[quote=bearishgurl][quote=AN]What make you think a lot more properties will get dumped on the market in the future?[/quote]
When these lenders stop playing games and begin to foreclose en masse. I am now seeing 1st TD “NOS properties” reflecting opening bid amounts of nearly twice or twice what the property is actually worth on the open market today, due to “cash-out” refis in combination with scheduled recasts of I/O’s taken out early 2007 and prior!
Something’s gotta give and I just don’t see these lenders modifying these “cash-out” home-debtors to the tune of a $400K+ “principle reduction” OR accepting short payoffs this high when they are all lower/mid-tier properties ($350K – $550K value-range). Of course, every month of postponement of the auction yields a higher opening bid amount. The average length of default is about 24-28 mos. It is astounding and cannot last. No sales have been rescinded thus far and the average number of TS postponements in my “collection” is 7 times.
Worst culprit is WF.[/quote]
Is this happening everywhere? How many properties in MM do you think is being held back right now and how many properties in MM do you expect will be flooded on the market and when? I’ve heard this tsunami argument for many many years now, and quite frankly, it’s getting quite old.
