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US foreclosure figures tailing off, latest data suggests
The foreclosure crisis is over in the United States but the distress caused by the housing bust is still lingering, according to the latest report from housing data firm RealtyTrac. Foreclosure filings were reported on 116,913 properties in August, an increase of 7% from the previous month but still down 9% from a year ago, the smallest decrease in the last 47 consecutive months of year on year declines in US foreclosure activity. A total of 51,192 properties were scheduled for foreclosure auction during the month, down 1% from the previous month but up 1% from a year ago, the first annual increase in scheduled foreclosure auctions following 44 consecutive months of annual decreases. Scheduled foreclosure auctions in judicial foreclosure states where foreclosures are processed through the court system increased 5% from a year ago. ‘The August foreclosure numbers demonstrate that although the foreclosure crisis is well behind us, the messy business of cleaning up the distress lingering from the housing bust continues in many markets,’ said Daren Blomquist, vice president at RealtyTrac. ‘The annual increase in foreclosure auctions, the first since the robo-signing controversy rocked the foreclosure industry back in late 2010, indicates mortgage servicers are finally adjusting to the new paradigms for proper foreclosure that have been implemented in many states, whether by legislation or litigation or both,’ he added. Scheduled foreclosure auctions increased from a year ago in 24 states, including Colorado with a rise of 160%, Oregon up 117%, Connecticut up 81%, New York also up 81%, Oklahoma up 72%, New Jersey up 71%, Illinois up 25%, South Carolina up 21% and Maryland up 17%. The report also shows that more than 55,000 properties started the foreclosure process in August, up 12% from previous month and flat from year ago. It was the second consecutive month where foreclosure starts have increased on a month on month basis. Foreclosure starts, which in some states are the scheduled foreclosure auctions, increased from a year ago in 19 states, including Oklahoma up 147%, Indiana up 136%, New Jersey up 115%, Massachusetts up 55%, Florida up 24% and Maryland up 20%. Lenders repossessed 26,343 properties via foreclosure (REO) in August, up 2% from the previous month but down 33% from a year ago. It was the 21st consecutive month where REO activity declined on a year on year basis nationally. REOs increased from a year ago in seven states, included Georgia up 146%, Hawaii up 42%, Oregon up 20%, Pennsylvania up 12% and Connecticut up 10%. Six of the nation’s 20 largest metro areas posted year on year increases in foreclosure activity. In Washington, D.C. there was a rise of 18%, New York up 18%, Baltimore up 12%, Atlanta up 11%, Philadelphia also up 11% and San Francisco up 2%. Among the nation’s 20 largest metros those with the five highest foreclosure rates were Miami with one in every 359 housing units with a foreclosure filing, Tampa one in every 407 housing units, Baltimore one in every 17 housing units,… Continue reading
Activity in prime central London property market stable, says latest monthly report
Activity across all prime price ranges in central London are stable although sales at the top end of the market are down, according to the latest estate agent research. Overall transactions between £2 million to £5 million have increased by 11.7% this year but sales above £5 million are down by 5.5%, the latest sales and lettings report from W.A. Ellis shows. But the sector’s lettings market is buoyant with a 14% increase in tenancies starting in August compared to the same period last year. ‘If we compare the current year's activity from January to August with the same period in 2007, within our area of expertise of Chelsea, Knightsbridge, Mayfair, Belgravia and Kensington, we see a 35% diminution in activity,’ said Richard Barber, partner at the prime central London estate agency. However, he pointed out that when the inflation that the capital has enjoyed over the last four years, some 18.5% in the last year alone according to Land Registry data, a more interesting picture emerges. Property transactions between £2 million and £5 million have increased by 17.5% and those in excess of £5,000,000 have increased by 72% on 2007. ‘Whilst the media are reporting more bearish sentiments across the market and reduced levels of new buyer registration, we should not necessarily predict that the bubble is about to burst,’ said Barber. ‘Activity across all price ranges is very stable, and our research suggests that between January and August 2013 there were 1,288 transactions, and in the same period in 2014, 1,242, a reduction of only 3.5%,’ he explained. ‘Whilst the Damoclean sword of mansion tax continues to hover over the market, the figures suggest that it has not as yet impacted. Indeed, sales between £2 million and £5 million have increased by 11.7% this year. However, sales of properties over £5 million have diminished by 5.5%. ‘The reduction in activity over £5 million is perhaps indicative that the foreign investor may tolerate a tax of £15,000 per annum, based on the current ATED charges, but not the more punitive £35,000 charge per annum currently applied to properties held in company names with values in excess of £5 million,’ he added. But he pointed out that there is always a healthy appetite for the right product, and if vendors' expectations are realistic, there is no reason why we should not enjoy a normal market. Lucy Morton, senior partner and head of lettings at W.A.Ellis, said that the firm has been surprised by the level of activity over what is usually a very quiet month, with a 14% increase in tenancies starting compared to the same period last year. ‘The seasonal student market is in full swing, with students focusing on finding accommodation for the upcoming year and demand exceeding supply,’ she explained. Overseas tenants are even agreeing tenancies without seeing the property. Clients living in California were talked through the property over the phone and using Face-Time on an iPad, and went on to complete, as did two students from Norway… Continue reading
More than 50% of UK tenants have problems with landlords and letting agents
Over half of UK tenants have problems with landlords and letting agents and two thirds don’t consider if their letting agent or landlord is licensed, new research has found. The research from the Association of Residential Letting Agents (ARLA) also found that the top issue is the time it takes to fix problems and on average tenants wait just over a month for issues to be resolved. For those who didn’t consider whether their landlord or agent was licensed, some 54% said it didn’t even cross their mind to check, while 23% did not know that letting agents or landlords should be licensed and 12% wrongly assumed that all letting agents and landlords were licensed and therefore do not know the difference in standards they can expect. This lack of knowledge around the industry may be the reason for many problems which arise during a tenancy, according to ARLA. The research also found before they’d signed on the dotted line, 22% of tenants had concerns about their landlord or letting agent, doubling to 43% amongst Londoners. The most common problems faced by would be tenants at this stage were lack of clarity around fees (8%), agents not knowing enough about the property (6%), being pushy (6%) and not turning up to appointments (6%). Whilst 45% haven’t had any problems with their landlord or letting agent over the last five years, 55% of the tenant population have experienced at least one problem. The most common issue which affected 31% was the amount of time it had taken to fix any problems such as boilers, heating and electricity. Once a problem was flagged, tenants had to wait 36 days on average for the issue to be resolved and an unfortunate one in seven never had their problems sorted. The next most common problem was landlords not replacing old items such as kitchen cupboards and worn carpets, affecting 18% of tenants. For 14% the biggest problem was that they felt their complaints fell on deaf ears. ‘Our home is our castle, and there is no reason for it to not be fit for a King. Just because you rent a property it should not impact your levels of enjoyment, especially as there is such a high price to pay for renting,’ said ARLA managing director David Cox. ‘For anyone looking to rent, there are basic boxes to tick to ensure you receive the best possible end result and this starts with choosing your letting agent and landlord. Choosing an unlicensed letting agent could leave tenants with a long list of problems,’ he added. The research also revealed that for 37% of tenants, the problems they experienced with their landlord or letting agent led to them being stressed and 16% admitted to having sleepless nights. As well as emotional results, many tenants were also left out of pocket, with 14% spending a lot of their own money, and 9% moving out of the property and unfairly losing their deposit. ‘While problems can of course arise during a… Continue reading
