Stockton Foreclosure Inventory Expected to Increase!

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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.

Expect more high-end Stockton Real Estate Foreclosures

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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

FHA First Payment Defaults Skyrocketing!

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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 […]

Watch out California….here comes the foreclosure wave!

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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

Citibank profits

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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 […]

There they go again…a new bill in the House of Representatives would bring back 100% financing!

Posted by & filed under Stockton Real Estate.

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 […]

California housing market hitting bottom?

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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 […]

Stockton Short Sales Being Approved at Record Rates!

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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.