Spring Brings Sales - In Foreclosures - III

By
Industry Observer with No Longer Processing Mortgages. MLO #293441 expired

Spring Brings Sales - In Foreclosures - III

As we continue through this spring (acting more like summer here in the Seattle Tacoma area) - the foreclosures continue to show up in the legal notices section of the newspaper.

For those who missed it, two weeks ago, there were 40 listings in the local paper. Last week it was 10 and this week it is only SIX.  However, unlike last week when the announced dates of sale went out 30 days, this week they are ALL SIX for next Friday!

Earlier this week, the news reports came in from Realty/Trac Inc. that Washington to was bucking the national trend on foreclosures.  Though nationally the numbers had dropped about 20-30% from April of last year to April of this year, in Washington State there were about 80% MORE properties in some state of foreclosure than in April of 2012.  That meant that in April there were over 3,250 properties in some stage of foreclosure in April 2013.

 

Posted by

 

Steven CookSteven T Cook
Loan Officer, MLO-293441      

Cascade Pacific Home Loans  NMLS ID 76988
720 S 333rd St  Federal Way  WA  98003
Office 253-874-1111 | Cell 253-677-1064
Toll Free 1-800-874-8760 | fax 253-295-3901
scook@cphloans.com | www.bayeq.com

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Comments (5)

Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Some banks are accelerating their time line and bringing more properties to market as they sense a better market.  In Florida, the legislature has made it a bit easier to go through the process and I'm expecting higher numbers here as well.

May 10, 2013 10:10 PM
Than Maynard
Coldwell Banker Heart of Oklahoma - Purcell, OK
Broker - Licensed to List & Sell - 405-990-8862

Improving markets have a tendecy to get the REO companies off their butts and they stop trying to work with the owner when the REO company has a better chance of a fast sale or higher sale (lower loss).

May 10, 2013 11:49 PM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Gabe -- with the change in the state law, the banks had to go back and jump through a couple additional hoops before they could move them to market -- and that backlog is starting through the pipeline now.

Than -- though there has been a bit of an improvement here - it hasn't been as great as other areas.  Biggest driver right now seems to be low inventory.

May 11, 2013 02:04 AM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Steven, This is another example of how real estate is local.  We know the banks have shadow inventory and many are not proceeding with foreclose action even when they can.  Why this is the case ... I don't know.

May 11, 2013 11:49 AM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Kathleen -- you are right about the shadow inventory.  When it comes loose, we could all be overwhelmed.

May 15, 2013 06:25 AM