The number of Napa County foreclosures in 2011 are at a four-year low. From the Napa County Assessors office there were 1,087 property owners here who received a Notice of Default (NOD) in 2011 compared to 1,173 in 2010. A notice of default may be filed after an owner is 90 days delinquent in payments, or longer, depending on the lender.

Here are the statistics for NOD’s and foreclosure for the past five years:

For comparison to nearly a decade ago, in 2002 and 2003 there were only 10 Trustees Deeds recorded in Napa County each year.

What does this mean for someone buying here in the Napa Valley? In my opinion, very little for there are still a lot of distressed properties out there, the so called shadow inventory. Just how many, no knows exactly but in the last six months for all Napa County, there were 691 residential sales of which 357 were distressed sales. That is a 51.7 percentage and this number has stayed very constant for the last six months.

The most amazing statistic is with all these sales, the median price for the last six months has gone down as well as the number of homes for sale. Nearly six months ago, the number of homes on the market was 691, today there are 487. The median price then was $332,000, today it is $329,900. The number of all residential sales, this includes single family detached and condos, for the last six months, 357, compared to the previous six month period, 388, is also down probably due to the lack of inventory, not demand. Demand has stayed extremely HOT especially in properties under $400,000. Most often there are multiple offers on these homes, sometimes as many as 10!!!

The logical person would think with shrinking inventory,  number of sales and prices remaining the same, plus the current record low interest rates and large demand, could consider this the bottom everyone talks about. Not in my opinion for I think a true bottom will not happen till we get rid of the large number of bank owned properties on their books and to be foreclosed on yet, the shadow inventory. Every estimate I see states there are still approximately 12 million homes which are under waster, owe more than they will sale for, That is nearly 25 percent of all properties in the United States.

So unfortunately, I don’t have the best of news. I think it is at least to 2013 and most likely till 2014 that we will truly be at the bottom. The rainbow and pot of gold on this cloudy prediction, once we truly bottom there will a pop in home prices. I feel it will be 25 – 50 percent over the next few years. If you can wait till then, that will be the time to sell for after this pop, I don’t think there will be another in the lifetime of anyone reading this.

A few statistics for the U.S. and California, according to data service RealtyTrac, 1,887,777 U.S. properties in 2011 had foreclosure filings — default notices, scheduled auctions and bank repossessions and one in every 31 California housing units had at least one foreclosure filing during the year.

Thank you for reading this post. If I can ever be of help in finding you the perfect property here in the Napa Valley, please email me at Curtis@NapaValleyAddress.com

Your Broker Extraordinaire, selling Napa Valley Real Estate from its heart, Yountville

My website & blog: www.NapaValleyAddress.com

]]> http://www.napavalleyaddress.com/hope-for-real-estate-in-the-napa-valley-number-of-napa-county-foreclosures-at-four-year-low/feed/ 0 http://www.napavalleyaddress.com/now-average-735-days-to-foreclose-plus-foreclosure-statistics-for-the-nation-napa-valley-napa-county-and-the-city-of-napa/ http://www.napavalleyaddress.com/now-average-735-days-to-foreclose-plus-foreclosure-statistics-for-the-nation-napa-valley-napa-county-and-the-city-of-napa/#comments Thu, 05 Jan 2012 15:48:08 +0000 Curtis Van Carter http://www.napavalleyaddress.com/?p=4842

At my office meeting yesterday, the management showed us the following slide presentation on foreclosures from ForeclosureRadar.com C.A.R. The presentation had some interesting facts for national foreclosures but broke it down for what is happening the Napa Valley areas including the Napa County and the City of Napa .

Here are few of the highlights, please note some the graphs may seem duplicated but both City of Napa and Napa County are included:

• Average time nationwide to foreclose is now 735 days
• Nationwide delinquencies, now 7.6% of housing stock, and foreclosures trending down
• 2.2 home nationwide under water and 900,000 homeowners have stopped making payments
• In California there are quite a few commercial foreclosures including 178 hotels and 1 cemetery/mortuary
• Foreclosure filings up in Napa County
• foreclosures inventories remaining stable in both Napa County and Napa City
• More properties going back to bank than being old to investors in Napa County

This is the continued tracking, started in July 2009, of the number of distressed sales (in foreclosure, a short sale or a bank owned property) for homes priced from $800,000 to $2,000,000 in the up valley region of the Napa Valley. By up valley I mean the Cities of St. Helena, Calistoga, Angwin, Deer Park, Oakville, Rutherford and the Town of Yountville and only those listed in BAREIS, my MLS. Today there are 8 distressed sales of 58 active listings in this price range with two of these in escrow, compared to 6 of 74 on December 1 st. Three of these distressed sales are REOs and five are short sales. Of the eight, only three are in the Napa Valley, one is in Pope Valley and the four in the surrounding mountains. Next look February 1st.

