The Return Of The Foreclosure Machine!
Sounds like a good title for a horror flick doesn’t it? However it’s a reality show!
The Wall Street Journal reported today that the major banks are revving up the big foreclosure machine again.
The brief respite wasn’t due to any change in market fundamentals or because the banks were simply being nice but rather because of an “agreement” … a moratorium if you will on pursuing foreclosures. It seems that the big banks wanted to see what the big plan Obama had for cleaning up this mess, obviously they have lost faith. They’re not alone!
- 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.
- We’ve talked to reps at GMAC mortgage who have told us to be ready for a deluge of activity in the market as they begin churning forward on the backlog of defaulted loans.
- 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.
- 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 MORE 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.
Obviously all of this additional foreclosure activity will result in loads of additional inventory hitting the market and potentially causing home prices to dip yet again. Darn economic laws of supply and demand!
No, we have not hit bottom yet. Not by a longshot!
So what’s next, another round of handouts to banks? Who knows. What I will say is that this further underscores the feeling that we have been advancing that this is truly the BEST REAL ESTATE MARKET EVER!
Our Buyers are ecstatic. We are seeing banks being EXTREMELY aggressive in pricing and liquidation. We’re taking orders from across the Country and from across the pond from Buyers who aren’t at all afraid of being Capitalists.
If your interested in buying that home that you thought wasn’t affordable or if you are looking to expand your present portfolio of holdings, I can show you deals that will astound you. Each week we are featuring the Fort Lauderdale Real Estate Deal Of The Week and last week’s DOW sold in 8 hours!
Can you believe it? In this market we have homes selling in just hours. A lot of people are whining about the economy and the housing market. I’m tired of hearing it.
As we all prepare for the big rush to the post office for the annual governmental donation, how about participating in your own little “real estate tea party’ and tell yourself that you’re tired of people reaching in your pocket.
The banks need us to liquidate these non-performing assets and the abundance of wealth building opportunities is only going to grow in the coming months. Be prepared, get educated and give me a call if you’d like to exploit this opportunity for all that it’s worth!
What Mortgage Modifications Say About the Housing Market CNBC, on Tue, 16 Feb 2010 11:59:11 -0800CNBC’s Diana Olick has the latest real estate headlines. A new report shows that foreclosures are dropping in January, with CNBC’s Diana Olick. …
Tired of Bailout Nation? FOXBusiness (blog), on Fri, 05 Mar 2010 09:29:55 -0800 Forbes publisher Richard Karlgaard recently wrote a terrific column pointing out the differences in how elected officials have lead the US out of prior …
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I just finished writing a blog article explaining Illinois Senate Bill 2513 which was signed into law in April. Essentially this is a 90-day moratorium on foreclosures in IL.
In IL foreclosures are motionless. Homeowners are receiving Notices of Default in a Certified letter. Are given the option to seek counseling at a HUD approved office and are trying to modify loans with their lender based on the Obama plan.
What will happen in the next 90-days is unsure. I expect we will also begin to see a rise in foreclosures as banks begin to accelerate the foreclosure process.
It is true that those who have liquid assets are in a position to buy. However, on a broader note, it is the banks that are quite literally starving people and who have a strangle hold on the government. So, the news is good, but let’s not fail to recognize that the debt money system does not work and hurts people who are using debt to pay for things, including mortgages, and it will be the cause of bigger and bigger financial ruin with each contraction that takes place in the economy. It’s on path headed for destruction.
D
Hi Dominic..you make a good point. However as a buyer who seizes upon opportunity sometimes I overlook that some are really getting hurt. Thanks for the perspective.