This is it. Our last REO Reporting post of the 2009. Adam and I are just going through the "Pre-Trashout Inspection" of 5966 Cypress Point, Long Beach so we can make sure it's ready for our Open House on Saturday. It's a beautiful 4 bedroom 3 bathroom home with lots of natural lighting and wide open spaces. It's in an upscale area in Long Beach. Cypress Point is collection of townhomes and detached homes in on quiet tree-lined streets in the heart of Long Beach, CA. It's very family and commuter friendly neighbourhood. Read more »
3 Questions to Ask Before Considering a Short Sale
If you are thinking of pursuing a Short Sale because you're falling behind on your mortgage payments, you might want to consider these questions before listing your house. How Should I Price My Short Sale Property? Ask any Short Sale brokerage and they will tell you to price your property at or near fair market value, but it's a good idea to begin with the total debt amount owed to your lender. How frequently you reevaluate your price will depend on how far along you are in your foreclosure process and the value of the housing market at that point in time. Read more »
Real-Time REO Reporting – 5500 Ackerfield 310 Long Beach, CA
This one bedroom, one bath condo at 5500 Ackerfield 310 in Long Beach, CA 90805, has a a lot of potential. But it still needs to be cleaned. Very badly. Yikes. So if you're looking to buy a 1 bedroom condo priced around $50,000, give us a call today. Read more »
How Will Fannie Mae’s First Look Initiative Affect REO Properties
A few months ago, Fannie Mae announced introduced the First Look Initiative. For new home buyers who are looking to get the best deals on properties before investors get to them, this is good news. Why? Because the main goal of this new initiative is to encourage neighborhood stabilization by giving owner occupants a chance to inspect new listings before investors have a chance to submit purchase offers. Owner occupants are home buyers who plan on living in the home and keeping it as their primary residence. Read more »
Are Short Sales the Answer to California’s Housing Market Woes?
Recently, the U.S. Treasury Department released new guidelines regarding real estate Short Sales. Under the Making Home Affordable program, their new plan aims to assist struggling homeowners by offering accessible aid and financial compensation. Essentially, this will make the inevitable happen more quickly, as the Short Sale process will be quicker than the foreclosure process, which should also speed up the housing market recovery process. Read more »
Will Mortgage Delinquency Rates In California Continue to Rise?
According to reports by TransUnion, mortgage delinquency rates increased for the 11th straight quarter. That means mortgage delinquency rates have increased steadily since 2006. The quarter rates reached an all-time high of 6.25%. It's a 7.57% increase from the previous quarter's average of 5.81%. This pertains only to mortgages that are 60 days or more past due. Though delinquency rates are still increasing, they are slowly decelerating. This deceleration indicates that though rates are still climbing, they are doing so at a lower percentage compared to the previous quarter. If you compare the delinquency rate in the last quarter of 2008 to the first quarter of 2009, Read more »
Should You Worry About the 20% Increase in California REO Properties?
According to both ForeclosureRadar and DSNews.com, over the last few months, the number of REO homes in California rose by 22% from September to October. Overall California REO inventories show a 21% increase compared to last year's numbers, but despite this spike, the latest numbers are still well below record levels. In July 2008, the banks repossessed 42% more homes in California. So, July of last year still holds the record for the largest increase in foreclosed homes. Read more »
