June foreclosures down, lowest since July 2006. Scheduled foreclosure auctions increased in Florida.

June foreclosures down 2% – lowest since July 2006

 © 2014 Florida Realtors®

IRVINE, Calif. – July 17, 2014 — RealtyTrac's Foreclosure Market Report for June finds that 107,194 U.S. properties had a foreclosure filing during the month – a drop of 2 percent from May and 16 percent year-to-year.

"Nationwide foreclosure activity in June reached an important milestone, dropping to levels not seen since before the housing price bubble burst in August 2006," says Daren Blomquist, vice president at RealtyTrac.

"Over the next six to nine months, nationwide foreclosure numbers should start to flat line at consistently historically normal levels," Blomquist adds.

• A total of 47,243 U.S. properties started the foreclosure process for the first time (not including re-filings) in June, down 4 percent month-to-month and 18 percent year-to-year. It's the lowest level of foreclosure starts since November 2005 for an 8.5-year low.

• Lenders repossessed 26,889 U.S. properties via foreclosure in June, down 5 percent month-to-month and 24 percent year-to-year. It's the lowest level of repossession since June 2007 for an 84-month (seven-year) low.

• A total of 46,743 U.S. properties were scheduled for foreclosure auctions that did not yet take place (in some states they're also foreclosure starts) in June, down 1 percent month-to-month and 13 percent year-to-year for the lowest level since July 2006 – a 95-month low.

Scheduled foreclosure auctions increased from the previous month in 12 states including Florida, which saw a 15 percent rise in June.

Florida markets in first half of 2014

Despite the annual decrease, Miami posted the nation's highest metro foreclosure rate in the first half of 2014: 1.65 percent of all housing units (one in 61) had a foreclosure filing during the first half of the year.

Eight other Florida metro areas joined Miami among the top 10 metro foreclosure rates nationwide: Orlando at No. 2 (1.57 percent of all housing units with a foreclosure filing); Port St. Lucie at No. 3 (1.49 percent); Palm Bay-Melbourne-Titusville at No. 4 (1.49 percent); Tampa-St. Petersburg at No. 5 (1.41 percent); Lakeland at No. 6 (1.35 percent); Deltona-Daytona Beach-Ormond Beach at No. 7 (1.29 percent); Ocala at No. 8 (1.26 percent); and Jacksonville at No. 9 (1.24 percent).

Of the Florida markets with top 10 foreclosure rates, all posted annual decreases in foreclosure activity except for Port St. Lucie (up 19 percent from a year ago), Lakeland (up 2 percent), and Deltona-Daytona Beach-Ormond Beach (up 21 percent).

The only metro area outside Florida with a top 10 foreclosure rate in the first half of 2014 was Rockford, Ill., where 1.24 percent of housing units (one in 81) had a foreclosure filing during the six-month period.

The average time to complete the foreclose process in Florida was 925 days. The state ranked second to New Jersey (1,098 days) and was followed by New York (930 days), Hawaii (915 days), Illinois (850 days) and Massachusetts (784 days).

7-Step Guide to Selling a House, Part 7

Plan Your Move

Even the smallest home contains a lot of furniture, clothes, kitchen equipment, pictures and other items. For a short move, it may be worthwhile to transport small goods by yourself, but larger items will likely require a professional mover.

Realtor.com's  Moving Center provides calculators as well as information on moving options, storage, truck rentals and related topics. This information, plus assistance and advice from your REALTOR®, can ease the moving process.

How Do You Plan a Move?

The time to plan your move begins once you’ve decided to sell your home. Some of the activities required to sell the home can actually help with the moving process. For example, by cleaning out closets, the basement and the attic there will be less to do once the home is under contract.

Your planning will be guided by a number of things:

• Are you moving long distance? If yes, you’ll likely require an interstate mover and the use of a large van.
• Moving internationally? Contact the embassy in Washington, DC, for information. Be aware that items which may be entirely common in the United States can be prohibited in foreign countries. Ask about customs protocols, duties and taxes.
• Moving locally? If yes, will you move yourself? You’ll need to consider packing boxes, peanuts, blankets or padding and a van rental.
• Planning is key: Stock up on boxes, packing materials, tape and markers. Always mark boxes so that movers will know where goods should be placed.

Which Mover Should You Use?

