Featured Press Releases
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Foreclosure Activity Spikes in Northern Illinois
Santa Barbara, CA June 23, 2008 -- RealtyStore (www.realtystore.com) recorded nearly 16,500 Notices of Default (NOD's) in northern Illinois counties for Q1 in 2008. An NOD is filed by the lending institution, when a homeowner falls behind on mortgage payments. NOD's provide important information about which home owners have home loans they cannot afford.
A sample of 10 northern counties (Champaign, Cook, DeKalb, DuPage, Kane, Kendall, Lake, McHenry, Rock Island, and Winnebago) shows a 45% increase in NOD's since January 1, 2007. DuPage County, spanning approximately 352,000 homes and housing nearly 0.31% of the U.S. population, saw a 77% increase in NOD's. Lake County also saw a drastic foreclosure hike of 78%. Between the two counties, Lake County was impacted most drastically, as more than half of its NOD's occurred during the last six months (October 2007 through March 2008). Cook County, the second most populous county in the United States (over 5.2 million people), fared far better, with a 37% increase from Q1 2007 and an 11% increase in six months.
Two northern counties experienced a decrease in NOD's during the past six months, though the decrease was minor. Champaign County saw a 4% drop in foreclosure filings. The other, small County of DeKalb has few NOD's compared to other northern counties, so a 5% decrease in foreclosure in that area can be a difference of one home owner clearing the default. At a glance from Q1 2007 to Q1 2008, both counties continue to experience a rise in pre-foreclosure property.
Overall, northern Illinois has seen its NOD rate almost double in the last 15 months. "As the U.S. economy continues to deteriorate, the latest wave of ARM's (adjustable rate mortgages) combined with rising unemployment, inflated oil prices, and the falling value of the U.S. Dollar, it is plausible that the foreclosure problem will continue to get worse," stated Tim Chin, RealtyStore CEO. "If you are thinking about buying foreclosure property, I always recommend working with an experienced real estate professional for advice on whether to buy now or wait on the sidelines a little longer."
About RealtyStore.com: Founded in 2005, RealtyStore.com is the fastest growing, most trusted provider of foreclosure listings and information in the nation with over 1 million pre-foreclosure, foreclosure auction, bank-owned, and tax sale property listings. Collected from hundreds of public and private sources, RealtyStore's proprietary database includes extensive property characteristics (including pictures and maps), default and tax information, comparable home values, and neighborhood demographics information. For more information, visit http://www.realtystore.com
- Arizona Foreclosure Activity Surges 304% in Q1 2008
Santa Barbara, CA June 5, 2008 -- RealtyStore (www.realtystore.com), the nation's leading provider of foreclosure listings, released its quarterly Arizona Foreclosure Report.
Declining home values, mounting inventory and slowing residential construction have led to skyrocketing foreclosure rates in Arizona. For Q1 2008, 1 out of every 80 Arizona households received an auction notice, almost 3 times the national average. RealtyStore.com recorded 23,607 auction notices statewide for Q1 2008, representing a 46% increase from Q4 2007 and a 304% jump over Q1 2007. An auction notice, also known as a Notice of Trustee Sale (NTS) or Notice of Foreclosure Sale (NFS), is filed by the lending institution when a homeowner fails to cure their default. This is the second stage of foreclosure where the lender formally records its intent to sell the property through a public auction.
"Over the past two years, Phoenix home values have dropped 25% while foreclosures have increased six-fold. For-sale signs and vacant storefronts are a common sight," said Tim Chin, CEO of RealtyStore. "Stimulus plans proposed by Congress will not outpace the damage caused by plummeting home values in an economy heavily reliant on residential growth. Arizona housing prices will continue to slide through 2008 and will only begin to stabilize during the second half of 2009."
Maricopa County, the nation's 4th most populous county and home to Arizona's largest city and capital Phoenix, started off the first quarter with 17,214 auction notices. This was a 350% spike from the auction notices recorded in Q1 of last year. With over $600 billion worth of ARMs due to reset this year, many Arizona homeowners will find their payments soaring by as much as 100%. Distressed borrowers unable to cope with payment increases will enter the foreclosure process at an increasing rate. Home values will be further suppressed by the glut of bargain-priced foreclosures flooding the Arizona home sale market. Unfortunately, the bottom of the Arizona housing market is yet to come; as more and more homeowners are simply walking away from homes that are now worth less than what they owe to the bank.
