April 24, 2014 · Real Estate
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Foreclosure Properties Represent Fewer Than 11% of U.S. Vacants
Recent reports on the U.S. foreclosure market show that bank owned properties account for fewer than 11% of available real estate, despite the buzz around inventory shortages; in fact, according to a report by Kent Clothier, CEO of Real Estate World Wide, there are over 2.3 million vacant properties nationwide.
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(prREACH) San Diego, CA. (April 23, 2014)–RealtyTrac recently released its US Foreclosure Market Report for March and the first quarter of 2014, which shows foreclosure filings such as default notices, scheduled auctions, and bank repossessions were reported on 117,485 US properties in March, a 4% increase from February, though still down 23% from a March 2013.
“Now that the foreclosure deluge has dried up, banks are turning their attention back to properties that have been sitting in foreclosure limbo for some time,” said Daren Blomquist, vice president at RealtyTrac. “This is most evident in judicial foreclosure states that were more likely to have impediments in the foreclosure process, but there are also signs of this catch-up trend happening in some non-judicial states like California, where an increasing number of judicial foreclosure filings boosted foreclosure starts in the first quarter.” Blomquist went on to say, “Banks will also now be able to devote more resources to dealing with the lingering inventory of nearly half a million already-foreclosed homes that still need to be sold. Our estimates indicate only 10% of these bank-owned properties are listed for sale…”
RealtyTrac also distributed an update of occupied REOs (bank-owned properties that are still occupied after the completed foreclosure) in its quarterly report. Of the 483,224 bank-owned homes nationwide, just 49% were vacant.
Despite the buzz around inventory shortages, the reality is that bank owned properties account for fewer than 11% of vacant properties nationwide.
Properties may be vacant for any number of reasons; foreclosure being the least of them. Death, divorce, job transfers, deployment, inheritance, illness, or aging; the catalogue of reasons is extensive and many of those vacant homes are not even listed despite the motivated sellers that may be behind them.
According to the most recent report by Find Motivated Sellers Now (FMSN), there were a total of 2,332,043 vacant properties across the country in February 2014. Given that those numbers have been fairly consistent over the last several months, it may not be surprising to find they have not changed much when the new report is released in May.
Find Motivated Sellers Now (FMSN), developed and distributed by Real Estate World Wide (REWW), is a proprietary system that enables investors to access a database of high equity, or free and clear, vacant properties by county. In addition to listing the address of the vacant property, the system also reveals the owner’s name and contact information
“Often times these properties are vacant but no one has listed them, nor have they gone into foreclosure- still, the owners want to sell.” said Kent Clothier, CEO of Real Estate World Wide. “With systems like Find Motivated Sellers Now, real estate investors can get a jump on available properties before anyone else even knows they exist. Forget driving around endlessly looking for boarded up windows, or scouring the paper for foreclosure listings; this data system puts an end to all that and puts your business on the fast track to success.”
About Kent Clothier and Real Estate World Wide
Kent Clothier is President and CEO of Real Estate World Wide (REWW), a multi-faceted real estate education company with headquarters in Scottsdale, Arizona, San Diego, California, and Boca Raton, Florida. REWW has become widely known in recent years for its advanced real estate database software systems.
2637 E Atlantic Blvd #22838
Pompano Beach, FL 33062
- Links http://kentclothier.com
Banks will now be able to devote more resources to dealing with the lingering inventory of nearly half a million already-foreclosed homes that still need to be sold. Our estimates indicate only 10% of these bank-owned properties are listed for sale...
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