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Pidgins continued…
By Capt. Krusty | February 17, 2010
As the the little girl said…”we’re back!”…so let’s jump right into the story.
So far we’ve seen 308 mortgage sources collapse since 2006 (according to implode_X.com), both Banks and Mortgage Bankers, housing price took a dive, millions have defaulted on their mortgages, millions have tried “loan modifications” and failed, millions have tried (or are trying) to short sale…yet our inventory of sellable foreclosed home are way down , with just trickles coming from the asset managers….so where are they? For just over a year, we have seen moratorium after moratorium sanctioned by the Feds , backing off the release of assets held. The reasoning?…stop the declining prices and stablize the market. A bi-product of this is the fact that Banks are actually learning how to deal with true modifications…AND (the big one!)…how to do short sales. In our opinion, we think that Banks, and Servicers are coming to the realization ,that just maybe…a Short sale is more rewarding (financially) then a foreclosure…no more emotional revenge…you know… “you got my money…now I’m going take your home to get even”, In spite of the positive changes, the “Buble” is still lurking out there (That right.. remember the “Bubble”? it never popped, or deflated, in fact it’s bigger then the Goodyear Blimp by now….and it’s coming!) According to the Local rag (Mercury News on 2 17/2010), there’s approximately 4,800 foreclosed homes in our little portion of the state that are being held for “release” (and we are one of the least devastated areas in the nation!)…….so when are they coming?
next time……
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