About RealtyStore.com:
Founded in 2005, RealtyStore.com is the fastest growing, most trusted provider of foreclosure listings and information in the nation with over 1 million pre-foreclosure, foreclosure auction, bank-owned, and tax sale property listings. Collected from hundreds of public and private sources, RealtyStore's proprietary database includes extensive property characteristics (including pictures and maps), default and tax information, comparable home values, and neighborhood demographics information. For more information, visit http://www.realtystore.com.
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Q1 2008 Nevada Foreclosure Report
Santa Barbara, CA May 14, 2008 - RealtyStore (www.realtystore.com), the nation's leading provider of foreclosure listings, released its quarterly Nevada Foreclosure Report.
RealtyStore.com recorded 17,307 notices of default (NODs) statewide for Q1 2008. This was a 32% increase from those recorded in Q4 2007 and a 139% jump over Q1 2007. An NOD is filed by the lending institution, when a homeowner falls behind on mortgage payments. NODs provide important information about which homeowners have home loans they cannot afford. Nevada has maintained the nation's highest foreclosure rate for nearly two straight years. For Q1 2008, 1 out of every 52 households in Nevada received a default notice, which is more than 7 times the national average.
"For almost two years running, Nevada has been plagued with the highest foreclosure rate in the nation. This is a result of the dramatic increase in speculative building starting in 2004 when home prices soared 47%," said Tim Chin, CEO of RealtyStore. "Now, as the housing market corrects, investors are running for the hills as inventory mounts and prices rapidly decline."
More than 90% of the foreclosures in Nevada are occurring in Clark County. Clark County, home of the gaming capital, better known as Las Vegas, started off the first quarter with 15,876 defaults. This was more than double the 6,651 default notices for Q1 of last year. The foreclosure problem in Las Vegas resulted from home buyers gambling on prices continuing to climb. Speculators used adjustable-rate-mortgages (ARMs) and sub-prime loans to get their foot in the door hoping to use the home's projected appreciation to later refinance under more affordable fixed-rate loans. Unfortunately, the tide turned and Nevada's housing market has crumbled.
With a huge wave of hybrid ARMs due to reset this spring, many Nevada homeowners will find their payments ballooning by as much as 50%. With property values dropping almost 20% since last year, distressed borrowers will have little opportunity to refinance into more affordable loans. Left to drown in their mortgage payments, an increasing percentage of homeowners will enter the foreclosure process. This will further suppress housing prices as bargain-priced foreclosures take a bigger share of the Nevada home sale market. In Las Vegas, nearly half of all homes currently on the market are foreclosures. With inventory increasing and home sales at their lowest levels in 13 years, the Nevada housing market will get worse before it gets better.
About RealtyStore.com: Founded in 2005, RealtyStore.com is the fastest growing, most trusted provider of foreclosure listings and information in the nation with over 1 million pre-foreclosure, foreclosure auction, bank-owned, and tax sale property listings. Collected from hundreds of public and private sources, RealtyStore's proprietary database includes extensive property characteristics (including pictures and maps), default and tax information, comparable home values, and neighborhood demographics information. For more information, visit http://www.realtystore.com.
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Foreclosure Website Announces Free Advertising for Real Estate Agents
Santa Barbara, CA, May 6, 2008 - RealtyStore (www.RealtyStore.com), the nation's leading provider of foreclosure listings, today launched
the Real Estate Professional Network to help agents, mortgage brokers and other real estate professionals generate new business and leads
in the foreclosure market. "Our primary goal is to match our large subscriber base of qualified buyers with outstanding real estate professionals
who can assist them through the process of buying distressed foreclosure properties," said Tim Chin, CEO of RealtyStore. "It's a win-win for all
parties. Our home buyers get great service, while our professional members get free qualified leads of motivated buyers who are specifically
interested in foreclosures."
How it works: As part of the Real Estate Professional Network, each professional's profile is prominently displayed throughout the site
as a Preferred Partner. RealtyStore delivers more than a million property page views per month which provides targeted exposure for members
of the Real Estate Professional Network, enabling them to quickly and easily connect with highly motivated buyers. "In today's tough market,
a good lead source is a necessity to keep your head above water. Not only are RealtyStore's leads plentiful, but almost all of them are highly
qualified," said Ryan Collins of Focus Equity in Costa Mesa, California, one of RealtyStore's charter members of the Real Estate Professional Network.
Signing up is quick, easy and, unlike most real estate lead generation tools, it is completely free. A real estate professional is simply
required to complete a 1-page electronic application that will be reviewed to ensure the network consists of genuine, high-quality real
estate professionals. Upon acceptance, the professional member's profile and contact information will be added to all the properties in their
approved territory. When a RealtyStore home buyer searches for foreclosed properties in their area, they will see a local professional as a
potential resource and contact them for assistance.
