Tag Archives: real estate

Foreclosures Reach a 10-Year Low: Where Does Your State Stand?

With U.S. foreclosures at a 10-year low, national loan performance is improving thanks to solid income growth, improved home equity, and the disappearance of high-risk loans.

According to CoreLogic, between 2017 and 2018 there was a 1.1% reduction in the percentage of homes with outstanding mortgages 30 or more days past due. However, there are many variances when looking at foreclosure rates by state.

National Foreclosure Rates

CoreLogic found that national rates have been recovering since the Great Recession when foreclosure rates peaked. They looked at the different stages of delinquency and found mortgages transitioning from current to 30 days reached just 0.9% in November of last year. This is a 1% decrease from 2017, which is a significant difference when compared to November 2008 when they peaked at 2%.

According to Bankrate, looking back to 2010, filings were 1 in 47 homes. Fast forward to 2018, and those numbers have improved with just 1 in 215. The rates have been dropping for eight years with 2018 marking the lowest rate in the past 13 years.

State by State

The foreclosure picture can look different at the state level. In fact, Bankrate noted that a third of the states saw an increase, according to ATTOM Data Solutions. They noticed increases when reviewing scheduled auctions, default notices, and repossessions. Despite these numbers, ATTOM still feels the housing crisis has more or less been “cleaned up.”

North Carolina

Due to Hurricane Florence, North Carolina is an exception to the downward trend. Although they did still see a lower rate when compared to the year previous, Bankrate found the state is still struggling to recover from the damage and impact of the disaster. Other areas still seeing above average delinquency rates included Wilmington and New Bern.

Highest Foreclosure Rates

Bankrate reported the Northeast had the most foreclosures, with New Jersey seeing its highest rate in three years. Last year, 1.33% of housing units in New Jersey had foreclosure filings. Other states on the highest foreclosures list included:

  • Delaware at 0.96%
  • Maryland at 0.86%
  • Illinois at 0.74%
  • Connecticut at 0.72%
  • Florida at 0.71%
  • Carolina at 0.63%
  • Ohio at 0.63%
  • Nevada at 0.60%
  • New Mexico at 0.57%

Lowest Foreclosure Rates

As well, Bankrate found many states with drastic decreases in foreclosure. Some of the biggest dips happened in:

  • Rhode Island – down 39%
  • Hawaii – down 26%
  • North Carolina – down 24%
  • Washington – down 24%
  • Connecticut – down 23%

The state with the lowest rate of foreclosures was North Dakota at 0.06%, followed by South Dakota at 0.07%, Montana at 0.11%, and West Virginia at 0.12%.

With this new data available, you might be curious to know where your state stands.

Your National Solution with a Local Touch

Punctual Abstract is a national title abstracting company located in Harvey, LA. We offer boots on the ground and online services for Title Insurance Underwriters, Residential Title Agents, and Foreclosure Law Firms. Our extensive experience covers both residential and commercial clients, with accurate, speedy turnaround and access to national civil records.

Visit our homepage or contact us today for more information.

The 20 Best Markets for Real Estate Investors in 2019

A new year gives us a good reason to reflect on the passage of time, look critically at our lives and take note of our successes and failures, and set personal and professional goals. For real estate investors, it’s a time to begin placing new bets.

A recent Forbes article highlighted the best markets for real estate investors in 2019. Here’s what you need to know.

Secondary Cities Lead the Pack

Real estate investment is about getting in at the bottom of the wave, not the crest. Buying in a fully matured real estate market is a good recipe for ending up “holding the bag.”

That’s why smart money isn’t flowing into cities like San Francisco, Seattle, Denver and Miami, where real estate prices are already sky high, but into affordable “secondary cities” like Cincinnati, Memphis, and Indianapolis, where you can find big-city amenities without big-city prices.

The top 20 best markets for real estate investors all have the following three things in common:

1. Strong Local Economy

Job growth was above the average 2018 national rate of 1.5%.

2. Housing Demand

Home prices increased between 5 and 10% in 2018 — not too much, and not too little.

3. Priced Relative to Incomes

Home prices are sustainable when compared incomes, meaning demand and supply are generally in balance. Though some markets on the list are approaching overpriced territory (Orlando, Portland, San Diego), they still have some room to run.

The 20 Best Markets for Real Estate Investors in 2019

  1. Orlando, FL
  2. Raleigh, NC
  3. Jacksonville, FL
  4. Charlotte, NC
  5. Cleveland, OH
  6. Silver Springs, MD
  7. Fort Lauderdale, FL
  8. Boston, MA
  9. Portland, OR
  10. Indianapolis, IN
  11. Fort Worth, TX
  12. Philadelphia, PA
  13. Atlanta, GA
  14. Memphis, TN
  15. Kansas City, MO
  16. San Diego, CA
  17. Minneapolis-St.Paul, MN
  18. Greater Washington, DC
  19. Nashville, TN
  20. Cincinnati, OH

To check out the complete list of cities and learn more about the formula used to rank them, read the full article here: The Best Markets For Real Estate Investments In 2019

Your National Solution with a Local Touch

Punctual Abstract is a national title abstracting company located in Harvey, LA. Whether you need an abstractor for a certain county or region, or you’re looking for a national provider, Punctual Abstract is here to help.