3140 Old Lawley Toll Rd, Calistoga, CA 94515 (MLS # 21132078)

Spectacular Home with views of the Palisades and Table Rock.All GE Monogram appliances. Fisher Pakel Dishwasher. Custom cherry wood floors. All automated controlled lighting and entertainment system. Wine cellar with temperature control. Custom plaster walls.Open floor plan great for entertaining with custom windows and doors that open to wonderful views.RV parking with 50amp service. 3.0 acres with room for granny unit,sport court or pool.

Property Type(s): Residential, Single Family

Last Updated	1/4/2012	Tract	n/a
Year Built	1977	Community	Calistoga
Garage Spaces	n/a	County	Napa
Total Parking	n/a	Walk Score ®	0

Location

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Listing provided by Anthony Pereira, RE/MAX Gold Napa

(view all details for MLS #21132078)

MLS # 21126343 in St. Helena, CA 94574

St Helena Estate nestled high on the hill! Maison de Joie is a nearly 2 acre wooded escape, private, overlooking Napa Valley vineyards. Just moments from the charming town of Saint Helena, restaurants, wineries & more. Napa Valley Views capture the essence of Napa Valley living. The expansive 4600 sf home offers 5 bedrooms, plus a lower level suite with its own parlor & 2 addt'l rooms.

Property Type(s): Residential, Single Family

Last Updated	12/21/2011	Tract	n/a
Year Built	1986	Community	St. Helena
Garage Spaces	n/a	County	Napa
Total Parking	n/a	Walk Score ®	8

Location

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Listing provided by Martha Rodman, Pacific Union International

(view all details for MLS #21126343)

757 White Ln, St. Helena, CA 94574 (MLS # 21129872)

Beautifully remodeled home (2007) on 1.3 level acres with vineyard and mountain views near the end of a serene country lane. High-end fixtures and finishes with immense natural light, Andersen windows and doors, granite counter tops, SS appliances, hickory 5 inch plank flooring,septic system, Dual Zone HVAC,in-law wing w/separate entrance, kitchenette, bath, handicap access,additional 2 car detached garage, prime valley floor location.

Property Type(s): Residential, Single Family

Last Updated	1/9/2012	Tract	n/a
Year Built	1955	Community	St. Helena
Garage Spaces	n/a	County	Napa
Total Parking	2	Walk Score ®	15

Location

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Listing provided by Frank Trozzo, Frank Trozzo & Associates

(view all details for MLS #21129872)

1131 Crestmont Dr, Angwin, CA 94508 (MLS # 21131488)

Nestled in the Napa Valley, with breathtaking views, lies a 9,500 sq. ft. hand crafted estate on over 7 acres. This property features four master suites, each with its own fireplace, a four story elevator, marble flooring, offering a palatial feel, and an extremely large open kitchen with a separate staging kitchen behind. This property also includes a revolving bookcase which leads to an unfinished basement or possible wine cellar.

Property Type(s): Residential, Single Family

Last Updated	2/4/2012	Tract	n/a
Year Built	2010	Community	Angwin
Garage Spaces	n/a	County	Napa
Total Parking	n/a	Walk Score ®	0

Location

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Listing provided by Michael Muters, Bradley Real Estate - Napa

(view all details for MLS #21131488)

3100 Silverado Trl, St. Helena, CA 94574 (MLS # 21118405)

Victorian style 4 bd/4.5 ba home exudes classic charm. Spacious floorplan with updated touches throughout. The modern kitchen boasts stainless steel appliances, granite counters, 2 sinks, and large island. Other features include: formal living room with custom wood paneling and inlaid flooring, formal dining room, wine tasting room and cellar, & deck with outdoor fireplace. 2 bd/2ba Guest House with kitchen, and cottage w/bath & kitchenette.

