This is an unbelievable statistic and more great news for our industry.

Read more about it and see where your state ranks here:
http://www.realtytrac.com/ContentManagement/PressRelease.aspx?channelid=9&ItemID=6655&accnt=209374
By RealtyTrac Staff

U.S. Foreclosure Activity Up Nearly 18 Percent from May 2008 Total Exceeds 300,000 for Third Straight Month

IRVINE, Calif. – June 11,    2009 – RealtyTrac®  (www.realtytrac.com),    the leading online marketplace for foreclosure properties, today released its May 2009 U.S. Foreclosure Market Report™, which shows foreclosure filings —  default notices, scheduled auctions and bank repossessions — were reported on 321,480 U.S. properties during the month, a decrease of 6 percent from the previous month but an increase of nearly 18 percent from May 2008. The report also shows that one in every 398 U.S. housing units received a foreclosure filing in May.

“May foreclosure activity was the third highest month on record, and marked the third straight month where the total number of properties with foreclosure filings exceeded 300,000 — a first in the history of our report,” said James J. Saccacio, chief executive officer of RealtyTrac. “While defaults and scheduled foreclosure auctions were both down from the previous month, bank repossessions, or REOs, were up 2 percent thanks largely to substantial increases in several states, including Michigan, Arizona, Washington, Nevada, Oregon and New York. We expect REO activity to spike in the coming months as foreclosure delays and moratoria implemented by various state laws come to an end.”

Nevada, California, Florida post top state foreclosure rates Nevada continued to document the nation’s highest foreclosure rate, with one in every 64 housing units receiving a foreclosure filing during the month — more than six times the national average.

With one in every 144 housing units receiving a foreclosure filing during the month, California posted the nation’s second highest state foreclosure rate despite a 4 percent decrease in foreclosure activity from the previous month.

Florida posted the third highest state foreclosure rate in May, with one in every 148 housing units receiving a foreclosure filing during the month.

Arizona posted the fourth highest state foreclosure rate in May, with one in every 158 housing units receiving a foreclosure filing, and Utah posted the fifth highest state foreclosure rate, with one in every 316 housing units receiving a foreclosure filing.

Other states with foreclosure rates ranking among the nation’s 10 highest were Michigan, Georgia, Colorado, Idaho and Ohio.

Top 10 states account for nearly 77 percent of total U.S. foreclosure    activity California reported 92,249 properties with foreclosure filings in May, the highest total of any state and up nearly 23 percent from May 2008. Bank repossessions in California were down 1 percent from the previous month and defaults were down 18 percent, but scheduled auctions were up 18 percent.

Default notices, scheduled auctions and bank repossessions in Florida were all down from the previous month, but the state still posted the nation’s second highest number of properties with foreclosure filings: 58,931, up 50 percent from May 2008.

Nevada documented 17,157 properties with foreclosure filings in May, the third highest total of any state and up nearly 83 percent from May 2008. A 23 percent increase in bank repossessions helped push Nevada foreclosure activity up 5 percent from the previous month.

Other states with totals among the 10 highest in the country were Arizona (16,865), Michigan (13,891), Ohio (11,360), Illinois (10,942), Georgia (10,516), Texas (9,813) and Virginia (5,385). The top 10 states accounted for nearly 77 percent of total properties with foreclosure filings nationwide.

California, Florida, Nevada dominate top 10 metro foreclosure rates Foreclosure filings were reported on 14,681 Las Vegas properties in May, one    in every 54 housing units — more than seven times the national average and the highest foreclosure rate among metro areas with a population of at    least 200,000. The city’s foreclosure activity increased 4 percent from the previous month and 78 percent from May 2008.

California and Florida accounted for the remainder of top 10 metro foreclosure rates.

California cities accounted for six of the top 10 spots: Stockton at No. 2 (one in 68 housing units), Modesto at No. 3 (one in 71), Riverside-San Bernardino at No. 4 (one in 75), Merced at No. 5 (one in 78), Bakersfield at No. 7 (one in 94), and Vallejo-Fairfield at No. 9 (one in 101).

