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“After three months, nearly 36 percent of the borrowers had re-defaulted by being more than 30 days past due. After six months, the rate was nearly 53 percent, and after eight months, 58 percent,” said U.S. Comptroller of the Currency John C. Dugan. A report scheduled to be published later this month will show continued increasing delinquencies and foreclosures in process for all first-lien mortgages held by the largest national banks and federally-regulated thrifts, Dugan said.

You can read the report released 12/08/2088 HERE

Key findings of this report include:

* New loan modifications increased by more than 80 percent from January to June and increased by 56 percent from the first to second quarter. By comparison, new payment plans grew only 8 percent from January to June 2008, and increased just more than 2.7 percent from the first to second quarter. As a result, the mix of loss mitigation shifted toward loan modifications from the first to second quarter with the share of loan modifications increasing from 34.5 percent to 44.5 percent.

                                              First Quarter Total                  Second Quarter Total
Loan modifications          71,883                                          112,353
Payment plans                  136,367                                        140,155
Loss mitigation actions  208,250                                       252,508

* More than nine out of 10 mortgages remain current. However, credit quality declined during the second quarter across all risk categories. The overall percentage of current and performing mortgages in the combined portfolio declined from 93.35 percent at the end of the first quarter to 92.61 percent at the end of the second quarter.

* There were increases in early stage delinquencies (30-59 days past due) and seriously delinquent mortgages, defined as mortgages that are 60 or more days past due plus loans to bankrupt borrowers who are 30 or more days past due. Foreclosures also increased in the second quarter.

% of all Mortgage Loans in the Portfolio     End First Quarter 2008     End Second Quarter 2008
30-59 days delinquent                                                     2.57%                                  2.85%
Seriously delinquent                                                        2.67%                                  2.95%
Foreclosures in process                                                   1.40%                                  1.60%

* New loss mitigation actions increased more quickly than new foreclosures during the second quarter. Overall, new loss mitigation actions relative to new foreclosures averaged more than 87 percent during the second quarter, about 12 percentage points higher than the first quarter.

                                                                                                                  First Quarter 2008     Second Quarter 2008
Total number of new loss mitigation actions                                208,250                          252,508
Total number of new foreclosure actions                                       278,857                          288,740
New loss mitigation actions relative to new foreclosures          75.68%                           87.45%

My Comments:

ASK ME WHY I’M NOT SURPRISED. From what I have seen so many buyers are so far underwater on their homes with respect to equity and paying so much more than they can afford that any loan modification is little more than a stop-gap measure that simply delays the inevitable: FORECLOSURE.

		Direct: Fax:		559.301.1647 559.438.7475
1319 W Bullard #4 — Fresno CA — 93711
© Randy “Lazarus” McAtee

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As I have I have reported in previous blogs the Fresno California Real Estate Market has hit a bottom and at has, at least for the time being, turned UP.

The banks have been more aggressive in their pricing of foreclosed homes and sometimes have the homes priced so reasonably that MULTIPLE OFFERS are made.

Investors who were sellers at the top of the market are now back scooping up homes at bargain prices.

The chart below shows the year over year improvement in sales from Sept of 2007 through Sept of 2008.

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If you are an investor or a first time home buyer looking to purchase a home in the Fresno / Clovis area let me help you to find the home or investment property that suits you needs.

		Direct: Fax:	559.301.1647 559.438.7475
1319 W Bullard #4 — Fresno CA — 93711
© Randy “Lazarus” McAtee

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Two weeks into the beginning of the new year - January 14th, 2008 - I announced the official beginning of the recession.  It now appears that folks in suits and bowties who are supposed to know more about this stuff than me are finally beginning to realize the recession is NOT coming in the future - we are IN IT NOW!

An exerpt from  an article on Mid-Atlantic region factory output:

The Philadelphia Federal Reserve Bank said its business activity index slumped unexpectedly hard to -37.5 in October from 3.8 in September. That was its lowest since October 1990.

“The data, put simply, were horrendous coming out of the Philadelphia Fed region today,” said Dana Saporta, economist at Dresdner Kleinwort in New York.

“This reading is consistent with the recession we are in and probably have probably been in for a while.”

There you have it!

..and yes, I am still drinking coffee made from beans bought at Savemart.

