On April 28th, 2009, RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, and Enormo (http://www.enormo.com/), a leading global real estate portal, announced a strategic alliance that will give Enormo's international user base of potential homebuyers and investors unique access to RealtyTrac's database of U.S. foreclosures including Prescott, Prescott Valley, Chino Valley and Dewey-Humboldt.
RealtyTrac's foreclosure listings are integrated into Enormo's search functionality, allowing buyers to search more than 1 million foreclosure properties from 2,200 U.S. counties. As RealtyTrac's first-ever international partnership, the alliance will allow the company to accept international subscriptions to its service thanks to Enormo's translation of RealtyTrac's data into its 31 interface languages.
"Foreclosure inventories around the United States are at historically high levels, and interest in purchasing those properties has been growing steadily from buyers and investors outside of the U.S.," said RealtyTrac Senior Vice President Rick Sharga. "This alliance with Enormo provides global exposure for RealtyTrac's foreclosure data, and gives Enormo a comprehensive list of U.S. foreclosure properties to add to its vast menu of property listings."
The foreclosure property search feature on Enormo allows buyers to view Prescott area properties in all three stages of the foreclosure process - pre-foreclosure, auction and bank-owned (known as REOs). At the same time it allows real estate professionals who work with Enormo a chance to offer a greater selection of properties for would-be home buyers and investors as they navigate this complex area of real estate.
"The timing is perfect for Enormo to partner with RealtyTrac - the strength of other currencies against the dollar combined with the great value of U.S. housing stock is driving interest from new investors who want a piece of the foreclosure action," said Enormo CEO Yannick Laclau. "With the addition of these 1 million listings from RealtyTrac, Enormo gives its users unique access to great value properties, and cements its position as the number one website for international real estate."
To see the whole press release, click here.
About RealtyTrac Inc.
RealtyTrac RealtyTrac.com, is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data.
More signs that the bottom of the real estate market in California is here or near! That is great news for home sellers in the Prescott and Prescott Valley market areas since we rely so much on the buyers from CA to buy our homes. This includes retirees looking for on of the top 10 places in America to retire, (See Best Places to Retire: Prescott, Arizona ), and professionals moving here to service the growing population.
The California Association of REALTORS® released the following information on Tuesday the 28th:
"The March sales figure of 522,980 homes indicates that the market continues to be very active," said C.A.R. President James Liptak. "All of the regions in the state experienced increases in month-to-month raw sales, with the smallest gain in the Sacramento region at 9.7 percent and the largest gain in the Riverside/San Bernardino region at 32.2 percent."
Closed escrow sales of existing, single-family detached homes in California totaled 522,980 in March at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity increased 63.8 percent from the revised 319,290 sales pace recorded in March 2008. Sales in March 2009 decreased 16 percent compared with the previous month.
The statewide sales figure represents what the total number of homes sold during 2009 would be if sales maintained the March pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
The median price of an existing, single-family detached home in California during March 2009 was $253,040, a 39 percent decrease from the revised $414,520 median for March 2008, C.A.R. reported. The March 2009 median price rose 2.2 percent compared with February's $247,590 median price.
"The statewide median price showed the first monthly increase since August 2007, and has remained in the $250,000 range over the past three months," said C.A.R.'s Chief Economist Leslie Appleton-Young. "A number of regions around the state also have registered monthly gains for one or more months since the beginning of this year. While these are welcome signs, it remains to be seen whether home prices have stabilized.
"While we still face continued weakness in the general economy and expect continued foreclosures, the increased incidence of multiple offers indicates that first-time home buyers and investors are responding to dramatically improved housing affordability. Low mortgage rates and house prices, coupled with the federal first-time home buyer tax credit, is having a definite impact on the California housing market," Appleton-Young added.
See the full report here: See the full report here from CAR
If you are a Californian and have your home on the market, why not take advantage of the bargains to be had in the foreclosure market in Prescott,Prescott Valley, Chino Valley or Dewey-Humboldt? You can search for properties using our customized IDX MLS search tool > Search for Foreclosures in the Prescott Arizona area.
