short sales: Loan modifications and short sales are gaining traction in California - 05/16/10 03:59 PM
 
 
ForeclosureRadar: Cancellations up 174% year-over-year Foreclosure cancellations in California skyrocketed 174 percent year-over-year in April, according to a report by foreclosure data company ForeclosureRadar.
At the same time, foreclosure filings in the Golden State fell month-to-month for the first time since January. Notices of default fell 41.2 percent year-over-year and 16 percent month-to-month, while notices of trustee sale were down 3.1 percent year-over-year and 10.3 percent month-to-month.
Cancellations jumped 11.4 percent month-to-month and 174.4 percent since April 2009.
“The steady rise in cancellations leads us to believe that loan modifications and short sales are gaining traction,” said Sean O’Toole, … (1 comments)

short sales: How To Buy Distressed Properties In A Period Of Rising Inventory - 04/15/10 03:12 AM
 
Foreclosure filings rose close to 20 percent nationwide last month versus February, according to foreclosure-tracking firm RealtyTrac.com, and for the 13th straight month, total filings topped 300,000.
In addition, bank repossessions reached an all-time, quarterly record. Through the first three months of 2010, banks reclaimed more than 257,000 homes.
Nonetheless, 4 states dominated foreclosure activity nationwide.
California, Florida, Arizona and Georgia accounted for more than half of all bank repossessions. It's a disproportionate distribution of foreclosures. Together, the 4 states represent just 23 percent of the overall U.S. population.
The RealtyTrac report revealed some other interesting statistics, too.
Foreclosure activity … (0 comments)

short sales: There will be no California taxes on forgiven distressed mortgage debt - 04/08/10 02:44 PM
Finally, thousands of people across all of California can relax a little. They no longer face a double whammy of losing their homes - and then a big state tax bill on the forgiven debt. Hours ago California state lawmakers passed legislation that will exempt borrowers who lost their homes to foreclosure or short sales since January 1st,  2009, or got certain types of loan modifications from state taxes that can run into thousands of dollars. And spokesman Mike Naple, for Gov. Arnold Schwarzenegger, said he will sign it. Reaction came pretty fast throughout the state. Sacramentan Debbie Wong, who sold … (0 comments)

short sales: Short Sales are Rapidly Becoming Both Easier and Faster - 03/29/10 05:36 AM
Short Sales are Rapidly Becoming Both Easier and Faster
NEW YORK (CNNMoney.com) -- Short sales are the hottest thing going in the distressed-property market, and the trend is expected to get even hotter in coming weeks, when the government starts handing out cash to encourage lenders to close these deals.
"Banks have ramped up short sale approvals," said Duane Legate of House Buyer Network, which connects short sellers with buyers. "They're hiring a lot of the people who once worked in the mortgage-lending industry and moved them over to short sales."
These transactions, where lenders allow homeowners to sell their … (0 comments)

short sales: Years after Loan Default, Homeowners May Still Owe - 03/23/10 04:05 AM
Homeowners defaulting on mortgages today may be surprised to learn years from now that they still owe thousands of dollars—and a collection agency is coming after them to get it.
That’s because lenders have been quietly selling second mortgages and home equity lines left unpaid after foreclosures and short sales. The buyers: collection agencies, which in some states have years to make a claim. If they win court judgments, these collectors could have years to pursue borrowers with repayment plans, and even garnish their wages, said Scott CoBen, a Sacramento bankruptcy attorney.
“The only relief a consumer will have is entering … (0 comments)

short sales: Saving Face, If Not the House. Alternatives are expanding. - 02/25/10 05:53 AM
Saving Face, If Not the House   ( From Tuesday’s American Banker Internet.)
After years of talking about "preserving homeownership," the mortgage servicing industry has a new buzzword: finding a "graceful exit" for seriously delinquent homeowners who do not qualify for loan modifications.
 
To move these borrowers out of their homes with a minimum of delay, friction or embarrassment, Fannie Mae and Freddie Mac are telling servicers to increase the use of alternatives to foreclosure such as short sales and deeds-in-lieu.
"Some people just are unwilling or unable to be helped," Eric Schuppenhauer, a Fannie senior vice president, said Wednesday at … (0 comments)

short sales: The number of Southern California short sales increases - 02/19/10 03:53 AM
Here's an article from this morning's Los Angeles Times:
Short sales grow as a cheaper alternative to foreclosure
 
Banks’ resistance to the tricky transactions is softening as the number of distressed properties increases.
 
By Alejandro Lazo,  The Los Angeles Times,   February 17, 2010 | 8:26 p.m.
 
