Stockton Foreclosure Inventory Expected to Increase!
Freddie and Fannie’s self imposed moratoriums expire 4/1/09. Foreclosure inventory is expected to increase. We are already seeing new inventory from lenders with moratoriums that expired in March. i have new listings from Indymac but nothing from Countrywide. BofA absorbs Countrywide 4/1 also. New Countrywide REOs are expected soon after.
Fed it Buying Treasuries…30 Year Mortgage Rates Hit Record Lows!
Fixed 30 year mortgage averaged 4.85%, 15 year 4.58%. Lowest rates since tracking began in 1971!
Mortgage Problem goes Prime-Time!
Loan modifications were reserved for the subprime market but as the prime mortgage market starts to meltdown efforts to modify prime loans are increasing. I showed a REO last week that was listed for 689k. Last sold for 1.4k. Home next door was listed for over 1.5k. Don’t think the 1.5k home will be selling anytime soon. And the 689k will become a comp for the appraisal. The downward cycle of prices for high-end Stockton real estate has begun.
Beware of loan modification SCAMS!
Beware of the many San Joaquin County loan modification scams currently being promoted. You should not have to pay for a loan mod. There are non-profit companies setup to help you. As the number of Stockton foreclosures increase so will the scams.
Will California’s Foreclosure Prevention Act have an affect on Stockton Real Estate Market?
Included in the new budget was a 90 day moratorium on foreclosures. It is not believed that the moratorium will halt many foreclosures in Stockton. It may simply delay the inevitable.
Expect more high-end Stockton Real Estate Foreclosures
Jumbo prime mortgages had the highest foreclosure increases in February. I expect this trend to continue as large numbers of Option Arms and Alt A loans reset. Stockton real estate prices will continue downward at the higher-end. I am experiencing an increase in the number of short sales calls I am receiving.
Home prices down 41% compared to a year ago!
California home prices are down 41% from last year. And this at a time when inventory is low and demand is at least stable. Can’t wait to see what happens to Stockton Real Estate prices as the inventory balloon bursts!
New Site to Checkout Stockton Foerclosures!
Great new foreclosure site.  Check it out!
http://www.foreclosures-in-stockton.com/
Stockton Short Sales
Many have fallen prey to these economic times through no fault of their own, and are unable to keep up with their commitments. Some homeowners with adjustable-rate loans can’t make their payments when rates adjust; others fall behind because of a job loss, divorce or illness.It is estimated that more than a million homeowners will face foreclosure before this mess ends.
If you think you might be losing your home to foreclosure please consider a short sale.A short sale is when a homeowner, after lender approval, sells their home for less than the amount owed. Short sales are very popular because they are less damaging to credit reports and scores than foreclosures. A foreclosure on your credit report can make many of the most simple - but important - tasks of a normal life including renting or purchasing a home, financing a car, obtaining insurance and getting a new job a challenge.
The key to a successful short sale is lender approval. I have extensive short sale negotiation experience and have more short sales listings in San Joaquin County than any other agent. I know how to get the job done. I am paid by the lender out of the proceeds of sale (no sale, no payment) and as always my service is cost-free to the homeowner.
The first step is always the hardest, coming to the REALIZATION that you need help. The quality of the help you find will determine the success of the outcome.
Stockton Foreclosures Expected to Increase
I list Countrywide bank owned property. There have been very few new listings this year and even our"junk" properties are sold. We have been told there is a HUGE backlog that should start rolling in during April. Countrywide agreed to a mandatory loan modification program in California. We’ll see how successful it is….requires the value of the property to be no less than 75% of the loan. Unbelievable! Stockton real estate was down about 50% last year alone! Stay tuned….
