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
Posts Tagged: Foreclosures
Stockton Short Sales
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 […]
Your tax dollars at work….Citi continues with headquarter renovations!
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
It’s going to get ugly!
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 Defaults Skyrocketing!
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!
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
Here comes the foreclosure tsunami! Foreclosure filings up 30% February
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 is still king!
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 […]
Open the market to well qualified investors!
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 […]
California housing market hitting bottom?
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!
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.
Produce the Note!
Interesting new catch phrase sweeping across the country “Produce the Note”. Homeowners facing foreclosure have found a way to stick it to the banks. Essentially what is happening is that homeowners are filing the paperwork necessary to require the foreclosing bank to produce a copy of the original note. Doesn’t sound like it should be […]
CoRE #118 Blog Submissions
Step RIght Up and See whats behind the Curtain in this weeks Carnival of Real Estate!! Here are ALL of the blog posts that were entered for consideration. All Here and All good. Grab yourself a Cup of your favorite Thanksgiving beverage and come on it, Everyones Invited! Jim Reppond presents Google Mobile with Voice […]
JPMorgan puts foreclosures on hold for 90 days!
JPMorgan won’t be placing any new home into foreclosures for 90 days. It is a start. Will be interesting to see if there is any impact on inventory and ever declining prices. Link to article follows: BusinessWeek.com article
Why would mortgage servicers rather foreclose than modify?
Because it is more profitable! The companies servicing loans typically will make more money foreclosing on a loan versus modifying it; giving the servicers very little incentive to help out owners. An article to a CNBC artile outlining the details follows: Why Banks Are Reluctant To Redo Ailing Mortgages More than one million homes are […]
New wave of foreclosed properties set to hit market in October
The housing bill did away with Buyer’s Assistance Programs effective 10/1/08. As a result, the bank asset managers were focusing on closing pending transactions in September and let the processing of new foreclosure properties slide. We’re seeing a flurry of activity now as the asset managers play catch-up. Look for a new wave of foreclosures […]
Short sale opportunities
There are opportunities to purchase homes at value prices through the short sale process. Unfortunately the mortgage servicers are making the process in some cases a REAL challenge. The benefit to the owners of the mortgage is that they can sell the property before going through the expensive foreclosure process. The benefit to the seller […]