Central Valley Foreclosure Rates Down From Last August
November 2, 2010
CoreLogic reported that Stockton foreclosures rate was 4.41% this August, down from last year’s rate of 5.41%.
Stockton’s mortgage delinquency rate also decreased with 14.87% at 90 days or more delinquent down from 15.72% a year ago. This is all good news, but Stockton still struggles with a rate higher than the national foreclosure rate average of 3.20%.
Home Sales Up in US but Down in CA - Lenders Partially to Blame
October 27, 2010
National home sales were up 10% this September according to the National Association of Realtors. Some factors contributing to this growth are low mortgage rates and high affordability, home prices are averaging 22% less of where they were five years ago. Affordability has been influenced by the weakness in home buying activity. September’s home sales are still down 19.1 % from the same period last year and demand for homes has decreased since the homebuyer tax credit expired last April.
However, California hasn’t experienced this national upswing in sales and the downward trend continues to be a problem. Buyers already have concerns about foreclosure reversals and lenders have already limited the number investors due to putting limits on how many properties they can purchase. Wouldn’t it be better to have a strong buyer with 25% down than a high risk FHA buyer at 3.5% down? This perpetuates the problem only causing more defaults. To make matters worse, many lenders are increasing their demands for short sale purchase prices, often demanding prices tens of thousands of dollars over the prevailing local assessed value. This is not only a disturbing trend to short sale homeowners and homebuyers but to the local communities affected. When lenders demand unreasonable prices in a weak market they discourage what few buyers there are, allowing properties, often vacant, to sit for months or even years. It is these types of practices that encourage the increase of city violations, HOA penalty fees, theft, vandalism and vagrant squatters, resulting in a further decrease in local property values.
HUD Secretary - Foreclosure Problems Aren’t Systemic
October 22, 2010
In the Federal Task Force meeting on Wednesday, the Secretary of Housing and Urban Development, Shaun Donovan said they have been aware of violations with certain servicers for some time and they will “take actions”. However, he stopped shy of identifying any systemic problems instead citing isolated non specific problems. More details could become available when the FHA probe is completed in about nine weeks. The Federal Task Force investigation has now shifted to determining whether there was “criminal intent to take a home” “robo-signing” or fraud. Any mortgage servicers found guilty of these actions could face hefty fines or lose their ability to work with the Federal Housing Administration at a minimum. It is still too early to tell which lenders may face charges and what effect any such charges would have on the lending industry as a whole.
Federal Task Force Investigation into Foreclosure Fraud Could Lead to Criminal Charges
October 20, 2010
According to CNN, White House Press Secretary Robert Gibbs the Federal Housing Administration and Financial Fraud Enforcement Task Force are in the process of an investigation into foreclosure regulations and they will expect any bank that violated the law to be fully accountable for those actions. The Task Force is meeting on October 20, 2010 at the Department of Housing and Urban Development. They are planning to determine whether civil or criminal charges will be enforced. There should be a White House briefing after the meeting concludes.
Foreclosures - Suspended or Expedited? Depends on Who You Ask
October 8, 2010
On October 7, 2010, Barack Obama rejected the Interstate Recognition of Notarizations Act, which would require courts to accept documents that have been notarized in another state. Many are calling for a moratorium on foreclosures, stating banks have reclaimed homes on fraudulent documentation. Just last week, Bank of America, JPMorgan Chase and GMAC announced they were suspending thousands of foreclosures due to inaccurate handling of documents. It is estimated that there are documentation problems in 80 percent of currently pending foreclosures.
Just when it seems the government and banks are beginning to act responsibly, Wells Fargo announced they will cease to delay foreclosure proceedings. Wells Fargo cited mortgage investors, including Fannie Mae and Freddie Mac, as the reason for this policy change. Which could mean, other banks will soon follow. This means an active short sale will no longer be an acceptable reason to prevent foreclosure proceedings. For those facing foreclosure on a Wells Fargo loan this means you must act swiftly to complete a short sale or the clock will run out. Unless Fannie Mae and Freddie Mac also act responsibly, all of this is just one step forward and two steps back.
The Good News and the Bad News for San Joaquin
September 16, 2010
Real estate market analysts have been hard at work crunching the latest round of numbers but what does it all mean? Wednesday the news looked optimistic for San Joaquin when it was reported that the area experienced a second quarter decline in foreclosures despite the fact that Stockton still remained 96th in the nation for foreclosures. However on the heels of that report it was announced that US home seizures had reached a new record and are now 25% higher than a year ago and that California accounted for 1/5th of the national total. UCLA economists predicted that California is on the road to recovery, but it will be slow stating that unemployment is not likely to fall below 10% until late 2012. This is something to look forward to for San Joaquin county which currently ranks 99th in the nation for employment and housing prices.
Posted via email from www.Homes-In-Stockton.com Posterous
Tracy, CA, REO Tracy Home for Sale & Tracy Real Estate, 2657 Spencer Ct, Tracy, CA ,95377
September 14, 2010
For information on this and all the Stockton homes for sale visit www.Homes-In-Stockton.com!
Great Tracy REO & Home for sale in one of Tracy’s most desirable neighborhoods! Kitchen boast granite counters and tile floors. Open staircase and floor plan. Built in entertainment niche w/ matching fireplace mantel. Separate family room and downstairs office space. Master bath with walk-in closet, shower stall, and tub. Backyard with swimming pool and concrete patio. Don’t pass it up!
A Glimmer of Hope
August 5, 2010
According to a recent report on CNBC, Stockton’s luck may be changing. More properties that would have previously been lost to foreclosure are instead becoming short sales. According to the report, San Joaquin County foreclosures have fallen from 85 to 68 percent and defaults fell 43 percent in the second quarter of 2010. However due to the tax breaks expiring, the number of perspective buyers has dwindled. With an unemployment rate hovering around 25 percent, Stockton could take a long time to permanently recover
Posted via email from www.Homes-In-Stockton.com Posterous
Stockton, CA, REO, Foreclosure, Brookside, Stockton Home for Sale & Stockton Real Estate, 4235 Annandale Drive, Stockton, CA, 95219
June 29, 2010
For information on this and all the Stockton homes for sale visit www.Homes-In-Stockton.com! Great Stockton foreclosure! Investment opportunity in a great location! This home needs some TLC. Separate Family Room and Formal Dining Area. Master bath with shower stall and separate tub. Dock in backyard with access to the water. Cash offers only as this is a fixer.
10 steps to ’short sale’ buying
February 6, 2010
Bobbi Dempsey one of the authors of “The Complete Idiot’s Guide to Buying Foreclosures” blogs on the following list:
10 steps to short-sale homebuying
1. Identify potential short sales.
2. View the property.
3. Do your research.
4. Find all liens and mortgages.
5. Figure out the financing.
6. Contact the lender.
7. Complete the lender’s short sale application.
8. Assemble the proposal.
9. Negotiate.
10. Seal the deal.
This is a very informative and insightful list which can be read in detail at 10 steps to ’short sale’ buying. I highly recommend that anyone considering buying or selling a short sale property take the time to read this article in its entirety.
