Spring Brings Sales - In Foreclosures - IV

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

Spring Brings Sales - In Foreclosures - IV

Here we go again, with the numbers climbing again this week.  There were sixteen foreclosure sales listed in the legal notices section of the local newspaper (The Tacoma News Tribune).  This is equal to the total of the last two weeks combined.

Of these, fifteen of them were for sales to be taking place next Friday, May 24th. So it looks like the county courthouse 2nd floor entry plaza will be a busy place in mid-morning. The other one was set for sale on June 20th.

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 (6)

Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Hopefully the foreclosure numbers will not be so prevalent in the future. The process is so managing for those involved.

Make it a great weekend!

May 17, 2013 08:31 PM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Steven, I've seen the banks starting to accelerate their foreclosure listings in my area.  I wonder if this is just temporary or a trend?

May 17, 2013 09:37 PM
Than Maynard
Coldwell Banker Heart of Oklahoma - Purcell, OK
Broker - Licensed to List & Sell - 405-990-8862

Summer time? But it is too late to get through the process and get them on the market. I think the market is improving and they are now booting more people.

May 18, 2013 07:10 AM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Joe -- yes - hopefully they have gotten through most of them, but from other things I am reading/hearing I don't think that has happened here yet.

Gabe -- We had a lull from fall until after the start of this year, due to change in law in 2011.  Don't know yet if it is temporary or a trend.  That is one of the reasons I thought I would report it for a while to see if we could figure it out.

Than -- All but one of yesterday's listings are scheduled to sell next Friday.  If they all go, I would think that well connected buyers who plan to flip them could still get them fixed and back on market before August ends.

May 18, 2013 02:52 PM
Laura Giannotta
Keller Williams Realty - Atlantic Shore - Little Egg Harbor, NJ
Your Realtor Down the Shore!

I am getting a lot more calls for BPO's so I think the banks are getting ready to move here in NJ too.

May 19, 2013 09:21 PM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Laura -- hopefully they will accept BPOs that are relatively near the true value, instead of the Fannie program of requiring them to be 20-30% above marker.

May 20, 2013 02:47 AM