Spring Brings Sales - In Foreclosures - VIII

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

Spring Brings Sales - In Foreclosures - VIII                Gavel

Well, now that summer has arrived, according to the calendar,  I may have to update this title, but in the meantime, it is time to review what happened in the foreclosure listings last week on Friday for the Pierce County Washington area..

Turns out that the numbers went back up again.  There were a total of 13 listings for upcoming foreclosure sales in the paper on Friday.  There was one for July 19th, and about half the rest were for June 28th, and the others for July 26th.  That means there will be six more sales this Friday and then about that many more at the end of next month (not counting the others for July 26th that may show up in this coming Friday's news paper (TNT).

Interestingly, through other sources, Friday's news brought notice that Chase is beginning process of laying off about 1,000 mortgage personnel due to their declining numbers of distressed borrowers.

In other news that was making national news on Friday -- the number of foreclosures was said to be leveling off -- this is another one of those cases when we find that all real estate is local -- and that national averages do not necessarily show up in any given locality.

 

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)

Mike Frazier
Carousel Realty of Dyer County - Dyersburg, TN
Northwest Tennessee Realtor

Steven, I thought our foreclosures had leveled off but I believe they are going back up,

Jun 24, 2013 08:11 AM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Mike -- that is what it is looking like here also.  I think part of it was just trying to get all their paperwork in order.

Jun 24, 2013 08:41 AM
Than Maynard
Coldwell Banker Heart of Oklahoma - Purcell, OK
Broker - Licensed to List & Sell - 405-990-8862

I still feel there is a lot of shadow inventory in our market. With interest rates climbing I think we are headed for a busy summer and then a very slow winter.

Jun 25, 2013 02:13 AM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Than --- that is the problem no one seems to want to talk about.  If it were "dumped" in short order, it would destroy the housing recovery - so maybe someone got a clue and realized they need to drag it out -- in which case they may still be trying to sell them in winter - though not as many looking for that kind of housing in winter.  Thanks for your comment.

Jun 25, 2013 02:32 AM
Yolanda Cordova-Gilbert
Richmond, TX

STeven,

          Good blog and I agree with the other two but I think it also depends on your local market. Here it is hot both weather and market! LOl!

Jun 26, 2013 09:43 AM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Yolanda -- thank you for stopping by and leaving a comment. Yes, I have heard that, I was talking to someone on the car rental bus on Saturday (at Oakland, CA) who were heading back to Houston -- because "it was too cold" for her in central California!

Jun 26, 2013 09:47 AM