VA Real Estate Pro
Winchester Real Estate Sales, Cornerstone Business Group Inc

Scott, they've been down here too, but I think that is about to change.  I've had 5-6 companies we do REO and BPO work for call over the past two weeks.  They are all calling to make sure all of our docs are up to date.  One did tell me BoA is getting ready to release an avalanche of orders.  We'll see.

August 21, 2011 09:53 AM
Rainmaker
979,406
Scott Godzyk
One of Manchester NH's Leading Agents
Godzyk Real Estate Services

the last week i have seen probably a 30 fold increase in bpos from july. i just got a couple new listings from BOA. The bottom line is we cant get to recovery until the REO inventory is cleared and sold, so bring it on.

August 21, 2011 10:05 AM
Anonymous #3
Anonymous
Anonymous

wonder why foreclosure sales are down but that coukld be a good thimh as far as inventiery and for sellers in the area but for buyers it coukld mean less inventory and rising prices one day in  the futeutr

August 21, 2011 10:10 AM
Rainmaker
979,406
Scott Godzyk
One of Manchester NH's Leading Agents
Godzyk Real Estate Services

I think it is a mix of tyoical summer slow downs and the banks mandated to find the original assignments and mortgage deeds slowing the whole process down,  can forsee another wave over winter if the banks start loaning, we could come out of it in the spring, if the banks dont start loaning, it could continue into next year at this time.

August 21, 2011 10:15 AM
Rainmaker
500,303
Lisa Wetzel
CDPE, SFR carsonvalleyland.com
RE/MAX Realty Affiliates

Scott ... do yiu think that "Short sale" are affecting the foreclosure rate?  I definitely do here in Nevada!

August 25, 2011 11:42 PM
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Rainmaker
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Scott Godzyk

One of Manchester NH's Leading Agents
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Additional Information

Scott Godzyk is the Owner/Broker of The Godzyk Real Estate Services located in Manchester NH. With 25 years of Real Estate experience Scott specializes in Listing and Selling Bank Owned Homes, Short Sales, Residential Properties, Condominiums, New Construction and Investment Properties. Scott services the counties of Hillsborough, Merrimack, Rockingham and Belknap. To contact Scott Godzyk please call 603-661-2121 or email sctprop@aol.com. his website is www.ScottSellsNH.com.