10 States Facing the Most Foreclosures Right Now

foreclosure

This summer there’s some good news. June foreclosure activity has dropped to its lowest level since November 2015. In June 2017, there were a total of 73,828 U.S. properties with a foreclosure filing, down 22% from a year ago and even more from previous years.

This is all according to ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database, which released its Midyear 2017 U.S. Foreclosure Market Report, showing a total of 428,400 U.S. properties with foreclosure filings. This includes default notices, scheduled auctions or bank repossessions that occurred in the first six months of 2017. Data has been collected from more than 2,200 counties nationwide, with those counties accounting for more than 90% of the U.S. population.

Although the study is full of foreclosures, they’ve become fairly rare in the housing market.

“With a few local market exceptions, foreclosures have become the unicorns of the housing market: hard to find but highly sought after,” said Daren Blomquist, senior vice president with ATTOM Data Solutions.

As homeowners stay on top of their mortgages and housing payments, fewer foreclosures have been occurring. (If you’ve been faced with foreclosure, you’ll likely see the damage to your credit score. Not sure? You can see two of your credit scores for free on Credit.com).

Here are the ten states with the highest foreclosure rates as of June 2017.

10. New Mexico

June 2017 Foreclosure Rate: 1 in every 272 housing units

Change from January to June 2016: Down 10.57%

Change from January to June 2015: Up 1.77%

9. Ohio

June 2017 Foreclosure Rate: 1 in every 229 housing units

Change from January to June 2016: Down 18.49%

Change from January to June 2015: Down 24.33%

8. South Carolina

June 2017 Foreclosure Rate: 1 in every 221 housing units

Change from January to June 2016: Down 15.05%

Change from January to June 2015: Down 14.31%

7. Florida

June 2017 Foreclosure Rate: 1 in every 217 housing units

Change from January to June 2016: Down 33.60%

Change from January to June 2015: Down 56%

6. Nevada

June 2017 Foreclosure Rate: 1 in every 215 housing units

Change from January to June 2016: Down 30.59%

Change from January to June 2015: Down 40.45%

5. Connecticut

June 2017 Foreclosure Rate: 1 in every 200 housing units

Change from January to June 2016: Up 3.19%

Change from January to June 2015: Up 44.75%

4. Illinois

June 2017 Foreclosure Rate: 1 in every 183 housing units

Change from January to June 2016: Down 10.19%

Change from January to June 2015: Down 25.78%

3. Maryland

June 2017 Foreclosure Rate: 1 in every 161 housing units

Change from January to June 2016: Down 30.62%

Change from January to June 2015: Down 31.55%

2. Delaware

June 2017 Foreclosure Rate: 1 in every 137 housing units

Change from January to June 2016: Down 6.48%

Change from January to June 2015: Up 20.42%

1. New Jersey

June 2017 Foreclosure Rate: 1 in every 101 housing units

Change from January to June 2016: Up 1.8%

Change from January to June 2015: Up 8.53%

Image: fstop123

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How a Coat of Paint Can Determine Your Home’s Sale Price

An inexpensive can of paint holds a lot more power than you think.

From the time of year to the neighborhood, a lot of factors come into play when you’re selling a home. But here’s one variable you might not have considered — color.

During open houses and online searches, the colors of your home are constantly working for or against you. That’s according to Zillow, a real estate and rental marketplace, which examined over 32,000 photos from sold homes around the country to see how certain paint colors impacted their average sale price compared to homes of similar value with white walls. Here’s what they found.

A Change of Trends

The colors that added value to your home just a year ago can now be hurting its sale price. In 2016, painting your kitchen a shade of yellow could help your home sell for $1,100 to $1,300 more. However, this year, a yellow kitchen could lower your home’s value by an estimated $820, according to Zillow.

Some color preferences remained consistent, with terracotta walls still devaluing a home. Just last year, homes with terracotta walls sold for $793 less than Zillow’s predicted selling price. This year, that number more than doubled, with homes with terracotta walls selling for $2,031 less.

The takeaway: If you’re looking to sell your home, you may want to avoid a terracotta shade. Also be cautious in general when choosing dark and bold colors.

Keep it Light

“Painting walls in fresh, natural-looking colors, particularly in shades of blue and pale gray, not only make a home feel larger but also are neutral enough to help future buyers envision themselves living in the space,” said Svenja Gudell, Zillow’s chief economist, in a statement.

In fact, homes with blue bathrooms, including lighter shades of blue or periwinkle, sold for $5,440 more than expected, Zillow found. Kitchens with light blue-gray walls sold for $1,809 more than expected, and walls with cool, natural tones like soft oatmeal and pale gray also had top-performing listings.

Light, simple walls performed best among sellers, however, walls with no color had the most negative impact on sales price. Homes with white bathrooms or no paint color, for instance, sold for an average of $4,035 less than similar homes, Zillow noted.

Head Outside

As if it isn’t stressful enough worrying about your rooms’ colors, your home’s exterior color can also impact its sale price.

To that end, buyers typically enjoyed a pop of color, with homes featuring dark navy blue or slate gray front doors selling for $1,514 more. Buyers also responded positively to trendy mixes of light gray and beige, or “greige,” exteriors versus basic tan stucco and medium-brown shades.

If you’re trying to sell your home, a can of paint can be a wise investment — so long as you choose the right color. Keep these findings in mind before you head to the paint store. Likewise, just as color impacts sale price, know that selling your home can impact your credit. Don’t forget to check your credit report card before you start picking out paint chips.

Image: andresr

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15 Housing Markets With the Most Movers

Markets with affordable housing and access to jobs draw the most interest.

