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Local Agent Provides Free Information Resource to (CITY) Homeowners Facing Financial Hardships

May 1st, 2010 by Joe Levy

New Web site presents options for homeowners confronted with the possibility of foreclosure.

VALENCIA, CA – Local real estate agent and community advocate,Phil Levy & Joe Levy of Intero Real Estate Services, today announced the creation of a new information Web site for Valencia-area homeowners in distress. ~SiteAddress~ contains vital facts about the options available to these homeowners, to help them make the educated decisions about their future.

“I developed this site with my community in mind,” Levy said. “When faced with the possibility of foreclosure, I’ve seen too many homeowners make poor choices, even walking away from their homes without calling their lender or a real estate agent. These people didn’t know the options available, or even how to find any information on their situation.

“I want more for the people of Valencia, and more comes with making informed decisions.”

~SiteAddress~ acts as a hub for information on the facts and issues for struggling homeowners, putting all the necessary information in one, easy-to-use location. The information and materials located on the site are regularly updated to reflect market changes, trends, new lender requirements, and industry updates.

Alex Charfen, co-founder and CEO of the Distressed Property Institute in Austin, Texas, said that more than seven out of 10 homeowners in foreclosure proceed without any visible assistance.

“Agents with the Certified Distressed Property Expert® designation are helping distressed homeowners understand that there may be options available to them,” Charfen said. “Joey Levy & Phil Levy has been trained to help homeowners avoid foreclosure, and this Web site resource to educate the community is a commendable public service.”

The CDPE designation provides real estate professionals with specific understanding of the complex issues confronting the real estate industry. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today’s market.

www.santa-clarita-home-solutions.com

Foreclosure Radar Reports Record California Initial Foreclosure Filings for March 2009

April 15th, 2009 by Phil Levy

Foreclosure Radar a web site that tracks every California foreclosure reported on April 14, 2009 that March 2009 set a new record for filings of Notices of Default (NOD), the initial public filing in the foreclosure process.  

In March 2009, 54,268 NOD’s were filed in California.  This represents a 29% month over month increase and a 26% year over year increase.  These filings also rose 26% from its previous peak reached in April 2008.  

In March 2009 33,178 Notice of Trustee Sale (NOTS) filings were recorded.  This was an increase of 82% month over month and 20% year over year.   This figure was down 15% from it’s peak reached in July 2008.

During the same month, however 10,040 properties were auctioned representing a 41% month over month decrease and 37% year over year decrease.  The is the last step in the foreclosure process and should be considered a lagging indicator.

The dichotomy between the increased NOD and NOTS filings and decreased sheriff’s auctions is explained by delays in foreclosure proceedings caused by various government programs aimed to assist distressed property owners through additional notification requirements (i. e. CA SB 1137) and moratoriums (i. e. Fannie/Freddie) which expired at the end of March 2009.  Additionally many financial institutions may have postponed foreclosure proceedings pending Federal stabilization efforts such as TARP, Making Home Affordable Plan, and certain accounting changes, whereby lenders anticipated a market or Federal guarantees for troubled loans.

Some increase to foreclosure activity can thus be expected now that the legislative and administrative dust has settled.  It remains to be seen whether the mortgage modification or refinance programs included in President Obama’s Marking Home Affordable Plan will significantly effectuates a reduction in foreclosures.

Foreclosure Primer Published by LA Times

February 16th, 2009 by Phil Levy

The Los Angeles Times published a timely article yesterday about foreclosures, written by David Colker.  The article provides distressed property owners with information about avoiding and dealing with a foreclosure process.  If anyone you know is in such a situation you might recommend this article to them.