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 …
What Is A Short Sale?
Understanding the Short Sale Process
Do you know how to do a Short Sale? Do you even know what a Short Sale is? Are you in foreclosure and need some advice about how a Short Sale may help you out of a bad situation? Well you are not alone.
I get dozens of emails and calls every week from homeowners who would just like the straight scoop on just what is a short sale. So I decided to record a brief video to help you understand the Short Sale Process. I hope that you find it useful and informative.
There are over a million real estate agents walking the planet and if you ask 10 of them what is a short sale and how do you successfully execute one you’d probably get 10 different answers. Then if you ask another question, that being, how many of them have actually successfully completed one you’d be very surprised.
Most real estate agents only found out about Short Sales in the last 18 months after they became the “in” thing in real estate. Then many agents found out that if they weren’t proficient that they actually can end up in trouble for their blunders and many simply do not have any desire to work in the Short Sale arena.
I’ve been doing Short Sales for a long time. Even BEFORE they became cool. In that time I have learned quite a bit and one of the biggest things that I learned was to surround myself with a good, competent and experienced team of professionals who work together to effect a successful experience for my clients.
Short Sales aren’t tough at all … if you know what you’re doing. We have a very specific system that we have implemented and have been using with great success.
Please take a moment and review the video below and find out for yourself how we approach the Short Sale Process.
If you are in foreclosure or know someone in foreclosure and you would like me to review your situation, I would be happy to take a look at your case and let you know if I feel that you qualify for a Short Sale. I specialize in foreclosures and Short Sales and I am very picky as to who I represent in a Short Sale case. I want to work with people who are committed to the Short Sale Process.
If you think that you are willing to do what it takes to participate in a successful Short Sale, please do not hesitate to email me or call me at 954-709-7461.
Fort Lauderdale Real Estate Agent’s “Deal Of The Week” Program Offers Buyer’s Prize And Cash Incentives On Foreclosures
Fort Lauderdale Real Estate Deal Of The Week!
Fort Lauderdale Real Estate Agent’s “Deal Of The Week” Program Offers Buyer’s Prize And Cash Incentives On Foreclosures
New Deal Posted Every Monday morning through June 30, 2009 on the Fort Lauderdale Real Estate Blog.
Fort Lauderdale, Florida, April 16, 2009 – Beginning this week, the Fort Lauderdale Real Estate Blog will feature the best foreclosure deals on the market in its “Deal Of The Week” program. Read more
Are You Making These Deadly Mistakes With Your Business?
With the economic downturn and the mass hysteria, it’s all too easy to make some deadly mistakes that
cost you business. Read more
Go Get Run Over By A Truck!
Getting Run over by a Truck
With all of the whining going on with those in the real estate business these days maybe Realtors should put things in perspective. Like living each day like it will be your last because one day it will be!
We have all heard the expression, “Live each day like it will be your last.” People sometimes say, “You never know, you might go out and get run over by a bus!” Jim Fox knows what that is all about! Well, he wasn’t run over by a bus, but by a truck! Read more
Fort Lauderdale Foreclosures
Fort Lauderdale Foreclosures Driving Sales Numbers In Local Real Estate Market.
While it was reported yesterday by the National Association of Realtors that existing home sales were up by 5% in February, it is what is driving those sales that is most interesting. First time home buyers accounted for half of all homes purchased and an astounding 45% of all transactions were distressed properties. Read more
Yet Only 1-2% Of Realtors Have A Blog Presence?
Obsolescence, lack of technological prowess, ignorance, sloth, …why is it that in a sector of the economy that direly needs professional competence that so many in the industry not only lack the skills to succeed, but exacerbate their inefficiency by deliberately choosing NOT to evolve? Just what does it say about the real estate agent “profession?” Just what does it all mean? Read more
A New President May Not Solve Our Problems
Today is Tuesday, Nov. 4, Election Day, and I am writing this from Wasilla, Alaska, just a few miles
from Sarah Palin’s home.
I’m here because a good friend of mine, who happens to be a very good friend of Sarah Palin,
invited my wife and I and several other couples from around the country to an election party. Read more
Real Estate Investing And The Power Of Interpersonal Relationships
We often hear from new investors that they never know what their first step is. Everyone always wants to run out and find that first deal and then make a million dollars without laying a solid interpersonal relationships. Real estate investing, like most businesses, prosper greatly from the development of interpersonal relationships. In order to “find” great deals, they are often by-products of the deals finding you! Read more
Real Estate Investing 911 | Navigating the Real Estate Industry Shakeout
Hundreds – if not thousands – of negative news stories have been done in the last year discussing just how bad the real estate market is, how homeowners and real estate investors and those involved in real estate investing as a business have lost their shirts, and how these terrible conditions are likely to continue for the foreseeable future. You’re only getting part of the story. Let me play Paul Harvey for a minute and give you the rest. Read more