Markets in Colorado and the Carolinas are drawing the most potential home buyers, according to data released Thursday by ATTOM Data Solutions.

The property data company analyzed mortgage applications to create its “Pre-Mover Housing Index,” a measure of the proportion of homes likely to sell in a market.

The index is based on the ratio of mortgage applications that include an estimated loan settlement date to the number of homes in a given market. Mortgages that have a so-called “pre-mover” flag, like a settlement date, close within 30 days 62.2% of the time, according to ATTOM’s data.

An index above 100 in a given market means an above-average ratio of homes will be sold there compared to the national average. ATTOM looked at 120 metropolitan areas that had at least 100,000 single-family homes and condos. Those that scored the highest combined affordable homes with access to jobs, said Daren Blomquist, senior vice president of ATTOM.

If you’re looking to buy in one of these markets, competition could be fierce. It may help to get pre-approved for a mortgage and to pull your credit to make sure there’s nothing on your report that will bog you down. See where you stand by checking a free credit report snapshot on Credit.com, and reviewing this list of the 15 areas with the highest Pre-Mover Housing Indices.

15. Chicago-Naperville-Elgin, Illinois-Indiana-Wisconsin

Pre-Mover Index: 165
Number of homes: 2.9 million
Average property value: $296,727

14. Manchester-Nashua, New Hampshire

Pre-Mover Index: 175
Number of homes: 121,883
Average property value: $361,833

13. Durham-Chapel Hill, North Carolina

Pre-Mover Index: 179
Number of homes: 146,469
Average property value: $279,327

12. Atlanta-Sandy Springs-Roswell, Georgia

Pre-Mover Index: 179
Number of homes: 1,962,184
Average property value: $248,786

11. Las Vegas-Henderson-Paradise, Nevada

Pre-Mover Index: 180
Number of homes: 683,448
Average property value: $249,214

10. Nashville-Davidson-Murfreesboro-Franklin, Tennessee

Pre-Mover Index: 190
Number of homes: 614,297
Average property value: $271,580

9. Lancaster, Pennsylvania

Pre-Mover Index: 191
Number of homes: 147,076
Average property value: $167,674

8. Orlando-Kissimmee-Sanford, Florida

Pre-Mover Index: 194
Number of homes: 738,302
Average property value: $246,020

7. Jacksonville, Florida

Pre-Mover Index: 196
Number of homes: 490,967
Average property value: $198,053

6. Lexington-Fayette, Kentucky

Pre-Mover Index: 208
Number of homes: 115,422
Average property value: $214,785

5. Washington-Arlington-Alexandria, District of Columbia-Virginia-Maryland-West Virginia

Pre-Mover Index: 209
Number of homes: 1,840,922
Average property value: $486,711

4. Tampa-St. Petersburg-Clearwater, Florida

Pre-Mover Index: 209
Number of homes: 1,041,157
Average property value: $229,571

3. Raleigh, North Carolina

Pre-Mover Index: 225
Number of homes: 386,744
Average property value: $235,513

2. Charleston-North Charleston, South Carolina

Pre-Mover Index: 225
Number of homes: 230,381
Average property value: $359,157

1. Colorado Springs, Colorado

Pre-Mover Index: 251
Number of Homes: 218,034
Average Property Value: $263,960

Image: Portra 

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When Is the Best Time to List Your Home for Sale?

Listing your home at the right time can make the sales process faster and more lucrative.

Selling your home can be a long process, but you can potentially speed it up and make more money if you list at the right time.

Homes listed in late spring typically sell faster and for more money, according to an analysis from real estate marketplace Zillow.

Specifically, homes listed from May 1 to May 15 sell nine days faster and for almost 1% more than the average listing nationwide, Zillow reported. The analysis also looked at the 25 largest metro areas, and in 20 of them, the best months to list were April and May.

The biggest effect was in the competitive Seattle market, where homes listed May 1 through May 15 sold for 2.5% more than average. That amounts to $9,300 extra for the average Seattle seller.

Sellers in other competitive markets, like Denver and Portland, Oregon, also saw premiums of at least 1.5% for listing in early May, according to Zillow.

Local weather can affect the best time to sell a house as well. In places that are warm year-round, like Texas, California and Florida, sellers have more flexibility over when they should list because there’s not as much variance in price based on listing month, Zillow said.

The competitive buying market nationwide contributes to these trends, said Dr. Svenja Gudell, chief economist for Zillow. She said the 2017 market is expected to tighten further, with 3% fewer homes on the market than the prior year.

“Many home buyers who started looking for homes in the early spring will still be searching for their dream home months later,” Gudell said in a release. “By May, some buyers may be anxious to get settled in a new home — and will be more willing to pay a premium to close the deal.”

The day of the week can also affect how many buyers view a listing, Zillow said. Listings that showed up on the Zillow website on Saturdays got an average of 20% more views in their first week on market than listings posted earlier in the week. Friday listings got a 14% bump.

Buying a home is a huge financial commitment. Check out our tips here on finding the right place for you. If you’re financing the purchase, make sure nothing is dragging down your credit scores. You can check two of your scores free, updated every 14 days, on Credit.com.

The following metro areas saw the biggest premiums from listing in late spring.

Seattle
Best Time to List: May 1 to 15
Average Sales Premium: 2.5%

Sacramento, California
Best Time to List: April 1 to 15
Average Sales Premium: 2%

Portland, Oregon
Best Time to List: May 1 to 15
Average Sales Premium: 2%

Denver
Best Time to List: May 1 to 15
Average Sales Premium: 1.7%

San Jose, California
Best Time to List: May 1 to 15
Average Sales Premium: 1.6%

Image: courtneyk

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10 States With the Biggest Foreclosure Problems

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