Property Type(s): Residential, Single Family

Last Updated	1/25/2012	Tract	n/a
Year Built	1977	Community	St. Helena
Garage Spaces	n/a	County	Napa
Total Parking	n/a	Walk Score ®	8

Location

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Listing provided by John Duran, Frank Howard Allen-Santa Rosa

(view all details for MLS #21118405)

3770 Langtry Rd, St. Helena, CA 94574 (MLS # 21114182)

90+ acres of pure heaven. Experience your own private nature preserve and restorative retreat only 15 minutes from downtown St. Helena. Distinguished, elegant and airy residence with sweeping views of the Mayacamas, Mt. St. Helena, the Santa Rosa plain, and on a clear day, the Pacific Ocean. Spacious rooms, high ceilings, and oak hardwood floors throughout. Seamless outdoor access. Native flora and fauna, walking trails, brooks, and waterfalls

Property Type(s): Residential, Single Family

Last Updated	1/28/2012	Tract	n/a
Year Built	1992	Community	St. Helena
Garage Spaces	1.0	County	Napa
Total Parking	1	Walk Score ®	0

Location

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Listing provided by Cyd Greer, Coldwell Banker BofV ST Helena

(view all details for MLS #21114182)

Sale Pending

4625 Lake County Hwy Calistoga, $1,000,000, 3 br 3 ba, 3,697 sf

2659 Lower Chiles Valley Rd Pope Valley, $999,900, 4 br 5 ba, 7,500 sf

Thank you for reading this post. If I can ever be of help in finding you the perfect property here in the Napa Valley, please email me at Curtis@NapaValleyAddress.com.

Your Broker Extraordinaire, selling Napa Valley Real Estate from its heart, Yountville

My website & blog: www.NapaValleyAddress.com

From LPS Applied Analytics: LPS’ Mortgage Monitor Report Shows Delinquencies Down Nearly 30 Percent from Peak, Foreclosure Inventory at an All-Time High

The October Mortgage Monitor report released by Lender Processing Services, Inc. (NYSE: LPS) shows mortgage delinquencies continue their decline, now nearly 30 percent off their January 2010 peak. Meanwhile, foreclosure inventories are on the rise, reaching an all-time high at the end of October of 4.29 percent of all active mortgages. The average days delinquent for loans in foreclosure extended as well, setting a new record of 631 days since last payment, while the average days delinquent for loans 90 or more days past due but not yet in foreclosure decreased for the second consecutive month.

Judicial vs. non-judicial foreclosure processes remain a significant factor in the reduction of foreclosure pipelines from state to state, with non-judicial foreclosure inventory percentages less than half that of judicial states. …

The October data also showed that mortgage originations are on the rise, reaching levels not seen since mid-2010. Mortgage prepayment rates have also spiked, as much of the new origination is related to borrower refinancing …

According to LPS, 7.93% of mortgages were delinquent in October, down from 8.09% in September, and down from 9.29% in October 2010.

LPS reports that a record 4.29% of mortgages were in the foreclosure process, up from 4.18% in September, and up from 3.92% in October 2010. This gives a total of 12.22% delinquent or in foreclosure. It breaks down as:

• 2.33 million loans less than 90 days delinquent.
• 1.76 million loans 90+ days delinquent.
• 2.21 million loans in foreclosure process.

For a total of 6.30 million loans delinquent or in foreclosure in October.

From Calculated Risk

Thank you for reading this post. If I can ever be of help in finding you the perfect property here in the Napa Valley, please email me at Curtis@NapaValleyAddress.com.

Your Broker Extraordinaire, selling Napa Valley Real Estate from its heart, Yountville

My website & blog www.NapaValleyAddress.com

According to DataQuick, the San Diego real estate information service, 263 notices of default (NOD) were filed for Napa County homes or condos in the third quarter, compared to 222 in the same period the year before. This was the largest percentage increase in the nine Bay Area counties. The number of Napa County homes entering the foreclosure process jumped 18.5 percent in the third quarter compared to the same quarter in 2010. However, the number of Napa County homes or condos completing foreclosure dropped 13 percent, from 131 to 114, quarter over quarter.

DataQuick went on to state, statewide the highest number of foreclosures processed last quarter were by Bank of America (14,325), Bank of New York  (11,052), and Wells Fargo (9,740). After dropping to a three-year low in the second quarter of this year, the number of California homeowners going into the foreclosure process increased back to prior levels over the last three months. Statewide, 71,275 notices of default were recorded at county recorders’ offices during the third quarter. That was up 25.9 percent from 56,633 for the  prior three months, and down 14.4 percent from 83,261 in third-quarter 2010. Notices peaked in first quarter of 2009 at 135,431.

Again from DataQuick, of the state’s larger counties, the least likely to go into default were in Marin, San Francisco and San Mateo counties; the highest in Sacramento, Madera and Stanislaus counties. Trustees Deeds recorded statewide, which is the actual loss of a home to foreclosure, totaled 38,895 during the third quarter. That was down 8.4 percent from the prior quarter, and down 14.3 percent year over year. The all-time peak  was 79,511 in third-quarter 2008. The state’s all-time low was 637 in the second quarter of 2005.

There are 8.7 million houses and condos in the state.

