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Regular Contributor
truelie
Posts: 71
Registered: ‎02-26-2012

Americans brace for next foreclosure wave

 

 

Reuters) - Half a decade into the deepest U.S. housing crisis since the 1930s, many Americans are hoping the crisis is finally nearing its end. House sales are picking up across most of the country, the plunge in prices is slowing and attempts by lenders to claim back properties from struggling borrowers dropped by more than a third in 2011, hitting a four-year low.

 

But a painful part two of the slump looks set to unfold: Many more U.S. homeowners face the prospect of losing their homes this year as banks pick up the pace of foreclosures.

 

http://www.reuters.com/article/2012/04/04/us-foreclosure-idUSBRE83319E20120404

Gold Contributor
BobPhillips-RE
Posts: 1,701
Registered: ‎12-13-2010
0

Re: Americans brace for next foreclosure wave

Meanwhile, ready, willing, and able buyers, AND their agents WISH your article was true - at least here in Orange County, California.

 

Obviously, for anyone out looking to buy a house right now, they KNOW that there is ZERO sign of such a wave - just like it has been for the past 3 years.

All this, of course, is merely MY opinion. Thanks for reading.

Bob Phillips - Realty ONE Group - South Orange County, CA
Silver Contributor
Groundhog
Posts: 536
Registered: ‎12-26-2010
0

Re: Americans brace for next foreclosure wave


truelie wrote:

 

 

Reuters) - Half a decade into the deepest U.S. housing crisis since the 1930s, many Americans are hoping the crisis is finally nearing its end. House sales are picking up across most of the country, the plunge in prices is slowing and attempts by lenders to claim back properties from struggling borrowers dropped by more than a third in 2011, hitting a four-year low.

 

But a painful part two of the slump looks set to unfold: Many more U.S. homeowners face the prospect of losing their homes this year as banks pick up the pace of foreclosures.

 

http://www.reuters.com/article/2012/04/04/us-foreclosure-idUSBRE83319E20120404


Sad but true.

 

The Bankster Gangsters will be the downfall of this nations economy if allowed to continue on as they are headed.

 

Such should be obvious to virtually anyone who can think clearly. They must be stopped.

 

The banksters are continuing onward as if the situation were business as usual, just repo those who don't pay...hah!

 

It is not even close to business as usual, the millions upon millions of repo's are only making things worse. This is unprecedented, it cannot be allowed to continue.

 

A creative solution beyond most hidebound minds is clearly called for. I suspect after POTUS Obama wins again in November there will be an Executive push to break down the TBTF banksters into small non threatening entities. I suspect that Fanny and Freddie will be the Federal Governments vehicle of choice to assume all existing mortgage debt, declaring a Federally mandated and lengthy defined period of moratorium on repossession..........thus to save us all from a complete collapse.

 

GOOD RIDDANCE SAYS I........THE BANKSTER GANGSTERS NEED TO BE PERMANENTLY PUT OUT OF THE MORTGAGE BUSINESS BY THE FEDERAL GOVERNMENT........It's about time for Wall Street to get their heads handed to them in a basket !!

 

Groundhog opinion

 

OGR

Platinum Super Contributor
Nanomug
Posts: 10,382
Registered: ‎05-30-2009

Re: Americans brace for next foreclosure wave

Three years ago the wave was coming next week.  Hasn't happened.  Not sure how to define what a wave will look like. 

 

Given enough time, perhaps in 10 years a wave may come.  Would that mean the forecast of the wave is true?  

Gold Contributor
TrabucoDom
Posts: 1,584
Registered: ‎01-05-2008

Re: Americans brace for next foreclosure wave

The wave has been here...problem is that it was countered by most potential equity sellers not listng their homes for sale anymore...if we had a similar number of equity sellers as the past in addition to all these short-sales and bank-owned houses, we would have possibly a 30% oversupply flooding the market....The problem now is the net loss of equity sellers seems to be much less than the addition of foreclosure wave homes.

Gold Contributor
BobPhillips-RE
Posts: 1,701
Registered: ‎12-13-2010
0

Re: Americans brace for next foreclosure wave

According to data posted in today's O.C.Register, not only is ALL inventory down, but distressed listings are down to only 25% of available listings.  A year ago they were about 35% of the available listings.

 

http://lansner.ocregister.com/2012/04/16/supply-of-distressed-home-listings-cut-in-half/160810/

 

There HAS been no WAVE, although predicted by Gloomer Bloggers for the past 3+ years, and there ISN'T going to be one.

 

Not any year soon.

All this, of course, is merely MY opinion. Thanks for reading.

Bob Phillips - Realty ONE Group - South Orange County, CA
Trusted Contributor
JABS
Posts: 131
Registered: ‎04-05-2012
0

Re: Americans brace for next foreclosure wave

[ Edited ]

My totally unscientific prediction, which can't be worse than some of the professionals, is that y-o-y invetory will increase since the banks settled their legal issues and will ramp up foreclosures.  Also think prices will continue to drop but will be monitoring Case-Shiller for trending.  Again, could be totally wrong here but just a hunch.

Silver Contributor
Groundhog
Posts: 536
Registered: ‎12-26-2010

Re: Americans brace for next foreclosure wave

[ Edited ]

BobPhillips-RE wrote:

According to data posted in today's O.C.Register, not only is ALL inventory down, but distressed listings are down to only 25% of available listings.  A year ago they were about 35% of the available listings.

 

http://lansner.ocregister.com/2012/04/16/supply-of-distressed-home-listings-cut-in-half/160810/

 

There HAS been no WAVE, although predicted by Gloomer Bloggers for the past 3+ years, and there ISN'T going to be one.

 

Not any year soon.


