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Originally posted by: LVrealestateHELP
The NOD's Notice of Defaults are only around 400 - 500 a month for the past 6 months. With that being said we are not expecting a wave of foreclosures for some time. Banks have finally streamlined the short sale process and now we have a much higher success rate and fast timeline. Because of this more people are short selling rather than going into foreclosure. In addition since prices have increased for several years now many people that were upside down have now found that their properties now actually have equity again. This has also reduced the foreclosures hitting the market. I agree that their are a lot of homeowners not paying right now but those homes are not hitting the market anytime soon. Most of those homeowners are the result of the AB284 mentioned above. In Oct 2013 they amended AB284 and the "personal knowledge" clause which made it easier for banks to foreclose but at the same time they amended SB321 which is the Homeowners Bill of Rights. This gave the lien holders a list of new hurdles to jump through prior to them foreclosing. So with that being said I am not expecting a huge wave of foreclosures anytime soon.
Originally posted by: LVrealestateHELP
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Originally posted by: esteskefauver
According to this article economists are growing more pessimistic about the housing recovery. Banks are still holding too much inventory. I know a guy that hasn't paid rent in 3 years since his landlord filed bankruptcy. The bank told him they don't want him to. A neighbor of mine who rents his house got a letter recently addressed to his landlord from federal bankruptcy court. The landlord is a doctor that lives in the LA area in a 3 million dollar home and has a few other rentals in Summerlin.
https://www.usatoday.com/story/money/business/2014/05/08/housing-market-worries-economists/8827827/
The NOD's Notice of Defaults are only around 400 - 500 a month for the past 6 months. With that being said we are not expecting a wave of foreclosures for some time. Banks have finally streamlined the short sale process and now we have a much higher success rate and fast timeline. Because of this more people are short selling rather than going into foreclosure. In addition since prices have increased for several years now many people that were upside down have now found that their properties now actually have equity again. This has also reduced the foreclosures hitting the market. I agree that their are a lot of homeowners not paying right now but those homes are not hitting the market anytime soon. Most of those homeowners are the result of the AB284 mentioned above. In Oct 2013 they amended AB284 and the "personal knowledge" clause which made it easier for banks to foreclose but at the same time they amended SB321 which is the Homeowners Bill of Rights. This gave the lien holders a list of new hurdles to jump through prior to them foreclosing. So with that being said I am not expecting a huge wave of foreclosures anytime soon.
Thanks for the info!
