Notice of Defaults here in the Inland Empire are climbing daily, homes, just waiting to take their place with the other foreclosures in our neighborhoods. But wait, the banks don’t want to own anymore real estate and the "cats out of the bag" on the costly foreclosure process! According to the Joint Economic Committee of Congress, the average foreclosure cost $77,935 while preventing a foreclosure runs $3,300….Crazy! Sean O’Toole, founder of foreclosureradar says "Unfortunately, the continued increases in defaults tell us that the worst is still ahead. It is time for lenders to accept this reality, and start approving short sales rather than forcing more than two-thirds of troubled homeowners through the entire foreclosure process."
We’re closing escrow next week on a 3100 sq ft home in Menifee for $248,000…it had $550,000 on 1st and 2nd liens…but the bank get’s it…kudos to IndyMac.
We had a “Junker” in Bloomington with an offer of $160,000. The bank countered last week with $220,000. The prospective buyers said no way…I begged the bank to take the $160,000 and run away laughing…the bank “anal…yst” located in New York said “no way”…and foreclosed on Monday…didn’t sell at auction of course and now the bank is holding a property worth maybe $145,000…if you include the homesteaders crawling through the windows, the bullet holes in the fence that’s falling down and the lovely graffiti artistry that surrounds the home.
I guess some banks are getting it and some are not…
Trackbacks/Pingbacks