When the new foreclosure wave will hit Tracy Market?

Asked by Lynn, Santa Clara, CA Mon Apr 13, 2009

I am interested in buying newer SFR investment property in 95377. Does anyone has any update on when the banks are releasing the foreclosures hold back due to moratorium and how many are coming in Tracy alone? Thanks.

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David Cheung, Agent, tracy, CA
Sat May 9, 2009
I had the same question in my mind, so I cross checked the foreclosure activities vs active MLS listings in the Tracy & Mt. House area. There were many houses sold in trustee sale but not on MLS yet, so the banks are slow in releasing them. We should see more REOs starting June. The bigger question is what is the true supply & demand ratio? With all the new incentives from Uncle Sam, I believe we have enough buyers to chew up the up coming supply. I don't think you will see any big price drop anytime soon.

Like stocks, it is very hard to catch the bottom, go find something you like & can afford, buy it & enjoy it.
Web Reference:  http://reo411.blogspot.com
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Dave Memory, , Tracy, CA
Tue Feb 1, 2011
Hi Lynn,

As everyone else has stated, this has been an ongoing question now for months. Our office just added several REO accounts. What that means is we will be getting more bank owned listings.We currently have 103 active/coming soon properties.
But, the new wave we expect to see are Short Sales. Banks are tired of waiting for homeowners to vacate their home after months of no payments. And, many homeowners damage property as they leave. A Short Sale is a win-win sale for everyone. Bank sells home for current market value, with no damage and further decline in value. Seller walks away with Short Sale, which is far less damaging to their credit than foreclosure, enabling them to buy a home sooner in the future. And, we'll see a shortened Short Sale process...no more 5-8 month approval periods. More like 45-60 days. And, many banks are actually telling homeowner what to list home at even before they have an offer. Whole new world of Short Sales!!
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Steve Roesch, Agent, Portland, OR
Sat Apr 25, 2009
All the new listings are getting multiple offers anyway. If you want a deal, start sifting through the old stuff.
The inventory is considerably lower right now compared to last year.
There is a wave of inventory coming. But it is not being added to a ton of inventory. And now that the prices have already deteriorated and rates are extremely low, the buyers have been ravaging through it. So, I don't think the next wave of inventory will have the same affect as last year. This time, the new foreclosures, as they hit, will look like fresh meat to many investors and first time buyers.
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Adrian Hunti…, Agent, SAN FRANCISCO, CA
Tue Apr 14, 2009
I have been told that Bank of America is concentrating on modifying the loans that are current, but have the greatest probability of missing payments. Makes sense spend the limited funds on the homes that can be saved. If a person hasn't made a payment in 6-12 months and still has no money, how can you modify the loan. I have been told that the moratorium has been lifted, but they are taking a deep look at each foreclosure. Wells Fargo has kept its asset managers on the pay roll, even though many haven't had any work. It is coming and it will provide a good supply of homes at affordable prices. Don't wait. The buyers are ready. I do open houses every weekend and have never seen so much interest. If I could find a house today for all of my prequalified buyers, I would sell 25 houses. Not bad for three months of prospecting. My point!
When the houses come, people are ready to take advantage of the affordability. Investers are able to find cash flow positive properties. First time homebuyers are able to use up to $18,000 in tax credit, and Fannie Mae has created HomePath. Obama is creating jobs, and the Stock Market is above 8000.
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, ,
Mon Apr 13, 2009
HAHAH -- sorry don't mean to laugh. We heard in November it would be mid December, then we heard in Mid December it would be January 30th, then we heard end of February, then March 16th, now we're hearing "WHO KNOWS" . I do know after listening to Jeff Davi, CA Real Estate Commissioner, the Governor is serious about 'making it painful' for lenders to not try a short sale or loan mod, and the current play would significantly delay foreclosures in CA for 5 years!

I spoke with one of the banks that I represent, selling thier assets, they don't know either. They said they are getting 6 - 8 a week NATIONWIDE! WOW.

Best advise, find a great REALTOR who can help YOU find THE home that will work for your investment portfolio. If you find it now, then it won't matter if and when the 'wave hits'.

I hope that helps. Feel free to access my web site to search the internet in REAL TIME. Many national searches are delayed 48 - 72 hours.
Web Reference:  http://www.SusanGoulding.com
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