JPMorgan puts foreclosures on hold for 90 days!
November 3, 2008
JPMorgan won’t be placing any new home into foreclosures for 90 days. It is a start. Will be interesting to see if there is any impact on inventory and ever declining prices. Link to article follows:
Why would mortgage servicers rather foreclose than modify?
October 28, 2008
Because it is more profitable! The companies servicing loans typically will make more money foreclosing on a loan versus modifying it; giving the servicers very little incentive to help out owners. An article to a CNBC artile outlining the details follows:
Why Banks Are Reluctant To Redo Ailing Mortgages
More than one million homes are likely to be repossessed by the end of the year, making up roughly one-quarter of all US homes for sale.
http://www.cnbc.com/id/27406627/
Stockton’s average price per square foot down to $97 in September!
October 24, 2008
The average price per square foot in Stockton has fallen to $97. This compares to $176 a square foot last year at the same time. The trend is not looking positive as more REO inventory is expected. Prices are significantly below replacement cost.
Hold on folks it may be a bumpy ride!
October 18, 2008
I am attending REOMAC – a conference for lenders, mortgage servicers, title and real estate professionals involved in selling bank owned properties. Very enlightening. General consensus is that we are 1/3 of the way through the cycle and a turnaround is not expected until 2012 – 22013. Keynote economist suggests prices in California are still too high. Prices will fall until the average wage owner can afford an average home.
New wave of foreclosed properties set to hit market in October
October 6, 2008
The housing bill did away with Buyer’s Assistance Programs effective 10/1/08. As a result, the bank asset managers were focusing on closing pending transactions in September and let the processing of new foreclosure properties slide. We’re seeing a flurry of activity now as the asset managers play catch-up. Look for a new wave of foreclosures by midmonth!
