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Foreclosures in Ventura County and California are slowing rapidly.

by The Blake Mashburn Group

Foreclosures in Ventura County and California are slowing rapidly, according to the latest figures from RealtyTrac.

In February, for the first time since December 2006, California was not among the states with the 10 highest foreclosure rates. Overall foreclosure activity in California dropped year over year for the 15th straight month, ranking 13th in the nation.

There were 18,003 filings in California in February, a decline of almost 63 percent from February 2012 and a rate of one in 757 homes. Bank repossessions in the state fell 49 percent from last year.

In Ventura County, the number of foreclosure-related filings, such as notices of default and bank repossessions, rose slightly from January to February. But the number dropped 65 percent from a year earlier — from 1,037 in February 2012 to 362 this February. RealtyTrac, an Irvine-based online marketplace for foreclosure properties and real estate data, reported foreclosure filings in the county totaled 354 in January.

Mark Schniepp, director of the California Economic Forecast in Santa Barbara, said the new data matched his expectations.

“We forecast 50 to 60,000 foreclosures this year in California, compared with 96,000 last year, and it may even be more than that,” Schniepp said. “Ventura County is keeping in line with the state.”

“As home prices rise and banks are more willing to work out short sales, it curtails the number of bank repossessions,” he said. ‘The main issue now is not distressed properties but a lack of inventory, but as prices rise, that will get cured.”

U.S. foreclosure filings dropped 25 percent year over year, with a total of 154,281 filings in February. That’s one in 849 housing units.

However, the number of homes entering the foreclosure process nationwide rose 10 percent after three consecutive monthly decreases.

Foreclosure starts increased from the previous month in 32 states and rose from a year earlier in 16 states, including Nevada (up 334 percent), Maryland (up 319 percent), Washington (up 172 percent), New York (up 139 percent) and New Jersey (up 70 percent).

“At a high level, the U.S. foreclosure inferno has been effectively contained and should be reduced to a slow burn in the next two years,” said Daren Blomquist, vice president at RealtyTrac.

“But dangerous foreclosure flare-ups are still popping up in states where foreclosures have been delayed by a lengthy court process or by new legislation making it more difficult to foreclose outside of the court system. Foreclosure starts have been steadily building in those states over the last several months and likely will end up as bank repossessions or short sales later this year.”

Florida posted the nation’s highest state foreclosure rate for the sixth consecutive month in February, reporting one in 282 housing units had a foreclosure filing during the month.

Florida cities accounted for seven of the nation’s 10 highest metro foreclosure rates in February, led by the Miami, Orlando, Ocala, Tampa and Palm Bay metro areas.

The number of Nevada homes going into the foreclosure process in February increased 334 percent from a year ago to a 17-month high, keeping the state’s foreclosure rate the second-highest nationwide for the fifth month in a row. One in 320 Nevada housing units had a foreclosure filing in February, more than twice the national average.

Illinois, Ohio, Washington, Maryland, Arizona, Georgia, Utah and Michigan round out the top 10 states.



Read more: http://www.vcstar.com/news/2013/mar/13/forcelosure-rates-continue-to-slow-in-california/#ixzz2QNxzueTV
- vcstar.com

Will Congress Extend The Mortgage Tax Debt Relief Act?!

by The Blake Mashburn Group

In 2007, the Mortgage Debt Relief Act was passed in an attempt to help the millions of homeowners who, due to the housing crisis and economic crash, suddenly found themselves in danger of losing their home to foreclosure.

The act has helped many distressed homeowners find solutions to avoid foreclosure and opened up options to them that were previously unavailable.

However, the Mortgage Debt Relief Act was always intended to be a temporary solution and it is now set to expire at the end of 2012. For distressed homeowners, this means that time is running out for you to take advantage of this program.

As a Certified Distressed Property Expert (CDPE), I am uniquely qualified to help determine your eligibility and answer any questions about the settlement. Visit my website www.VCShortSaleTeam.com for a copy of the report entitled "Time is Running Out: How the Mortgage Debt Relief Act can save you!"

Then, contact me for a free, confidential consultation.


Sincerely,

Blake Mashburn
Troop Real Estate, Inc.
(805) 368-0202

NEW LAW AIDS SHORT SELLERS

by The Blake Mashburn Group

California law has changed regarding a lender's ability to obtain a deficiency judgment after a short sale on a 1-4 unit residential dwelling. As a result of SB 458, any lender who agrees to a short sale, meaning not only the 1st lender, but also any junior lender(s), can no longer require a borrower to owe, or to pay, or take action against the borrower so as to collect a deficiency judgment.

Furthermore, lenders are no longer permitted to require the borrower to contribute any monies, other than the proceeds from the sale of the property, as a condition of the short sale negotiations and approval.

The legislation was passed as Urgency Legislation and went into effect the day it was signed by Govenor Jerry Brown, on July 15, 2011.

If you know anyone having a difficult time maintaining their house payments and close to losing their home in foreclosure, please have them give me a ring at 805-856-9350. I will be glad to discuss with them, at NO cost or obligation, their options.

 

 

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BLAKE MASHBURN
Century 21 Everest
1190 S. Victoria Avenue, Suite #100
Ventura CA 93003
Office: 805-856-9350
Cell: 805-368-0202
Fax: 805-642-1424