Just Listed Foreclosures

336 W GARLAND - FRESNO

3 Bedrooms - 2 Bath

1,344 Sq.Ft. - 8,100 Sq.Ft. Lot

Built in 1950

Asking Price $266,000

Clean, updated, wood & aggregate floors, dual pane windows, huge garage with carport, lots of charm, perfect for a first time buyer more info

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2617 E NORWICH - FRESNO

4 Bedroom - 2 Bath

1,188 Sq.Ft - 6,100 Sq.Ft Lot

Built in 1954

Asking Price $216,000

Needs minor TLC, mostly carpet, paint, has detached garage, wrought iron fence in front, walking distance to Fashion Fair, make a great rental property. more info

Housing defaults, foreclosures rise in FresnoMarket downturn, wide use of alternative loans blamed.

Foreclosures in Fresno County more than quadrupled in the fourth quarter from last year — a sign, analysts say, that a day of reckoning is coming for thousands of home buyers who used unconventional loans. Rising interest rates and lagging appreciation are conspiring to cause financial fits for thousands of homeowners in the central San Joaquin Valley and California, many of whom used adjustable-rate and 100% financing for their purchases. Statewide, the number of default notices — the first step in the foreclosure process — climbed a whopping 145% in the fourth quarter of 2006 from a year earlier to the highest level in eight years, according to Data Quick Information Systems, a real estate tracking service. About a third of homeowners headed into foreclosure actually lost their houses. That compared with 8% last year, when the market was hotter and homeowners could more easily get out of trouble by selling. No region was immune, and many real estate agents who specialize in distressed properties expect the numbers to grow. "This is just the first wave," said Shannon Martin of Mid-State Realty in Fresno. "Within the next few years, you'll see more foreclosures coming."
The increase in default notices ranged from 63.2% in San Francisco to 471.7% in Stanislaus County. In Tulare County, the increase in default notices was 138.5%, while the actual number of properties returning to the lender totaled 57, a 470% hike. Real estate agent Mike Schuil of Visalia said foreclosures are definitely on the upswing in Tulare County. In Fresno County, the increase of defaults was 104.4%, while the number of houses going back to the lender was 110, up 450%, DataQuick reported. Still, the numbers remain modest by historical standards. The average number of foreclosures in Fresno County since 1998 is 142. DataQuick spokesman Andrew LePage said inland California often has higher foreclosure rates because the lower home prices attract more first-time buyers and those with modest incomes. "Folks with modest means are always closer to the financial edge" and are more vulnerable to market changes, he said. DataQuick officials say they need more time before coming to any conclusions, in part because a robust real estate market last year kept numbers down. "We're in the midst of an adjusting market right now, and we won't know until spring or summer if this is ominous or not," said Marshall Prentice, DataQuick's president. Most of the loans that went into default originated between January 2005 and February 2006. Their average age was 15 months, and the typical borrower was five months behind on payments. Locally, real estate agents and credit counselors have seen huge jumps in foreclosure-related activity. Martin, who specializes in selling foreclosed properties for lenders, said such listings he handles climbed from 10 to 70 in the past six months. "People who bought their houses within the last year or two with zero down are at the high-water mark," he said. "As the values have decreased, they owe more than the house is worth." Martin said he has foreclosure listings in all price ranges and geographic areas. "I've got them from $640,000 to $120,000. They are all over," he said. That's because many of the families bought the houses with adjustable-rate or subprime loans. "It's no surprise," said Martha Lucey, executive vice president of ByDesign Financial Solutions, a nonprofit credit counseling organization in Fresno. "Over 60% of the loans nationally have been the nonfixed-rate type, and we've anticipated consumers running into trouble when rates adjust." The number of phone calls to her housing credit counselors has increased threefold over the past six months. Many of those families are first-time home buyers who have little or no equity in their houses. Many should have thought twice about buying the house they did, she said. "It is wishful thinking," she said. "They believe they will be earning more later or will be able to refinance into a different loan product in a few years." The story is the same throughout California and the nation. More than 1.2 million foreclosure filings were reported in the United States in 2006, up 42% from 2005. That's a rate of one foreclosure filing per every 92 households, according to RealtyTrac, an online marketplace for foreclosure properties. Those families who bought their houses within the past few years are at the greatest risk. Many can't sell them for enough to pay off principal, or are unable to refinance the loans, analysts say. As a result, the number of "short sales," where the bank allows the sellers to lower the price enough to find a buyer, has increased, said Gary Kittredge of Realty Concepts. Martin said many of the buyers obtained loans they shouldn't have. "From what I'm seeing, people were put into 100% financing loans that weren't properly underwritten," he said. Lucey said the lenders and borrowers are equally at fault. "In some cases, the consumers didn't understand their financial position or the family budget. And in other cases, the issues are with lenders who didn't help buyers understand the implications of the loan they were getting into," she said. Lucey said borrowers should call the lender when they run into financial trouble. Often, they can work out a plan where the payments are restructured until the deficit is cured.

