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Park Ridge, Illinois, United States
Gerard Scheffler has been very actively involved in the real estate profession for over seven years. In 2005, immediately after receiving his Broker’s License, he established his first Chicago based brokerage company. The company turned out to be very successful with hundreds of satisfied customers and millions of dollars in closed real estate transactions. Over the years, Gerard has developed a network of returning customers who always refer his services to their family and friends. He is presently a managing broker at Home Gallery Realty brokerage firm specializing in default and distressed property sales. Regardless of his professional development and success, Gerard is constantly looking for ways to improve his skills as well as build his company image and reputation. He is very hardworking and aggressive when it comes to representing his customers ‘ real estate needs and doing his job right. He will work with you to ensure that your property is sold for the highest price possible in the shortest amount of time with the least amount of inconvenience to you. Area of service includes Cook, DuPage, Kane, Lake and Mchenry County in the State of Illinois.

Thursday, April 5, 2012

Number of Completed Foreclosures Down for February

 

Completed foreclosures per thousand active loans for judicial vs. non-judicial states

The number of completed foreclosures in February 2012 was down on a monthly basis and slightly on a year-over-year comparison, but overall, foreclosure inventory has decreased compared to a year ago, according to CoreLogic’s National Foreclosure report for February.

Completed foreclosures are counted as properties that get auctioned off and purchased by a third party, such as an investor or lender.

For February 2012, 65,000 completed foreclosures were reported, compared to 66,000 in February 2011, and 71,000 in January 2012. The number of completed foreclosures over 12 months ending in February was 862,000. From the start of the financial crisis in September 2008, CoreLogic estimates 3.4 million completed foreclosures.

“Even though the pace of completed foreclosures has slowed, the overall foreclosure inventory is decreasing because REO sales were up in February,” said Mark Fleming, chief economist for CoreLogic. “With the spring buying season upon us, the inventory may decline further as the pace of distressed-asset sales rises along with the rest of the housing market.”

Approximately 1.4 million homes with a mortgage, or 3.4 percent, were in the foreclosure inventory as of February 2012. Nationally, the number of borrowers in the foreclosure inventory decreased by 115,000, a decline of 7.6 percent compared to February 2011. For the prior month of January 2012, no change was reported.

The share of borrowers nationally that were 90 or more days late on their mortgage payment fell to 7.3 percent in February 2012 from 7.8 percent in February 2011, but up slightly from the 7.2 percent in January 2012.

The distressed clearing ratio for February 2012 moved up to 0.73 from 0.66 in January 2012. The distressed clearing ratio is calculated by dividing the number of REO sales by the number of completed foreclosures. A higher ratio means a faster pace of REO sales compared to the pace of completed foreclosures.

“In February, more than 60 major markets saw a decrease in their foreclosure rates compared to a year ago,” said Anand Nallathambi, president and CEO of CoreLogic. “This combined with faster REO-clearing rates, better employment news, and continued historically low interest rates are all positive signs of improvement in the housing economy.”

Of the top 100 markets measured by Core Based Statistical Areas (CBSAs) population, 33 showed an increase in the year-over-year change in the number of foreclosures in February 2012.

Five states with the largest number of completed foreclosures:

  1. California (154,000)
  2. Florida (87,000)
  3. Michigan (64,000)
  4. Arizona (63,000)
  5. Texas (58,000)

These five states account for 49.4 percent of all completed foreclosures.

Five states with the highest foreclosure rates:

  1. Florida (12.0 percent)
  2. New Jersey (6.6 percent)
  3. Illinois (5.4 percent)
  4. Nevada (5.0 percent)
  5. New York (4.9 percent)

Five states with the lowest foreclosure rates:

  1. Wyoming (0.7 percent)
  2. Alaska (0.8 percent)
  3. North Dakota (0.8 percent)
  4. Nebraska (1.0 percent)
  5. Montana (1.4 percent)

 

By DSNews , by Esther Cho 03/29/12

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