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Repo Mania

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Crunch Hardtack

Thread Starter
Member
Joined
May 2, 2006
Professional Status
Certified Residential Appraiser
State
Ohio
News to everyone except appraisers......http://www.bloomberg.com/apps/news?pid=20601087&sid=azx0LzcT19ao&refer=home

Excerpt:

Feb. 26 (Bloomberg) -- Bank seizures of U.S. homes almost doubled in January as property owners failed to make higher payments on adjustable-rate mortgages.

and

Defaults among subprime borrowers and those unable to meet rising payments on adjustable-rate loans drove foreclosure filings to the highest since August and the second-highest since RealtyTrac started keeping records three years ago. About $460 billion of adjustable mortgages are scheduled to reset this year, raising minimum payments for borrowers, according to New York- based analysts at Citigroup Inc.

I thought Uncle Sam had this under control? Guess not.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Also, in a related note, withdrawals from 401k accounts are at all-time highs. People trying to stay afloat sucking out their retirement accounts.
 

Thomas Fiehler

Senior Member
Joined
Jun 2, 2003
Professional Status
Certified General Appraiser
State
Ohio
Unfortunately I think Pam is right (as usual!). Pulled in a development yesterday and a tow truck was leaving with a car attached. On the side of the truck: "The good Lord giveth..... and the Repo Man takes"
 

Lobo Fan

Elite Member
Joined
Nov 28, 2004
Professional Status
Certified Residential Appraiser
State
New Mexico
Realty Trac numbers are not always accurate. Around here, they click the number everytime there is a new court filing. Since it takes multiple court filings to get one repo processed, they will count the same property multiple times. After all this is the parent of Ocwen. They can't get a lockbox combo right to save their lives.

I am doing one this morning where the moving truck will be there. Interesting area. Lots of repos in the MLS. It seems that the townhouses in good condition are going for $120,000 or so. A few repos sold/active in the $70,000 range. It will be an interesting report.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Wife got a phone call from a MB in Southern CA, fishing for a comp check for a large home in a Dallas suburb. In the course of the conversation, he mentioned he lived in Riverside County. Now, I've been following the Southern CA market, and know it's been falling. He said he handled a short-sale for a friend of his. Home was purchased 2 years ago at $535,000, sold last month at $295,000. He doesn't see the bottom out there.
 

Greg Bell

Senior Member
Joined
Jul 7, 2006
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Louisiana
Also, in a related note, withdrawals from 401k accounts are at all-time highs. People trying to stay afloat sucking out their retirement accounts.
They had better pull all their 401KS quickly because the dollar is tanking and snotty money mangers are losing their a----.
Quick, by some beans and ammo..:fiddle:
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
In December I did an appraisal of a home in a subdivision in Fredericksburg, VA that is 3-4 years old and out of 46 properties which are currently active listings or pending sales, 31 of them were either REO or short sales ( and most of the properties were listed at $100,000-$150,000 less than the sold for in 2005-2006). The subject property was new construction which had been listed by the builder at $430,000 about year ago, then reduced multiple times until it was listed at $375,000. The builder was desperate to get it off the books by the end of the year and the contract price ended up being $325,000. This neighborhood has taken about a 25% hit in one year and with all the REO's and short sales on the market, I am not sure that it has hit the bottom yet. I believe that, in areas like this, even people who can afford their mortgage are just going to stop paying and let the house go into foreclosure. I mean if you purchased a home for $475,000 and it is now worth $325,000 and you put little or no money down, why would you keep paying...economically that makes no sense. In fact, if you in that position, the smart thing would to do (if you could do it) would be to but the REO down the street that is the same model as your house for $325,000, move into that house and then just stop paying the mortgage on the house you just moved from.
 
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