the next big step down is coming to mid/high-end areas near you

[paranoid]

Wall Street Journal reports that banks are stepping up their foreclosures.

”
J.P. Morgan Chase & Co., Wells Fargo & Co., Fannie Mae and Freddie Mac all say they have increased foreclosure activity in recent weeks. Those companies say they have lifted internal moratoriums which temporarily halted foreclosures.
…
Citigroup Inc. says it stopped all foreclosures until March 12, at the Obama administration’s request, on loans serviced for Fannie and Freddie. Since then, says a spokesman, it has “reverted to our previous business-as-usual moratorium.”
…
Wells Fargo has also increased foreclosure actions since the expiration of its foreclosure moratorium …

Both Fannie and Freddie have stepped up sales of foreclosed properties since their moratoriums ended on March 31.
…
More than 2.1 million homes will be lost this year because borrowers can’t meet their loan payments, up from about 1.7 million in 2008, according to Moody’s Economy.com.”

http://www.calculatedriskblog.com/2009/04/big-banks-increase-foreclosure-activity.html

[poorsaver]

That would be nice, to finally see mid to upper priced homes come down out of the clouds. It’s still $300 to $500 a foot in my area. What I’m seeing though, as I posted in another thread, is very disturbing. A few people I know are living in million dollar homes for free. They just stopped paying their payments, and over a year later, have yet to receive any notices from their lenders. They’re buying new cars, going out to eat five times a week, etc. Really burns me. Anyway, I’m just a patient renter (paying my rent, btw) and hoping that someday the decent (mid-priced) houses will get back to year 2K pricing.

[poorsaver]

That would be nice, to finally see mid to upper priced homes come down out of the clouds. It’s still $300 to $500 a foot in my area. What I’m seeing though, as I posted in another thread, is very disturbing. A few people I know are living in million dollar homes for free. They just stopped paying their payments, and over a year later, have yet to receive any notices from their lenders. They’re buying new cars, going out to eat five times a week, etc. Really burns me. Anyway, I’m just a patient renter (paying my rent, btw) and hoping that someday the decent (mid-priced) houses will get back to year 2K pricing.

[poorsaver]

That would be nice, to finally see mid to upper priced homes come down out of the clouds. It’s still $300 to $500 a foot in my area. What I’m seeing though, as I posted in another thread, is very disturbing. A few people I know are living in million dollar homes for free. They just stopped paying their payments, and over a year later, have yet to receive any notices from their lenders. They’re buying new cars, going out to eat five times a week, etc. Really burns me. Anyway, I’m just a patient renter (paying my rent, btw) and hoping that someday the decent (mid-priced) houses will get back to year 2K pricing.

[poorsaver]

That would be nice, to finally see mid to upper priced homes come down out of the clouds. It’s still $300 to $500 a foot in my area. What I’m seeing though, as I posted in another thread, is very disturbing. A few people I know are living in million dollar homes for free. They just stopped paying their payments, and over a year later, have yet to receive any notices from their lenders. They’re buying new cars, going out to eat five times a week, etc. Really burns me. Anyway, I’m just a patient renter (paying my rent, btw) and hoping that someday the decent (mid-priced) houses will get back to year 2K pricing.

[poorsaver]

That would be nice, to finally see mid to upper priced homes come down out of the clouds. It’s still $300 to $500 a foot in my area. What I’m seeing though, as I posted in another thread, is very disturbing. A few people I know are living in million dollar homes for free. They just stopped paying their payments, and over a year later, have yet to receive any notices from their lenders. They’re buying new cars, going out to eat five times a week, etc. Really burns me. Anyway, I’m just a patient renter (paying my rent, btw) and hoping that someday the decent (mid-priced) houses will get back to year 2K pricing.

[peterb]

From what I am hearing and seeing, although banks are foreclosing, the properties are not hitting the market. So, for some reason, the banks are holding back listing the properties. Very strange.

[peterb]

From what I am hearing and seeing, although banks are foreclosing, the properties are not hitting the market. So, for some reason, the banks are holding back listing the properties. Very strange.

[peterb]

From what I am hearing and seeing, although banks are foreclosing, the properties are not hitting the market. So, for some reason, the banks are holding back listing the properties. Very strange.

[peterb]

From what I am hearing and seeing, although banks are foreclosing, the properties are not hitting the market. So, for some reason, the banks are holding back listing the properties. Very strange.

[peterb]

From what I am hearing and seeing, although banks are foreclosing, the properties are not hitting the market. So, for some reason, the banks are holding back listing the properties. Very strange.

[Eugene]

[quote=peterb]From what I am hearing and seeing, although banks are foreclosing, the properties are not hitting the market. So, for some reason, the banks are holding back listing the properties. Very strange. [/quote]

I see no evidence of that out here, but I suppose it’s possible in the hardest hit areas like Hemet and Stockton.

[Eugene]

[quote=peterb]From what I am hearing and seeing, although banks are foreclosing, the properties are not hitting the market. So, for some reason, the banks are holding back listing the properties. Very strange. [/quote]

I see no evidence of that out here, but I suppose it’s possible in the hardest hit areas like Hemet and Stockton.

[Eugene]

[quote=peterb]From what I am hearing and seeing, although banks are foreclosing, the properties are not hitting the market. So, for some reason, the banks are holding back listing the properties. Very strange. [/quote]

I see no evidence of that out here, but I suppose it’s possible in the hardest hit areas like Hemet and Stockton.

[Eugene]

[quote=peterb]From what I am hearing and seeing, although banks are foreclosing, the properties are not hitting the market. So, for some reason, the banks are holding back listing the properties. Very strange. [/quote]

I see no evidence of that out here, but I suppose it’s possible in the hardest hit areas like Hemet and Stockton.

[Author]

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