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 »
So You Want to Be an LA County REO Listing Agent?
I shot this video at recently foreclosed condo in LA County. I was just there to inspect it and make sure it's cleaned up and ready to show. Sometimes you just never know what's hiding behind the locked door... Ahh... the life of an Los Angeles County REO Asset Manager. I guess it could have been worse. Read more »
Real Time REO Reporting – 1750 W 32nd Street, Long Beach, CA
In this video, Adam Shandrow gives you a guided tour of a home located in West side of Long Beach, CA. The home is a recent foreclosure and will soon be on the market for sale by Shandrow Group. It's a two bedroom, one bathroom home on West 32nd Street. This LA County home is on a good sized lot and includes a two car garage, an outdoor eating area protected by an awning and a raised garden. Read more »
Real-Time REO Reporting – In Court for Unlawful Detainer in Compton
I've appeared in court a lot lately. I shot this video before I headed to court for another LA County unlawful detainer. The current occupants are refusing to leave. We've tried giving them notice and approaching them with Cash-for-Keys. No luck so far. As we expected the occupants didn't show up in court. So, the court awarded the property to the bank and the occupants will need to vacate the property before November 29, 2009. Read more »
Real-Time REO Reporting – Belmont Heights Home
I shot this video during the initial occupancy check of a home in Belmont Heights. As you can see, I didn't get a chance to complete the occupancy check because a nosy neighbor got in the way of filming. We did find out that the home is currently occupied, so we'll have to take the next step and encourage the occupants to accept relocation assistance. If they don't, we'll have to start the eviction process. Stay tuned for more updates. Read more »
Real Time REO Reporting – 1775 Ohio 312, Long Beach, CA
I took this video on-site during the initial occupancy check at 1775 Ohio 312, Long Beach, CA. If you're familiar with the Long Beach area, you'll probably recognize the large condo building on the corner of Ohio and Pacific Coast highway. It's a short sale, so it's already vacant. The condo features 3 bedrooms and 2 bathrooms, with a large kitchen, and a living room with a built-in a wet bar. It needs a little cleaning up, but otherwise it's a great condo in a nice location. Read more »
Can We Stop the New Wave of Foreclosures in California?
As I mentioned in my post about Shadow Inventory in California, many of the major banks have released only a fraction of recently foreclosed homes. To combat the effects of even more foreclosures in the California housing market, Attorney General Edmund G. Brown Jr. has asked ten major banks and loan servicers to detail their plans to assist homeowners who will be forced to pay increased fees for their Pay Option Adjustable Rate Mortgages. Why? He knows that these increased rates will trigger a new round of home foreclosures. Read more »
Round two of my cash for keys deal in Montebello, CA.
Take a look at the latest Real Time REO Reporting video. Fast Tube by Casper Sincerely, Mark Shandrow Real Estate Broker shandrowgroup.com Read more »
How is Shadow Inventory Affecting the Housing Market in California?
Shadow Inventory is the number of foreclosed homes repossessed and processed by the banks that have yet to be put back on the market. It's the difference between actual distressed home inventory and the number of homes fully processed and listed on the market for sale. The gap is created by the actual number of loans in delinquent status or in foreclosure that are being held or longer periods of time by the banks. It is estimated that there is an overhang of 7 million loans – these loans are going to liquidate soon and will contribute to the growing shadow inventory in the real estate market in California. Read more »
Good Times at the Five Star Conference in Dallas, Texas
While I'm getting ready to head back from the REOMAC Conference in Florida, and before I post another on-site update, I thought I would let you know how things went at the Five Star Conference in Dallas. Overall, the Five Star Conference seemed much more organized than it was last year. I personally think Dallas is more metro feeling than Fort Worth, and the conference was definitely less hectic. The fact that they sent out the registration badges before the event instead of having attendees pick them up at registration saved a lot of time and eliminated the usual long lines to get into the event. I had the best intentions before I arrived in Dallas. I compiled a long list of seminars and panels I wanted to attend, but I didn't get a chance because I was meeting with clients. Don’t get me wrong, I prefer meeting with clients and catching up with contacts, but I had hoped to catch at least 50% of my seminar list. I would have loved to tell you what I thought about the sessions, but I can’t really say either way. Read more »
