Real estate agents learning fine art of ‘cash for keys’
By Jane Hodges
See the article at:http://tinyurl.com/3go8n4y
This is nothing new to the former owners we run across. I guess the media just wanted to remind people they have the opportunity to take advantage of the situation one more time before they go on their merry little way.
Just patting myself on the back.
A friend sent me this picture. Funny because it’s true!
California Notice of Defaults have gone up 69.5% and Notice of trustee sales have gone up 6% mainly due to Bank of America according to Foreclosure Radar. (See article http://tinyurl.com/43blhgj) What about the backlog of foreclosures from the other three “TO BIG TO FAIL” banks? Are the banks taking turns dumping their toxic assets? Maybe the Mayans’ were on to something about what is going to happen in 2012?
Not to worry, just get your survival gear and slickers ready for whatever floats down the river if and when the flood gates break. My guess is that we will go back to a 09’ level of foreclosures by the end of this year/ shortly into 2012 and stay there until after the next election. After that, who knows? As for me, some of my best returns came out of the most volatile of times and I am looking forward to a very prosperous future.
Whew! Busy last two week s at the Los Angeles Trustee sales. Just picked up another one that has good cashflow so I thought I would throw it out there if someone wanted to partner on it. Rember to Keep checking in, I have lots to share about my recent experience. Got to run.
Rent 1200-1300 per month. I paid about $75,000 for it and if the current tenants don’t want to stay, it will cost about $5000. to fix up and get rent ready again.
Contact me if you have any interest.
Let me get this straight… It will take only 47 months to clear our current distressed inventory? And that is an improvement?
LPS recently reported that there are 6,530,000 homes that are 30 days or more delinquent or in foreclosure. That is up from May’s number of 6,350,000.
Delinquency rates are also reported to be improved by 5.98%
So… delinquency rates are down to about 5.82% but, we just had an increase of 9.72%ish of delinquent mortgages since May.
Iain’t no math whiz but, the numbers are going up for the worse.
Huh! Talk about job security for me. I have a feeling that I’m going to be buying foreclosures for many more years to come.
OCC Mandates Foreclosure Procedure Reviews for All National Banks.
Freddie Mac Details New Default Servicing Requirements.
Robo Signing was so last year! And you would think that the banks have figured out that if a borrower doesn’t pay, you are supposed to foreclose on the property and how to do it properly by now.
The phrase of the day is “Stall Tactics”
LPS Finds Serious Delinquencies Outnumber Foreclosure Sales 50:1? Wow!!! Don’t believe the hype about the real estate market improving anytime soon. My company mainly deals in Los Angeles County purchasing homes at the court house steps. Every week there is approximately 450-600 properties that become either bank owned or purchased by a company or individual like me. I’m no math wiz, but you multiply those numbers by 50, it equals a long road to recovery. Could there really be close to 1,500,000 properties ready to be foreclosed on in LA County? LA county has about 2.7million housing structures not including other commercial properties(http://www.city-data.com/county/Los_Angeles_County-CA.html). If 50 percent of the County decided not to pay for thier morgages, then the answer very well could be a big Yes. Being that I like to see the glass as half full, at least I won’t be out of a job anytime soon. For me, it is more frightening that the majority of people have no idea what is really going on with our current foreclosure crisis. For the full article please visit http://preview.tinyurl.com/3z9fafb.
In response to the glimmer of hope mentioned in this article, that foreclosures are slowing down, don’t kid yourself. The 30-90 day delinquencies might be lower but, just like how unemployment rates are posted, it doesn’t paint the real picture of the health of the housing market. Case in point, the 90+ day delinquencies rose to almost 5 million homes raising total foreclosures in this country to almost 7 million homes and growing. Try counting that with your fingers and toes ladies and gentlemen. We will be in the business of buying and selling foreclosures for many years to come.