Current housing policy is attempting to address the needs of home owners facing a cash crunch. Not being addressed however are the homeowners who now are 40 – 60% underwater with their existing mortgages. These homeowners may be able to afford the payment but some are making an economic decision not to. Many have not […]

The ARM reset issue has disappeared as long as interest rates remains at historical lows. The Option Arm problem still is a very large back cloud looming over California. With in excess of 80% of Pay Option Arm homeowners making the minimum payment each month, interest payments are not being paid and loan balances are […]

The number os Notices of Defaults filed in California reached a high in March, 42,704. These new filings are the first step in the foreclosure process and will result in an increase in the number of foreclosure down the road. The number of Notices of Trustee Sale – which are filed 3 months after a […]

The number of Stockton homes for sale has decreased as the number of Stockton foreclosures has dwindled. Good news is the "junk" Stockton foreclosures and Stockton short sales are sold! Demand far exceeds supply. There are approximately 4000 foreclosures countywide that have not hit the market and many more expected. Not quite sure what the […]

As delinquency increase so will Stockton foreclosures and Stockton short sales. HousingWire

Jumbo prime mortgages had the highest foreclosure increases in February. I expect this trend to continue as large numbers of Option Arms and Alt A loans reset. Stockton real estate prices will continue downward at the higher-end. I am experiencing an increase in the number of short sales calls I am receiving. HousingWire Article

Many have fallen prey to these economic times through no fault of their own, and are unable to keep up with their commitments. Some homeowners with adjustable-rate loans can’t make their payments when rates adjust; others fall behind because of a job loss, divorce or illness.It is estimated that more than a million homeowners will […]

Citi is moving forward with the multi-million dollar face lift of their New York headquarters. When will the insanity stop? Meanwhile I continue to experience nothing but frustration with Citi’s loss mitigation department in my ongoing effort to negotiate Stockton short sales. Yahoo! Finance

American Home Mortgage Servicing, Inc., the country’s largest independent mortgage servicer has been sued by hedge fund investor, Carrington Capital…and now AMHS is counter suing alleging racketeering. Meanwhile the number of Stockton foreclosures and short sales is growing. Can’t they all just get along? HousingWire.com Article

FHA first payment default rate are increasing dramatically as FHA becomes the only game in town for buyers with less than perfect credit and minimal downpayments. The same unscrupulous lenders that got is into the sub prime mess are now pushing FHA. /t compound the losses FHA has recently increased their lending limites and The […]

February volume of Notice of Defaults, auction sales and negative equity at time of foreclosure SURGED over 20% . No surprise. Will only get worse as the lender and servicer moratoriums are lifted. We expect the number of Stockton short sales and Stockton foreclosures to increase dramatically over the next few months. HousingWire article

Cash investors are back and snapping up bargains. Banks are willing to accept a cash offer for less than a offer with financing to close fast and get the inventory off the books. Now is the time to buy Stockton real estate and short sales. Rent the property and have a positive cash flow. dailybusinessreview.com […]

My understanding is that 10- 15% of homeowners in trouble will be helped by the Obama plan. Probably less in the Central Valley. Nationwide 60% of households have the credit score necessary to purchase a home and only 20% have the necessary down payment. Again, probably less in the Valley. It is also estimated that […]

On Sept 5th the State of California imposed a 60-day moratorium on Notice of Defaults and Trustee Sales, the SB1137 law. A Notice of Trustee Sale is required before a lender can foreclose on a home. The law essentially delayed the inevitable. REO inventory we had listed for Wells Fargo, Countrywide, Indymac and Old Republic […]

In the last week we have received short sale approval for 4 transactions. 5 others have had appraisals or BPOs completed. It appears that the banks are getting serious about pre-foreclosure sales. Fannie Mae has announced that they will no longer cut agent commissions on short sales. Another way to encourage short sale volume.

Interesting new catch phrase sweeping across the country “Produce the Note”. Homeowners facing foreclosure have found a way to stick it to the banks. Essentially what is happening is that homeowners are filing the paperwork necessary to require the foreclosing bank to produce a copy of the original note. Doesn’t sound like it should be […]

There are opportunities to purchase homes at value prices through the short sale process. Unfortunately the mortgage servicers are making the process in some cases a REAL challenge. The benefit to the owners of the mortgage is that they can sell the property before going through the expensive foreclosure process. The benefit to the seller […]