deutsche bank foreclosures
deutsche bank foreclosures
deutsche bank foreclosures
Housing Sales Continue to Soar, Why?
REAL ESTATE 10/20/2009
foreclosure News
It is amazing to me what we are reading about virtually on a daily basis today in the news regarding the housing market. On Monday 10/19/09 I was reading of an auction that took place in the Chicago area over the weekend. Someone’s seven-bedroom, three-bath, dream home sold for $7,000.00. Another home was passed on by all investors for an asking price of only $1,000.00 drawing a reaction from one observer, ‘gosh, you would think someone would have bought that and rented it to an individual who qualified for a $600.00 a month Federal rent assistance voucher’.
The National Board of Realtors has been reporting of increased housing sales for months now. Yet they are still down playing their reports like the one for the first quarter of 2008 that 78% of the sales in Stockton California were from foreclosures. The Board of Realtors is still touting sales increases for the past nine months, but what kind of sales are they really? I thought I would share with you a brief article that appeared in the Wall Street Journal that reflects the kind of sales they are;
Foreclosures Continue to Flood Market
The U.S. housing market is being flooded with foreclosed homes held by trusts managing pools of securitized mortgages.
The trusts sold six times as many properties as banks during the six months ending March 31. The average property sold for 69 percent of the original loan amount, according to data compiled primarily in the Atlanta area by Data Intelligence Corp., a real-estate analytics firm.
The dump isn’t over yet with thousands of properties still awaiting sale.
“While the banks are trying frantically to get loans off their books, they face the problem of large shadow inventories of housing being dumped on the market, which would depress prices further,” says Anthony Sanders, real-estate finance professor at George Mason University in Fairfax, Va.
Karen Weaver, global head of securitization research at Deutsche Bank AG, says the steepest losses involve sub-prime mortgages in which lenders generally are recovering just 26 percent of the original loan amount.
From a home shopper’s standpoint, there are bargains galore in many areas. Tim Hamill, an associate with RE/MAX Greater Atlanta, who is handling sales for an asset-management firm on behalf of a trust, says his mandate is to do what it takes to sell in 30 days.
Source: The Wall Street Journal, Carrick Mollenkamp (07/09/09)
This is not to say in any way that these are not valid sales, because they are. These sales in fact are the only way this over inflated Real Estate market and the poorly managed credit situation can correct itself.
Creative loans with low start rates, little or no down payment allowed a lot of buyers to enter into this market situation, many times way over their heads; when the rates started to move up or the balloon was due, problems arose. These new buyers helped the sellers needlessly trade up, many times into something perhaps over their heads. All of this trading up just started creating an artificial wind tunnel of a market, until reality set in and the ‘ponse’ scheme came to a screeching halt. The rate hikes hit, balloons came due, NOD (Notice Of Defaults) were filed and the new buyers dried up as the credit requirements increased and so did deposit requirements. Hence the situation we are in today.
So let’s join together and help clean up this situation. Until next time, make it a great day!
The LifeStyle People
Steven Loehr
About the Author
Bank Mortgage Foreclosure FRAUD….BOGUS ASSIGNMENTS 3…Forgery, Counterfeit, Fraud …Oh MY!
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