“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.
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J Rockcliff Realtors
1700 N Main
Walnut Creek, CA
(925) 381 6577
(925) 765 0808