I Track all Foreclosures in the Greater Los Angeles and Orange County areas. Not Pre-Foreclosures but the properties actually going to sale.
I do not sell my system I work it!!!! If you are looking for a :superman: and a system that is already running and all you have to do is jump on board then give me a call on my Cell @ [REMOVED]
If you have friends or family with lots of money who are looking to get a great deal......I have a Referral fee for you Too.....every time they purchase a property.l
You know you hear all these media outlets, Lenders and all these wierdos predicting that the problems are intrest only loans, Option Arms and stuff like that but you know,
I still Door knock on slow days and loans have nothing to do with it!!!!
It's Still the Big Three:
1) Loss Of Job
2) Getting A Divorce
3) Health Problems
Not one has anything to do with an option or intrest only...because the banks are refiing these loans before they get to the end of their rope.
This is from Voice of experience....
So when you hear someone saying it's because of the Loans.....
Temecula, CA · Member since 2008 · 3 posts · 0 votes
19y
Ryan, I respectively agree and disagree. As a Realtor and Loan Officer I see your "Big Three" factors as valid but another reality is the fact that in the past couple of years many people were put in short term adjustable loans with anticipation of tremendous value increases. Instead, they experienced interest rate increases while they could only afford the interest only loan payment they started with and saw no appreciation in that time period. If they bought the property with no money down, there is no equity (maybe upside down already in some areas) and their mortgage payment is going up $500-$1000 when their loan adjusts, refinancing to a loan they can afford is not an option. They're screwed.
Sacramento, CA · Member since 2008 · 108 posts · 7 votes
19y
Relust8 is correct. I just went through my list of trustee's sales scheduled for next week in Sac that meet my purchase criteria - over 33% of them are 80/20 purchase money transactions that originated from 2004 forward. That means zero or negative equity in todays market. That's one type of loan program that will likely account for 15-20 or more properties being sold to the beneficiary next week. Factor in ARM's, option ARM's and other "non standard" financing vehicles and we're looking at 50% of foreclosure activity at least.
I pull mine directly from the county in which the property resides. It is amazing how many homes come and go on this location, but it is still a healthy selection.
BTW: thanks guys for the explanation of the sharp drop in the RE market. The area you are talking about was recently written by MSN to be one of 5 of the worst states suffering the largest drop in the real estate market.