Are banks purposely rejecting short sales in favor of less profitable foreclosures? Maybe so, but why? Some say it may be for reasons such as avoiding fraud or favorable accounting rules allowing banks to foreclose on a home without having to write down a loss until that home is sold as opposed marking the loss […]
Posts Categorized: Foreclosures
HousingWire reported in Shadow inventory rocked by foreclosure snafu that California has about 228,000 homes in shadow inventory. The NAR estimates it would take 11 months to move this much inventory. Further stating that this inventory has caused the foreclosure process to take 157% longer in the last three years.
According to RealtyTrac 26% of all home sales last year were foreclosures. In the Stockton area 72% of sales were bank or government held and 50% were REOs. Short sales accounted for 22% of all Stockton homes sold last year. Leaving 28% that were not bank or government related sales. For more information on the […]
Over a thousand Stockton renters will receive notice this week that their landlord may be facing foreclosure. Almost half of Stockton’s foreclosures are rental properties. All renters should know their rights and not let banks and real estate agents push them into moving out until they have exercised those rights. According to Federal law a […]
Iftikhar Ahmad received a 21-month prison sentence and was ordered by U.S. District Judge William B. Schubb to pay restitution of $382,750 and spend three years under supervision upon his release from prison. Ahmad bought up Stockton foreclosures often paying cash, then sold those same homes to fake buyers using false identities. The subprime loans […]
The Obama administration has announced a ‘winding down’ of financial involvement in Fannie Mae and Freddie Mac at an annual rate of no less than 10% per year. Timothy Geithner predicts it will take three years for the housing market to recover. Then, an additional two to three years for legislators to come to agreement […]
RealtyTrac’s list of metro markets with the highest foreclosure rates from December to January, was full of California cities holding 7 of the top 10 spots. The cities included Modesto (2), Stockton (3), Riverside-San Bernardino-Ontario (4), Vallejo-Fairfield (6), Bakersfield (7), Merced (9) and Sacramento-Arden-Arcade-Roseville (10). The monthly increase in California was only 2% however the […]
Download now or preview on posterous CA – Central Valley HUD Photo List 2-4-2011.pdf (665 KB) View all the HUD owned homes in the Central Valley! Call Your Home Team at 209-471-6516 to view any homes for sale. Search Stockton area homes for sale at www.homes-in-stockton.com and Manteca area homes for sale at www.homes-in-manteca.com!
California borrowers need to be careful of fraudulent foreclosure consultants.
Central Valley real estate could show optimistic trends based on Stockton November 2010 foreclosure data.
Homes in Stockton – Obama administration contradicts itself regarding mortgage servicers
U.S. housing regulators plan to impose a new fee system and standards for mortgage servicers by mid 2012. The Federal Housing Finance Agency instructed Fannie Mae and Freddie Mac to work with the Department of Housing and Urban Development in order to find ways to improve mortgage servicing for borrowers. They proposed imposing a service […]
Download now or preview on posterous 12 14 10.pdf (22 KB) Ten of the twenty most economically stressed counties in the nation are in California according to the Associated Press. San Joaquin ranks eighth followed by Stanislaus and Merced respectively. High foreclosure rates and continued unemployment contributed to the San Joaquin ranking. The ranking is […]
Download now or preview on posterous 12 09 10.pdf (85 KB) Bank of America has restarted 16,000 foreclosures but it is still unknown if judges will be satisfied with their assessment of the pending files. Other banks such as Wells Fargo and Chase have also attempted to restart their foreclosures. The approach focuses primarily on […]
Download now or preview on posterous 12 02 10.pdf (24 KB) As of December 13th, Fannie Mae will allow buyers to use gifts and grants from nonprofit groups for their minimum 5% down payment. However since most lenders require a down payment of 10% or more, borrowers will still need to come up with the […]