All real estate professionals in the United States are eligible to apply. Typical applicants include agents, lenders, loan officers,
general contractors, appraisers, attorneys and other professionals involved in the foreclosure process. Each application is carefully reviewed
to ensure information is accurate and genuine. This filtering process results in high quality associations. Real Estate Professionals can
sign up at Professional Network.
About RealtyStore: Founded in 2005, RealtyStore is the fastest growing, most trusted provider of foreclosure listings and information in the nation with over
1 million pre-foreclosure, foreclosure auction, bank-owned, and tax sale property listings. Collected from hundreds of public and private sources,
RealtyStore's proprietary property database includes extensive property characteristics, default and tax information, comparable home values,
and neighborhood demographic information. RealtyStore makes it easy for anyone interested in purchasing distressed real estate, to conveniently
search and identify excellent buying opportunities.
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California Foreclosure Activity up 38% in First Quarter of 2008
Santa Barbara, April 28, 2008 – RealtyStore (www.realtystore.com), the nation’s leading provider of foreclosure listings, released its quarterly California Foreclosure Report for January, February, and March 2008.
RealtyStore recorded 116,644 Notices of Default (NODs) statewide for Q1 2008. This was a 38% jump from those recorded in Q4 2007. An NOD is filed by the lending institution when a homeowner falls behind on mortgage payments. When analyzed regionally, NODs provide important information about which homeowners have home loans they cannot afford. California was subdivided into five regions: Southern California, the Bay Area, the Central Coast, the Central Valley and Northern California. All regions encountered double digit increases in Q1 defaults. Southern California (+ 52%), the Bay Area (+26%) and the Central Coast (+39%) were the hardest hit by the foreclosure crisis.
“California NODs are at the highest levels we have seen in over 15 years. Unfortunately, we expect the housing market to continue to deteriorate, as adjustable rate mortgages reset and home prices decline,” said Tim Chin, CEO of RealtyStore. “A year ago, roughly 70% of homeowners in default were able to bring their payments current by refinancing or selling their homes. Due to a slow housing market and tighter mortgage lending standards, this is no longer the case.”
Southern California
Southern California reported a total of 66,883 NODs for Q1 2008 and saw significant spikes in default activity. Los Angeles County alone reported 21,640 Q1 NODs, which represented a 50% upsurge over Q4 of last year. Orange County led the region with a 64% jump, while the Inland Empire, comprised of Riverside and San Bernardino counties, increased 52%.
Bay Area
The Bay Area started off the year with 16,201 Q1 defaults, an increase of 26% over Q4 of last year. San Mateo, Santa Clara and Marin Counties showed the highest percent increases at 44%, 43% and 39% respectively. Homeowners in Santa Clara County, also known as Silicon Valley, are feeling the pinch as home prices decline, making it more difficult to refinance. Additionally, the growing glut of inventory found in the Bay Area is compounding the problem, as distressed homeowners can no longer quickly unload their property to avoid foreclosure.
Central Coast
The Central Coast also experienced a tremendous up-tick in defaults, surging 39% from Q4. The Central Coast saw 2,349 defaults during Q4, while Q1 jumped to 3,261 defaults. Santa Barbara County was hardest hit, with a 48% increase from the prior quarter.
Central Valley
The Central Valley region reported a total of 28,986 NODs, an increase of 22% from Q4 2007. While the majority of Central Valley counties experienced only a slight rise in defaults, four out of twenty counties had notable increases. Glenn and Tehama counties experienced spikes of 138% and 100%, while Butte and Madera had increases of 55% and 42% respectively.
Northern California
While the total volume of defaults reported throughout Northern California was relatively low compared to other regions, the percent increases for three out of fifteen counties were noteworthy. Trinity, Siskiyou, and Del Norte Counties experienced triple digit growth in defaults at 227%, 126% and 122% respectively.
