Elk Grove Short Sale Sellers – are you subject to a deficiency judgement?

August 31, 2010 in As Goes California…, Best Of The Storm, Everything About Foreclosures, Takin’ It In The Short Sales, What You Need To Know About Buying and Selling Real Estate by lorimode

What is a Deficiency Judgement?
Elk Grove Short Sale sellers have to be concerned with whether or not their lender will file a deficiency judgement against them or not. So what is a deficiency judgement?
According to Wikipedia – A deficiency judgment is an unsecured money judgment against a borrower whose mortgage foreclosure [...]

California Short Sale Sellers – Rejoice over CA SB 931!

August 30, 2010 in As Goes California…, Best Of The Storm, Everything About Foreclosures, Home Economics, Slideshow, Takin’ It In The Short Sales, What You Need To Know About Buying and Selling Real Estate by lorimode

California Short Sale sellers pay attention in the upcoming days as California SB 931 is closer to becoming a reality! When Governor Schwarzenegger signs California SB 931, Californians will rejoice! This should make California Short Sale sellers breathe a little easier. California SB 931 will ban deficiency judgements for California short sale [...]

by mish

“Morally Conflicted” One Year Later After Walking Away

August 30, 2010 in Best Of The Storm, Everything About Foreclosures, Fresh Perspectives, Social Mood Swings, Strategic Defaults by mish

The moral stigma regarding “Walking Away” is now pretty much gone. That it ever existed in the first place is quite hypocritical.

Does this chart mean a lot more REOs are coming?

August 28, 2010 in Banking and Finance, Everything About Foreclosures, Home Economics, Slideshow, investing by gregfielding

Don’t get too excited yet, homebuyers. There will no doubt be more Government “extend and pretend” tinkering before many of these homes actually hit the market for sale.

Contingent on Waiting

August 25, 2010 in Everything About Foreclosures, Fresh Perspectives, Takin’ It In The Short Sales, What You Need To Know About Buying and Selling Real Estate by jayemerson

Wait. Hurry. Wait. Hurry. Wait.

Strategic Defaulters Beware…

August 24, 2010 in Everything About Foreclosures, Featured, Home Economics, Slideshow, Takin’ It In The Short Sales, What You Need To Know About Buying and Selling Real Estate by dougreynolds

Strategic defaults are when a borrower who has the capacity to pay but doesn’t, or who doesn’t complete a workout alternative in good faith such as a loan modification or short sale.  Such defaults have been growing among underwater borrowers.
In a recent article from Realtor magazine “Borrowers with a Fannie Mae backed mortgage who engage [...]

by mish

Housing Slide Will Seal Recession Fate

August 24, 2010 in Best Of The Storm, Data, Data, and More Data, Economic News, Everything About Foreclosures, Fresh Perspectives, Home Economics, Slideshow, Social Mood Swings by mish

Consumer demand is dead. That demand is not coming back anytime soon, and there is no driver for jobs if it doesn’t. Unemployment and GDP will both be extremely weak for the duration.

Home Sales Plummet – Which Was The Statistical Blip?

August 24, 2010 in Best Of The Storm, Economic News, Everything About Foreclosures, Financial News, Fresh Perspectives, Home Economics, Real Estate Data, Slideshow, Social Mood Swings, What You Need To Know About Buying and Selling Real Estate by gregfielding

This number is the lowest that the NAR has ever reported, and I can see why it spooked the markets, sending 10-year Treasuries breaking through the 2.5% level: we’re seeing less housing market activity now than we were even during the depths of the crisis. According to the NAR, there were 4.94 million existing homes sold in 2007, 4.34 million sold in 2008, and 4.57 million sold in 2009. The latest annualized number in that series, for July 2010, is just 3.37 million. That’s a 26% fall from last year’s rate.
The number is so low that it looks like a statistical aberration: let’s hope it is. Because if it isn’t, the news is gruesome.

Mortgage Modifications not working…

August 23, 2010 in Everything About Foreclosures, Featured, Home Economics, What You Need To Know About Buying and Selling Real Estate by dougreynolds

An article by Jim Puzzanghera of the Los Angeles Times  “Just as the housing market recovery has stalled, so has the President Barack Obama’s main program to ease home foreclosures.
Only 36,695 homeowners received permanently lowered mortgage payments in July through the much-criticized Home Affordable Modification Program, the smallest increase since December, administration officials said Friday.
And the [...]

by mish

Big Wave of Commercial Foreclosures, Bank Failures Coming

August 23, 2010 in Best Of The Storm, Commercial Real Estate, Everything About Foreclosures, Fresh Perspectives by mish

With office space selling 30% below the 2007 high in the top-10 US office markets, and with lease rates still falling, one should expect to see more foreclosures in major cities.

Maybe HAMP was a Huge Success

August 23, 2010 in Banking and Finance, Best Of The Storm, Everything About Foreclosures, Slideshow by gregfielding

Policymakers openly judged HAMP to be a qualified success because it helped banks muddle through what might have been a fatal shock.

Happy 5th Birthday Housing Crash!

August 22, 2010 in Banking and Finance, Best Of The Storm, Data, Data, and More Data, Everything About Foreclosures, Fresh Perspectives, Home Economics, Local News, Slideshow, Social Mood Swings, bay area news, investing by gregfielding

The shadow inventory is now estimated to be around 7 million homes. But nobody can really say because, if home prices begin to spiral downwards again, the number cold balloon much higher. Home prices, and possibly our entire economy, will not hit bottom until we undo all of the real estate transactions that never should have happened.

So, after 5 years, how much progress have we made?

My best guess, to use a baseball analogy, is that we’re in the third inning. At this rate, it could be decades before this housing mess is behind us.The shadow inventory is now estimated to be around 7 million homes. But nobody can really say because, if home prices begin to spiral downwards again, the number cold balloon much higher. Home prices, and possibly our entire economy, will not hit bottom until we undo all of the real estate transactions that never should have happened.

So, after 5 years, how much progress have we made?

My best guess, to use a baseball analogy, is that we’re in the third inning. At this rate, it could be decades before this housing mess is behind us.

How a Short Sale Works

August 19, 2010 in As Goes California..., Banking and Finance, Best Of The Storm, Everything About Foreclosures, Home Economics, Short Sale News, Short Sales, What You Need To Know About Buying and Selling Real Estate, bay area news by gregfielding

The age of the high-end short sale is upon us.

Renters Are Subsidizing Unemployed Homedebtors

August 17, 2010 in Best Of The Storm, Everything About Foreclosures, Fresh Perspectives, Home Economics, Slideshow, Social Mood Swings by irvinerenter

The government has rolled out another program to give money to the banks by sending it through unemployed homedebtors.