“We continue to see reports that there will be a wave of foreclosure sales after the election or at the start of the year. The lack of Foreclosure Starts this month puts a nail in the coffin of this theory. ” Sean O’Toole President/Founder – Foreclosure Radar
For some time there has been talk of a massive wave of foreclosures yet to come. My magic eight ball says “all signs point to NO“. I have had several conversations with REO (bank owned) listing agents who have told me the same thing. The banks are telling them that the reason they are not getting listings is simply because they don’t have them. They have cleared the inventory for the most part.
Take a look at some stats-
- California Notices of Default (the start of the foreclosure process) are down 23.6% from one month ago and 49% from one year ago.
- Contra Costa County NODs are down 12.4% for the month and 46.2% for the year
If you want to buy a Bank Owned property or pick up a home at the courthouse steps, you better do it now. Regular sales and Short-Sales are the “Wave” of the future. On second thought they are the “Wave” of now.
Comments? Questions? You can post them below or email me at cbosse@rockcliff.com
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J Rockcliff Realtors
1700 N Main
Walnut Creek, CA
Craig Bosse
(925) 381 6577
cbosse@rockcliff.com
Mickey Khanna
(925) 765 0808
mkhanna@rockcliff.com
We won't see a 2009 free for all again, probably a wave of foreclosures holding down prices, but no tsunami of foreclosures crushing prices. just my 10 cents http://www.lpsvcs.com/LPSCorporateInformation/CommunicationCenter/DataReports/Pages/Mortgage-Monitor.aspx
My blog is focused on the Concord/Walnut Creek area and not so much on the national statistics. The way I see it is if the banks had all of this inventory, why not release some of it now? Prices are up and there is a huge "shadow inventory" of buyers. The housing inventory is very short at under a one month supply in Walnut Creek and surrounding areas. The banks releasing a few homes would not hurt prices. Just because a home is "under water" does not mean that it will lead to a foreclosure. Plenty of homeowners will keep paying if they can until the market comes back or they will short-sell/loan mod if they can no longer afford it. Foreclosure starts in this area are down dramatically - http://www.foreclosureradar.com/foreclosure-report/foreclosure-report-august-2012