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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 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 [...]

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

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.

Wait. Hurry. Wait. Hurry. Wait.

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 [...]

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.

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.

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 [...]

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.

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

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.

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

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