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U.S. foreclosure filings? The party is over....again!

By
Real Estate Agent with Brokered by eXp Realty LLC SL # 3014652

Interesting article that I found today on my Yahoo news alerts. The actual article is through Reuters news wire. It talks about the temporary moratoriums on failing mortgages and or the properties that were headed into foreclosure.

I guess you would have to call this a short grace period but the party is over now. I'm not sure what affect this really has other than being a band-aid...well now the wounds are going to open again and the bleeding will continue.

If you want to read the entire article ...you can find it >>>HERE

For more information please contact Neal The Real Deal Bloom-Realtor® /Keller Williams Properties

                                                                                       Weston Realtor(R) Neal Bloom-copyright 2007

1625 N. Commerce Parkway,Suite 105

Weston FL 33326

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Neal Bloom

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Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

It was all over the news earlier in the week. There are over 700,000 foreclosures that the banks have not even released back on to the market yet.

Apr 16, 2009 12:29 AM
Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

Neal - Wowsers!  I think we need some stitches... bad.

Apr 16, 2009 03:15 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Neal, all these band-aids are only prolonging what needs to happen, and we will not see a recovery until it does.  It is better to bit the bullet and let the foreclosures take their natural course, then prolonging what is going to end up failing any way.

Just my opinion and that and $2 will get you a cup of coffee at your favorite coffee shop.

Apr 16, 2009 09:16 AM
Neal Bloom
Brokered by eXp Realty LLC - Weston, FL
Realtor CRS-Weston FL Real Estate

Bill,

I agree that inventory is much lower now than a year ago and that's because banks are holding their inventory,but they really need to start repackaging some of them and sell.

Jason,

I think more like staples.

George,

First I'll tell you that I don't agree you can get a good cup of coffee for $2...well maybe at my favorite place...Dunkin Donuts but not that designer coffee over at Starbucks.

As far as letting nature take it's course...maybe on some but why would a bank not accept a short sale offer because its not high enough and then let the property go into foreclosure...hold for long periods of time and then end up selling the property for less then what they could have gotten for the short...that to me makes no sense...but I do value your opinions.

Apr 16, 2009 10:00 AM
Esko Kiuru
Bethesda, MD

Neal,

The temporary moratorium is over and lenders are starting to release properties into foreclosure. But, as has evidently happened in the past, they'll do it gradually, so as not to totally flood the market. We'll see how it plays out.

Apr 16, 2009 10:40 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Neal, I was referring to foreclosures and all the artificial stuff being done to prolong them, and not short sales, they are a different animal, and I don't see them as band-aid and do make sense for banks to do.

Apr 16, 2009 10:45 AM
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

Inventory is way down in my area and the moratorium on foreclosiures and the banks sitting on properties is exactly why. We will be dealing with short sales and REOs for many years to come. It's only just begun.

Apr 16, 2009 11:31 AM
William Johnson
Retired - La Jolla, CA
Retired

Hi Neal,

They might be curtailed yet once again if the government sets up the Bad Bank to buy up all the bad assets. It will not cover all the potential foreclosures because of unemployment and other factors but it might forestall the lion share. 

 

Here is a newer twist. I was called from a homeowner recently and they mentioned that they have decided to become real estate investors. Their idea is sell the home and purchase investment grade REO's with their equity. When I asked them why, they said that as the foreclosures continue to invade their neighborhood, their equity is depleting and before it completely goes away they want to jump in on other side.

Apr 16, 2009 01:38 PM
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

We have no inventory.  We need inventory or short sales to be approved or something.  It's crazy out there!  I hope they don't all dump at once either.  We are looking at another 3-4 months after the NODs

BLAH.

Apr 27, 2009 02:20 PM
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