Foreclosures coming soon to a neighborhood near you…?

[jpinpb]

RT – I definitely agree there are a boatload for NODs out there. BUT – what if they do re-work a high percentage of them by reducing interest rates and/or principle or both? This will allow a high percentage to stay in their homes and thus many of those NODs will never hit the market.

Just trying to figure out the direction this is going. Banks have been sitting on these places for a long time. They have the government bailout. You would think during the spring season they would unload them, yet they trickle in. Are they still not wanting to take the loss or are they in negotiations w/the buyers?

Obviously if the re-work a high percentage of the loans, it will effect the direction of the market and outcome could be much different than we’re thinking.

[Arraya]

la times:

on Thursday that found that nearly 12% of U.S. homeowners were in arrears on their loans or in foreclosure. The numbers were even worse in battered states such as California, where 13% of homeowners were behind on their payments, and Florida, where 20% were late.<----That will keep rising. It was the highest level of distress ever recorded by the trade group, whose numbers go back to 1972. <---That means no historical precedence. The Obama administration’s plan to stave off foreclosures could fall flat in California, where nearly one-third of mortgage holders are underwater on their loans — many of them by amounts that would disqualify them for government-sponsored refinancing.

The problem is likely to be especially acute in areas like the Inland Empire, where homes have lost more than 40% of their value in the last year and nearly half the homeowners owe more on their loans than the properties are worth.

Real Estate is no longer local when you have numbers like these.

[Arraya]

la times:

on Thursday that found that nearly 12% of U.S. homeowners were in arrears on their loans or in foreclosure. The numbers were even worse in battered states such as California, where 13% of homeowners were behind on their payments, and Florida, where 20% were late.<----That will keep rising. It was the highest level of distress ever recorded by the trade group, whose numbers go back to 1972. <---That means no historical precedence. The Obama administration’s plan to stave off foreclosures could fall flat in California, where nearly one-third of mortgage holders are underwater on their loans — many of them by amounts that would disqualify them for government-sponsored refinancing.

The problem is likely to be especially acute in areas like the Inland Empire, where homes have lost more than 40% of their value in the last year and nearly half the homeowners owe more on their loans than the properties are worth.

Real Estate is no longer local when you have numbers like these.

[Arraya]

la times:

on Thursday that found that nearly 12% of U.S. homeowners were in arrears on their loans or in foreclosure. The numbers were even worse in battered states such as California, where 13% of homeowners were behind on their payments, and Florida, where 20% were late.<----That will keep rising. It was the highest level of distress ever recorded by the trade group, whose numbers go back to 1972. <---That means no historical precedence. The Obama administration’s plan to stave off foreclosures could fall flat in California, where nearly one-third of mortgage holders are underwater on their loans — many of them by amounts that would disqualify them for government-sponsored refinancing.

The problem is likely to be especially acute in areas like the Inland Empire, where homes have lost more than 40% of their value in the last year and nearly half the homeowners owe more on their loans than the properties are worth.

Real Estate is no longer local when you have numbers like these.

[Arraya]

la times:

on Thursday that found that nearly 12% of U.S. homeowners were in arrears on their loans or in foreclosure. The numbers were even worse in battered states such as California, where 13% of homeowners were behind on their payments, and Florida, where 20% were late.<----That will keep rising. It was the highest level of distress ever recorded by the trade group, whose numbers go back to 1972. <---That means no historical precedence. The Obama administration’s plan to stave off foreclosures could fall flat in California, where nearly one-third of mortgage holders are underwater on their loans — many of them by amounts that would disqualify them for government-sponsored refinancing.

The problem is likely to be especially acute in areas like the Inland Empire, where homes have lost more than 40% of their value in the last year and nearly half the homeowners owe more on their loans than the properties are worth.

Real Estate is no longer local when you have numbers like these.

[Arraya]

la times:

on Thursday that found that nearly 12% of U.S. homeowners were in arrears on their loans or in foreclosure. The numbers were even worse in battered states such as California, where 13% of homeowners were behind on their payments, and Florida, where 20% were late.<----That will keep rising. It was the highest level of distress ever recorded by the trade group, whose numbers go back to 1972. <---That means no historical precedence. The Obama administration’s plan to stave off foreclosures could fall flat in California, where nearly one-third of mortgage holders are underwater on their loans — many of them by amounts that would disqualify them for government-sponsored refinancing.

The problem is likely to be especially acute in areas like the Inland Empire, where homes have lost more than 40% of their value in the last year and nearly half the homeowners owe more on their loans than the properties are worth.

Real Estate is no longer local when you have numbers like these.

[jpinpb]

I’m not arguing that people are not upside down and in arrears. I agree. I see the NODs and it’s massive.

trex just stated on the adjusted median thread that his sister just got an 80k write down from Wells Fargo. That’s significant. I mean, 80k could buy you a place in some parts.

If banks follow suit, some of these NODs will never hit the market.

[jpinpb]

I’m not arguing that people are not upside down and in arrears. I agree. I see the NODs and it’s massive.

trex just stated on the adjusted median thread that his sister just got an 80k write down from Wells Fargo. That’s significant. I mean, 80k could buy you a place in some parts.

If banks follow suit, some of these NODs will never hit the market.

[jpinpb]

I’m not arguing that people are not upside down and in arrears. I agree. I see the NODs and it’s massive.

trex just stated on the adjusted median thread that his sister just got an 80k write down from Wells Fargo. That’s significant. I mean, 80k could buy you a place in some parts.

If banks follow suit, some of these NODs will never hit the market.

[jpinpb]

I’m not arguing that people are not upside down and in arrears. I agree. I see the NODs and it’s massive.

trex just stated on the adjusted median thread that his sister just got an 80k write down from Wells Fargo. That’s significant. I mean, 80k could buy you a place in some parts.

If banks follow suit, some of these NODs will never hit the market.

[jpinpb]

I’m not arguing that people are not upside down and in arrears. I agree. I see the NODs and it’s massive.

trex just stated on the adjusted median thread that his sister just got an 80k write down from Wells Fargo. That’s significant. I mean, 80k could buy you a place in some parts.

If banks follow suit, some of these NODs will never hit the market.

[Arraya]

Some will never hit the market and some will and trying to figure out the percentage that will verse wont is impossible. Thinking it won’t be significant is not rational. Lots more credit contracting which leads to lots of more job losses and lots more wage deflation. Which is a feedback loop to foreclosures that cant be stopped and rents going down.

Maybe the should just call for a price decline moratorium. Save us some money.

[Arraya]

Some will never hit the market and some will and trying to figure out the percentage that will verse wont is impossible. Thinking it won’t be significant is not rational. Lots more credit contracting which leads to lots of more job losses and lots more wage deflation. Which is a feedback loop to foreclosures that cant be stopped and rents going down.

Maybe the should just call for a price decline moratorium. Save us some money.

[Arraya]

Some will never hit the market and some will and trying to figure out the percentage that will verse wont is impossible. Thinking it won’t be significant is not rational. Lots more credit contracting which leads to lots of more job losses and lots more wage deflation. Which is a feedback loop to foreclosures that cant be stopped and rents going down.

Maybe the should just call for a price decline moratorium. Save us some money.

[Arraya]

Some will never hit the market and some will and trying to figure out the percentage that will verse wont is impossible. Thinking it won’t be significant is not rational. Lots more credit contracting which leads to lots of more job losses and lots more wage deflation. Which is a feedback loop to foreclosures that cant be stopped and rents going down.

Maybe the should just call for a price decline moratorium. Save us some money.

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