Posts Tagged ‘foreclosure moratoruim’

Fewer Foreclosures - More Short Sales

Thursday, January 14th, 2010

Lately we’ve seen fewer bank-owned properties hit the market while there has been in increase of listed short sales.

We’ve all been hearing about a “shadow inventory” of foreclosures - a supposed chunk of bank-owned homes, waiting to be released in one big barrage. At this point, no sign of it. Some think it’s still coming. Some don’t believe it exists. We will see.

So for now with the onslaught of short sales, what does this mean to you?

If you are upside-down on your mortgage and you have been unable to get a loan modification, chances are higher now than last year that your bank(s) will approve a short sale that will let you sell and help you to avoid foreclosure.

If you are a conventional seller, selling with equity in your home, you will still need to prepare to compete with lower priced homes as short sales are tending to sell very low.

If you are a buyer, looking for a great deal, you may find one in a short sale. Just be sure to bring loads of patience with you as look for a home. Some short sales are starting to be processed faster, but many (including properties with B of A/Countrywide loans) are taking up to five or six months to process.

I’ve said that I believe 2010 will be the year of the short sale. More short sales are being approved and making it to actually close, but it is still taking most banks far too long. Buyers, sellers and the entire real estate market need Bank of America to follow Well Fargo/Wachovia’s lead and gets moving on their short sales!

Tags: , , , , , , , , ,
Posted in SD Real Estate Opinion, SD Real Estate Stats | No Comments »

Lower-range stabilizing. Mid-range may be about to dip.

Thursday, August 20th, 2009

Many agents agree that San Diego property prices on the lower end of the range have started to stabilize. The word on “the street” is that now we may see a price dip in the mid-range or the $550,000 - $800,000 price range properties.

Investors and home buyers are out in force, looking for the great deal, in a lower price range. Fortunately for the market, this means that buyers are snapping up many well-priced, distressed properties as quickly as they become available.

Now we are hearing from lenders that we should expect a new wave of foreclosed properties, in a little higher price range to be released on the market very soon. Some say August 31. Some say Oct 15. The word is that the banks will be releasing an additional 35,000 foreclosures nationwide. We are not certain how many of these will be in San Diego, but we all know that we are one of the harder hit areas, so I am expecting a big chunk of the foreclosures to be here.

This is good news if you are shopping for a property in that price range. If you are thinking of selling in that price range, be prepared to price your property to compete.

What about the moratorium? It was announced in my office meeting yesterday that there may be another statewide foreclosure moratorium bill, delaying banks from filing for foreclosures on primary residences. Note that this moratorium (and the previous bills) will probably have little affect on slowing the tide of foreclosures, as banks can easily get exemptions by showing that they have specific loan modification programs in place. Many banks have already filed for the exemption from the next bill.

The facts in this article are believed to be accurate, but are not verified. Some of this info comes from personal experience. Some of the information is  “word on the street.” Things are changing quickly now and I want to keep you “in the know.”

As always, to buy or sell in San Diego, contact Margot.
619-825-5086

Tags: , ,
Posted in SD Real Estate Opinion | No Comments »