Avoid Foreclosure Chart

 foreclosure, mortgage elimination, short sale  No Responses »
May 172012
 

Bank of America has published a guide on their website that can be helpful to avoid foreclosure on your home or investment property.

The website outlines different options that are available under different federal programs as well as in-house programs, such as loan modification and cash incentives for short sales.

If you are currently facing foreclosure, this is a great starting point to get educated about your options. Experts recommend that you do not ignore your lender’s attempt to contact you but rather try to work something out with them.

Foreclosure is the worst case scenario, and there are many ways to avoid it.

Bank of America Home Transition Guide


April Foreclosure Activity Down

 foreclosure, market, REO  No Responses »
May 172012
 

Foreclosure activity in April 2012 has reached it’s lowest level since July 2007. According to this report by real estate research firm RealtyTrac, 188,780 U.S. properties where in foreclosure that month.

According to Brandon  Moore, CEO of RealtyTrac, “Rising foreclosure activity in many state and  local markets in April was masked at the national level by sizable decreases in  hard-hit foreclosure states like California, Arizona and Nevada,” said . “Those three states, and several other non-judicial  foreclosure states like them, more efficiently processed foreclosures last  year, resulting in fewer catch-up foreclosures this year.”

Even though Dallas, TX foreclosures showed a year-over-year increase of over 17%, Texas is no longer in the “top 10″ states of foreclosures. Do you think that shadow inventory will change this data in your market this summer? Post a comment below!


Bank Owned Foreclosures

 foreclosure, market, REO  No Responses »
May 112012
 

Bank owned foreclosures and short sales hinder the housing recovery, according to analysts at CBS Market Watch. Inventories are at their peak levels, and the rumors about “shadow inventory” are holding up strong.

However, most analysts are basing their findings on national data, which can be far more convoluted and confusing than local data sets.

Lower housing prices should help with affordability, but it looks as if most markets are adjusting to price levels that are interesting for cash flow investors who can buy up properties and provide rental housing.

The fact that the overall weak economy prevents many end buyers from “helping with the housing recovery” points to the opportunity for landlords.

The following bank owned foreclosure resources are available directly at the lenders’ web sites:

Bank Of America Foreclosures

Wells Fargo Foreclosures

Fanny Mae Foreclosures

Ocwen Foreclosures

Chase Foreclosures

Which banks are providing the best foreclosure resources? Leave your comment below.


New Twist In Foreclosure Protest

 banking, foreclosure, mortgage elimination, short sale  No Responses »
May 042012
 

You could probably call it “Occupy Foreclosures” (whatever that’s supposed to mean…) – in a new twist, foreclosure protestors are planning a “hit” against Bank Of America and other major home lenders.

According to the Boston Herald, activists in that city will project super-sized images of letters from borrowers begging to keep their homes onto three local Bank of America branches tonight.

Brandon German of City Life Vida Urbana, one of the protest’s organizers, said: “We want to capture the attention of people who are walking or driving by and put a face on the stories of foreclosure.”

Do you think that this protest will have an effect on bank’s foreclosure practices or the ability of home owners who are in foreclosure to stay in their homes? Please comment below.


Foreclosure Tsunami and Shadow Inventory

 foreclosure, market, REO  No Responses »
May 042012
 

The mainstream media and many inside experts have long predicted a sharp increase in foreclosure activity. In 2012 a new “foreclosure tsunami” was supposed to hit and put a damper on the spring selling activity.

Well, so far the new wave of foreclosures still has not arrived in the overall real estate market.

CaWholesaledeals.com cited data released by LPS Applied Analytics and CoreLogic, which shows that the waters are still relatively calm.

Home repossessions nationwide are at about the same levels of last year, and still below the peak set in 2010.

In many markets, the turn-around time of bank repossessions coming back to market and sale as REO inventory is surprisingly short, sometimes as little as four to eight weeks go by between the foreclosure auction and re-listing.

This casts a certain shadow of doubt on the “shadow inventory” that banks supposedly have to release onto the market before too long.

Overall, the scare and scarcity tactics of the media seem to benefit active buyers at this point.

What are you observing in your own market? Leave a comment below!


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