Posts in Foreclosures
Check out this news release from October 2009 outlining a program outlining how home owners might rent back a home they are losing in foreclosure.
http://www.fanniemae.com/newsreleases/2009/4844.jhtml
The obvious question is "have you heard of anyone actually doing this?" If this program has existed for almost two years, you would think that the regional real estate community would become aware of someone that has been able to use the program.
http://blogs.wsj.com/developments/2011/08/10/seven-questions-on-foreclosure-to-rental-conversions/
You can see from the article above, there are serious discussions about doing large bulk sales or create new large scale programs with major property managers overseeing government owned homes being rented.
I am hoping that someone will fill us in on a success story somewhere! The examples of this from the past were not pretty and anything but considered successful. Please let us know what you know. Thanks.
OK. Read the link below about the fact that there are fewer listings on the market now than a year ago.
http://blogs.wsj.com/developments/2011/07/19/in-june-fewer-for-sale-signs-on-homes/
So, why is this a good thing? Well, first of all, for all those home owners that have been hearing about all the foreclosures and competing low priced inventory - you have a window of opportunity!
Yes, if you have followed the business news (or even our blogs) you know about the many problems that the largest banks and bank servicing agencies have had processing the huge volume of foreclosed properties around the country. Well, the bank's pain is the curent Sellers's gain! Fewer bank-owned properties on the market benefits all other Sellers.
The fact that interest rates remain relatively low and the inventory is free of the "glut" of foreclosures that we know could be on the current market - creates a more positive market condition for home owners that might want to sell now at higher prices.
The old saying "timing is everything" really applies to this period in the real estate market. We truly do not know what the future holds as to market value for real estate. Will home prices continue to go down? Or will the long term trend return to real estate markets; that is that real e
A look at the aftermath of the mortgage meltdownis still not pretty and not likely to get better soon. You would think that in these years that have followed there would be improvement and/or a start towards recovery. Far from it! The depth and extent of the problems are just coming to light and still being sorted out. And like saugage making, it certainly is not pretty.
http://www.msnbc.msn.com/id/43801546/ns/business-personal_finance/
At the heart of the issue is the supposed good thing intended to free up capital from local, regional and larger banks in order to make more loans; securitization. They made more loans OK, but many of them were not "good" ones. That in a nut shell led to the crisis; too may defaults. However, securitization is continuing to be a the center of the foreclosure boon doggle. The true ownership of these mortgages and the right to foreclose is being challenged in courts all around the country. This has been in the background throughout, but is now becoming central in many large scale legal battles.
Once things within the securitized mortgages began to unravel in 2007 and 2008, the pure large scale and scope of the problem began to create more nigh
