Summer Brings Sales - In Foreclosures VII

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

 

Summer Brings Sales - In Foreclosures VII

As summer continues warm, we find that the sales are down a bit now.  There were twenty-three (23) foreclosure sales found this week in Gavelthe Tacoma newspaper (TNT),  which is down seven from last week’s thirty (30).

These were split over four dates. Four weeks out on August 30th had the most with nine (not quite half the largest report from last week). Next week had the next most with 8 (same as last week's report).   There were also four listings for two weeks out on August 16th.  The final two notes were for five weeks out on September 6th.  As is normal, these sales will take place on the 2nd floor plaza of the County-City building at 10 am.

It looks like I was a bit off on my estimate of the next couple of weeks will continue to show similar numbers.  Though I keep seeing, and hearing about how many foreclosures 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
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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

I was told be a Freddie Mac contractor that there is a backlog of foreclosures in my region (Oklahoma, Texas, Arkansas and Kansas). I keep hearing it, but haven't seen it yet. I even had a Freddie Mac asset manager tell me they are short of properties and we probably won't max out or inventory with them.

Aug 03, 2013 02:00 AM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Than -- that is interesting that you get conflicting information from sources who should be on the same page.  No wonder everyone still seems to be guessing as to how much if any more inventory is hiding out there.

Aug 03, 2013 04:05 PM