California Foreclosure Update
Recent articles are once again alarming in the REO world. California had a huge jump in Foreclosures once again after the lifting of annual holiday moratoriums combined with Robo Signing & Mers obsticles. Here are a few reasons you need to get some REO training if you want to survice in 2011 and beyond selling RE in CA:
THIS JUST IN. 4 FED PROGRAMS TO BITE THE DUST
On the chopping block are the Home Affordable Modification Program (HAMP), HUD's Neighborhood Stabilization Program, the Federal Housing Administration (FHA) Short Refi Program, and the Emergency Homeowner Relief Fund passed under the Dodd-Frank Act.
If you have read any of my blogs you will not be too surprised to hear I TOLD YOU SO when it came to HAMP. I will not shed a tear as a matter of fact Hip Hip Horray! I guarantee this will add to the REO pool but at least we will not longer be attempting to cut our arm off with a butter knife!
YEAR END 2010
Foreclosure sales accounted for 26 percent of U.S. home sales in 2010, with those properties selling for more than 28 percent less, on average, than homes not in the foreclosure process, data aggregator RealtyTrac said in its latest report.
RECENT INCREASE IN DISTRESSED PROPERTY SALES
Distressed Homes Accounted for Nearly Half of January Sales "Already in January of 2011, in the key state of California, the survey found distressed property transactions account for 66 percent of the market".At the end of 2010 a total of 831,574 U.S. residential properties either owned by banks or in some stage of foreclosure sold to third parties in 2010. By: Carrie Bay DSNews 2-22-2011
THE FUTURE OF REO'S IN CA & USA
The catch-22 for 2011 is that while accelerating foreclosure sales will help clear the oversupply of distressed properties and return balance to the market in the long run, in the short term a high percentage of foreclosure sales will continue to weigh down home prices," said RealtyTrac CEO James Saccacio.
TIME TO GET SOME REO TRAINING? COME LEARN HOW THE REO MARKET WILL IMPACT EVERY ASPECT OF YOUR REAL ESTATE CAREER IN THE NEXT 3-5 YEARS.
VISIT OUR WEB SITE AT www.SilverLiningWorkshops.com and check out our calendar of our
UPCOMING LIVE REO WORKSHOPS - REO 101 & 102
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