They're ramping up the foreclosures. This is from the Wall Street Journal (via Calculated Risk). Again, this seems like it fits with what we are hearing on the streets from agents and what I'm hearing from my friend at the bank.
J.P. Morgan Chase & Co., Wells Fargo & Co., Fannie Mae and Freddie Mac all say they have increased foreclosure activity in recent weeks. Those companies say they have lifted internal moratoriums which temporarily halted foreclosures.
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Citigroup Inc. says it stopped all foreclosures until March 12, at the Obama administration's request, on loans serviced for Fannie and Freddie. Since then, says a spokesman, it has "reverted to our previous business-as-usual moratorium."
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Wells Fargo has also increased foreclosure actions since the expiration of its foreclosure moratorium ...
Both Fannie and Freddie have stepped up sales of foreclosed properties since their moratoriums ended on March 31.
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More than 2.1 million homes will be lost this year because borrowers can't meet their loan payments, up from about 1.7 million in 2008, according to Moody's Economy.com.
4 comments:
Finally.. the second wave. I've been waiting a year for this to start happening.
When I told my wife we could actually start looking next year, she was thrilled.
I think a lot of that second wave you talk about is already on the market as short sales. Most short sales end up as foreclosures so you already see a big percentage of the upcoming REO's on the MLS.
Most people don't want a foreclosure so they throw up a short sale listing praying that someone will make an offer and they bank approves it. Of course that rarely happens and they eventually get foreclosed on.
Some homes are listed but a very large percentage aren't. I check the NOD notices in the tracts I'm interested in and most of the homes that have NODs filed against them are not listed for sale. I'd say it's around 75% of them that are not listed.
Long time reader here! Golfer X, thanks for all the valuable info you provide! It's always a great read.
You mention you check the NOD's. How do you go about this? I'm quite curious!
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