http://www.stocktonrealestatespecialist.com Stockton Real Estate Opinion Thu, 13 Nov 2008 18:34:47 +0000 http://backend.userland.com/rss092 en 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: BusinessWeek.com article http://www.stocktonrealestatespecialist.com/jpmorgan-puts-foreclsoures-on-hold-for-90-days 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 ... http://www.stocktonrealestatespecialist.com/why-would-motgage-servicers-rather-forelcose-than-modify 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. http://www.stocktonrealestatespecialist.com/stocktons-average-price-per-square-foot-down-to-97-in-september 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 ... http://www.stocktonrealestatespecialist.com/hold-on-folks-it-may-be-a-bumpy-ride 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 ... http://www.stocktonrealestatespecialist.com/new-wave-of-forelosed-properties-set-to-hit-market-in-october Check out this story on how the city of Stockton is paying Nick Terlouw to paint abandoned homes...  well, not the homes but the lawns of the homes....Green.  It adds curb appeal, and makes the house look more lived in, for $200, per lawn...   and I still fertilize, and weed, ... http://www.stocktonrealestatespecialist.com/green-lawns-for-everyone According to RealtyTrac, Stockton, California reported the highest foreclosure rate among the nation’s 100 largest metro areas from Jan to Jun 2007, according to RealtyTrac, an online marketplace for foreclosure sales. Detroit and Las Vegas documented the next highest foreclosure rates. RealtyTrac’s 2007 Midyear Metropolitan Foreclosure Market Report showed the foreclosure ... http://www.stocktonrealestatespecialist.com/stockton-ranks-number-one California homes sales from from August 2007 to 2008 are up, which could be viewed as positive except the number of "organic" sales as a percentage of total sales is decreasing. Link to a great article from Mr. Mortgage follows: View article... http://www.stocktonrealestatespecialist.com/california-home-sale-increase-from-august-2007-to-2008-good-or-bad Check this out, Very Pertinant!! http://www.stocktonrealestatespecialist.com/option-arm-defaults-may-provide-the-next-wave-of-foreclosures Check out this exciting article on Interest Rates!! http://www.stocktonrealestatespecialist.com/interest-rates-are-at-the-lowest-level-since-may