Florida cities accounted for three of the top 10 spots: Cape Coral-Fort Myers at No. 6 (one in 82 housing units), Orlando-Kissimmee at No. 8 (one in 101), and Miami-Fort Lauderdale-Pompano Beach at No. 10 (one in 105).

Report methodology
The RealtyTrac U.S. Foreclosure Market Report provides a count of the total    number of properties with at least one foreclosure filing reported during    the month — broken out by type of filing at the state and national    level. Data is also available at the individual county level. Data is collected    from more than 2,200 counties nationwide, and those counties account for    more than 90 percent of the U.S. population. RealtyTrac’s report incorporates    documents filed in all three phases of foreclosure: Default —  Notice    of Default (NOD) and Lis Pendens (LIS); Auction — Notice of    Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate    Owned, or REO properties (that have been foreclosed on and repurchased    by a bank). If more than one foreclosure document is filed against a property    during the month or quarter, only the most recent filing is counted in the    report. The report also checks if the same type of document was filed against    a property in a previous month or quarter. If so, and if that previous filing    occurred within the estimated foreclosure timeframe for the state the property    is in, the report does not count the property in the current month.

Remember… be a servant,

Cory Boatright
Loss Mitigation Specialist
F: 866.211.0893
Cory@ShortSaleology.com

http://www.ShortSaleology.com
http://www.ShortSaleFundamentals.com
http://www.1DayFunds.com - Video of how it works
http://www.CardServant

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New foreclosure stats..300,000 and counting - where does your state rank?

Even if you don’t know these people, your prayers DO MATTER. Take a second right now and say a prayer for the victims families.

Remember… be a servant,

Cory Boatright
Loss Mitigation Specialist

NEW ORLEANS - An Oklahoma energy company says the two Americans on board missing Air France Flight 447 were a geologist and his wife.

Oklahoma City-based Devon Energy Corp. confirmed Tuesday that Michael Harris and his wife, Anne, were on the airliner that disappeared over the Atlantic Ocean on a flight from Brazil to Paris with 228 people on board.

Company spokesman Chip Minty says Michael Harris was a geologist in Devon’s Rio de Janeiro office. Harris had moved to Brazil from Houston in July.

Anne Harris’ sister, Mary Miley of Lafayette, tells the Louisiana newspaper The Advertiser that Anne Harris was originally from Lafayette and the couple had lived there until 2004. She said they had been married for 16 years.

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They Need Your Prayers So Start Now

Even if you don’t know these people, your prayers DO MATTER. Take a second right now and say a prayer for the victims families.

Remember… be a servant,

Cory Boatright
Loss Mitigation Specialist

NEW ORLEANS (AP) - The two Americans on board a missing Air France plane were a geologist and his wife headed to Europe for work and vacation, a spokesman for his employer said Tuesday.

Michael Harris, who turned 60 last month, worked in Rio de Janeiro for Oklahoma City-based Devon Energy Corp., company spokesman Chip Minty said. Harris had planned to attend seminars in Barcelona, Spain. "After that, they had five days on R&R in Paris," Minty said.

The airliner disappeared over the Atlantic Ocean late Sunday en route from Brazil to Paris with 228 people on board. Brazilian military pilots searching for the plane spotted floating debris Tuesday but no signs of life.

Anne Harris, 54, was a physical therapist who put herself through school while a single mother, her sister, Mary Miley, told the Lafayette, La., newspaper The Advertiser. She was originally from Lafayette.

"They were both gregarious, caring, patient, kind, fun-loving individuals," she told The Advertiser. "My only comfort is that they died together."

Miley said the couple lived in Lafayette until 2004. They had been married for 16 years, and Anne Harris’ son, a pilot with Continental, lives in their house in the Spring area outside Houston.

Minty said Michael Harris had started with Devon as a Houston-based contractor in 2004 and became a full-time employee there in 2006. He moved from Devon’s Houston office to Rio de Janeiro in July.

