CNBC'S Olick: Foreclosure Wave About To Hit With "Thunderous Roar"

Calculated Risk ^ | 4-5-2010 | Diana Olick

[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.

[muggs]

We have empty shopping center and stores all over in the Cincy area. One small shopping center was built about a year ago and has had no tenants. Another built 2 years ago has just one tenant.

[cyclotic]

All of Michigan is in the toilet. My house has been up for sale for 5 months. We’ve had three showings. I’m currently living and working 500 miles away form home and family while we try to sell.

Us responsible ones get totally screwed, yet again. I bought a house I could afford and paid for it. Made every single payment on time. Yet, when I need to sell, I can’t do it. I’m not upside down on the house bcause I bought a fixer upper and got it cheaper at the time.

[UCFRoadWarrior]

Yes, where we live (South Florida) what is more noticeable than the empty houses are the empty stores.

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I noticed that while in Broward/Palm Beach County this past weekend....a lot of empty stores in strip malls. Much more so than in the Orlando area (where actually some of the strip malls are gaining new tenants....at a reduced lease...I am sure

[torii.ruiz]

Instead of short- sales most of all homeowners in foreclosures qualify for the Modification programs due to decrease in income, increase in expenses, has their mortgage payment over 31% of their monthly gross income! That would be major qualifications for a modification! Dont lose your homes to short-sales when you could very well meet the guidelines for the Home Affordable Modification or Traditional Modification programs. I help families every day to keep their homes and I would be happy to give you some other alternatives to saveing your homes. Also, make sure what ever company you do look into is licensed!! Beware of scams.... there are too many families falling into the wrong hands! If you have any questions or need some advice, I would be glad to help in any way! May God bless you all!