Does not appear the real estate market will be out of the woods anytime soon. Click here to watch the video! We continue to see a large number of Lathrop short sale, Manteca short sales and Stockton short sales being listed. We expect to see the number of Stockton homes for sale to increase dramatically […]
Posts Tagged: Short Sales
HUD Secretary to Request Higher Lending Standards
Housing and Urban Development Secretary Shaun Donovan to tell the House Financial Services Committee to require larger down payments by borrowers, increase the minimum required credit scores, and limit kick backs from sellers, including closing costs and upgrades. Due to previously relaxed lending standards that fed the now imploded housing bubble, the lending standards must […]
Home sales down 2.7% in August
According to the NAtional Association of Realtors, after four months of gains homes sales fell in August but still remain slightly above one year ago. Read article here
Foreclosure prevention plan won’t help ARM resets
At a meeting held on mortgage fraud this Thursday, two state attornery generals recommended immediate improvements to the government’s current foreclosure prevention initiatives due to the onslaught of impending ARM resets. Read the artcle here
Two California Banks Fail
Vineyard Bank NA in Rancho Cucamonga and Temecula Valley Bank inTemecula both suffered the same tragic fate last week. Read full article here.
Opition – ARMs worse than subprime
Very interesting article from Tim Iacono From July 13th, 2009. read here
Delinquency rates on least-risky mortgages more than double
According to a report just released by the Office of the Comptroller of the Currency and the Office of Thrift Supervision, delinquency rates on the least-risky mortgages more than doubled in the first quarter from a year earlier as U.S. efforts to help homeowners failed to keep pace with job losses that pushed more borrowers […]
Mortgage Problem goes Prime-Time!
Loan modifications were reserved for the subprime market but as the prime mortgage market starts to meltdown efforts to modify prime loans are increasing. I showed a REO last week that was listed for 689k. Last sold for 1.4k. Home next door was listed for over 1.5k. Don’t think the 1.5k home will be selling […]
Home prices down 41% compared to a year ago!
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
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
Stockton’s average price per square foot down to $97 in September!
The average price per square foot in Stockton has fallen to $97. This compares to $176 a square foot last year at the same time. The trend is not looking positive as more REO inventory is expected. Prices are significantly below replacement cost.