Sunday, April 19, 2020

Foreclosure Starts Decrease Eleven Percent From a Year Ago


Todd Teta

IRVINE, CA— ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), released its Q1 2020 U.S. Foreclosure Market Report, which shows there were a total of 156,253 U.S. properties with a foreclosure filing during the first quarter of 2020, up 42 percent from the previous quarter but down 3 percent from a year ago.

The report also shows a total of 46,800 U.S. properties with foreclosure filings in March 2020, down 3 percent from the previous month and down 20 percent from March 2019 — the third consecutive month with a year-over-year decrease in U.S. foreclosure activity.

"As foreclosure activity across the country continued to decline in March, contributing to a run of quarterly declines, the number of filings remains just one-sixth of what it was following the Great Recession a decade ago," said Todd Teta, chief product officer at ATTOM Data Solutions. 

"This latest sign of the strong national housing market, however, comes with a huge caveat because it captures the pivotal month when millions of Americans started losing their jobs because of the economic fallout connected to the Coronavirus pandemic

"Banks are temporarily holding off on foreclosures and we expect this will bring foreclosures even lower for at least the next few quarters.  

"However, with unemployment and other distress factors hitting the economy now, the numbers could rise significantly later this year and into next, depending on how many people can't keep up with their payments.”

For a detailed analysis of the report, please contact:


Christine Stricker
949.748.8428
christine.stricker@attomdata.com

or

Data and Report Licensing:
949.502.8313


U.S. Property Taxes Levied on Single Famiy Homes in 2019 Increased to More Than $306 Billion


Todd Teta

IRVINE, CA — ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS),  released its 2019 property tax analysis for more than 86 million U.S. single family homes,

The report shows property taxes levied on single family homes in 2019 totaled $306.4 billion, up 1 percent from $304.6 billion in 2018 and an average tax amount of $3,561 per home — an effective tax rate of 1.14 percent.

The average property taxes of $3,561 for a single-family home in 2019 was up 2 percent from the average property tax of $3,498 in 2018, and the effective property tax rate of 1.14 percent in 2019 was down from the effective property tax rate of 1.16 percent in 2018.


The report analyzed property tax data collected from county tax assessor offices nationwide at the state, metro and county levels along with estimated market values of single-family homes calculated using an automated valuation model (AVM). 

The effective tax rate was the average annual property tax expressed as a percentage of the average estimated market value of homes in each geographic area.

“Property taxes levied on homeowners rose again in 2019 across most of the country. But the nationwide increase was the smallest in the last three years, a sign that cities, towns and counties are taking stronger steps to clamp down on how much they hit up property owners to support schools and local government services.” said Todd Teta, chief product officer for ATTOM Data Solutions. 


“Without major changes in the way local government and educational systems are funded, demands for good schools and other services will continue to put upward pressure on property taxes. But on balance, 2019 was a relatively mild year for taxpayers around the nation.”

For a detailed analysis of the report, please contact:

Christine Stricker
949.748.8428

or

Data and Report Licensing:
949.502.8313

Marcus & Millichap Arranges $570,000 Sale of Nine-Unit Apartment Block in Sanford, FL

        
Andrew Birr
SANFORD, FL  Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of 611 Park, a 9-unit apartment property located in Sanford, Fla., according to Justin W. West, vice president/regional manager of the firm’s Orlando office. 

Casey Babb
The asset sold for $570,000 in a competitive bidding environment.

Andrew Birr, Casey Babb, CCIM, Luis Baez, CCIM, and Shawn Rupp, investment specialists in Marcus & Millichap’s Orlando office procured the buyer, a limited liability company.

Luis Baez
611 Park is located at 611 S Park Ave in Sanford, Fla. The property is a 9-unit apartment community that was built in 1928.

 Located in the northern part of the Orlando MSA, the property is well-positioned in burgeoning, historic Downtown Sanford and is 30 minutes from Downtown Orlando. 

“The property’s cash flow is strong at a takeover 8 CAP with upside. Our buyers intend to reposition the historic asset with a major renovation and rebranding effort. 

Shawn Rupp
Justin W. West
"Our team’s deep market knowledge and ability to evaluate assets quickly helped our client win the deal,” says Andrew Birr.






Contact: 

Justin W. West
Vice President 
 Regional Manager
 Orlando
 (407) 557-3800