Bank of America to help homeowners by reducing mortgage principal, that is over time and you need to qualify. The program is slated to start up in May and might aid some 45 thousand homeowners that’s nationally. With BoA taking on countrywide subprime troubles this seems like a drop in the bucket, with an estimated 11 million homeowners underwater. Maybe some other banks will mirror the same plan, that remainds to be seen.
Borrowers must behind at least two mortgage payments and be way underwater to qualify owing 20% more than their home is worth. It is also limited to borrowers with certain types of riskier loans, such as subprime or loans with a two-year adjustable rate. Lets say you have a balance on you home at 275,000 and your home is valued at 137,500 that’s 50% and that is where the Antelope Valley real estate market is right now. The bank set’s up a special account (interest free with the difference) you keep making you payments (after re-amortizing at the new principal) after the first year the bank reduces the balance of the special account.
Could this move slow the wave of Short Sales coming onto the market not likely with 45K or so able to qualify nationwide and 11 million in distress that still leaves a big number of homeowner needing help. It give the impression that BoA is trying to stem the tide of borrowers from just walk away from their mortgages known as a "strategically default".
Keller Williams Realty AV Ranked #1 in the Antelope Valley 661.733.0508 to list your home.Janet O'Brian is a Certified Short Sales Specialist in California is ready to help you with your Situation… Pre-foreclosures
| Feb | Jan '10 | Dec '09 | Nov | Oct | Sep ' | Aug ' | |
| Listed | 697 | 691 | 598 | 756 | 659 | 701 | 691 |
| Pending | 623 | 556 | 507 | 667 | 593 | 725 | 564 |
| Sold | 362 | 369 | 517 | 565 | 549 | 564 | 612 |
Dailys* Statistics
track the
current Real
Estate Market in
the
Antelope Valley, Palmdale
& Lancaster.
| New Listings | 25 |
| Back on Market | 8 |
| Price Increases | 1 |
| Price Reductions | 15 |
| Pendings | 35 |
| Solds | 19 |
| Expireds | 5 |
| Inactives | 11 |
| Month to Date and Projected open Escrows* | |||
| Total Active | 1,274 | ||
| Total Active Core Area | 868 | ||
| Total Active REO's | 213 | 4 | Added |
| Total Short Sale | 293 | 7 | Added |
| Pending MTD/Projected | 517 | 641 | |
| Sold MTD | 348 | 432 | |
| Sold Last Month / % of Difference | 369 | 16.94% | |
| Last Year Month / % of Difference | 600 | -28.08% | |
| Active Listing Mix (Core) | |||
| REO % of TTL | 24.54% | ||
| Short Sale % of TTL | 33.76% | ||
| REO+SS % of TTL | 58.29% | ||
| Normal % of TTL | 41.71% |
Absorption Rate*
Current Month 1.7 Months
At Last Months Rate 2.4 Months
Historical High Active Listing - 5300+ Mid 2007 - Within the last 3 years our Low Active Listing were under 700
Richard & Janet O'Brian Real Estate Agents in California work with buyers of all types, from first time, to investors, please let us work for you! Call us today. If you are looking for an aggressive Team to find and fight for the best deal call us or visit out website http://www.homesbyjr.com/. Or Keller Williams Realty AV
Janet O'Brian is a Certified Short Sales Specialist by the National Association of Realtors® (SFR) and is ready to help you with your situation please visit her web-site.
(Quick Mapping Links for Core Areas)
Palmdale
Lancaster
Ana
Verde
Ritter
Ranch
Quartz
Hill
Leona
Valley
Lake
Hughes
Lake
Elizabeth
*The Core Nunbers do not include outlying segments of the Antelope Valley or out-of-area properties. Lancaster, Palmdale, Quartz Hills, Leona Valley, Antelope Acres, Lake Elizabeth, Lake Hughes, Littlerock, Lake Los Angeles, Green Valley and Juniper Hills are included in the core grouping. All figures are Single Family Residential only.
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