The decision of which mover to use can begin with a visit to REALTOR.com’s® Moving Center and discussions with the REALTOR® who is marketing your home.

There are a number of factors to consider:

• Cost: You’ll want to spend as little as possible, but choosing only on the basis of cost can be a mistake. Movers must have the right equipment, training and experience to do a good job. A mover, no matter how large or small, should be able to provide recent references for homesellers with a similar volume of goods to transport.
• Get mover estimates in writing: Be aware that it’s possible to get discounts through membership organizations and, sometimes, on the basis of your profession: Clergy, for example, sometimes qualify for a discount.
• Always confirm mover credentials: Movers should be licensed and bonded as required in your state, and employees should have workman’s comp insurance.

Get a Checklist

Moving is a big job and checklists can make it more organized and easier. Here are some of the major items to consider:

• Money: If you’re moving more than a few miles, then you should have enough cash or credit to cover travel, food, transportation and lodging.
• Medicine: Keep medications in a place where they will be available during the move.
• Number boxes: Make a list of boxes by number and indicate their contents. It makes it easier to count all boxes on arrival.
• Keep kids occupied: If moving with children, make sure that each has a favorite toy or toys, blankets, games, music and other items.
• Moving historic, breakable or valued items? Such goods routinely require special handling and packaging.
• Have address books readily available: In case you need help.

Housing Trends eNewsletter- Scott E. Warner

Housing Trends eNewsletter- Scott E. Warner

7-Step Guide to Selling a House. Part 6

Settlement Tips for Sellers

When you have a signed contract with the buyer for your home, you may feel as if you can breathe a sigh of relief. While it’s certainly true that you can lighten up on the perfectionism required to show your home at any moment, as a seller you still need to cooperate with your buyer, the buyer’s agent and the commitments made in the contract.

In other words, before you can completely relax you need to get to the settlement table.

Contingencies and Sellers

While the burden is on the buyer to finalize financing for the home purchase and to obtain homeowners insurance, some contract contingencies will impact you, too, especially if you’re living in the home. Most transactions include a home inspection, so you’ll need to make your home available to the inspector and then negotiate with the buyers about anything the inspection turns up according to the terms of your contract.

Besides the home inspection, some contracts and some lenders call for a termite inspection and a 4 Point Wind Mitigation. In each case, you or your listing agent or the buyer’s agent will need to make the home available.

Another important step prior to closing is the appraisal. If the appraisal comes in higher than the sales price, then the buyers can relax and be happy that they have purchased a home for less than its market value. Once the contract has been signed, you as the seller cannot renegotiate the price higher. However, if the appraisal comes in lower than the sales price, then the buyer’s lender will limit the loan amount to that lower value. The buyer may have to come up with additional cash to cover the financing gap or may ask you to renegotiate the contract. Your REALTOR® can advise you about the best way to handle this situation, but in any case you and the buyer are also bound by the contract terms.

Before you go to settlement, you and your listing agent should go over the contract and make sure you’re fulfilling all the promises you made in terms of what items will be conveyed to the buyer and any repairs or improvements you promised to make.

Settlement Date

Buyers and sellers typically negotiate a settlement date that is mutually agreeable. If you have sold your home and are not yet ready to move into your next residence, you can sometimes negotiate a “rent-back” with the buyer that allows you to stay in the home after the settlement by paying rent to the buyer.

Alternatively, some sellers allow the buyers to move in before settlement. In either case, it’s crucial to have a written agreement about who is responsible if something happens to the house or its contents during the transition period. Generally, you’re restricted to a maximum rent-back of 60 days because lenders would require the buyers to finance the home as an investment property if the rental period is any longer.

Settlement Services

The decision about who provides settlement (also known as closing or escrow) services varies from one market to another. In Palm Beach County, the Seller chooses (and pays) for the Title Search by the settlement company, but in others the buyer chooses. At the closing, the buyer will provide funds to buy your home and the settlement agent will review the sales agreement to determine what payments you’ll receive. The title to the property is transferred to the buyers and arrangements are made to record that title transfer with the appropriate local records office.

At a typical closing, adjustments are made to the final amounts owed by the buyer and you as the seller. Typically POA Fee's, HOA Fee's and Property Taxes will be pro-rated at closing.

Once the settlement papers are signed and the loan is Funded( if applicable) the house keys, Pool Keys and Clickers are transferred and you’re free to move onto your next home.