Shadow Inventory
No Job, No Mortgage Payment
Hat tip to shadash, who is fuming: Bank of America wants to give struggling mortgage customers who are collecting unemployment benefits up to nine months with no mortgage payment. That's right. Zero payment. Customers would have to agree that, if they haven't found a...
Recon Surge
Eric at the North County Times mentioned the increase in Bank of America notices of trustee sale being sent out. Click here for link to full article. The notices went to 230 homeowners in North San Diego County, a 69 percent increase from February. Wow, will there...
Distressed Inventory Count
If you're trying to gauge your chances of finding a seller who is distressed, here are the number of detached properties that have listed on the MLS as short sales (SS), bank-owneds (REO) or regular sellers (Reg.), plus the number of SFR trustee sales completed...
Free-Rent Shadow
Unfortunately we don't know enough about the homeowners on the foreclosure rolls, other than they aren't making their payments. If the government can help them get a loan modification that'll stick, or they can bargain for a short sale, then we won't see them on the...
Pricing Alert 1
Jinx wondered if pricing was going to be flat for a while, and I think it'll depend on the area in question. Some neighborhoods may look like they are going up in value, and others down. The low-inventory conditions makes it harder to track the actual trends - either...
Del Mar Mesa-rita
Pardee has removed Shaw Lorenz from their website, and staffers made it sound like they have postponed construction plans for now:
More Can-Kicking
Julie brought up the mark-to-market accounting requirement for banks. I don't think the banks worry much about marking to market. Of the 43 Countrywide/B of A listings I've sold, I can't think of one of the foreclosed mortgages that was actually owned by them. CFC...
Hang in There!
Another round of postponements today, but hopefully this youtube will keep you in the hunt:
Foreclosure Cancellations
I think this shows the ineffectiveness of loan modifications. Since last November the government has enacted the biggest loan-mod program in the history of the world, and yet there were only 51 additional cancellations Y-O-Y? From the U-T: Foreclosure sales have been...
