Real Estate Short Sale
short sales
What is a short sale? To put it simply, a short sale transaction is a sale of a property in which the outstanding debt (in the form of mortgages – such as purchase loans, refinance loans, home-equity loans, or one of the various other types of loans secured by your property) was more than the price for which the property was sold. Example: 1st and 2nd mortgages totaled $470,000.00 and the property was sold for $325,000.00. The sale price was $145,000.00 “short” of the amount that the seller had originally borrowed – thus the term “short sale.” Since the banks/lenders were essentially paid back less than what you borrowed, you could be deemed to have received a debt “forgiveness” of $145,000.00. A sale of this type requires bank/lender approval. Read more 
Shadow Inventory of Homes
foreclosure homes
Standard & Poor’s says their estimated liquidation timeline covering the nation’s backlog of distressed real estate actually increased in the past few months.
The ratings agency now estimates it will take 44 months — up 25% percent from an estimate made just three months ago — to clear the so-called shadow inventory of homes in distress or foreclosure, but not yet on the resale market. Some markets are significantly more impaired when compared to others, the agency concluded.
In September, Standard & Poor’s estimated it would take 40 months.
“Our recent estimates of months to clear have increased primarily as a result of the deceleration of the distressed property liquidation rate rather than a rise in overall distressed property levels,” according to analysts in a research report emailed to HousingWire.
San Diego real estate market
Bank of America To Resume Foreclosures
bank foreclosures
Bank of America announced it reviewed its process for resubmission of foreclosure affidavits in the 23 judicial states with key stakeholders and has begun the process of preparing foreclosure affidavits for submission in 102,000 foreclosure actions in which judgment is pending.
Bank of America also said it will continue to delay foreclosure sales in the remaining 27 states, including California where the vast majority of foreclosures are non-judicial and conducted without a court order, until its review is complete on a state by state basis.
The bank anticipates that over the course of the temporary moratorium, less than 30,000 foreclosure sales will have been delayed.
El Cajon real estate
Home Foreclosures Provide Lift For Rentals
home foreclosures
Former homeowners who lost their properties to foreclosure are now pouring into the rental market.
Renters surged into the U.S. apartment market in the third quarter, pushing up rents and driving down vacancies.
The national vacancy rate fell to 7.2% in the third quarter from 7.8% the second quarter, one of the sharpest drops on record, according to New York-based real estate research firm Reis Inc. Rents increased 0.6% to an average of $980 a unit over the same period as landlords were able to cut back on free rent and other incentives that had been used to attract and retain tenants in a weak market.
Clairemont real estate
Bank’s Decision to Delay Foreclosures
home foreclosure delays
The news of major banks halting home foreclosures will have an adverse effect not only on the tepid recovery, but also on the entire economy. Yes, the longer the banks delay home foreclosures, the later the ‘real’ housing recovery can start.
Housing has generally represented 17-18% of the nation’s economy, as measured by Gross Domestic Product. With almost a fifth of the economy enduring pain as a large number of foreclosures grind through the system, the new normal of higher unemployment and slow growth appears to be the most likely course of the economy. Read more
Why Pay Your Mortgage – Live Payment Free
home foreclosures
Yesterday, members of Congress from California wrote to the heads of the Justice Department, the Federal Reserve, and the Comptroller of the Currency, requesting that they investigate the foreclosure processes of banks under their purview for “possible violations of law or regulations.”
Seems California liberals are pushing to let defaulted homeowners stay in their houses right now, rent free!
I don’t think it’s too outrageous of a prediction to imagine picking up a paper years from now and read about a few people in California, Florida or Vegas who haven’t paid their mortgage for seven years.