Why would people list their home as a short-sale? Because their lender is applying pressure to either make payments, short-sale, or be foreclosed. At least that is the old-fashioned way of banking. It's possible that, after months or years of delinquency, some might...
The counts of local bank-owned properties are not out in the open, and people are wondering - are there loads of REOs waiting to hit the market? Here are the SD County REOs from the tax rolls, compared to April 8, 2008: Lender 4/8/08 Today Deutsche 1,066 49 US Bank...
Equity sales, that is sales of non-distressed properties, now constitute two-thirds of all home sales in California, compared to less than one-half only one year ago. A report from the California Association of Realtors® (C.A.R.) puts the share of equity sales in the...
Scroll over areas to see Zillow's estimate of those underwater, and the percentage of those that are delinquent. Even in the worst-affected areas, the vast majority of underwater homeowners are making payments. For those who are wondering, 42 homes have been...
Here is a video tour of a few houses in the shadow inventory - ones that are bank-owned, but not listed for sale, but presumably coming to market at some point. Yes, you could consider the 412 SFRs on the NOD and NOT lists as part of the shadow, but who knows if they...
We have been told that banks and servicers are now using short-sales, instead of foreclosures, as their primary defaulter-disposal method. It appears that the conversion is well underway in San Diego County - here are the number of residential distressed-sales and...
Here is the 59-minute video of the discussion from the recent Zillow Forum On California Housing - the title of this discussion is: Is it a Good Time to Buy in California?: The Housing Market’s New Normal I agreed with Mark around the 41-minute market that we are...
The latest C-L HPI came out on Tuesday, reporting the price increases in each market. They have two categories, the full-market number that includes "distressed sales" (short sales and foreclosures), and then another index that excludes "distressed sales". We don't...
BofA conducted a realtor seminar today on REOs and short sales. Some of the highlights: 1. Short sales average three buyers per closing (average two fallouts before the third one sticks). 2. 18% of short sales have some elements of fraud. 3. They forgive...
You keep hearing that banks and servicers have changed course, and are pushing defaulters to short sale, rather than face foreclosure. It's been backed with the common belief that short sales cost less for the lender, and save the borrowers' credit. Does the new...
