7 comments | Monday, October 24, 2011
There has been more then 610,000 foreclosures last month and represents a 1% increase then the previous quarter. On average it took 336 days to complete the foreclosure process nation wide. New York took 986 days to complete the process while Texas only took 86 days. Wow, Texas seems to be doing something different.
President Obama is expected to help struggling homeowners with their mortgage payments. The Wall Street Journal reports, ”The administration’s plan is expected to eliminate “appraisals and extensive underwriting requirements for most borrowers” who are up-to-date on their mortgage and want to refinance at a lower rate”. This should help those who have been keeping up with their payments and were looking for assistance in avoiding foreclosure.
While most the country is having foreclosure problems, there are areas that are still doing well. These areas are the most expensive areas in the United States. The economy today doesn’t seem to hurt these types of properties. In fact, it seems to have increased the sales activity in this price range.
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The market is definitely distressed out here as well, BIG TIME! We’ve also made a niche helping home owners avoid a foreclosure with a short sale. I’m bookmarking your blog for future use.
Thank you for your comments. It’s gratifying to know that there are people really reading my postings and to know that they are helpful.
San Francisco and on the peninsula are not experiencing as many distressed properties but we have our share. What are your thoughts about the short sale process? Do you think the banks are more cooperative in completing a short sale?
Jeff, I think the lenders have definitely made improvements in their short sale processing, and will continue to. The reality that more agents are also familiar with the process is helping as well. Equator has helped take Bank of America from a 4-6 months process to a 1-2 month process as well. While they still have some room to go, they are definitely getting better.
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I like this! As a short sale specialist in providence, I believe it is very important to educate buyers and sellers about distressed properties. Short sales seem to be the best alternaive in most cases, if we can just get around the pain in the bottom lenders.