We know the foreclosure activity picked up. We also know that we have brisk activity when writing offers, many times, at a multiple-offer situation.
So it wasn't a shock to see this headline that talked about repossessions in the Bay area soaring. Read the story
- In the Bay Area, mortgage companies recorded 18,516 notices of default, up more than 140 percent from a year ago. Foreclosures rose nearly 315 percent to 9,206.
- Notices of default, the first step in foreclosure proceedings, rose nearly 125 percent from a year ago during the second quarter, and trustee deeds recorded, which reflect the actual homes repossessed, soared more than 260 percent, according to research firm DataQuick Information Systems.
- There were 63,061 foreclosures statewide during the second three months of the year compared to 17,458 during the same period a year ago.
- Foreclosures will continue to climb until at least the third quarter of 2009 due to: rising unemployment rates that will apply pressure even to homeowners who secured prime loans, and the expectation that many borrowers soon will face higher payments on option adjustable-rate mortgages.
- Lenders are overwhelmed with paperwork and taking longer to issue default notices. Or lenders could be more willing to allow short sales - unloading distressed properties for less than the amount owed on the loan - instead of initiating the foreclosure process.
- Among homeowners who fall into default, an estimated 22 percent now escape foreclosure by catching up on their payments, refinancing or selling, DataQuick said. That's down from 52 percent a year ago
They included a link to see what's happening by zip code
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