BluegrassForeclosure.com

The biggest new page of information to be added to BGForeclosure is only 2 days away.

Since BGForeclosure was started more than a year ago, we’ve made efforts to add more functionality and information.  Now, for the first time in months, we will be rolling out even more information.

What is it you ask?

Will it change your life forever?     No.

Is it the winning lottery numbers?      I wish.

Will you make gobs of money off of it?      Probably not . . . .

Will it be informative?     YES!!

Watch for it, WEDNESDAY, AUGUST 18, 2010

The number of residential properties listed for sale in the US is rising with prices remaining flat, according to the latest Altos Research report.
After increasing for the first time in nine months in May, asking prices for active home listings were virtually unchanged in June in the company’s 10 city composite price index.

In addition, inventory of existing homes for sale increased both in June and for the first half of 2010.

Read all.

As discussed earlier, bank REO’s are going for less than they’re worth.  If you have some cash, now is a great time to begin looking for bank owned property to invest in.

Check it out:  Distressed property in the foreclosure process in the US is selling at an average of 27% lower than other real estate with almost a third of all transactions involving those in some stage of mortgage  distress, the latest data shows. The discount is likely to stay around 25 to 30% as it is expected that lenders will carefully manage the number of properties coming onto the market to avoid flooding the sector which could bring slowly recovering prices crashing down, according to RealtyTrac.

Nevada had the highest proportion of distressed sales of any US state, with 64% of all transactions involving properties in mortgage distress. California was second, with such sales accounting for 51% of all sales and Arizona at 50%.

Discounts on distressed homes were highest in Ohio, Kentucky and Illinois, where they sold for an average of at least 39% less than non foreclosures.

Its latest quarterly figures show that overall a total of 232,959 homes sold in the period had received a default or auction notice or were seized by banks, down 14% from the fourth quarter of 2009 and 33% from the peak a year earlier.

. . .

Home foreclosures set a record for the second straight month in May, with increases in every state, as lenders stepped up property seizures. Bank repossessions climbed 44% from a year earlier and will probably set a record in the second quarter, the company said.

. . .

Bank owned properties sold for an average 34% discount in the first quarter of 2010, up from 32% both in the previous quarter and a year earlier. Such properties accounted for 19% of all US home sales, up from almost 16% in the fourth quarter of 2009 and down from 21% in the first quarter of 2009, the figures also show.

Properties in default or scheduled for auction sold for an average discount of almost 15%, up from almost 14% in the previous quarter and down from 16% a year earlier. These homes are often sold in short sales, where lenders accept less than the outstanding loan amount for the property, RealtyTrac said. Sales of properties either in default or headed for auction accounted for 12% of all sales.

Farmers Capital Bank Corporation (Nasdaq:FFKT) (the “Company”) reported net income of $2.8 million or $.32 per common share for the quarter ended June 30, 2010 compared to net income of $1.9 million or $.20 per common share for the quarter ended March 31, 2010 and a net loss of $801 thousand or $.17 per common share for the quarter ended June 30, 2009. Net income for the six months ended June 30, 2010 was $4.8 million or $.52 per common share compared to $2.5 million or $.22 per common share for the same six month period of 2009.

Second Quarter 2010 Compared to First Quarter 2010

• The provision for loan losses increased $3.6 million or 185% in the linked quarter comparison. This increase is double the amount of increase in net loans charged off during the same period of $1.8 million. The Company believes the increase in the provision for loan losses is needed due to the continued elevated level of nonperforming loans.

Second Quarter 2010 Compared to Second Quarter 2009

• The provision for loan losses decreased $450 thousand or 7.6% in the current quarter compared to a year earlier. The provision for loan losses began to increase significantly during the second quarter of 2009 as the level of nonperforming and impaired loans moved sharply upward.

Balance Sheet

• Nonperforming loans were $99 million at June 30, 2010, a decrease of $9.0 million or 8.4% compared to $108 million at March 31, 2010. As disclosed above, improvements were made in all categories of nonperforming loans as follows: nonaccrual loans decreased $4.6 million or 7.3%, restructured loans decreased $4.1 million or 9.7%, and loans past due 90 days or more and still accruing interest decreased $275 thousand or 17.7%.
• The allowance for loan losses was 2.09% of loans outstanding (net of unearned income) at June 30, 2010, an increase of 20 basis points compared to 1.89% at March 31, 2010.

Read all of the 2Q info.