Foreclosure update

According to “Q1 2010 National Delinquency Survey” from the Mortgage Bankers Association, there is a “shadow inventory” of 4.3 million loans that need to worked through (90 day delinquent or in foreclosure) or they will become REOs or distressed sales.

The inventory of homes in foreclosure and short sales that are on the market in Orange County, Calif., has grown by 29% so far this year.

Residential foreclosures could top 1.23 million units this year, according to figures compiled by CoreLogic, Los Altos, Calif. In the first quarter 309,194 homes went into foreclosure, the company found, a 17% jump from the same period last year. In 2009 1.16 million homes went into foreclosure, a record. Meanwhile, figures CoreLogic calculated for The New York Times suggest that more than one in seven homeowners with loans in excess of a million dollars is seriously delinquent. The newspaper reported, “Though it is hard to prove, the CoreLogic data suggest that many of the well-to-do are purposely dumping their financially draining properties, just as they would any sour investment.”

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About Aragone & Associates Realtors

President & CEO of Aragone & Associates Realtors at First Team. Director of the Trust & Probate division with years of experience in Real Estate Disposition. Mrs Aragone has represented many clients in the disposition of numerous of their assets. For over 13 years they have been privileged to be a part of many real estate success stories throughout Orange County – through increasing profits by obtaining higher sales prices, shorter marketing time, lower costs and added value with repairs and upgrades. Today they are recognized in the business community for their unique and innovative method of delivering professional real estate services to their clients. A method that goes beyond the traditional services that Realtors perform to one that is truly comprehensive; and that focuses on their clients needs as well as their personal and financial goals, all while providing value-driven advice as opposed to just selling a property. Paula Aragone and her Team have become Trusted Advisors to their clients and get to collaborate with many trust and estate attorneys, family law attorneys, financial advisors, Professional Fiduciaries, Executors, Successor Trustee as well as corporate trustees in the disposition of the real estate assets. Aragone & Assoc. has a Full-Time support staff including: Full-time Property Manager and Property Preservation Staff, Full-Time BPO/ Listing coordinator Department, Full-Time Account Receivable/Payable/Reimbusement Specialist, 1 Part-Time Administrative support team member, Full-Time Showing Agent.
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