Foreclosures Way Way Way Down! Are Bank Repos a Thing of the Past?
Take a look at the latest Foreclosure Radar report from (www.foreclosureradar.com) and you will see that the number of foreclosures notices filed in Orange County is down nearly 51% from a year ago! DOWN FIFTY ONE PERCENT!!! Two things are obvious:
1) Banks are foreclosing on fewer homes.
2) There are fewer homes to foreclose because they have figured out other ways to get rid of them (i.e. Short Sales).
I know first-hand from my own personal relationships with people on the “inside” of some of these banks that they don’t want to foreclose because of all the lawsuits and other legal issues associated with the process.
What does that mean for you in Orange County?
Home Sellers – The worst is behind us, better days are before us so long as interest rates stay low.
Home Buyers – With fewer homes for sale because Bank Repos are fizzling, prices are going up. Investors are back too and the competition is steep. One of my buyers just got outbid on an $800,000 property that had over 6 offers and sold for way over asking price. The winning bid even waived the appraisal!
Have you considered selling you home? Call me now! Looking to buy? Don’t wait…let’s get you pre-approved with a lender so we can get you into a home.
For more information about your Zip codes’ foreclosures, click here: http://www.foreclosureradar.com/california-foreclosures?utm_source=email-102011&utm_medium=email&utm_campaign=foreclosure_report_102011