Watchhttp://www.mercurynews.com/business/ci_20628181/foreclosures-drop-across-bay-area
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"In the past few weeks they're back up again," he said, but in June, more help for homeowners should keep foreclosure numbers down.
Upcoming revisions to the Treasury's Home Affordable Modification Program should make it easier for distressed borrowers to modify their mortgages, while changes to Keep Your Home California, which has $772 million for reducing principal on mortgages, including those held by government-sponsored loan companies Fannie Mae and Freddie Mac, both kick off in June. Also, the recent multistate settlement by attorneys general with four big banks should start having an impact, he said.
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I would like to hear some opinions on whether we will continue to see these low inventory levels after June or do we see a pick up in forclosures and short sales as some people may find that they do not qualify for these gov't sponsored programs?
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jdi says
The way I see it is - Banks can't sell enough of their already foreclosed stock,hence live payment free until banks come for ya.
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Belmont, CA
Yeah, banks get freed money from bernanke, so why not buy and hold if its free, why sell at a loss.
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Sebastopol, CA
You asked three questions. Will we see more inventory? Yes, it's cyclical and there has been a lot of misleading publicity about prices rising across the state. Median prices have gone up statewide and in a few small areas real prices have gone up. This should draw people who have been sitting on the sidelines waiting for prices to rise to list those homes. will we see more short sales? Yes. They are cheaper for lenders and the blatant frauds revealed about their foreclosure processes are another motivation. More foreclosures? depends on your local market, overall we have passed the peak.