CoreLogic: 57,000 completed foreclosures in August

IRVINE, Calif. – Oct. 4, 2012 – CoreLogic released its National Foreclosure Report for August. It found 57,000 completed U.S. foreclosures, down from 75,000 in August 2011 and 58,000 one month earlier.

Florida ranked second nationally in total number of completed foreclosures for the 12 months ending in August 2012 with 91,899 – 11.7 percent of the nation’s foreclosure housing stocks. Only California had more with 110,000. However, the percent of homes in Florida’s foreclosure inventory also dropped year-to-year, falling 1.1 percent since August 2011. Foreclosure inventory is the total number of homes with a mortgage that have entered some stage of the foreclosure process.

Approximately 1.3 million homes (3.2 percent of all homes with a mortgage) were in the national foreclosure inventory in August 2012 compared to 1.4 million (3.4 percent) one year earlier. Month-over-month, the national foreclosure inventory was unchanged.

“The reduction in foreclosure volumes is, to some degree, being facilitated by the rising popularity of alternative resolution methods, such as short sales and loan modifications,” says Anand Nallathambi, president and CEO of CoreLogic.

“August marks the fourth month in a row there were fewer completed foreclosures, which is more evidence that the housing industry is finding its footing,” said Mark Fleming, chief economist for CoreLogic.

August 2012 highlights:

• The five states with the highest number of completed foreclosures for the 12 months ending in August 2012 are: California (110,000), Florida (92,000), Michigan (62,000), Texas (58,000) and Georgia (55,000). These five states account for 48.1 percent of all completed foreclosures nationally.

• The five states with the lowest number of completed foreclosures for the 12 months ending in August 2012 are: South Dakota (25), District of Columbia (113), Hawaii (435), North Dakota (564) and Maine (612).

• The five states with the highest foreclosure inventory as a percentage of all mortgaged homes are: Florida (11.0 percent), New Jersey (6.5 percent), New York (5.2 percent), Illinois (4.8 percent) and Nevada (4.6 percent).

• The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes are: Wyoming (0.5 percent), Alaska (0.8 percent), North Dakota (0.8 percent), Nebraska (0.9 percent) and South Dakota (1.1 percent).

© 2012 Florida Realtors®

 

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Economists: Florida to add 905,500 jobs by 2018

TALLAHASSEE, Fla. – Oct. 3, 2012 – If an increase in jobs forms the foundation for a full housing recovery, Florida is on track for a resurgence.

The recent Florida Economic Estimating Conference, a collaborative event featuring the state’s top public sector economists, projected that Florida is expected to create more than 900,000 new jobs by 2018. The Estimating Conference meets three times a year to forecast trends for Florida’s economy.

In fiscal 2010/2011, the economists see 7,232,500 nonagricultural jobs in the state. By 2017/2018, that’s projected to rise to 8,138,000 – a 905,500 jump in employment.

The economists pointed to other positive signs for the Florida economy, including a stronger outlook for housing.

“In addition to the positive job creation forecast, Florida is currently experiencing increases in job growth, housing starts, median home prices, tax revenues and consumer confidence,” the conference said in a release. “Additionally, in August, Florida was recognized for the second highest job creation total in the nation, saw its largest over-the-month job increase since April 2011 and continues to lead all other states in the nation in the drop in its unemployment rate since December 2010.”

For more information, including resources for employers and job seekers, visit www.floridajobs.org.

Jennifer Lopez’s Former Miami Home for Sale

Jennifer Lopez hasn’t lived in this enormous Miami Beach estate in seven years, but that doesn’t mean the home is any less fabulous.

J.Lo sold the home at 5800 N Bay Rd, Miami Beach FL 33140 in 2005 to health care entrepreneur Mark Gainor and his wife, Elyse Gainor, for $13.9 million. The Gainors took it upon themselves to completely renovate the Miami Beach residence.

Looking at the property history, it appears this isn’t the first time J.Lo’s former home has been on the market. In 2010, the home was listed for $29 million, (perhaps prior renovation) and then briefly listed for a whopping $42.5 million in 2011. In early 2012, the price was slashed to $34.5 million before it was re-upped to its current price tag of $40 million.

The home certainly matches its hefty price tag. Measuring over 12,000 square feet, the home has 7 bedrooms and 9.5 baths on a 1.21-acre lot bordering the bay. In addition to waterfront and skyline views, the grounds feature koi ponds, gardens and a large pool.

Inside, the home opens up with a two-story rotunda foyer, leading to living spaces with vaulted, beamed ceilings and hardwood floors.

Of course, the home also includes the usual celebrity amenities: wine cellar, home theater, enormous master suite with private terrace and a gourmet kitchen.

 

According to Zillow’s mortgage calculator, a monthly payment on the J.Lo’s former house would be $141,825, assuming a 20 percent down payment on a 30-year mortgage.

 

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