Whatever the experts want to call it, it's good! Who are the experts, and why do they continue trying to predict the future? Are they trying to be the next Nostradamus? Way back around August or September of 2009, experts predicted that the banks would release a flood of foreclosed properties into the marketplace in April or May of 2010 and virtually destroy any recovery that seemed to have been taking place. Didn't happen. Since it didn't happen, around August or September of 2010, experts predicted that the banks would release a flood of foreclosed properties into the marketplace … (17 comments)
Foreclosures continue to drop in San Diego County According to RealtyTrac, an online marketplace specializing in foreclosures, foreclosure activity in San Diego County fell fell more than 37% in July 2010 over July 2009. "Foreclosure activity" includes notices of default, scheduled auctions, and bank repossessions. ForeclosureRadar.com, an online site that tracks foreclosures in California, reported a 36% drop, statistically the same as RealtyTrac. The news is just as good for California, with foreclosure filings decreasing more than 38% in July 2010 over July 2009. According to Sean O'Toole, CEO of ForeclosureRadar, "There just aren't that many mortgage foreclosures in the … (8 comments)
Federal government adds $3 billion to foreclosure prevention funds The federal government has added $2 billion to the Hardest Hit Fund, managed by the Treasury Department, and another $1 billion to a new program under the Department of Housing and Urban Development that was authorized by the new financial overhaul law. The Hardest Hit Fund, initiated in February 2010 and expanded in March, helps finance agencies in the seventeen states that have higher unemployment rates than the national average. It creates local aid programs, and California will receive the largest share, $476 million. The program from the Department of … (3 comments)
foreclosures: Real estate news with your Realtor, Jim Frimmer: San Diego County foreclosures fall 30%
- 06/15/10 01:01 PM
RealtyTrac in Irvine, California, reports that foreclosures in San Diego County feel almost 30% from May 2009 and almost 2% from April 2010. Their foreclosure numbers, however, include default notices, foreclosures, and other actions without defining what those other actions are. Nonetheless, since RealtyTrac is consistent each month in what their numbers include, comparing them month to month and year to year is valid. I find it interesting that James Saccacio, RealtTrac's CEO, said that "[O]verall foreclosure activitity [is] leveling off while lenders work through the backlog of distressed properties that have built up over the past twenty months." Although both prices and … (3 comments)
foreclosures: It was only a matter of time before the attorneys got involved....
- 02/28/10 02:18 PM
There is an advertisement in today's paper from an attorney titled “Homeowners suing banks.” The title didn't exactly lead one to believe that the attorney was wanting to find homeowners who would be interested in suing banks, but that's basically what it is. Following is the advertisement, and I didn't bother censoring his name and phone number. There is one phrase that really bothers me. See if it bothers you, too, before scrolling to below the picture.
I don't have a problem with people providing legitimate services under the law, but the phrase that bothers me is about being "tired of paying … (5 comments)
foreclosures: December 2009 San Diego County foreclosures spike while default notices decline
- 02/06/10 10:03 AM
Notices of Default in San Diego County dropped in December 2009 to 1,878, the lowest number since November 2008. A Notice of Default is the first step by mortgage holders in foreclosing on properties where owners are behind on their mortgage payments. The fall in the number of default notices could indicate that mortgage lenders are working with owners to work with owners to modify mortgage loans or to sell the property for less than the currently owed mortgage balance, called a short sale. Another possibility is that mortgage lenders are waiting as long as possible before issuing default notices in … (6 comments)
foreclosures: No wonder banks can't sell those REO's....
- 09/18/09 01:27 PM
....They are too busy partying in them! It seems that at least one bank executive apparently read my blog post about partying in vacant, foreclosed homes. Just three hours north of me, a Senior Vice President with Wells Fargo apparently spent the summer having parties in a foreclosed $12 million beach house in the Malibu Colony. In her case, though, she made it easy to host parties by simply moving right on in shortly after the home was surrendered to Wells Fargo in May. PARTY! Now Malibu, especially Malibu Colony, is no simple upper middle class enclave. It is for the rich … (18 comments)
foreclosures: San Diego County libraries offering seminars about the foreclosure process
- 01/21/09 02:11 AM
Are you facing foreclosure and not sure which way to turn? It can be a daunting process and a life-altering event, so help is on its way. Starting Saturday, January 24, and continuing for the next three months, several San Diego County libraries will be hosting free counseling events about the California foreclosure process. Homeowners will be able to get helpful information from experts in the legal and housing industries and attend seminars on credit management, mortgage loans, bankruptcy, and consumer protection. Space is limited, so while the seminars are free, you must register to reserve your space. Call 800-462-0503 Seminars … (2 comments)
"Magic Bus," The Who The newspapers the past two days have had several stories about the city of Chula Vista, which has been hard hit by foreclosures. On one block in one neighborhood, both sides of the street, there were 15 foreclosures in 19 houses, and the picture in the paper showed some people getting off a bus in front of a lot of for sale signs. The bus had "HomeRepoTour.com" on the front and I was wondering where to join the "tour." Today I found one of the busses, if not the only bus … (4 comments)
foreclosures: Lies, misstatements, lack of memory, just don't know.... things like that
- 10/30/08 07:02 PM
Even though the Seller's Transfer Disclosure Statement rarely has anything of value on it, there are those times when the cracked slab or the roof leak actually are disclosed. Consequently, I'm not sure I will ever fully understand why banks and landlords who have never lived in the property are exempt from providing them. I understand the theory behind the exemption, but it seems to me that a very easy way around this problem would be to have the banks and landlords get a pre-listing inspection. That would provide them with a great disclosure document and make things go … (6 comments)
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