Eleven new foreclosed or short sale homes came on the market, about one in every seven homes being listed in the Prescott Arizona Area MLS system, and one fifth of the closings were distressed sales in Prescott, Prescott Valley, Chino Valley, Dewey-Humboldt and the outlying areas of Yavapai County. This is two weeks in a row that foreclosure activity is down.
But we're not out of the woods yet. This week there were 117 Notices of Default (NOD) filed with the County Assessor...in about 104 days, we'll see most of them come on the market as REOs.
The difference between what newly listed traditional homes and Prescott foreclosed/REO and short sale properties per square foot remains large at a 30% discount.
Last year Prescott had the distinction of becoming an MSA and our first report was to be listed as the 25th MSA in the nation with foreclosures as a percentage of our households according to RealtyTrac.
See: Prescott area is 25th in foreclosures nationwide for Q1 2009
The percentage of foreclosed/REO/short sale new listings on market decreased from 18% to 14% this week. Last week 33% of the pending sales were REO or short sales, and this week they made up 64% of the deals going into escrow. The percentage of REO/short sales that closed last week went from 26% to 19% this week. REO/short sales sold about 92% faster than traditional resales.
To see the full report including listing details and tables, click here.
You can get this report sent to you via email. Sign up here.
Fifteen new foreclosed or short sale homes came on the market, about one in every six homes being listed in the Prescott Arizona Area MLS system, and one quarter of the closings were distressed sales in Prescott, Prescott Valley, Chino Valley, Dewey-Humboldt and the outlying areas of Yavapai County. This shows a marked decrease from last week's numbers.
The difference between what newly listed traditional homes and Prescott foreclosed/REO and short sale properties per square foot remains large at a 40% discount.
News has been mixed last week with positive housing numbers coming out of California and the Phoenix area, but news of more foreclosures on the horizon as load modifications fail and banks are removing moratoriums on foreclosures. Watch this space for more info!
See: NAR Housing Affordability Index at Record Low: Good news for Prescott buyers!
The percentage of foreclosed/REO/short sale new listings on market increased from 17% to 18% this week. Last week 48% of the pending sales were REO or short sales, and this week they made up 33% of the deals going into escrow. The percentage of REO/short sales that closed last week went from 56% last week to 26% this week. REO/short sales sold about 92% faster than traditional resales.
See the full report on our main web site.
You can get this report sent to you via email. Sign up here.
Thinking of buying a home in the Prescott, Arizona area? Perhaps one of the foreclosed or REO homes?
Now is the time with the incredible decline in home prices and historically low interest rates! Are you prepared to move forward?
Before you answer yes, have you consulted a lender?
If you are one of the 30% or so who do, congratulations! Many others rush out to seize the opportunity and forget a vital step.
Why is it so important? Well, ask any lender and they will tell you how radically different the loan process is compared to three years ago.
Gone are all the non-qualifying programs along with stated income loans for self-employed borrowers. Higher credit scores are required and additional monies for down payments particularly for second homes and investment properties. With Fannie Mae and Freddie Mac virtually being the only source for mortgages, they have enacted risked based fees for anyone possessing a credit score below 720. With advanced planning you may be able to avoid these fees by ensuring your credit score does not cause you to pay addtional monies.
So don't be insulted if your Realtor asks that you talk with a lender before being shown properties. After all, nothing is as embarassing as finding that special home and, as your Realtor waits to prepare a contract, you are told that you do not qualify. On the bright side, with these low rates, you may qualify for more than you thought. Happy house hunting!
For more information about the current financing market or to get pre-approved, call
Tom 928-775-9330 or email him at tomhenichek@cableone.net.
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Prescott, AZ, REALTOR focused on the foreclosure markets in Prescott, Prescott Valley, Chino Valley, and Dewey-Humboldt in Northern Arizona.
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