Spring Brings Sales - In Foreclosures - VI

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

Spring Brings Sales - In Foreclosures - VI

Another Friday, and time for the weekly report on the legal notices about the upcoming foreclosure auctions in the Pierce County area. 

As those who have been following this for a bit know, about two months ago there was a spike in listings with 40 one week, since then the numbers have been going down and up, but mostly down.

Today's TNT legal notices showed only 4 (four) listings for upcoming foreclosure auction sales at the County Building.  All four were fore sale date of June 28th -- so they were getting out their one month notices.

Perhaps with the rising values for real estate, the banks are moving to do their sales differently at this point.  They may be processing more as short sales before getting tied into doing foreclosure sale.

At the same time, with the volatility of the mortage rates at this time, they may find that may not be as lucrative as they thought due to the long turn times most short sales have, and that some of the potential buyers may decide to go with something they can get right away - during their lock period.

How are things going in your locale?

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 (2)

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

The key for the market will be when they start getting released to be sold.

Jun 01, 2013 08:08 AM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Than -- that is the point.  I was talking to my brother yesterday and the bank that owns a home down their street, has let it go so bad, that the entire roof is covered in moss, and there is a hole in the roof, that goes down through the bedroom and into the dining room on the first floor, which has not been sealed, so there is mold all over.  Now appears only good for tear down.

Jun 01, 2013 02:21 PM