November foreclosures take a dip

Filings post biggest monthly decline since April '06; even with drop, foreclosures leap 68% from a year ago.

By Les Christie, CNNMoney.com staff writer
December 19 2007: 6:26 AM EST

NEW YORK (CNNMoney.com) -- A new read on foreclosure filings showed a double-digit drop for November, but don't expect the slowdown to last.

According to RealtyTrac, an online marketer of foreclosed properties, filings fell 10 percent compared with October. It was the first month-to-month, double-digit drop since April of 2006, although the total of 201,950 foreclosure filings - default notices, auction notices and bank repossessions - was still 68 percent higher than November of 2006.

"[The slowdown] could indicate that foreclosure activity has topped out for the year," James Saccacio, RealtyTrac's chief executive, said in a statement. "But," he added, "the true test of whether this ceiling will hold will come at the beginning of next year when we anticipate that a seasonal surge in foreclosure filings and another possible wave of resetting mortgages could place further pressure on the housing market."

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Most housing market indicators have pointed negative for months. Home prices are falling and threaten to drop further through 2008. These trends could add to foreclosures because lower prices mean strapped home owners can't tap into home equity as easily. Cash-flow shortages can leave them vulnerable.

The states with the biggest foreclosure problems remain those from the Sun Belt, where high price appreciation during the boom years left many homes over-valued, and the Rust Belt, where collapsing industries have led to economic stagnation and job loss.

Nevada, Florida and Ohio continued to lead all other states in foreclosure rates. Nevada had one filing for every 152 households. The state, which has led the foreclosure lists for the past 11 months, recorded a 1 percent rise from October and a 167 percent leap from a year ago.
Florida moved into second place despite a 3 percent month-to-month drop. It recorded 212 percent more filings this November than last. Ohio foreclosures fell 6 percent in November, pushing it from second to third place. Foreclosures have still nearly doubled there compared with last November.

California, where the foreclosure rate was one for every 325 households had more total filings than any other state with 39,992. The numbers fell month-to-month by more than 20 percent but have risen 107 percent for the year.

The state with the biggest drop in November was New Mexico, where filings plummeted 46 percent compared with October. And they were only up 4 percent from last year. The biggest drop compared with last November was recorded by North Dakota, where the foreclosure rate fell by 29 percent.

Also recording large year-to-year declines were New Jersey (-17 percent), Texas (-15 percent) and Kansas (-15 percent)

Among metro areas, California cities claimed six of the top 10 spots for filings. Three medium-size cities in the state's Central Valley led the way. Stockton had the highest rate in the country - one for every 99 households - followed by Modesto (one for every 104) and Merced (one for every 106).

Those areas had seen major home price run-ups during the housing boom as house-hunters, shut out of home ownership by sky-high prices in the nearby San Francisco Bay area, flocked there to buy. Now home prices in those cities are in steep decline.

The mixed report could be a sign of at least a stabilization, but it's still too soon to start celebrating.But "If the trend of flat or decreasing foreclosure activity we've seen over the past three months continues in the first quarter," Saccacio said, "it would certainly bode well for 2008."

Happy Holidays!

One of the greatest joys of this season is the opportunity to say THANK YOU and to wish you the very best for the New Year

From the Hartmann Team

Links for Holiday Events Around the DFW

Map of Holiday Lights around the city:
http://www.dallasnews.com/sharedcontent/dws/graphics/1107/holidayhouses/

Kid Events:
http://www.guidelive.com/feature/Holidays07/#kids

On Stage:
http://www.guidelive.com/feature/Holidays07/#onstage

Music
http://www.guidelive.com/feature/Holidays07/#music

Christmas Dining:
http://www.guidelive.com/feature/Holidays07/#xmasdine

Holiday Movies:
http://www.dallasnews.com/sharedcontent/dws/spe/2007/holidaymovies/

Dark Rich South African Christmas Cake!

Ymke Condy, wife of Fossil Rim Executive Director, Pat Condy, shares a favorite holiday recipe. Pat and Ymke were both born in South Africa and spent most of their lives there. Our Human Resource Director, Laura Groome, also lived in South Africa for many years and adds that she likes to cover her cake with marzipan and fondant icing. Enjoy!

Holiday Recipe: Dark, Rich South African Christmas Cake

Courtesy Ymke Condy
4 oz candied cherries
1 ½ lb currants
12 oz golden raisins
8 oz seedless raisins
4 oz blanched almonds
4 oz candied citrus peel
10 oz butter
10 oz dark brown sugar
1 T molasses
Grated rind of 1 lemon
Grated rind of 1 orange
5 large eggs
2 T brandy or sherry
12 oz plain flour
½ t ground cinnamon
½ t ground nutmeg
½ t ground mixed spice
¼ t salt

First, prepare the fruit. Wash the candied cherries in warm water to remove the syrup and wipe dry. If necessary, wash the currents and raisins and allow to dry completely. Chop the raisins, almonds and candied citrus peel. Prepare an 8 inch square or a 9 inch cake pan at least 3 inches deep, line it with double waxed paper or baker’s paper at the bottom and sides and a band of brown paper around the outside. Cream the butter and brown sugar with the molasses and lemon and orange rind. Continue beating until the mixture is soft and light. Whisk the eggs and liquid and gradually beat into the creamed butter mixture, adding a little sifted flour if it shows signs of curdling. Sift the flour and spices together. In this recipe you do not need any raising agent. Mix the fruit with the almonds and candied peel. Fold thoroughly into the creamed mixture with the flour and spices. Put the mixture into the prepared cake pan and bake in the center of a moderate oven (325 degrees) for 1 ½ hours, then lower to cool oven (275 degrees) for a further 3 hours. Look at the cake after 1 hour at the lower temperature; it should be golden in color. Cover with foil if it is becoming too brown. If it is any darker at this stage, lower the temperature again. Test to see if it is cooked by pressing firmly then listening – an uncooked fruit cake makes a distinct “humming” sound which stops when it is cooked – or insert a skewer into the center of the cake. If it comes out clean, then the cake is done. Leave to cool completely in the pan, then turn out carefully on to a wire rack. Cover with marzipan or royal icing. Decorate with Christmas cake decorations.

18th Annual Flower Mound Christmas Parade

The Town of Flower Mound cordially invites you to kick off the Christmas season as the town prepares for its 18th annual Christmas parade and holiday stroll Dec. 8.

The day-long event will begin at 10 a.m. with a parade that begins at Eaton and follows Morriss Road to Dixon Lane. The parade will feature about 100 floats including my daughters’ Daisy Troop (we will be giving out candy), created by families, businesses, high school bands and various organizations from throughout the community.

The Christian Community Action (CCA) food drive will again be part of the event, and the organization will have a truck collecting canned goods to open the parade.

After driving down Morriss, the truck will park at Marcus High School for the remainder of the parade.The parade will conclude around noon. Morriss Road will be closed from 8 a.m. to noon to accommodate the parade.

Following the parade, the holiday stroll will begin at 1 p.m. at Parker Square, where the CCA truck will also take donations.

Among the activities will be a children’s craft tent, a bounce house, hay rides, a race track and an air slide.

There will also be musical performances by students from Prairie Trail Elementary School, the Forest Vista choir, the Voices of Flower Mound and the 1940s Swing Singers. There will be a dancers workshop at 5 p.m., and the stroll will conclude at 6 p.m. with a tree lighting ceremony.

“The parade and the stroll are two of the biggest events of the year,” said Mark Wood, community affairs specialist for the town of Flower Mound. “It’s a good couple of events to get into the Christmas spirit.”