Here are the recent foreclosure stats for San Diego County.
It appears that the banks/servicers have found a steady rut for their foreclosure production:
It’s hard to believe that NODs are down 15%.
It’s doubtful that they’ll deviate from the plan if it is working? They declare that they are doing more short sales in order to help people avoid foreclosure, and the government gets off their back.
Meanwhile, how’s that free-rent program?
Looks like we’ll continue to see the slow burn until something major changes. Are there REO’s that sit for any length of time or do they still get gobbled up pretty quick, assuming they are in reasonable shape?
It’s disgusting that banks are using tax dollars to screw new buyers.
I have a theory the banks only foreclose on homes that actually have equity and will not harm their balance sheets. Too much information to sort to find out, but it is my hunch.
Should pick up when the Robo-Signing deal is completed.
In Vegas, there was a mini-tsunami after BofA got the go-ahead to resume foreclosing in March. However, recently things have slowed to a trickle. Properties are getting bid up much too high based on the shadow inventory still out there. People are starting to get desperate just to get their hands on anything.
Does anyone know if there are companies in SoCal, particularly SD, that provide a similar service as Marketplace Homes?
http://marketplacehomes.com/house-leasing-program.php
Marketplace Homes is a company that offers long-term guaranteed lease programs for up to six years to homeowners who buy new construction homes from their partner builders.
The homeowner gets the guaranteed monthly rent. Marketplace makes sure that all utilities on the home are paid, either by the renter, or by Marketplace itself. If the renter eventually buys the home, or if someone else does, Marketplace acts as the Realtor and earns the commission that was agreed upon in the contract. Marketplace also makes money from the new homebuilder who pays them a commission for facilitating a purchase that probably wouldn’t have happened without them.
I’m not sure if this falls into the “too good to be true” category, but I’d be interested to hear from the readers who may have come across a company like Marketplace and/or similar programs.