websites to track foreclosures

according to propertyshark, foreclosures in Manhattan are down, despite what people here say.

It depends on your definition of what a foreclosure is.

exactly.

alpie is a man of limited vision. likes things simple.

30yrs, what are the different ways of defining foreclosure? I thought it just meant you gave the keys to the bank, walked away from the debt and vacated.

GG,

I did not think it was that simple.

30yrs,

What are the different ways of defining foreclosures?

A foreclosure is a property owned by a bank.

alpie,

Why does the bank own the property how did the bank acquire the property?

Here, to broadly explain how the process works:

hud.gov/foreclosure/foreclosureprocess.cfm
money.howstuffworks.com/personal-finance/debt-management/foreclosure1.htm
realtytrac.com/foreclosure/overview.html

great news for those foreclosure vultures that hung out here. this info is not specific on nyc, but so is our interest in the RE mkts (i'm basically talking about myself here)

Fitch: Delinquency Cure Rates Worsening for U.S. Prime RMBS
http://www.businesswire.com/portal/site/home/permalink/?ndmViewId=news_view&newsId=20090824005549&newsLang=en

relevant given that as of the last few weeks prime delinquencies took over from subprime ones (that already peaked).

"Delinquency cure rates refer to the percentage of delinquent loans returning to a current payment status each month. Cure rates have declined from an average of 45% during 2000-2006 to the currently level of 6.6%. It is important not only to observe total roll rates, but delinquency cure rates as well, according to Managing Director Roelof Slump. "

hang out... you know what i mean... dramatic collapse on these cure rates by the way. in part due to ruthless walk aways for sure. but still, this was the $64k question as the subprime foreclosure wave was about to hit.

i think i read that of those within the cure rate, about 25% were loan mods, which have very high recidivism rates. so the real cure rate is less than 5% currently, horrendous.

to know what you call the "real" one is (i think you meant taking into account only not modified loans), you need the cure rate of those modified ones. how do you know if you don't have that info? a cure rate is back to payment status, whether or not it was modified.

semantics, it certainly isn't self-curing. and generally when lenders talk about loan cure rates, they're talking about the ones where the borrower meets loan terms, not where the loan terms change.

yeah, bad math = semantics :-)

http://www.calculatedriskblog.com/2009/08/fitch-dramatic-decrease-in-cure-rates.html

"cures"

When you see almost ALL reports of "foreclosures" in the media, the are NOT talking about properties owned by the bank. MOST of the time, they are talking about a bank STARTING a foreclosure proceeding. That is why it is very misleading to look at a lot of the reporting, and whether activity is up, down, or sideways.

PS If foreclosures dropped by 99% because banks simply allowed everyone to do a short sale at whatever number they wanted, what would that REALLY mean in terms of the market? Why would it be ANY different than if the banks foreclosed (actually went took title) and then sold to the same people at the exact same prices?

Everyone really should take a look at the links above which aboutready and admin posted, in case you didn't bother, you missed some very important stuff (kudos to AR and admin).