foreclosure: It Isn't Over Til the Large Thyroid Challenged Non Male Person Sings - 12/17/12 01:36 AM

It Isn't Over Til the Large Thyroid Challenged Non Male Person Sings
Foreclosures starts are down consideribly from the peak in 2008 but experts are expecting 1.2 million new foreclosures and 650,000 loan modifications that will             re-default in 2013.  Source LPS and JP Morgan Chase 12/17/2012
Given the horrible loans in FHA products and pipeline this should come as no surprise.  The numbers then include another 530,000 new mods, 1 million foreclosure sales, and 700,000 short sales. 
By the end of 2013 we should see the shadow inventory decline by 380,000 leaving us still with about 4 million properties. So much … (2 comments)

foreclosure: The Foreclosure Market is Over...NOT! - 04/04/11 05:34 AM
If you read any the headlines this morning after the current administration announced it's intentions to run for another term you would think this headline was correct.  The fact of the matter is that there were less than 4500 Successful HAFA transactions completed in February nationwide. Woopie, oh no wait a minute. When your consider that 870,000 loans are seriously delinquent and another 445,000 are in some stage of foreclosure then 4500 seems a bit low, don't you agree?
There was a slight decline in defaults filed.  Not necessarily because all those folks are paying their payments once again but because the lenders are … (3 comments)

foreclosure: BPO vs Appraisal- Vote NOW! - 11/30/10 04:06 AM
I just got off a Linkedin Blog discussion where an Appraiser who is also REALTOR chided us for doing BPO's.  Really?  Should we stop doing CMA's too?  Thanks to HVCC many appraisers come from over an hour away and do not even have access to much of the local data yet they charge 10X what we are paid for a BPO. Sure it is much more work but is it really more accurate in this situation?  Often times the Appraiser never steps foot into any of the homes he or she has used on their appraisal but the local REALTOR who has access to … (4 comments)

foreclosure: OBAMA PLAN PAYS OWNERS TO SELL SHORT - 03/09/10 10:46 AM
OBAMA PLAN PAYS OWNERS TO SELL SHORT
Wow when is this guy gonna stop taking credit for everything ala Al Gore inventing the Internet.  Many posts have popped up in the last few days over the new Government Streamline Short Sale HAFA plan.  He did not invent it, he is not going to oversee it, and it is going to fail just like HOPE and HAMP before it. With more smoke and mirrors another plan emerges to take the heat off the prior failures.
Today's headlines read "Obama Plan Pays Owners To Sell Short".  While there is a $1500 relocation package available … (1 comments)

foreclosure: HOPE, HAMP, HAFA....HELP! - 12/17/09 11:01 AM
Here we go again.  The administration is grasping at straws. Here is their new time line.  First you miss 3 house payments and get your notice of default, then you apply for a government mandated loan modification that takes 3-6 months to be denied, now when that fails you get to apply for another government mandated pre-approved short sale or deed in lieu program, BUT WAIT...that is only for mortgages that the government did NOT buy while they are imposing this mandate on lenders and investors.  It is now 9-12 months later no one has gotten a dime from the borrower.  Not the lender, not the … (1 comments)

foreclosure: The Foreclosure Market Is Over..(NOT), or A Wolf in Sheep's Clothing - 06/19/09 01:43 AM
 I am afraid this is just an old fashioned house of cards and with one good wind it will all blow down.
While I want to be positive and I want the market to recover having cheerleaders from the media, the administration, and our industry mis-quoting the so called real estate recovery makes me very nervous.

Here are some fast facts:


 Of the 150,000 Loan Modifications filed in the newest version of the  admisistations revised Hope for Home"Making Home Affordable" Program only 3560 were successful   * Typical success rate of a government program. There have already been over 1.4 Million … (0 comments)

foreclosure: Certified Foreclosures/Short Sale Specialist...NOT! - 03/01/08 08:43 AM
"CERTIFIED" my foot! I am sure you have all seen them or worse like many have you have paid thousands of dollars for this latest in real estate training scams.  There is no such designation or certification at the National, State, or Lender level that I can locate. Anyone can put some letters together, add a trade mark and call themselves a "Certified" anything. This does not mean a hoot or a holler to the lenders or asset managers that actually assign REO properties to agents and brokers.   
Here is the latest pitch. 
Dear REALTOR are you hungry?  Want to become a millionaire overnight?  Take our 2 to 10 day course (which … (56 comments)