Negative equity is driving the continued rise in bank repo homes, according to Deutsche Bank analysts. They predicted that 48 percent of all mortgages will be underwater by 2011.
The scheduled resetting of option adjustable-rate mortgages is expected to drive up the number of San Francisco foreclosure homes. Industry experts said that majority of homeowners in the area took out risky home loans that are about to increase in rates next year.
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California lost around 250,000 homes to foreclosure last year, breaking 2007’s record. With the continued crisis, how many more homes will be repossessed? How many more records will be broken?
Sacramento's sales rate for foreclosed homes has surpassed the sales rate for new homes as of October, with 18,491 units sold out of a total of 23,572 repossessed properties.
Consumer advocates have criticized the 90-day California foreclosure moratorium arguing that several unclear provisions will only hinder the law from reducing the number of foreclosed homes.
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A sharply rising number of foreign investors are looking for Los Angeles pre foreclosures and other bargain-priced properties. A number of them are Chinese parents looking for houses for their children who are entering U.S. universities.
Record numbers of houses bank foreclosures have largely caused the collapse of banks in the U.S. this year. Four more banks failed in Florida and California this month, putting the total of failed banks to 124 so far this year.
Lenders GMAC Mortgage LLC and Deutsche Bank National Trust Co. have been sued to prevent them from enforcing foreclosures on two homes in Massachusetts.
Housing market experts say that the decline of home foreclosures in California is not a positive trend. Experts say that this decline will only slow down the time it takes for the housing market to recover.
Contractors in California and in other foreclosure-hit areas in the country are earning from restoring repossessed homes before they are put by lenders into foreclosure listings.
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One of the most common questions we get when working with buyers is about the listing statement "as-is." This is one of the most frequently misunderstood comments in the listing description. Most people assume that when an offer is given on a property advertised "as-is," that you have to have done all inspections necessary prior to the offer. This is NOT true. A good buyer's agent will make sure that the home inspection contingency is preserved.
The number of foreclosed homes increased by 25% to nearly 280,000 in October this year from October 2007, according to foreclosure tracking company RealtyTrac.
Banks that sell houses from tax foreclosure property listings are requiring Northern California potential homebuyers to open escrow in Southern California.
The dilapidated houses bought from bank, government and Freddie Mac foreclosure lists that were rehabilitated under the Neighborhood Stabilization Program in Indio are ready to be sold.
Potential homebuyers who want to buy bargain-priced foreclosed homes for sale in California are finding themselves being squeezed out of the deal by cash-laden buyers. The low supply of houses for sale in the area has sparked a bidding war that often is won by investors bearing cash.
Foreclosure properties are being snapped up by foreign investors in bulk, based on a report from the National Association of Realtors. The strengths of other currencies against the American dollar and the bargain prices of foreclosure properties have been driving the increased sales.
The decrease in California home prices has created the opportunity for buyers to purchase homes they couldn't formerly afford. However, since this is not a market that is beneficial to sellers, they also would like to keep their current home and rent it out. In the past, these homeowners were able to offset the cost of the old home with the rental income and still qualify for the new homes. New guidelines are going to make this harder to do going forward.
New York City was not as hard-hit by foreclosures and low home prices as other cities in 2008. But as 2009 begins, signs of declining home prices are starting to appear.
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