Nineteen months ago, the recession took Bob Walker's job. Then, creditors lined up to take the three-bedroom hilltop home that the computer consultant shared with his wife, Stephanie, a playwright still looking for her first break. Avoiding the stigma and financial fallout of foreclosure became an obsession for the Walkers. They talked … (0 comments)

short sales: Is that short sale listing's price too good to be true? - 02/09/10 01:39 AM

Here's the way the process usually works. A listing comes on the market deliberately underpriced at $199k and attracts 15-20+ offers - the highest of which is probably $225k. That offer is then submitted to the lender who spends the next couple of months processing the offer - including asking a couple of local brokers what such properties have been selling for. ( In this case probably close to $250k.)
Now the lender finally comes back to the original offer with a counter-offer of $250k, and usually the original buyer walks away - as all the other offers did, previously. … (8 comments)

short sales: An early Fall update on South Orange County real estate activity - 09/14/08 07:21 AM
Hello again, and welcome to the Fall Season,
Real estate in our area - South Orange County - continues to follow a path that was established early in the year, where a significant majority - definitely more than 50% - of business going on is the sale of distressed properties, mostly lender repossessions. 
The good news in that scenario is that there are some exceptional buys within those distressed inventories, and frankly, many people are taking advantage of them.  Most of those buyers are non-contingent, and are striking great deals, in their purchases.  These buyers typically either sold their previous house … (0 comments)

short sales: Mid-summer update on Orange County, CA, real estate activity. - 08/10/08 09:41 AM
Here's a link to the latest report on real estate activity in Orange County, as prepared by the president of my company:  http://www.OurAgentSpot.com/sthomas/MarketTime-Aug-7-08.pdf  The report is chock full of graphs and statistics to support his findings.
For a synopsis, Orange County continues to show improvement in two areas - the number of houses going into escrow has continued to climb, while the number of houses on the market - the active inventory - has continued a steady decline.
This situation has gradually improved for the past 3 or 4 months, and has been regularly been reported in this blog.  Some readers, … (0 comments)

short sales: Thinking of buying a foreclosure or short sale, in Orange County? - 05/21/08 08:33 AM
A lot of my clients are asking about foreclosed houses ( houses taken back by the bank. ) or short sales.  ( houses listed for less than the total of loans on the property.)  Such properties make up an increasing percentage of both active listings - about 50% - and houses presently in escrow - more than 50%.
The big difference between the two, is that the bank has already completed the foreclosure process on the first type, and so, a faster, more definite escrow can take place.  Foreclosures account for less than 25% of present listing inventory, but more than 40% of current … (0 comments)

short sales: Real Estate Activity Continues to Improve in Orange County! - 05/17/08 04:37 PM
Here is the latest Orange County Market Report as compiled by the President of our company, Steven Thomas:
Market Time Report: May 15, 2008     Demand Far Exceeds 2007 Levels  
Good Afternoon!  
Demand is not only dramatically surpassing 2007 levels, it is just shy of matching 2006 levels.  The big difference in comparing current demand to demand over the past two years is that it has been improving unabated throughout 2008.  This is so contrary to the constant stream of negative news regarding the housing market.  That is due to the fact that the media is only provided with SOLD data, which is … (0 comments)

short sales: The number of escrows is up, but prices are still soft! - 05/11/08 02:07 PM
      A third of the year has come and gone.  As you may have noticed, a few more listings are coming onto the market.  At the same time, the number of houses going into escrow has also grown.  There are increasing signals that we may be close to the bottom of our real estate downturn.
     The new higher limit "conforming" loans are now taking better shape.  For the first month, as lenders tried to get a feel for them, they were priced substantially higher than the "old" conforming loans - $417,000., or less.  In recent days, however they have come down to … (0 comments)

short sales: Is it getting to be a better time to sell? - 05/11/08 02:00 PM
 

 
Ah, the good old days.  For years and years I could repeat the following mantra, for South Orange County real estate:  Around Super Bowl time buyers would start coming out in droves, and their activity ( opening and closing escrows.) would increase from February 1st, through about the end of July.  Last year was a notable exception, in that things were going great - for about a month and a half - until the sub-prime mortgage mess hit Wall Street and Main Street, in mid March.  So much for history repeating itself.
This year started off the old usual way, … (0 comments)

short sales: More good news for Orange County real estate! - 04/19/08 06:53 PM
Here is the latest report from the President of our company:
Market Time Report:  First Time Home Buyers are Back - April 17, 2008  
Current housing demand continues to outpace last year and the reemergence of first time home buyers is a major factor.  If you listen to or read all the recent reports regarding "sold" statistics for March, one would quickly come to the conclusion that the real estate market is continuing to sputter along at a slow pace.  However, this could not be further from the truth.  Sold activity is a snapshot of the past, about a month and … (0 comments)

short sales: The Orange County real estate market is picking up dramatically! - 04/04/08 01:25 PM
Here is the latest real estate report from my company:
Market Time Report, Dated  April 3, 2008: 
Housing Demand ( Number of homes in escrow.) Stronger than a Year Ago
Good Afternoon!  
Today marks the FIRST time since September 22, 2005 where demand is better than one year ago.  The sold statistics, which garner front page headline attention in most media outlets, will not reflect the year over year statistics until May or even June of this year.  So, you are hearing it here first, demand is actually better right now compared to last year.  You can hear it in our offices too.  Here's the scoop … (0 comments)