Comments on: Foreclosures – Looking Through The Eyes Of An Expert

By: Don Petersen

Don Petersen — Fri, 10 Jun 2011 00:28:11 +0000

Orlando ranked No. 8 or so in the U.S. in “appreciation” during the credit bubble. (Only Ft. Myers, FL outranked Orlando in price increases in FL). Liquidating REO required a 60% discount before the Fed’s tax credit for first time buyers. Short sales often cleared at a 40 – 35% discount. Now that the tax credit expired a while ago, prices have resumed their decline.
I asked a realtor discussion list how large the local “in substance foreclosure” inventory was and no one would respond. (Approximately half of the properties are underwater so I assume that a lot of people are more than 90 days delinquent which is a fairly reliable indicator that they are letting the property go.) If anyone has a source or a site for statistics about the frequency of delinquent residential real estate loans by county or SMSA, I would appreciate it if someone posted the link.

By: Tom Koziol

Tom Koziol — Mon, 04 Jan 2010 21:27:02 +0000

No, they only talk to each other and lenders. Hard to believe but true.

By: Barry J

Barry J — Mon, 04 Jan 2010 20:01:25 +0000

Speaking of the complete nonsense coming out of Washington, this new Home Affordable Foreclosure Alternative (HAFA) by the Department of the Treasury has got to be the most ridiculous thing I have seen in some time. Do the people who come up with these things actually TALK to people foreclosure?

By: Dennis

Dennis — Mon, 21 Dec 2009 14:07:50 +0000

What I have learned about foreclosure in the Philadelphia PA is that a lender is up a river without a paddle as far as getting the deed back to put in sellable condition.

I have a triplex under contract, the lender has been to court, had the sale, now the City will take 3 months to record the deed, first in the name of the lenders lawyer, then in the name of the end purchaser, all the while the building sits vacant while the City owned water, and gas utilities add their liens for the meter charges due during vacancies. Next the vandals strip the building of its assets.

Knowing all the above I know the lender has lost all position of negotiating a short sale, to their best interest. Next short sale I do I will offer all cash fast closing, and 20 cents on the dollar.

By: Linda C.

Linda C. — Sun, 20 Dec 2009 16:49:36 +0000

Your projections for when things will finally begin to recover seem much more realistic than most. What a shocker – someone who doesn’t fluff things up to make the real world sound better than it is. Thanks.

By: Jeff Brown

Jeff Brown — Fri, 18 Dec 2009 16:27:32 +0000

Tom — Investors are already out for the most part, due to Fannie/Freddie meddling/underwriting, unless they’re cash buyers.

I think most of your observations will probably stand the test of time. Normalcy, whatever the heck that is, (memory fading) will probably begin showing around 1/20/13.
.-= Jeff Brown´s last blog ..Munchin’ The Numbers – Daily Wall Street Update =-.