The housing inventory levels in California are very low. First time home buyers are competing unsuccessfully with cash investors for homes dominated by REO and short sales. Just when you thought the situation could not get any worse in steps FHFA and Fannie Mae. In a secretive behind closed doors deal, 500 Southern California REOs are being sold to an “unnamed” investor. I am confident this is not a sweetheart “good old boys” network deal designed to benefit the participants at the cost of the taxpayersJ When is the corruption, manipulation and rigging of the housing market going to end? We all know of homeowners who have not made payments for literally years and not a word from the bank regarding the foreclosure process. Will the banks be off loading the delinquent loans through sweetheart deals to investors? What impact would such deals have on the Stockton real estate market, Lathrop real estate market, Ripon real estate market, Manteca real estate market, Lodi real estate market, and Tracy real estate market? Who knows…stay tuned!
Pat Holkesvig is a leading Central Valley Real Estate Specialist. She is well versed in the Central Valley Real Estate Market and has negotiated many Central Valley Short Sales and Central Valley Foreclosure Sales.