First-Quarter Foreclosure Activity in California

First-quarter foreclosure activity in California increased to the highest level in more than two years, the result of slower home price increases, a real estate information service reported.
Lending institutions sent 18,668 default notices to California homeowners during the January-to-March period. That was up 23.4 percent from 15,122 for the prior quarter, and up 28.7 percent from 14,501 for 2005's first quarter, according to DataQuick Information Systems.
Foreclosure activity hit a low during the third quarter of 2004 when 12,145 default notices were recorded. Defaults peaked in 1996's first quarter at 59,897. DataQuick's default statistics go back to 1992.
"A number of factors are driving defaults higher," said Marshall Prentice, DataQuick's president. "The main one right now is that home values are rising more slowly than they have been the past couple of years, which makes it more difficult for homeowners to sell their homes and pay off the lender. Other factors that influence default activity include the amount of equity people have in their property, the type of mortgage they used and how long they've had that mortgage."
Statewide, the annual rate of home price increases hit a high of 22.8 percent during the second quarter of 2004. Since then, price appreciation has cooled to an annual gain of 12.4 percent in the first quarter of this year. Last quarter, San Diego County saw home values rise 4.8 percent, while its default activity jumped 59.7 percent. San Bernardino County saw home values rise 26.2 percent and defaults increase 17 percent
DataQuick, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates, monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts. The numbers count recorded notices of default, the first step of the formal foreclosure process.
The median first-quarter default amount on a primary mortgage last quarter was $9,220 on a loan of $280,000. On second mortgages and lines of credit the median amount owed was $3,386 on a loan of $56,760.
Only about five percent of homeowners who find themselves in default actually lose their homes to foreclosure. Most are able to stop the foreclosure process by bringing their mortgage payments current, or by selling their home and paying the home loan(s) off.
On a loan-by-loan basis, mortgages are least likely to go into default in the Bay Area. The likelihood is highest in the Central Valley and Inland Empire.
While foreclosure properties tugged property values down by almost ten percent in some areas nine years ago, the effect on today's market is negligible, DataQuick reported

New Clovis Foreclosures

CALIMYRNA AVE.-CLOVIS 93611

Asking Price: $399,900

4 Bed / 2 Bath

2,287 SqFt / 9,440 SqFt Lot

Almost new, Wilson Summit Sierra model on corner lot, with 3 car garage, formal dining room, transom windows, very clean, must have prequal with offer, sold AS IS. more info

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4840 ASHVILLE CT.-CLOVIS 93619

Asking Price: $499,900

4 Bed / 3 Bath

SqFt 2,507 / 7,200SqFt Lot

Located in Quail Lakes this REO Needs some TLC, but lets make a deal, you provide the elbow grease, seller will provide a great price. 1 bed, bath downstairs, Must have prequal with offer, sold AS IS. more info