Foreclosure Activity In California Is Up As reported at DSNews.com, ForeclosureRadar, a locally based company that tracks every California foreclosure on a daily average basis, reports foreclosure activity here increased last month. The number of foreclosures that went back to the bank rose 29.4 percent, those sold to a third party rose by 62.7 percent, […]
Monthly Archives:: February 2010
Foreclosure Activity in California is Up Again as Stalemate Continues
With hundreds of thousands of California homeowners in foreclosure, a stalemate continues as only a small percentage reach the end of the process through cancellation or sale, and the time to foreclose stretches. Once again the raw numbers fail to tell the full story due to the difference in the number of business days in […]
Banks Plan to Clear Books By Turning To Short Sales
Now short sales are growing at a faster rate than foreclosures and most economists expect the distressed home market to have a 5% increase in the number of short sales this coming year. That expectation combined with the fact that banks generally lose 20% more on a foreclosure than a short sale make it no […]
Housing Market Turnaround Up To Banks
People are buying up short sales and foreclosures at the expense of conventional sales and if the housing market is ever going to recover, the banks need to get short sales closed at a much quicker pace. The average short sale length in some communities has increased to 298 days and even up to a […]
Banks Have No Control Over Collections Process
Having wored on numerous short sales, I have often wondered about the banks’ apparent lack of control over collection policies. This is especially true if the loan is a subordinate lien. The demands made of the sellers by these second liens are far beyond reasonable, even more so if the subordinate lien has already been […]
Foreclosure Numbers Down, But For How Long?
According to the February 15th story in Property Wire US property foreclosure figures easing, defaults are down 12% from December but stayed 4% above levels in January 2009. Foreclosures are down 11% from December and remained 15% above levels in January 2009. However if the market does what we expect and stays consistent with the […]
Making Home Affordable Program Fails – Long-term Problem, Short-term fix
Housing advocates and politicians are pressuring the administration to make changes to the Making Home Affordable program as the housing crisis continues to grow. The suggestions to retool the program are justified. A few facts follow: · Less than 200,000 homes owners have received permanent loan modifications even though it is estimated 3 to 4 […]
TransUnion Reports Mortgage Delinquencies Increase 50% Compared to Last Year!
The percentage of borrowers at least 60 days past due on their mortgage increased for the 12th straight quarter, hitting 6.89 percent by the end of 2009, according to new data released by TransUnion Tuesday. That%u2019s an all-time high in the credit bureau%u2019s study, dating back to 1992. This statistic, which is traditionally seen as […]
Sac Bee Exclusive: Region’s shuttered stores tell a thousand stories
An empty shell occupies 9,500 addresses across the Sacramento region %u2013 one closed business for every six still open, according to a Bee analysis of U.S. Postal Service data. That’s more dormant businesses than in 17 entire states, including Utah, Arkansas and New Mexico. You can see it on Madison Avenue in Fair Oaks, where […]
CA Foreclosure Law – Civil Code 2924
Download now or preview on posterous CA Foreclosure Law – Civil Code 2924.pdf (104 KB) We process more Stockton short sales than any other short sale agent in the Central Valley. We receive numerous requests for information on the California foreclosure process. A copy of CA Foreclosure Law – Civil Code 2924 follows. Please call […]
Home Buyer Tax Credit Timeline!
Check out this website I found at bankrate.com Time is running out to take advantage of the home buyer Tax Credit. Visit www.homes-in-stockton.com to view all the Stockton homes for sale! Posted via web from www.Homes-In-Stockton.com Posterous
Washingtonpost.com reports 9.1% of borrowers had missed at least 3 months of payments in December!
http://www.washingtonpost.com/wp-dyn/content/article/2010/02/01/AR2010020103 527.html?hpid=topnews Posted via email from www.Homes-In-Stockton.com Posterous
California $1M-Plus Home Sales Drop 24%: DataQuick « HousingWire
Monday, February 8th, 2010, 2:41 pm Million-dollar home sales continue to decline in California, as price declines are bringing homes below the $1m threshold and hesitant buyers have yet to return to the market, according to property data provider MDA DataQuick. A total of 18,621 California homes sold for $1m or more last year, down […]
10 steps to ‘short sale’ buying
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 […]
Short Sale Fraud
In the recent article posted by Karl Denninger entitled New Short Sale Fraud Allegations: Second Liens, The subject of fraud with short sale subordinate lien holders is discussed. Unfortunately since second lien holders frequently, get 10% or less, they often request funds off the HUD to be brought in by real estate agents or the […]
Short Sales are Risky for Homebuyer Tax Credit
In the article titled Homebuyer-Tax-Credit-Deadline-Freezes-Out-Short-Sales By Steve Cook at Real Estate Economy Watch, Mr. Cook discusses the unpredictable and lengthy nature of short sale transactions. In particular, he focuses on the inability to rely on a short sale timeframe to guarantee qualifying for the Homebuyer Tax Credit which requires that a buyer be under contract […]
Chase violates Treasury Dept. rules when denying some loan modifications!
Several distressed homeowners who may be eligible for loan modifications were denied by Chase for a reason that violates the Treasury Department’s rules, according to a recent report from ProPublica, a nonprofit news organization. ProPublica said that six troubled homeowners had been denied loan modifications by Chase Home Finance, JPMorgan’s mortgage servicing arm, on the […]