Foreclosure resales accounted for 34.2 percent of all California resale  activity last quarter. Short sales, transactions where more is owed on the property than it sales for, made up an estimated 17.8 percent of  statewide resale activity last quarter. At formal foreclosure auctions held statewide last quarter, an estimated 29.7 percent of the foreclosed properties were bought by investors or others who  don’t appear to be lender or government entities. That was up from an estimated 28.3 percent the previous quarter and up from 22.7 percent a year earlier, according to DataQuick.

From my local multiple listing service, BAREIS, the total number of residential properties sold in the last year for Napa County was 1420. Of these 439 were REO, 30.9 percent, properties and 306 were short sales, 21.6 percent. The total being more than half of all sales. The total number of Napa County properties in BAREIS for sale and sale pending is 976. The total number in some sort of distressed sale situation; in foreclosure, NOD filed or short sale, and bank owned (REO) is 385, 39.4 percent. The individual distressed sale category breakdown: in foreclosure is 7, NOD filed is 32, REO is 97, short sale is 284.

Yes I realize this adds up to 420, 35 more than the 385 figure, but almost all the properties in foreclosure and with a NOD filed is on the market as a short sale. This fact can occasionally be the source of problems. I too often hear about banks foreclosing on a property that is still on being listed as a short sale without either the seller or agent being notified. Every bank I familiar with has a separate department handling each part of the foreclosure process. There is a short sale division, a foreclosure division and often another group which handles the notices. Many times these are not in the same building and quite often in different states.

And yes as you can only surmise, they do not communicate very effective with each other. I have heard regularly stories of banks foreclosing on the property a day or two before the property was scheduled to sale to a new buyer. And even a couple of times, the foreclosure occurring after the sale had taken place!!

Thank you for reading this post. If I can ever be of help in finding you the perfect property here in the Napa Valley, please email me at Curtis@NapaValleyAddress.com.

Your Broker Extraordinaire, selling Napa Valley Real Estate from its heart, Yountville.

My website & blog: www.NapaValleyAddress.com

Following a steep spike in August, foreclosure starts returned to levels more in line with prior months in September, and were below the numbers reached at the peak.  California has seen a drop in activity of 56 percent since its peak, from 58,623 Notice of Default filings in March of 2009 to 25,778 today.

Foreclosure sales were mixed in September, with declines in Arizona, California and Nevada, while Oregon and Washington both showed increases. Despite the declines, the percentage purchased by third parties, typically investors, was at or near peak levels. In California, third parties made up a record 27.4 percent of all sales last month.

California statistics:

• Foreclosure starts declined 20.9 percent

• Foreclosure sales declined 23.3 percent

• Foreclosure timeframes declined 3.9 percent

Reprinted from C.A.R. Newsline

Thank you for reading this post. If I can ever be of help in finding you the perfect property here in the Napa Valley, please email me at Curtis@NapaValleyAddress.com.

Your Broker Extraordinaire, selling Napa Valley Real Estate from its heart, Yountville.

My website & blog: www.NapaValleyAddress.com

This is the continued tracking, started in July 2009, of the number of distressed sales (in foreclosure, a short sale or a bank owned property) for homes priced from $800,000 to $2,000,000 in the up valley region of the Napa Valley. By up valley I mean the Cities of St. Helena, Calistoga, Angwin, Deer Park, Oakville, Rutherford and the Town of Yountville and only those listed in BAREIS, my MLS. Today there are 5 distressed sales of 79 active listings in this price range with two of these in escrow, compared to 5 of 81 on September 1 st. Three of these distressed sales are REOs and two are short sales. Of the five, only three are in the Napa Valley, one is in Pope Valley and the other is  about 10 miles from the Valley floor in the surrounding mountains. Next look November 1st.

Thank you for reading this post. If I can ever be of help in finding you the perfect property here in the Napa Valley, please email me at Curtis@NapaValleyAddress.com.

Your Broker Extraordinaire, selling Napa Valley Real Estate from its heart, Yountville

My website & blog www.NapaValleyAddress.com

Foreclosure filings – default notices, scheduled auctions, and bank repossessions – were reported on 228,098 U.S. properties in August, a 7 percent increase from July, but a 33 percent decrease from August 2010, according to RealtyTrac’s U.S. Foreclosure Market Report for August 2011.

First time notices of default were filed on a  total of 78,880 U.S. properties in August, a nine-month high and a 33 percent  increase from July — the biggest month-over-month increase since August 2007.  Despite the monthly increase, default notices still were down 18 percent from August 2010 and were 44 percent below the monthly peak of 142,064 default notices in April 2009.

