The Gate Arty Blog - Latest Entries

Foreclosure Report - 1st Quarter 2010

Thursday, April 15, 2010 - By Gate Arty

RealtyTrac reports that in the 1st quarter of 2010, foreclosure filings rose 7% compared with the previous quarter, to more than 930,000. That represents a 16% increase over the same period in 2009. Foreclosures spiked drastically in March to a record 367,000 filings. Approximately 258,000 of those filings were for bank repossessions, the highest quarterly total RealtyTrac has ever.  No surprise which state led the way . . . Nevada, of course. One in every 33 homes received a foreclosure filing during this time period. Nevada has been #1 for 13 straight quarters now! Arizona was second; followed by Florida, & California. The state of California had well over 215,000 filings which represents 23% of the total foreclosure activity in the entire nation.

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Buffet speaks . . . We listen!

Friday, March 05, 2010 - By Gate Arty

Warren Buffet, widely considered an investment genius, believes that “within a year or so, residential housing problems should be largely behind us. Prices will remain far below ‘bubble’ levels, of course, but for every seller or lender hurt by this there will be a buyer who benefits.”  Buffet’s belief is that the supply of homes is still far greater than demand, and that it will take another year before demand catches supply. Let’s hope that the ‘Oracle of Omaha’ has this one right!

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Home Ownership Declines

Thursday, February 18, 2010 - By Gate Arty

According to the United States Census Bureau, home ownership has reached it lowest rate since 2000. The current rate of home ownership is 67.2% Regionally, The biggest drop was in the South, where the rate declined to 69.1% from 69.7%. The West declined to 62.3% from 62.7%. Homeownership in the Midwest decreased to 71.3% from 71.6%. In the Northeast, homeownership declined to 63.9% from 64%.

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National Home Sales Report

Saturday, February 13, 2010 - By Gate Arty

According to the latest survey by the National Association of Realtors (NAR), sales increased from the third quarter in 48 states. Of those states, 32 realized double-digit gains. Existing-home sales, including single-family and condo, jumped 13.9 percent to a adjusted annual rate of 6.03 million in the fourth quarter from 5.29 million in the third quarter, and are 27.2% above the 4.74 million-unit level in the fourth quarter of 2008. It is believed that distressed properties accounted for 32% of fourth quarter transactions. This is a decrease from the 37% a year earlier.  

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January 2010 Foreclosure Report

Friday, February 12, 2010 - By Gate Arty

RealtyTrac reports that foreclosure rates fell in January compared to December, but remained sharply higher than a year ago. This is thought to be a temporary incident most likely a product of the holiday season & office closings. The number of Americans receiving foreclosure notices was down 9.7 percent in January from December 2009, but 15 percent higher than last January. All told, 315,716 properties generated a foreclosure notice. That means one in every 409 homes in America received a foreclosure notice. The top five states in foreclosures respectively are: Nevada, Arizona, California, Florida, & Utah. Which sate had the least? South Dakota is the winner. Foreclosures don't appaer to be going away anytime soon as a report  found one in five US mortgages were “underwater" during the fourth quarter.

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