Q1 2008 California Foreclosure Statistics
| County |
Q4 2007 NODs |
Q1 2008 NODs |
% Change |
So CA |
44,121 |
66,883 |
52% |
| Imperial |
340 |
732 |
115% |
| Inyo |
10 |
12 |
0% |
| Los Angeles |
14,454 |
21,640 |
50% |
| Mariposa |
26 |
20 |
-23% |
| Mono |
7 |
37 |
429% |
| Orange |
4,139 |
6,794 |
64% |
| Riverside |
9,917 |
14,915 |
50% |
| San Bernardino |
7,396 |
11,358 |
54% |
| San Diego |
6,334 |
9,178 |
45% |
| Ventura |
1,498 |
2,197 |
47% |
| Alameda |
2,670 |
2,949 |
10% |
| Contra Costa |
3,779 |
4,669 |
24% |
| Marin |
229 |
319 |
39% |
| Napa |
237 |
314 |
32% |
| San Francisco |
387 |
475 |
23% |
| San Mateo |
647 |
930 |
44% |
| Santa Clara |
2,145 |
3,067 |
43% |
| Solano |
1,801 |
2,084 |
16% |
| Sonoma |
1,013 |
1,394 |
38% |
Bay Area |
12,908 |
16,201 |
26% |
| Monterey |
1,107 |
1,537 |
39% |
| San Luis Obispo |
340 |
451 |
33% |
| Santa Barbara |
567 |
839 |
48% |
| Santa Cruz |
335 |
434 |
30% |
Coast |
2,349 |
3,261 |
39% |
| Butte |
276 |
428 |
55% |
| Colusa |
55 |
76 |
38% |
| El Dorado |
406 |
499 |
23% |
| Fresno |
2,126 |
2,553 |
20% |
| Glenn |
8 |
19 |
138% |
| Kern |
2,811 |
3,392 |
21% |
| Kings |
182 |
230 |
26% |
| Madera |
437 |
619 |
42% |
| Merced |
1,394 |
1,765 |
27% |
| Placer |
940 |
1,138 |
21% |
| Sacramento |
6,087 |
7,146 |
17% |
| San Benito |
237 |
278 |
17% |
| San Joaquin |
3,811 |
4,693 |
23% |
| Shasta |
313 |
362 |
16% |
| Stanislaus |
2,771 |
3,371 |
22% |
| Sutter |
295 |
343 |
16% |
| Tehama |
104 |
208 |
100% |
| Tulare |
840 |
998 |
19% |
| Yolo |
375 |
488 |
30% |
| Yuba |
317 |
380 |
20% |
Central Valley |
23,785 |
28,986 |
22% |
| Alpine |
1 |
7 |
0% |
| Amador |
64 |
102 |
59% |
| Calaveras |
109 |
185 |
70% |
| Del Norte |
9 |
20 |
122% |
| Humboldt |
91 |
111 |
22% |
| Lake |
184 |
248 |
35% |
| Lassen |
36 |
47 |
31% |
| Mendocino |
81 |
98 |
21% |
| Modoc |
22 |
20 |
-9% |
| Nevada |
155 |
206 |
33% |
| Plumas |
27 |
15 |
-44% |
| Sierra |
5 |
7 |
0% |
| Siskiyou |
47 |
106 |
126% |
| Trinity |
11 |
36 |
227% |
| Tuolumne |
256 |
105 |
-59% |
No CA |
1,098 |
1,313 |
20% |
| |
|
|
|
| Statewide |
84,261 |
116,644 |
38% |
The RealtyStore Quarterly California Foreclosure Report covers all counties and provides the total number of Notices of Default (NODs) statewide.
About RealtyStore: Founded in 2005, RealtyStore is the fastest growing, most trusted provider of foreclosure listings and information in the nation with over 1 million pre-foreclosure, foreclosure auction, bank-owned, and tax sale property listings. Collected from hundreds of public and private sources, RealtyStore's proprietary database includes extensive property characteristics (including pictures and maps), default and tax information, comparable home values, and neighborhood demographics information.
For more information, visit http://www.RealtyStore.com.
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RealtyStore.com Expands as Foreclosure Demand Skyrockets
Santa Barbara, CA, March 26, 2008 - RealtyStore (www.RealtyStore.com), has positioned itself to take advantage of current market conditions with a site aimed at foreclosure investors and homebuyers. RealtyStore.com provides detailed foreclosure property listings, foreclosure laws and city indexes, lending resources, and current foreclosure news. The site also offers a “Professional Network” which connects RealtyStore customers with a network of pre-qualified real estate professionals such as Realtors, lenders, and construction companies.
The website makeover includes enhanced features such as improved search parameters of foreclosure listings such as searches by state, county, city, and zip code. Other additions include an in-depth foreclosure FAQ, glossary, and finance and advertising resources for real-estate professionals such as Realtors, mortgage lenders, and contractors.
“We wanted to continue to expand our service for the benefit of our valued subscribers,” stated Tim Chin, President and CEO of RealtyStore. “The foreclosure industry is changing rapidly and we want to make sure our members have all the resources they need to succeed as foreclosure investors or home buyers. We are more than just a foreclosure listing service - we empower investors and home buyers with the knowledge and tools needed to purchase homes far below market value”.
