So, where are all the foreclosures?

[Huckleberry]

[quote=dd123] donaldduckmoore:

The bank did reduce his principal amount if my friend understands it properly.
Actually, my colleague is too naive to understand how come he got this deal.
But he knows one thing for sure: Instead of paying $4k for 26 years, now he has to pay $2k for 30 years to own the house.

and he is a happy man!!

[/quote]

This makes me want to throw up!!!

[j]

And remember the move up buyers will not exist.

People that bought houses 5 or 6 years ago are either stuck or a foreclosure victims, so the medium priced houses should be cheaper.

[j]

And remember the move up buyers will not exist.

People that bought houses 5 or 6 years ago are either stuck or a foreclosure victims, so the medium priced houses should be cheaper.

[j]

And remember the move up buyers will not exist.

People that bought houses 5 or 6 years ago are either stuck or a foreclosure victims, so the medium priced houses should be cheaper.

[j]

And remember the move up buyers will not exist.

People that bought houses 5 or 6 years ago are either stuck or a foreclosure victims, so the medium priced houses should be cheaper.

[j]

And remember the move up buyers will not exist.

People that bought houses 5 or 6 years ago are either stuck or a foreclosure victims, so the medium priced houses should be cheaper.

[Scarlett]

My question is, what is really, physically happening with those ‘shadow’ REOs? They are in the possesion of the banks,and not on the market for various reasons. Are they being inhabited? If yes, by whom, and do they pay for it? If not, it must cost a pretty penny to maintain all those houses. If they aren’t, then the houses are degrading, being abandoned. Any other alternative?

I can understand the ‘dribble out slowly’ process, but they must reach soon such a glut of properties, the dam will burst!

I can understand why they have slowed down the process from NOD to REO (too many REOs already), but it’s just a matter of short time before the banks will be overwhelmed with too many repossesed properties to handle.

So, yes, I think the other SHOE is about to drop hard, though not sure in what form. The market may not be flooded with REOs all of a sudden, but something worse might happen because of not doing that.

[Scarlett]

My question is, what is really, physically happening with those ‘shadow’ REOs? They are in the possesion of the banks,and not on the market for various reasons. Are they being inhabited? If yes, by whom, and do they pay for it? If not, it must cost a pretty penny to maintain all those houses. If they aren’t, then the houses are degrading, being abandoned. Any other alternative?

I can understand the ‘dribble out slowly’ process, but they must reach soon such a glut of properties, the dam will burst!

I can understand why they have slowed down the process from NOD to REO (too many REOs already), but it’s just a matter of short time before the banks will be overwhelmed with too many repossesed properties to handle.

So, yes, I think the other SHOE is about to drop hard, though not sure in what form. The market may not be flooded with REOs all of a sudden, but something worse might happen because of not doing that.

[Scarlett]

My question is, what is really, physically happening with those ‘shadow’ REOs? They are in the possesion of the banks,and not on the market for various reasons. Are they being inhabited? If yes, by whom, and do they pay for it? If not, it must cost a pretty penny to maintain all those houses. If they aren’t, then the houses are degrading, being abandoned. Any other alternative?

I can understand the ‘dribble out slowly’ process, but they must reach soon such a glut of properties, the dam will burst!

I can understand why they have slowed down the process from NOD to REO (too many REOs already), but it’s just a matter of short time before the banks will be overwhelmed with too many repossesed properties to handle.

So, yes, I think the other SHOE is about to drop hard, though not sure in what form. The market may not be flooded with REOs all of a sudden, but something worse might happen because of not doing that.

[Scarlett]

My question is, what is really, physically happening with those ‘shadow’ REOs? They are in the possesion of the banks,and not on the market for various reasons. Are they being inhabited? If yes, by whom, and do they pay for it? If not, it must cost a pretty penny to maintain all those houses. If they aren’t, then the houses are degrading, being abandoned. Any other alternative?

I can understand the ‘dribble out slowly’ process, but they must reach soon such a glut of properties, the dam will burst!

