Right now, there is a 90 – 120 day “window of opportunity” to sell before we see the majority of the foreclosures hit the market. Waiting to sell until winter or the beginning of next year will probably guarantee you one thing, a lower selling price. Continue reading
This news may seem a little dreary, but we’re on an upward trend in San Diego County. March defaults were down 19% over one year ago. (When a homeowner hasn’t paid their mortgage for 3 months, a notice of default goes out.) According to the analysts at DataQuick Information Systems, San Diego County has 1,837 homes that are at least 3 months behind on their mortgage. According to the US Census Bureau, in 2009 596,414 families owned their own home. We all know that the number has fluctuated, but we can clearly see that the ratio of people defaulting on loans is small compared to the number of homeowners.
The inventory of foreclosure homes dwindled in the 4th Quarter of 2010. Foreclosures dropped 51% in the 3rd quarter of 2010. Does this mean that the worst of the challenges with the distressed properties are behind us? Unfortunately, no. The issues that the banks had with the Robo-signing and MERS just caused a slow down of the foreclosure process dramatically. Foreclosures aren’t disappearing, they’re just being delayed. Continue reading
Early on in the home market crisis, the government thought the real estate market couldn’t absorb the magnitude of foreclosures that would be flooding the market. So they set up the Troubled Asset Relief Program (TARP). Last week, the Congressional Oversight Panel (COP), expressed their views on the success of TARP. Continue reading
Buying or selling real estate is challenging, in the best of times. Right now it’s like negotiating a mine field! The real estate market has been left reeling from the huge drop in prices we’ve experienced and the bank foreclosure scandal. Today’s turbulent market makes finding an expert to guide you though the potential ‘pitfalls’ of your home sale more critical than ever. Continue reading
In San Diego, 25% of the home sales in the 3rd quarter were foreclosed homes. These homes sold for approximately 32% less than non-distressed homes. According to RealtyTrac Chief Executive Officer James J. Saccacio. “Demand for foreclosures also dipped in … Continue reading