Skip to comments.CNBC'S Olick: Foreclosure Wave About To Hit With "Thunderous Roar"
Posted on 04/06/2010 5:39:37 AM PDT by blam
CNBC'S Olick: Foreclosure Wave About To Hit With "Thunderous Roar"
by CalculatedRisk on 4/05/2010 05:47:00 PM
From Diana Olick at CNBC: Let the Short Sales Begin
I'm ... starting to hear rumblings among the number crunchers that the wave of foreclosures we keep hearing about is about to hit with a thunderous roar.
Servicers are ramping up the mod process and pushing those who don't qualify out the door more quickly than ever.
I don't know about a "thunderous roar", but I do think we will see more distressed sales soon. Most trustee sales seem to be "postponed" each month, and perhaps the lenders were just waiting for the HAFA short sales program to begin. That program started today and anyone considering a short sale should ask their lender if they qualify.
I'm telling people to wait and watch the market and to buy only if they want to commit to the financial future of the state. The latter makes their eyes go wide.
I’m telling you... the Obama Admin. is using the guise of social engineering to offer foreclosed homes to those who still can’t afford them.
financial future of the state?
The faster the Great Fall happens, the faster we can rebuild.
If it happens you can bet that AP will report it as “unexpected”.
Actually they will use it to justify the government taking over more private property.
I read somewhere earlier this year that there a lot of ARM’s that are due to reset starting this summer and going through the next 18-20 months. Makes good sense. Back in 07, there were lots of mortgages being forced on the banks because of their evil redlining practices. And a lot of them were adjustable rate mortgages at ridiculusly low rates. Guess what happens to an adjustable rate?
They adjust up.
The various lending institutions and agencies are avoiding asset mark down to value which would create massive insolvency of the banking system and all that it would entail.
otherwise known as “extend and pretend”
‘the Obama Admin. is using the guise of social engineering to offer foreclosed homes to those who still cant afford them.’
I agree. This Administration is going to move the ‘hood into suburbia under the banner of ‘economic justice’(reparations).
I was talking to my neighbor who is a realtor and she said banks are going to begin a huge number of foreclosures. Apparantly banks dont want to pay utilities thru the winter so they let the borrowers stay there and pay the heat bill - but no more.
I wonder if the republican leadership will "not let a crisis go to waste".
Everyone seems to be ignoring the commercila side of this.
All I know is, on a daily basis in the central florida area, there are homemade signs “For Sale” sings on the side of the road that range anywhere from $27,000, up to $60,000 (cash). The signs don’t stay up long.
I think many may be waiting for summer when the demand for housing will be greater. Look for foreclosures to begin shortly around the time school lets out for summer when families begin relocating.
Yes, where we live (South Florida) what is more noticeable than the empty houses are the empty stores.
Banks have been holding back for whatever reason and are getting ready to bust loose with homes for sale. Just ask the local appraiser’s and real estate broker folks how much bank work on foreclosures they’ve been doing lately.
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