Fannie Mae today announced a suspension of all foreclosure sales and evictions of occupied properties through March 6 in anticipation of the Administration's national foreclosure prevention and loan modification program.
See the News Release in this link...
As a Realtor in Marin County, I have witnessed in January and the first part of February that there is a slow down of fforeclosed as well as short sale homes in Marin (although Marin County's foreclosure rate is much lower compare to the rest of California) due to previous suspension of Fannie Mae foreclosure sales to the end of January.
This can be a two-edged sword where it can be a good news for home owners who have been facing competition with REOs and short sales properties and have seen big price drops on their properties; but it is, on the other hand, tougher on the buyerswho are taking advantage of and start getting used to the idea of buying REO properties.
A simple Rule of Supply vs Demandsays that as supply of REO / Foreclosure homes gets lower, the price of existing homes for sale will go up, at first, temporary, and hopefully, with the successful implementation of the new Bail Out Plan, permanently.
Coming from a difficult Marin Home market, I both rejoice in the saving of the existing home owners and their families who are losing their homes due to the subprime mortgage they have, toughen job market, and the unstable economy; I am also sorry for the buyers who might finally be able to move into their first time home due to the declining housing market and now may or may not be able to........
Where should the buyers look when there is no REO (Bank Owned) on the market? Look at Well Priced Homes (many sellers have dropped price considerably due to the softening market www.2197Vineyard.com), Short Sales (yes, short sales require hard work, lots of patience but very rewarding) and get an agent who is diligent in looking for homes, strong in negotiation to help you find that perfect home.
Perhaps one day when the economy is stronger, we can take a collective sign of relief and cheer for the stable economy, strong housing market and solid job market where all can have a stable job, good income and own their home and fulfill their American Dream Once Again!
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Sylvia Barry
, Realtor, ePRO
Marin Realtor for Marin Luxury Real Estate
Marin, San Francisco North Bay
Frankk Howard Allen Realtors
website: www.SylviaSellsMarin.com
Blog: www.AllAboutMarinHomes.com
MARIN, SONOMA, S.F. BAY AREA REAL ESTATE - Beveldere, Corte Madera, Greenbrae, Kentfield, Larkspur, Marinwood, Mill Valley, Novato, San Anselmo, San Rafael, Sausalito, Tiburon; Cotati, Penngrove, Petaluma, Rohnert Park, Santa Rosa. Starter Home to Luxury Property. REO (Bank Owned), Short Sale, View Homes, Architecural Distictive Homes. Investment, 1031 Exchange.
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