At RealtyStore.com, the news section, which is updated daily, includes current mortgage and real estate news, and loan program information. RealtyStore has succeeded in providing homebuyers and investors with the tools they need to learn about, and capitalize on, the current foreclosure market.
Founded in 2005, RealtyStore (www.RealtyStore.com) has emerged as the nation's fastest growing foreclosure data provider, with over 1 million pre-foreclosure, foreclosure auction, bank-owned, and tax sale property listings. Collected from hundreds of public and private sources, RealtyStore's proprietary database includes extensive property characteristics (including pictures and maps), default and tax information, comparable home values, and neighborhood demographics information.
- Home Auctions New Boom in Real Estate
Irvine, CA, October 23, 2007
- The new boom in real estate is the home auction business, which is sweeping the U.S. at an unprecedented pace, according to a new report by Housing Predictor.
All time record foreclosures caused by the melt down in the mortgage business have led lenders to make more foreclosures than ever before in U.S. history. Already 1-million homes have been foreclosed in 2007, and Housing Predictor forecasts at least another 2-million homes will be foreclosed through 2009. The forecast may be increased substantially unless Congress steps in to intervene and save home owners.
The tsunami of foreclosures initially produced a record setting pace as a result of unregulated subprime mortgages. But the crisis has spread into conventional mortgages, which are now being foreclosed at an accelerating rate. The crisis is so bad that home owners in California, Arizona, Florida, Nevada, Michigan and Indiana among other states are leaving their keys on the kitchen counter and fleeing their homes in record numbers.
The foreclosures, however, have led to the largest home auction business in history with more auction companies going into business than ever, including online auction companies like Realty Bid and RealtyStore, which offers a national foreclosure listing service with foreclosures throughout the entire U.S.
The Chief Executive Officer of RealtyStore, Tim Chin says it's a win-win situation for his company's customers. "Our members benefit by finding real estate at below-market prices. Homeowners benefit by avoiding a foreclosure process that can damage their credit, and banks benefit by disposing of non-performing assets."
More than twenty foreclosure and home auction services are available on the Internet alone, and every day it seems there is a new business adding to the growing platform of companies. RealtyStore is a full service provider of foreclosure listing services, including local market forecasts on markets in all 50 states in its partnership with Housing Predictor.
Housing Predictor forecasts more than 250 local housing market futures in all 50 states, including the nation's best and worst 25 markets nationwide.
Get the full details on the new auction boom in real estate, check market forecasts and real estate listings at http://www.housingpredictor.com
- RealtyStore Partners With Housing Predictor
Destin, FL July 24, 2007 -- RealtyStore, the online provider of foreclosure listings, has partnered with Housing Predictor to provide real estate market forecasts for its growing platform of foreclosure news and information. RealtyStore provides foreclosure listings in all 50 states and Washington D.C.
The foreclosure inventory has hit near record levels as a result of the sub-prime loan crisis and is expected to increase in the next few years. RealtyStore is the fastest growing foreclosure site on the Internet and provides its subscribers with foreclosure information and listings, including addresses and additional details on homes, condos and other properties.
Housing Predictor forecasts more than 250 local housing markets in all 50 states and real estate news, listings and through its new arrangement with RealtyStore foreclosure listings.
The partnership is a natural progression for both companies. "Adding Housing Predictor's independent market forecasts to Realty Store helps our subscribers find the best buying opportunities in real estate," said Tim Chin, President and CEO of RealtyStore. "We are excited about partnering with Housing Predictor due to the natural synergies and shared objectives between our companies."
Foreclosures are at near record levels in Indiana, Michigan, Ohio, Alabama, Georgia, and California. Many other states inventories of foreclosures are growing and should result in the best buyers real estate market the nation has seen in years.
Housing Predictor is regularly consulted by mortgage companies, banks, Wall Street financial investment houses and consumers for its forecasts, which have been more than 85% accurate since the web site's inception.
Federal Reserve Chairman Ben Bernanke confirmed the Housing Predictor forecast that more than 2 million homes would be foreclosed through 2009, and estimated losses to the financial markets and property owners at between $50 and $100-billion. The foreclosure crisis has opened a new market for real estate investors, many of whom are able to purchase properties substantially below value.
RealtyStore is the fastest growing secure provider of foreclosure listings in the nation. The online provider is a recognized leader in the crowded real estate industry on the web, where more than 80% of all home purchasers go first before any where else to search for real estate.
To search for foreclosures and check your markets forecast visit http://www.HousingPredictor.com
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