Summer Brings Sales - In Foreclosures V

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

Summer Brings Sales - In Foreclosures V

As Summer heats up, we find that the sales are heating up as well.  There were sisteen (16) foreclosure sales found thisForeclosure sales week in the  newspaper (TNT),  which is down a bit from the twenty-four last week.

These were split over only two dates (in comparison to last week's four). Four weeks out on August 16th had the most with nearly all -- fourteen. Next week had the other two.   Along with the five from last week for the 16th, that brings the total for that day to nineteen (19).  As is normal, these sales will take place on the 2nd floor plaza of the County-City building at 10 am.

It looks like the next couple of weeks will continue to show similar numbers, as I keep seeing, and hearing about how many foreclosures are still hanging on the books out here, and I would think the banks would want to take advantage of good summer weather and tight listings count to try to get more money from their foreclosures. 

It will also be interesting to see how far into the fall these numbers will be sustained, before they start dropping off again to a much lower level (thinking in range of 4-5 week).

 

 Picture courtesy of Freedigitalphotos.net

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

My Website

 CPHL LogoEqual Housing Logo

Join ActiveRain by Signing up for a "FREE" Membership  and learn How to blog like a Professional.

Comments (10)

George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Steven, this is information that homebuyers in your area should fine useful.  I keep hearing about banks holding back on putting foreclosed properties on the market, but have not seen any actual figures on how many properties that might be.  It would be nice if that figure was available somewhere.

Jul 19, 2013 02:40 AM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

George -- I am in agreement about wanting to know the totals.  I think the banks are keeping it quiet to keep from creating a "panic" about possible further declines in values, especially if the numbers are very high in certain locations.  Hope you have great weekend!

Jul 19, 2013 02:47 AM
Anna Banana Kruchten CRS, CRB, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Steven there has been a rumor for years in our area of 'shadow' inventory but it is and has been totally false according to our #1 statistcs guy in AZ, Mike Orr. He is very clear about that issue.  I wonder if that's true for your area as well?  Would be interesting to know the real story in other states.

Jul 19, 2013 05:32 AM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Anna -- not sure about that, but when they are actually taking 12-20 homes a week to foreclosure auction, one wonders how long it will continue.

Jul 19, 2013 06:26 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

I hope you are taking advantage of some of the purchase opportunities.

Have a most productive summer.

Jul 22, 2013 04:23 AM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Roy  -- working on it.  Thank you for stopping by and commenting.

Jul 22, 2013 04:51 AM
Toni Weidman
Sailwinds Realty - Trinity, FL
20+ Years Selling Homes in New Port Richey, FL

Glad to hear that things are hot for you, Steven. Thanks for commenting on my post.

Jul 22, 2013 11:14 PM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Toni -- thank you for stopping by and commenting here.  Hope things are going well for you this week!

Jul 23, 2013 02:44 AM
Rene Fabre
First American Title - Seattle, WA
Marketing in the Digital Age

Hi Steven... I agree, because it really baffles me that bankds don't take advantage of the summer season with tight listing counts to move their foreclosures. I'm watching the trends here on it too...

Jul 23, 2013 02:51 PM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Rene -- thanks for coming by an commenting.  We will see how things shake out this week - maybe they will sent a bunch more out or not.  

Jul 24, 2013 03:02 AM