Groundhog sez,

 

Reality check time Bro..............

 

Well, if that ginormous crowd of repos and shorts since 2009 does not constitute a wave of activity then I will eat my surfboards, all 27 of them.

 

THE VERY IDEA OF THERE HAVING BEEN NO WAVE OF DISTRESSED HOME MORTGAGES IS LUDICROUS AT BEST AND A DOWNRIGHT FALSEHOOD AT WORST.  

 

It is very well known the Banksters are holding out and not listing, just like the equity sellers. Thereby hoping to get a greater price by starving the market. I DO NOT THINK THIS IS GOING TO WORK IN THEIR FAVOR.

 

And no amount of bogus propaganda is going to change the facts of life as we now know it, this so called NEW NORMAL.

 

I predict that if the housing price egg does not crack wide open and jobs seriously improve, there will eventually be no less than 50% renters in OC many years from now. This will be due to the natural attrition of the existing large number of free and clear home owners who bought relatively cheap, (as most of them are getting a bit long in the tooth these days, eh?), together with not enough moola to go around to pay OC prices as they exist now and will only probably continue to get higher.

 

Why do I think such you may ask? Oh, just little things like ongoing massive unemployment, the relative impossibility to get any kind of a loan for too many would be buyers, 25% of California kids do not even graduate high school (how are they gonna pay OC prices, huh?), Gen Y and even Gen X living with their parents in ever increasing numbers (and liking it too!), a lousy state Gubmit in Sacto which will tax us into the ground it they can, and on and on ad infinitum ad nauseum.

 

We are in deep sh*t my OC Forum realtor Bro, only hard work and perseverance is going to save this ship now. And it will take many many more years to right this little real estate boat back onto a level keel and sail a straight course again, IMHO.

 

Look outside the lineup dude, and you will see the cleanup set approaching. Paddle hard and pray to make it outside, or get caught inside and eat it hard are the only choices we have now.....(just a little wave rider surfspeak for ya, huh?).

 

I don't think the rat fink Banksters, or the current everyday Mainstreet equity sellers who depend upon homes to be their retirement bank can hold their breath long enough, they will eventually drown in red ink.

 

You can call it doom and gloom if you like............I call it reality.

 

Oh yeah, please excuse my tendency to phrase using analogy, metaphor and allegorical terms. It makes things more interesting sometimes, huh? 

 

And do have a pleasant week , the weather is great, again! 

 

Groundhog opinion

 

OGR 

Gold Contributor
BobPhillips-RE
Posts: 1,701
Registered: ‎12-13-2010
0

Re: Americans brace for next foreclosure wave

[ Edited ]

GroundHog,  You're confusing the easily absorbed stream of foreclosures and short sales that have been pretty much snapped up over the course of the past 3 years, with the predictions by gloomers, that we would be ENGULFED by a Tsunami which would have a DRASTIC effect on house prices, in this area.

 

The median - right now - is 8% higher than it was 39 months ago - the REAL low point after the huge decline of prices back in 07 and 08. ( Which, by the way, never DID decline as far as they had SKYROCKETED in the time from 02 through 06.)

 

The point I have steadfastly been trying to make - which you continue to try to ignore - is that said ENGULFMENT has never materialized over this past 3+ years, and consequently all such talk is just that - talk, with absolutely NO substance.

 

In addition, the conpiracy theory, that the banks are holding onto huge throngs of foreclosed houses is absolute BS, and couldn't be further from the truth.  That isn't Bob Phillips's opinion - it's the educated opinion of Sean O'Toole of ForeclosureRadar.com - someone who KNOWS what he's talking about.

 

ForeclosureRadar’s Sean O’Toole:

 

It is easy to see why some analysts continue to predict that there will be a wave of foreclosures. Clearly we still have far too many homeowners in trouble, and with the recent Attorney General Settlement over robo-signing, and other issues, it seems completely logical that a wave of foreclosures would follow.


It won’t.


To reach the conclusion that there will be a wave of foreclosures, you have to assume that the banks either want to foreclose — they don’t — or will be forced to foreclose —they won’t. In September 2008, the rules of the game were changed to help the banks remain solvent. And since then, it has been in their best interest to find reasons to delay foreclosures through whatever means necessary. I don’t see that changing anytime soon.”

 

But you just go ahead and continue to bleat your conspiracy theory misinformation.

All this, of course, is merely MY opinion. Thanks for reading.

Bob Phillips - Realty ONE Group - South Orange County, CA
Redfin Open Book Certified
LoansbyJW
Posts: 3,212
Registered: ‎04-30-2009

Re: Americans brace for next foreclosure wave

From a July 2011 thread on Shadow inventory there were a few REO properties listed in the post:

 

http://www.redfin.com/CA/Brea/630-W-Imperial-Hwy-92821/home/4079480

 

Still not listed or sold since 2010

 

http://www.redfin.com/CA/Laguna-Niguel/3-Leicester-Ct-92677/home/4970795

 

Still not listed or sold since 2010

 

The Anaheim property I can understand why it's not re-sold. It's in a terrible location. The Laguna Niguel home is a mystery why it's not on the market after almost two full years (July 9 2010 was the foreclosure)

 

I plan on an anniversary post of that original 2010 collection of homes in July 2012, plus a review of the 2011 REO shadow inventory list to see if any more unsubstantiated, mythical, or other further from the truth properties still in hiding.  Say what you will about foreclosures and shadow inventory, but the facts on the ground say otherwise.

 

As for the February 2009 low, anyone who purchased at that point did very well. Anyone who purchased in the 2010 FTHB induced bounce... not so much.  Prices from that mini peak have fallen month over month by any measurement standard available.

 

Thanks for reading,

 

 

 

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