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Want to buy a foreclosed home in Fresno?  You can contact me at 559-301-1647

Lazarus Realty

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With prices continuing to decline in the Fresno Real Estate Market buyers are shuffling into the market. Anyone who has read my blog in the past (say since this time last year) knows that I have advised extreme caution and repeatedly stated I believed prices were going lower.

At this time last year sales were abysmal, inventory was peaking (it actually hit a peak in Sept of 07) and prices were substantially higher.

Here are couple of graphs taken from the FAR Grapevine that will help you to see what is taking place in the Fresno Market.

I don’t think anyone really knows where the bottom is with respect to prices but statistics indicate to me — AGAIN, as I have previously stated in other blogs — we are bouncing along a bottom. The only thing I dont know is if this is THE bottom. I certainly hope that it is and that the market is able to mend from here.

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I haven’t done this for awhile and should probably do it more regularly. It does take time but I expect its the kind of information I would like to see if I was going to a Realtor’s® website looking for information on a particular market.

I’m not going to add much in terms of analysis, I will just let the numbers speak for themselves. What you need to know is that these are the numbers for the last 24 hours as of 10:00 P.M on June 16 2008.

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When you blog, you can’t help but to ask yourself this question. The answer, if you happen to be reading this is: YOU

I recently read that if I want to attract people that are in the market to buy and sell homes to my blog then I shouldn’t be blogging about my latest photos, altercations with mechanics, or how to save money on prescription drugs. Makes sense to me. I’ll try to keep this blog focused on real estate. Chances are though, I’ll want to blog about those other things, so I may have another blog @ randymcatee.com .

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Sunday’s Fresno Bee reported that home sales in Fresno are indeed picking up. I read the news and intended to comment on it but even if you ARE the blogging broker you still only have 24 hours in a day. Then last night ABC 30 did segment on the market. Unfortunately, I’m not able to embed the video into my blog but you can go here and see/read the story.

I will add that besides the sales being UP as they mention, the *MSI (months supply of inventory) is WAY DOWN from what it was in the fall of last year when I began reporting the numbers. In September of 2007 the MSI was at 20.2 months. In April the MSI was down to 6.3 months. What an improvement!

As I’ve stated before, the numbers show we hit a bottom in November of 2007 - and AGAIN - whether or not this is THE bottom I can’t tell you. But the numbers are improving and it would be nice to see things continue like this.

Lazarus will be out showing homes this evening and hopes to write and OFFER THAT STICKS

If you are looking to area, call me, Lazarus @ 559-301-1647

*The MSI is calculated by taking the number of properties listed on the last day of the month and dividing it by the number of solds in that month

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About 2 months ago I had a Realtor list one of my properties. Other than her contacting me (or me her, because a neighbor reported that the same truck that installed her sign was the same one that returned later and cut down two dead oak trees from the property) I have never received a phone call or an email to me giving me any information as to response on my property, how the market is doing in that area, or anything.

The agent knows I am not anxious about selling the property or conducting some sort of fire sale to unload it; nevertheless, these things ought not to be so. I think a call or a simple one or two line email is in order.

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The aforementioned slashing of prices by the lenders, which has only just begun, is bringing out the “investors”; bottom feeders who seek to profit from plunging prices. Personally, I would be happy to have a balanced market where buyers and sellers play an even hand. This sign is posted at the corner of Bullard and Fruit, in my neighborhood. The market weakness is arousing the passions of the “get rich quick” crowd. NOT GOOD imo.

If you would like to make an offer on an Foreclosed property in the Fresno / Clovis area contact me. Lazarus @ 559-301-1647

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Here are a few factoids gleaned from the Grapevine which is the weekly publication put out by the Fresno Association of Realtors.

Total sold properties has gone up every month since November 2007 (with the exception of February).

The November low was 254  closed transaction

March 2008 there were 299 closed transactions

Of the first 191 closed transaction in April - 38% were REOs

Here’s a little secret.  the F.A.R. website is for Fresno Realtors however if you go to the website and look in the upper left hand corner you will see a link to download the Grapevine in PDF format. Just click the link and you too can say you “HEARD IT THROUGH THE GRAPVINE”.

And dont forget to subscribe to my blog, just enter your email in the “subscribe’ box in the upper right hand quadrant of this page.

And PLEASE, by all means, dont forget to call Lazarus when you need help buying and selling real estate in the Fresno - Clovis area.

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