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Foreclosure Forebearance

Discussion in 'General Real Estate and Real Estate Finance' started by Terrel L. Shields, Apr 16, 2009.

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  1. Terrel L. Shields

    Terrel L. Shields Elite Member
    Gold Supporting Member

    300
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    Foreclosure applications have skyrocketed in states and involving agencies who put a temporary moratorium on foreclosure...duh.

    And now with foreclosures to increase with some certitude this spring, it looks like a fresh round of cheap homes will hit the market just as the market is thinking "recovery"....

    Looks to me like a good recipe for another market pull back as sentiment goes negative again....
     
  2. Randolph Kinney

    Randolph Kinney Elite Member
    Gold Supporting Member

    77
    Apr 7, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    It is that "shadow inventory" of homes yet to hit the market. And, it will get worse as more layoffs continue going forward.

    Home prices are not yet at the bottom; they will continue to fall.

    The refi's and first time buyer tax credit should run their course by the end of summer.

    I suspect too that the increased level of social spending and increased taxes will subtract from home sales.
     
  3. Workbox

    Workbox Elite Member

    2
    Mar 2, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    I really feel bad for those current investors that rushed to buy now, thinking that it was the bottom. They are going to get a rude awakening.
     
  4. Restrain

    Restrain Elite Member

    18
    Jan 22, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    Commercials are starting to hit - big time.
     
  5. nauthead

    nauthead Senior Member

    15
    Nov 26, 2004
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    I had a meeting yesterday with eight members of the FDIC. One of the first questions was "have we reached a bottom"? My answer was "with a 33 month supply of single-family housing and a 12% unemployment rate in this county, we're a long way from a bottom." I think the news for real estate markets has been bad for so long now that people think prices just can't sink any lower. Think again.

    Some of the homes in my area may never be occupied again. From 2004-2006, builders slapped together houses in subdivisions where nobody wanted to live a few years earlier. Once again, nobody wants to live in these areas and hundreds of homes are sitting vacant. Piece by piece these homes are being raided. First it’s the A/C systems and appliances. Next it’s light fixtures, windows, garage door openers, etc. The best thing for these properties may involve bulldozers and construction dumpsters.

    I’m thinking that maybe our state bird should be changed to the A/C compressor fan because I see one at every REO after the A/C has been stripped of the copper. The poor critters are left there all alone.

    To make matters worse, in January the FDIC took over a bank with hundreds and hundreds of properties in default. Those foreclosures were frozen until now. So here comes another wave of REO’s to saturate the market.
     
  6. Roscoeman

    Roscoeman Member

    0
    Aug 18, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Oregon
    Ain't that the truth!

    Largest Mall Owner trying to stay alive, while all its retailers are closing shop.

    Its really not a pretty site!
     
  7. Roscoeman

    Roscoeman Member

    0
    Aug 18, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Oregon
    I agree the REO's are going to hit probably around June and we should be pretty busy this summer!!!

    How many can come on the market and have it saturated with REO's who knows...wish I had some money, oh well!
     
  8. murray stroupe

    murray stroupe Senior Member

    0
    Apr 27, 2005
    Professional Status:
    General Public
    State:
    Tennessee
    Re ;Did Try to Buy-LOL

    =================
    Actually did try to buy this month, but the [TV]real estate bookseller wanted retail [$19.95];
    and $9.95 for postage/handling.

    Amazon had it for about 60% off;
    & $3.99 shipping/handling. SOLD. Bottoms are a process, if i was shopping for city taxed RE[I am not, now buying city taxed RE] those few homes , in west TN that sold for about 50% off list price of $109,000, would be a interesting starting place.
     
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