We have extensive experience performing commercial and residential abstracts of all kinds and perform complete title searches plus attorney opinion package-deals all with the same average turn-time of 24-48 hours!

Visit our homepage or contact us today for more information.

Expedite Your Order with the Punctual Abstract Base System

Punctual Abstract Base System (PABS) is our action-driven, workflow optimized proprietary software that our clients now rely on for speed, accuracy and efficiency.

  1. Create an order online
  2. We create your client profile to expedite the ordering process
  3. Check the status of your file and see notes pertaining to it
  4. Download your completed file anytime through your online profile

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How long is a skyscraper meant to last?

City skylines are iconic. One glance at the skyline of major cities like New York, Los Angeles Chicago or Seattle and you know what you’re looking at. Skyscrapers are more than just buildings. They’re iconic. They work their way into the very fabric of a city’s identity.

We’ve written in the past about the cities with the oldest housing stock in the country, which got us thinking:

What’s the intended lifespan of a skyscraper? How long are they designed to last?

The earliest skyscraper, the Great Pyramid of Giza, was built in 2540 BC, and it’s still standing.

So how long will the Burj Khalifa, the world’s tallest building last? And what about the Empire State Building, which was built in 1931 and held the title for the world’s tallest for nearly 40 years until the construction of the Sears Tower in 1970?

Will they still be standing in the year 7,000 AD – the equivalent if they exist as long as the pyramids? First let’s look at the stresses, or ‘loads’ in engineering-speak, that modern skyscrapers are meant to withstand.

Lightning

One common stress upon skyscrapers is lightning strikes, one bolt of which can pack up to two billion volts. During the rare storms that pass through

Skyscrapers are designed with protective enclosures, similar to the wire mesh on microwave oven doors, that divide and subdivide the energy from a lightning strike and guide it to the ground where it is spread out harmlessly.

Here’s a cool article with many pictures of famous skyscrapers being hit by lightning.

Wind

Wind is the most obvious stressor placed upon skyscrapers, and its speed increases with elevation. When hitting a flat face, wind whirls into an organized gust which alternates first to one side of the face and then the other, causing the object, in this case a building, to sway. If the wind is strong enough, the building can collapse.

That’s why skyscrapers are designed with irregular shapes and angles that prevent wind from becoming organized. Features which are often thought of as simply for style or artistry are actually there to divide the wind and direct it away from the structure.

According to Bill Baker, the structural engineer behind the Burj Khalifa, the typical building is designed to withstand winds from a 700-year storm, while larger skyscrapers are designed to withstand events that occur just once every two millennia.

Earthquakes

For certain regions, like the West Coast, the primary concern is earthquakes. In these areas, resonance, a phenomenon in which a vibrating system or external force drives another system to oscillate with greater amplitude at specific frequencies, is the key concern.

In these videos, shot during a 9.0 magnitude earthquake in Tokyo, you’ll see the power of resonant design as the skyscrapers sway dramatically but do not collapse.

The Verdict

So, will the skyscrapers of today still be around in the year 7,000 AD? According to Bill Baker, the man responsible for the structural integrity of the tallest skyscraper in the world, yes.

Skyscrapers constructed after the 1930s were made of concrete reinforced with steel, as opposed to just steel, which gave them the tensile strength of steel and the compressive strength of rock. They can resist both stretching and squeezing forces.

The earliest steel skyscrapers, like the Empire State Building, which date from the 1930s are least likely to remain standing in 7,000 years because they are constructed almost exclusively of steel, meaning they have exceptional tensile strength but are quite rigid and inflexible.

The primary threat to today’s skyscrapers isn’t that they’ll collapse, but that they’ll be torn down to make way for something better.

It’s predicted that the trend of people moving from rural areas into cities will only accelerate in coming decades, forcing us to build ever higher into the sky. In 100 years, today’s tallest skyscrapers could be looked at the same way we view a ten story brick structure built at the beginning of the 20th century.

Your National Solution with a Local Touch

Punctual Abstract is a national title abstracting company located in Harvey, LA. Whether you need an abstractor for a certain county or region, or you’re looking for a national provider, Punctual Abstract is here to help.

We have extensive experience performing commercial and residential abstracts of all kinds and perform complete title searches plus attorney opinion package-deals all with the same average turn-time of 24-48 hours!

Visit our homepage or contact us today for more information.

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