I can understand why they have slowed down the process from NOD to REO (too many REOs already), but it’s just a matter of short time before the banks will be overwhelmed with too many repossesed properties to handle.

So, yes, I think the other SHOE is about to drop hard, though not sure in what form. The market may not be flooded with REOs all of a sudden, but something worse might happen because of not doing that.

[Scarlett]

My question is, what is really, physically happening with those ‘shadow’ REOs? They are in the possesion of the banks,and not on the market for various reasons. Are they being inhabited? If yes, by whom, and do they pay for it? If not, it must cost a pretty penny to maintain all those houses. If they aren’t, then the houses are degrading, being abandoned. Any other alternative?

I can understand the ‘dribble out slowly’ process, but they must reach soon such a glut of properties, the dam will burst!

I can understand why they have slowed down the process from NOD to REO (too many REOs already), but it’s just a matter of short time before the banks will be overwhelmed with too many repossesed properties to handle.

So, yes, I think the other SHOE is about to drop hard, though not sure in what form. The market may not be flooded with REOs all of a sudden, but something worse might happen because of not doing that.

[Rt.66]

In my area three empty shadow inventory homes are being watched by the builder. I know him and he has not been paying, but in an effort to make things easier on himself with the bank(maybe), he keeps them tidy.

Another empty one is owned by someone now out of state and a nieghbor keeps a close eye on it. Probably just out of the desire to keep it from becoming a vandalized eyesore that hurts his house value, but I don’t know for sure.

Another has been empty for seriously three years! Again nieghbors watch this one and one even parks his car in the drive so it looks occupied. I called Countywide on this and a few months ago and they said “not for sale”!

There are many others that I have no idea if anyone does anything but they all seem to be holding up OK. Then again this is a safe area with little crime.

*PS, None of these houses show up on RealtyTrac or the MLS.

[Rt.66]

In my area three empty shadow inventory homes are being watched by the builder. I know him and he has not been paying, but in an effort to make things easier on himself with the bank(maybe), he keeps them tidy.

Another empty one is owned by someone now out of state and a nieghbor keeps a close eye on it. Probably just out of the desire to keep it from becoming a vandalized eyesore that hurts his house value, but I don’t know for sure.

Another has been empty for seriously three years! Again nieghbors watch this one and one even parks his car in the drive so it looks occupied. I called Countywide on this and a few months ago and they said “not for sale”!

There are many others that I have no idea if anyone does anything but they all seem to be holding up OK. Then again this is a safe area with little crime.

*PS, None of these houses show up on RealtyTrac or the MLS.

[Rt.66]

In my area three empty shadow inventory homes are being watched by the builder. I know him and he has not been paying, but in an effort to make things easier on himself with the bank(maybe), he keeps them tidy.

Another empty one is owned by someone now out of state and a nieghbor keeps a close eye on it. Probably just out of the desire to keep it from becoming a vandalized eyesore that hurts his house value, but I don’t know for sure.

Another has been empty for seriously three years! Again nieghbors watch this one and one even parks his car in the drive so it looks occupied. I called Countywide on this and a few months ago and they said “not for sale”!

There are many others that I have no idea if anyone does anything but they all seem to be holding up OK. Then again this is a safe area with little crime.

*PS, None of these houses show up on RealtyTrac or the MLS.

[Rt.66]

In my area three empty shadow inventory homes are being watched by the builder. I know him and he has not been paying, but in an effort to make things easier on himself with the bank(maybe), he keeps them tidy.

Another empty one is owned by someone now out of state and a nieghbor keeps a close eye on it. Probably just out of the desire to keep it from becoming a vandalized eyesore that hurts his house value, but I don’t know for sure.

Another has been empty for seriously three years! Again nieghbors watch this one and one even parks his car in the drive so it looks occupied. I called Countywide on this and a few months ago and they said “not for sale”!

There are many others that I have no idea if anyone does anything but they all seem to be holding up OK. Then again this is a safe area with little crime.

*PS, None of these houses show up on RealtyTrac or the MLS.

[Author]

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