2
0

California foreclosure inventory falls further


 invite response                
2012 Dec 17, 8:28pm   2,301 views  7 comments

by tvgnus   ➕follow (0)   💰tip   ignore  

http://www.centralvalleybusinesstimes.com/stories/001/?ID=22506

Is there now a shortage of homes for sale? •  The policies of extend and pretend continue to slow foreclosure activity The number of homes in California in some stage of foreclosure -- preforeclosures, properties in foreclosure that are scheduled for sale, and bank owned properties (REO) -- has declined for yet another month, according to figures compiled by foreclosure information company ForeclosureRadar Inc.

#housing

Comments 1 - 7 of 7        Search these comments

1   RealEstateIsBetterThanStocks   2012 Dec 18, 4:37am  

"In taking a closer look at the reason for cancellations, it did not appear the majority were due to statutory time frames or filing errors, but were more likely due to short sales or successful loan modifications, the company says in its report."

2   Bubbabeefcake   2012 Dec 18, 12:25pm  

tvgnus says

Is there now a shortage of homes for sale?

Over 20 Million Houses Sitting Vacant – Fabian Calvo
http://beforeitsnews.com/economy/2012/12/over-20-million-houses-sitting-vacant-fabian-calvo-2467480.html

4   PockyClipsNow   2012 Dec 18, 1:03pm  

Can anyone name one person who happily moved from CA to detroit?

6   Bubbabeefcake   2012 Dec 18, 2:17pm  

robertoaribas says

when you guys stretch to quote one tinfoil hat db interviewing another one... and not sourcing a single fact they throw out... well, good luck to ya with this level of solid research!

It's clear that there is a concerted effort on the part of banks and the current administration to create an artificially low level of inventory before the election. The billions of dollars in bailout money did not come without any strings attached, banks are happy to comply. The deadline for banks to foreclose on those not making payments on their mortgages will be when rates go up. When interest rates do go up sales prices will have to come down, just use a mortgage calculator to do the math for you. Higher rates equal higher payments. Sellers including banks will have to bring down selling prices to adjust for affordability. Wages have not gone up but have gone down. The Fed is now expected to keep rates low until the end of 2015. They keep moving the goal post for this purpose.
With the media touting a bottom in housing, a temporary bubble will negatively affect those homeowners squeezing themselves into a home now. I guess the administration justifies this based on the fact that inflation will ultimately level things out.
In the meantime, here in Orange County, CA the houses in the 400K range are for the most part horrible, socioeconomically speaking....BTW Yorba Linda also has it's own fair share of empty houses and squatters !

Please register to comment:

api   best comments   contact   latest images   memes   one year ago   random   suggestions