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.
Monthly Archives:: March 2009
Fixed 30 year mortgage averaged 4.85%, 15 year 4.58%. Lowest rates since tracking began in 1971!
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 […]
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. Article
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. NuWireInvestor Article
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. HousingWire Article
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! Bloomberg Article
Great new foreclosure site. Check it out! http://www.foreclosures-in-stockton.com/
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 […]
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 […]
Citi is moving forward with the multi-million dollar face lift of their New York headquarters. When will the insanity stop? Meanwhile I continue to experience nothing but frustration with Citi’s loss mitigation department in my ongoing effort to negotiate Stockton short sales. Yahoo! Finance
American Home Mortgage Servicing, Inc., the country’s largest independent mortgage servicer has been sued by hedge fund investor, Carrington Capital…and now AMHS is counter suing alleging racketeering. Meanwhile the number of Stockton foreclosures and short sales is growing. Can’t they all just get along? HousingWire.com Article
FHA first payment default rate are increasing dramatically as FHA becomes the only game in town for buyers with less than perfect credit and minimal downpayments. The same unscrupulous lenders that got is into the sub prime mess are now pushing FHA. /t compound the losses FHA has recently increased their lending limites and The […]
Credit card defaults are up and expected to be double digits as the economy continues to tank. Yahoo News Article
February volume of Notice of Defaults, auction sales and negative equity at time of foreclosure SURGED over 20% . No surprise. Will only get worse as the lender and servicer moratoriums are lifted. We expect the number of Stockton short sales and Stockton foreclosures to increase dramatically over the next few months. HousingWire article
I have a friend that hasn’t made a full mortgage payment to Citimortgage in a year and they have not foreclosed. Only recently have the threats of foreclosure started. Citi has been delaying the process and accepting substantially discounted payment. Maybe this is why they were “profitable” the first quarter. Stay tuned, I expect many […]
Over 10% of loans are past due or in foreclosure. Expect may great Stockton real estate bargins as inventory builds and the “business saavy” banks slash prices! Bloomberg article
Cash investors are back and snapping up bargains. Banks are willing to accept a cash offer for less than a offer with financing to close fast and get the inventory off the books. Now is the time to buy Stockton real estate and short sales. Rent the property and have a positive cash flow. dailybusinessreview.com […]
My understanding is that 10- 15% of homeowners in trouble will be helped by the Obama plan. Probably less in the Central Valley. Nationwide 60% of households have the credit score necessary to purchase a home and only 20% have the necessary down payment. Again, probably less in the Valley. It is also estimated that […]
H.R. 600 is under consideration in the House of Representatives. If passed, it will restore a lending practice that was barred last year with the passing of the Housing and Economic Recovery Act of 200, seller funded down payment assistance. This type of lending is destructive for our housing market and the nation’s economy as […]
On Sept 5th the State of California imposed a 60-day moratorium on Notice of Defaults and Trustee Sales, the SB1137 law. A Notice of Trustee Sale is required before a lender can foreclose on a home. The law essentially delayed the inevitable. REO inventory we had listed for Wells Fargo, Countrywide, Indymac and Old Republic […]
In the last week we have received short sale approval for 4 transactions. 5 others have had appraisals or BPOs completed. It appears that the banks are getting serious about pre-foreclosure sales. Fannie Mae has announced that they will no longer cut agent commissions on short sales. Another way to encourage short sale volume.
California’s unemployment exceeded 10% in January. The highest rate in 26 years. Industries being hit hardest are retail, aerospace, film and construction. The healthcare sector had a net job gain.