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Foreclosure, REO Home Prices Rise

Average sale prices for homes in foreclosure and those owned by banks rose 1.6 percent in the second quarter compared to the first quarter and 6.1 percent year over year, according to RealtyTrac, a foreclosure marketing service. The average price of these homes in the second quarter was $174,198 nationwide, but was significantly higher in California where the average price, according to RealtyTrac, was $256,833. These prices reflected homes sold by lenders or by homeowners who had received at least one notice of default. About 24 percent of all properties sold in the second quarter were REOs and foreclosures. Their prices were on average 26 percent lower than those of homes not in foreclosure, RealtyTrac reported. RealtyTrac Senior Vice President Rick Sharga projected that it would be the end of 2013 before the housing marked works its way through the foreclosure inventory. Source: Los Angeles Times, Alejandro Lazo and Daily Finance, Hugh Collins (09/30/2010)

  • Julie Nesbitt

    Julie Nesbitt
    Julie Nesbitt knows the back trails and by-ways of Northern Virginia real estate.

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  • Enjoying Winkler Botanical Preserve

    We had a great time walking the trails. 

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  • Don’t take chances with real estate.

  • REDUCED: 7202 Churchill Rd, McLean

    Open House, Sunday, 1-4 BIG PRICE DROP! 7202 CHURCHILL ROADMcLean, VA 221016 Bedrooms5.5 Bathrooms6,752 SF $1,695,000

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  • Good Shepherd Housing and Family Services

    Fairfax County
    Established in 1974 with a mission to reduce homelessness, increase community support and promote self sufficiency, the Good Shepherd Housing and Family Services is operated by a multi-denominational board of directors and staff managing over 70 housing units. Good Shepherd Housing and Family Services is located in the Mount Zephyr Business Center at 8305 Richmond…

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Are banks allowed to profit off of the sale of foreclosed property?

A question that can cause a fiery debate but it only leaves one correct answer.

Once a bank forecloses on a property and was able to sell the property for more than the loan owed, the profit is readily handed over to the defaulted owner. Then again, the certain fees or expenses of the bank would have to be collected as well. So the loan and fees would be collected and remaining amount returned to the owner. Some would be:
  • Late Fees
  • Back Payments
  • Attorney Fees
  • Trustee Fees
  • Sign Fees
  • Closing Fees
  • Newspaper Publication Fees
  • Escrow Issues
  • Realtor Commissions
  • Back and Current Taxes
  • Back and Current HOA
  • Clean Out and Repair Fees
Therefore to conclude, if the property actually cost more than the loan, owners wouldn’t be allowing banks foreclose on their property. They would be selling it to save their credit.

Banks just don’t profit on foreclosures.

Economists Give Housing Mixed Reviews

Home prices that approach what they were before the bust are at least five years away, says Peter Morici, a University of Maryland professor of economics.
sunset at Carlyle Towers
Carlyle Towers
“I think we’ll see housing values rise 20 or 25 percent and then more gradual appreciation," Morici says. The problem, he believes, is the oversupply of housing. “Supply is a couple of years ahead of demand,” he says. Other housing observers were less optimistic. “Foreclosures are still going to bite the market. Given the preponderance of negative housing data, we may see another leg down,” says Joseph Brusuelas, president of Brusuelas Analytics. Source: Bloomberg, Courtney Schlisserman (03/30/2010)

  • Home Prices In Arlington Continue To Hike

    Glendale
    The housing market in Arlington County is getting more and more expensive as potential buyers continue to have fewer homes and condos to choose from.

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  • Inlet Cove is near Fort Belvoir and Potomac Mills

    Inlet Cove outside Belvoir
    Inlet Cove is alongside Route 1 This neighborhood of townhouses is near grocers and eateries Inlet Cove is close to Fort Belvoir, Alexandria, and Potomac Mills shops, in the city of Woodbridge Interior to these properties are multilevel Inlet Cove is serene

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  • Pending Home Sales on an Upswing

    home inspector
    Pending home sales increased again in March, affirming that a surge of home sales is unfolding for the spring home buying season, according to the National Association of REALTORS®. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, rose 5.3 percent to 102.9 from 97.7 in February, and is 21.1…

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  • A Good Time to Buy a High-End Home

    Station Square
    Some of the best housing deals are on high-end homes, many over $1 million. Some of them need TLC or they aren’t in the most-coveted locations. But there are plenty of desirable properties and lots of sellers who are getting impatient. Buyers with cash have the best opportunities. Buyers who need a mortgage should move…

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  • Who is today’s homebuyer and why are they buying?

    Nesbitt Realty 703 765 0300
    The National Association of Realtors recently did a study about the characteristics of home buyers. Some of the findings might surprise you. Thirteen percent of buyers purchased a home with one or more parents and grandparents together with adult children. There were several reasons given for purchasing a multi-generational home. Cost savings; Children over the…

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