Tag Archive for Daren Blomquist

96% Of Local Markets Better Off Than 4 Years Ago

April 1, 2014 Housing Market Comments Off on 96% Of Local Markets Better Off Than 4 Years Ago

Among 410 U.S. counties recently analyzed by RealtyTrac, 96 percent were better off than they were four years ago, at the peak of the foreclosure crisis. The analysis looked at four key categories of housing market health, including home price appreciation, affordability, percentage of bank-owned sales, and the unemployment rate. Daren Blomquist, vice president at RealtyTrac, said the housing recovery has taken root in hundreds of counties across the country and almost all local markets are better off than they were in 2010. And most analysts expect continued improvement this year. According to Blomquist, though price gains have caused a drop in affordability in some areas, builders and homeowners that have regained equity should help boost for-sale inventory, which will balance those markets and moderate price increases. Also in the report, just 8 percent of county housing markets are better off than they were before the housing bubble burst in 2006 – but 30 percent were healthier than six years ago, when the Great Recession began. More here.

Foreclosure Filings Drop To 7-Year Low

March 17, 2014 Housing Market Comments Off on Foreclosure Filings Drop To 7-Year Low

Foreclosure filings – including default notices, scheduled auctions, and bank repossessions – dropped 10 percent in February and were down 27 percent from one year earlier, according to RealtyTrac’s most recent U.S. Foreclosure Market Report. The decline brought foreclosure activity to its lowest level since December 2006. Daren Blomquist, vice president of RealtyTrac, said cold weather and a short month contributed to the drop in foreclosure activity in February but the reality is that new activity is no longer the biggest threat to the housing market when it comes to foreclosures. According to Blomquist, properties that have been lingering in the foreclosure process for years are now a bigger issue, as these properties are often left vacant with no one taking responsibility for maintenance and upkeep of the home. These homes bring down property values in their surrounding neighborhoods and contribute to low for-sale inventory in markets across the country. More here.

Cost of Buying Rises, Still Cheaper Than Rent

February 25, 2014 Housing Market Comments Off on Cost of Buying Rises, Still Cheaper Than Rent

With last year’s price and mortgage rate increases, the estimated monthly house payment for a median-priced, three-bedroom home has risen, according to a new analysis from RealtyTrac. But, though affordability levels have fallen, buying a home was still cheaper than renting in 91 percent of the 325 counties included in the report. Daren Blomquist, vice president at RealtyTrac, said the monthly cost of owning a home is still less than renting in the majority of markets but a combination of rising home prices and increasing interest rates during the second half of 2013 has caused the cost of owning a home using traditional financing to jump over the last year. In fact, the estimated monthly payment – including mortgage, insurance, taxes, maintenance, and subtracting the estimated income tax benefit – increased an average of 21 percent from a year earlier. The increase was driven, in part, by a 10 percent spike in median prices across the 325 counties included in the analysis. More here.

Foreclosures Fall For 40th Straight Month

February 14, 2014 Housing Market Comments Off on Foreclosures Fall For 40th Straight Month

January was the 40th consecutive month of declining foreclosure activity on a year-over-year basis, according to RealtyTrac’s most recent U.S. Foreclosure Market Report. Foreclosure filings – which include default notices, scheduled auctions, and bank repossessions – were down 18 percent from January 2013. Despite the decline, it was the smallest annual decrease since September 2012 and was paired with a month-over-month increase of 8 percent. Daren Blomquist, vice president at RealtyTrac, said the monthly increase in foreclosure activity was somewhat expected after the holiday lull but data from some states shows that many areas are not completely out of the woods when it comes to cleaning up the wreckage of the housing bust. The report found one in every 1,058 housing units had a foreclosure filing in the month of January. More here.

Foreclosure Starts Fall To Lowest Level Since 2005

September 17, 2013 Uncategorized Comments Off on Foreclosure Starts Fall To Lowest Level Since 2005

In yet another sign of recovery in the housing market, August foreclosure starts were 44 percent lower than one year ago and are now at their lowest level since December 2005. A total of 55,775 properties began the foreclosure process during the month, according to RealtyTrac’s most recent U.S. Foreclosure Market Report. The drop drove total foreclosure activity down 2 percent from the month before and 34 percent below August 2012. Despite the improvement, some areas of the country saw increases. Daren Blomquist, vice president of RealtyTrac, said foreclosure flash floods will continue to hit some markets over the next few months as delayed foreclosure starts are quickly pushed into the pipeline. More here.