From RealtyTrac:
“The relatively high percentage of foreclosures with equity is surprising to many because it would seem homeowners with equity could easily avoid foreclosure by leveraging that equity by refinancing or with an equity sale of the home,” Blomquist noted.
No surprise here.
With no pressure from anyone to foreclose on non-payers, mortgage servicers can be picky about who gets foreclosed. It makes sense to foreclose where you can make a profit, and let the still-underwater folks ride the gravy train for another year or two.
Deadbeats don’t need to panic, it’s still quiet around SD County:
I wish I could go back and not know about any of the foreclosure shenanigans that are going on.
Ignorance is bliss at times.
At least you got in when you did.
I feel for the people who waited (still waiting?), thinking that normal market conditions & fluctuations would prevail.
If they didn’t turn off the foreclosures, we’d be at the bottom right about now, if the historical 10-year cycle would have prevailed (5 years up, and 5 years down roughly)
Where are you seeing them holding back?
Seriously I think we saw 30-40% on the housing stock turn over in the inland markets between 2007-2013 IMO, I just don’t think there are very many left.
There was NO holding back in the IE.