Notice of Trustee Sale filings in Arizona plummeted nearly 28 percent in from March to April. Home foreclosure filings in California fell to their lowest point since the housing market bottomed out in the fall of 2008. And Notice of Default filings in Nevada dropped nearly 18 percent from March to April. Are these signs that the real estate market is indeed on the mend?
Housing statistics continue to pour in showing that all along the West Coast, Oregon being the near-lone exception, home foreclosures are on the decline. No doubt there are numerous contributing factors, from more homeowners getting back to work, to loan modification programs putting people in more easy-to-manage loans. But neither can it be discounted that homeowners, investors and lenders are all seeing the benefits of working with short-sale specialists and avoiding the home foreclosure process all together.
Companies like Toucan Real Estate work directly with homeowners and lenders to simplify the otherwise timely, hassle-filled short-sale process. The system works for homeowners because it relieves them of a mortgage they often can’t realistically afford, while sparing their credit report from the long-term black mark left behind by a foreclosure. It works for lenders by returning homeowners, mortgage balances and property values to more profitable levels.
And it works for investors and Realtors by creating affordable investment opportunities, particularly because of the Toucan system that eases the short-sale process. Among the housing reports from ForeclosureRadar.com is the telling statistic that shows Cancellations are the leading end-result of all foreclosure filings in California. In other words, Notice of Trustee Sales are being filed, but many homes do not wind up part of REO inventory or sold to third-parties. Many are going to short-sale, where all parties involved are able to realize benefits.
The content presented above should not be considered tax or legal advice, and is intended only to assist agents and investors with general market information. Justin Velthoen of Toucan Real Estate recommends that investors seek professional tax and legal advice from a licensed lawyer and/or CPA.