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

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 […]

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.

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 […]

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 […]