Default notices increased 55 percent in California on a month-over-month basis, but were still down from a year ago in all of those states.

“The big increase in new foreclosure actions may be a signal that lenders are starting to push through some of the foreclosures delayed by robo-signing and other documentation problems,” said James Saccacio, chief executive officer of RealtyTrac. “It also foreshadows more bank repossessions in the coming months as these new foreclosures make their way through the process.”

A 55 percent month-over-month increase in default notices helped keep California’s foreclosure rate second highest among the states in August. One in every 226 California housing units had a foreclosure filing during the month —more than twice the national average. Scheduled auctions and REOs in California were down on both a monthly and annual basis.

From C.A.R. Newsline

Thank you for reading this post. If I can ever be of help in finding you the perfect property here in the Napa Valley, please email me at Curtis@NapaValleyAddress.com.

Your Broker Extraordinaire, selling Napa Valley Real Estate from its heart, Yountville

My website & blog: www.NapaValleyAddress.com

According to a recent report by RealtyTrac, short sales accounted for 25 percent of all home sales in the second quarter, an increase from 18 percent the previous year.  However, while the number of short sale transactions has increased, and lenders such as Bank of America and Wells Fargo claim to be processing more short sale transactions, the difficulties associated with these types of sales also have increased.

In a recent USA Today news article focusing on short sales, C.A.R. President Beth L. Peerce talks about the repercussions of lengthy short sales. Below are some excerpts from the story.

“We lose buyers constantly because short sales take too long,” says Beth Peerce, president of the California Association of Realtors. Short sales completed in the second quarter took 245 days, on average, RealtyTrac says. In a June survey, 77% of California Realtors called short sales difficult or extremely difficult; 15% said clients were foreclosed on while pursuing short sales.

Short sales —  when lenders allow financially strapped borrowers to sell homes for less than their unpaid mortgage — accounted for 12% of home sales nationwide in the second quarter.

In Colorado, short sales were  17% of  all sales in the second quarter, up from 10% a year earlier. In California, they made up 25% of sales, vs. 18%.

In the second quarter, short-sale homes sold at a 21% discount to non-foreclosure homes, while bank-owned homes went at a 40% discount, RealtyTrac says.

What buyers should take away from this story, set the purchase price you would like to pay expectations within reason. Also a buyer needs to consider if they can, or even willing, to wait the average 245 days after entering into contact for the property to close? If not, then maybe a bank owner or normal seller owned property is a better fit.

Thank you for reading this post. If I can ever be of help in finding you the perfect property here in the Napa Valley, please email me at Curtis@NapaValleyAddress.com.

Your Broker Extraordinaire, selling Napa Valley Real Estate from its heart, Yountville

My website & blog: www.NapaValleyAddress.com

LPS Applied Analytics released their July Mortgage Monitor Report today. From LPS: LPS’ Mortgage Monitor Report Shows Average Loan in Foreclosure Is Delinquent for Record 599 Days; First-Time Foreclosure Starts Near Three-Year Lows

The July Mortgage Monitor report released by Lender Processing Services, Inc. shows that foreclosure timelines continue their steady upward trend, as a payment has not been made on the average loan in foreclosure in a record 599 days. Of the nearly 1.9 million loans that are 90 or more days delinquent but not yet in foreclosure, 42 percent have not made a payment in more than a year with an average delinquency of 397 days, also a new record. At the same time, first-time foreclosure starts in June were near three-year lows, and first-time delinquencies accounted for only 25 percent of new delinquent inventory.

As of the end of June, 4.1 million loans were either 90 or more days delinquent or in foreclosure, as delinquencies remain two times and foreclosures eight times pre-crisis levels. Foreclosure sales remain constricted, with foreclosure starts outnumbering sales by a factor of almost three to one.

According to LPS, 8.34% of mortgages were delinquent in July, up from 8.15% in June, and down from 9.31% in July 2010.

LPS reports that 4.11% of mortgages were in the foreclosure process, down slightly from 4.12% in June, and up from 3.74% in July 2010. This gives a total of 12.45% delinquent or in foreclosure. It breaks down as:

• 2.48 million loans less than 90 days delinquent.
• 1.90 million loans 90+ days delinquent.
• 2.16 million loans in foreclosure process.

For a total of 6.54 million loans delinquent or in foreclosure in July.

Reprinted from CalculatedRisk

Thank you for reading this post. If I can ever be of help in finding you the perfect property here in the Napa Valley, please email me at Curtis@NapaValleyAddress.com.

Your Broker Extraordinaire, selling Napa Valley Real Estate from its heart, Yountville.

My website & blog: www.NapaValleyAddress.com