Archive for the ‘bank owned homes’ Category

Columbus foreclosure roundup for August

Tuesday, September 18th, 2012

For those on the market for , we have good news: the Columbus housing market will be flooded by another wave of foreclosures, as banks have initiated more foreclosure starts in August.

According to the latest statistics for Columbus and the state of Ohio published recently by RealtyTrac, foreclosure starts were up 15% in August compared to the previous month. The biggest increase was recorded in Franklin County as the area has saw a 28% jump in foreclosure starts, which means the inventory of bank-owned homes in the area will increase by about the same percentage. As the Common Pleas Court clerk of Franklin County reported, the banks have initiated foreclosure starts against 674 housing units.

This is in line with this year’s foreclosure trend in Columbus and the state of Ohio, which has recorded a steady rise in foreclosures for several months of 2012, although this trend was exactly the opposite at the beginning of this year. The increase in foreclosure starts also resulted in lots of bank-owned signs in front of many Columbus properties.

Currently, bank-owned homes account for about 7.3% of the total home sales in central Ohio, a 9% drop from the same period a year ago, as the RealtyTrac statistics show.

While bank-owned homes, especially those which lay vacant, are a headache for the officials in Columbus, they aren’t the only problem. Currently, a big portion of public money is spent on demolishing hotels and abandoned apartments. For example, the Howard Johnson Plaza Hotel is one of the main problems, as the city plans to spend a couple times a homes’ worth ($700,000) just to demolish the hotel. Since 2007, the city has spent about $6 million of public money just dealing with abandoned real estate, and the hotel accounts for a huge part of this amount.

And the list of possible future foreclosed real estate is long. As the Columbus Dispatch investigation shows, the Reflections on the Lake apartments located on the North Side near I-71 is at risk of tax foreclosure: the owners have fallen behind by $2 million in taxes. In addition, the owners have defaulted on a $9 million loan, which could result in all the units becoming bank-owned homes if they don’t manage to negotiate with the lender.

Another Columbus apartment complex — the second on the list with the highest risk of foreclosure — is the Abbey Lane apartment complex. The owners owe more than $7.7 million plus interest to their lender, and they are $1 million behind in taxes. In other words, the tenants can prepare themselves for living in bank-owned properties soon.

 

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Fannie Mae Foreclosures Sold In Bulk

Monday, September 10th, 2012

Pacifica Real Estate Group, a real estate investment and management firm based in San Diego, Calif., recently purchased 699 foreclosures in Florida from Fannie Mae in one very large bulk transaction.

According to , Pacifica paid $12.3 upfront and will have to provide Fannie Mae with 90 percent of the proceeds from the homes included in the portfolio until the collective sales reach $49.3 million. Once that threshold is satisfied, the companies will split any future profits down the middle.

Fannie Mae stands to collect a projected $78.1 million windfall as a result of the landmark sale.

However, this deal is less about money and more about getting properties in a struggling South Florida housing market, which was among the hardest hit in the mortgage meltdown several years ago, repaired, marketed and sold, as well as rented, as soon as possible.

“The transaction is designed to promote home price stability, improve quality of housing stock and enhance rental inventory of markets by utilizing a rent-and-hold strategy,” according to a summary included in the report.

Fannie Mae typically sells its assets one-by-one via HomePath.com, offering buyers nationwide with special offers and incentives to achieve the goal of homeownership. Competitive interest rates and the “First Look” program that ensures traditional buyers are not beat to the punch by cash-laden investors, are just a few of the many ways the the Government-Sponsored Enterprise (GSE) is doing its part to equitably return the United States housing market back to normal sooner rather than later.

It’s a delicate balance.

To search for Fannie Mae-owned foreclosed homes available for sale in your area today .

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