Michael Harris graduated from Clemson University in South Carolina in 1972 with a bachelor’s degree in geology, said school spokeswoman Angela Nixon.

He was a native of Greenville, S.C., said his sister, Barbara Harris Sorkin. "I’m going to miss him terribly," she told the Greenville News.

Harris’ niece, Charlstie Laytin, told the Greenville News that the couple had two children, B.S. Hampton Harris IV, 27, and Andrew Musgrove, 30.

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They Need Your Prayers So Start Now

As more people struggle to pay their mortgages, large and small banks alike have taken the hit. The FDIC reported on Wednesday that 305 banks have made the agency’s high-risk list, and more are expected as the recession and housing crisis continue.

Commercial banks and savings institutions insured by the FDIC reported net income of $7.6 billion during the first three months of 2009 – that’s a 60.8 percent decline from the industry’s earnings in the first quarter of 2008. Three out of five insured institutions reported lower net income in Q1, and one in five was unprofitable.

According to the FDIC, U.S. banks set aside $61 billion in the first quarter to cover projected losses on loans. And the agency said these higher loan-loss provisions, increased goodwill write-downs, and reduced income from securitization activities all contributed to the year-over-year earnings decline.

The FDIC also noted that asset-quality indicators continue to decline. Insured institutions charged off $37.8 billion in bad loans in the first quarter, almost twice the $19.6 billion of a year earlier. The amount of loans and leases that were 90 days or more past due or in non-accrual status rose by $59.2 billion during the quarter, and are $154.3 billion higher than a year ago.

FDIC Chairman Sheila Bair commented, “Troubled loans continue to accumulate, and the costs associated with impaired assets are weighing heavily on the industry’s performance.”

Bair added, “The first quarter results are telling us that the banking industry still faces tremendous challenges, and that going forward, asset quality remains a major concern. Banks are making good efforts to deal with the challenges they’re facing, but [the Q1] report says that we’re not out of the woods yet. As I see it, we’re now in the cleanup phase for the banking industry.”

The FDIC also reported that its insurance fund fell from $17.3 billion to $13 billion in the first quarter, after 21 institutions failed . Last week, the agency announced a new fee structure that it will charge banks in order to raise $5.6 billion to replenish its coffers.

Reference:
http://www.fdic.gov

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FDIC Reports Struggles Ahead for Banks

I get asked quite a bit about
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Mark is a good friend and provides
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Cory Recommended Resources - Big List of Real Estate Goodies

Fannie Mae Will Not Cut Commissions

March 4, 2009

Fannie Instructs Its Services Not to Cut Commissions on Short Sales
On February 24, 2009, Fannie Mae sent Announcement 09-03 to its servicers
instructing them not to negotiate commissions on short sales below the amount
negotiated by the listing agent (unless the commission exceeds 6 percent). The
requirement took effect March 1ST, 2009. Fannie Mae recognizes that;

(a) negotiating commissions for short sales is unfair because getting a short
sale to closing requires intensive work over many months, often requiring working
with numerous buyers, and;

(b) compensating real estate agents fairly benefits Fannie Mae because agents play
a crucial role in short sales.

The Announcement reminds services that third party approvals (i.e., private mortgage
insurers) may be required and can affect commissions. NAR has asked both Fannie Mae
and Freddie Mac to strengthen their policies against reducing short sales commissions,
welcomes Fannie’s announcement, and has urged Freddie to follow Fannie’s lead.

Click on this link to see Fannie Mae’s role.

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Breaking News! Fannie Mae Says Not to Cut Commissions

Why? Watch the video and see for yourself.

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I bet you DID NOT know this…

Write some comments below and tell me what you think about the video.

What are you doing now to prepare yourself for these changes?

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Here is the FUTURE of real estate investing tools and platforms?

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Cory freaks out about the mentality of broke

Leave some comments on what you agree and disagree with.

http://money.howstuffworks.com/personal-finance/budgeting/negotiation.htm

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A Very Good Article on Negotiations