Bank Owned (REO) Property « HomeBuyerPower®

Baltimore-Area ‘Shadow Inventory’ Reported At 50,000 Homes

An article in the Baltimore Sun reported that, according to John Burns Real Estate Consulting, Baltimore’s “Shadow Inventory” of homes may be in the 50,000 range:

“Thousands of homes are on the market in the Baltimore region. But as the commercials say, wait — there’s more.

Tens of thousands of Baltimore-area homeowners are [...]

Surge In All-Cash Buying Signals The Demise Of The ‘Normal’ Housing Market

Business Insider has an excellent article, with strong analysis, commenting on the unprecedented cash buying trend we have seen since 2008. Just look at this stat:

“In July, Inside Mortgage Finance (or IMF) reported in its monthly Housing Pulse Survey report that 75% of investor purchases nationwide in June were all-cash transactions. These investors [...]

Investors Outdo Banks Offloading Distressed Properties

DSNews.com and ForeclosureRadar are reporting what many “on the ground” have observed for some time:

“Third-party investors are much faster at reselling foreclosures than banks…

‘Our statistics clearly show that real estate investors continue to far outperform banks in dealing with distressed properties,’ said Sean O’Toole, CEO and founder of ForeclosureRadar.”

“Outperform”?

As buyer agents [...]

Strategic Defaults Could Get Very Ugly: With Home Prices

There has been much written in the last couple of weeks about the latest National quarterly home value numbers. None of it good. Many people are coming to realize that we may very well see even lower prices in the future.

But what does this mean for “strategic defaults”?

An excellent article addressing this question appeared recently [...]

Banks Can’t Hold Back Highend Mortgage Foreclosures For Long

Business Insider is reporting what many believe is happening nationwide and what could have a profound impact on Ocean City Maryland’s future real estate inventory of homes and condominiums for sale:

“With the expiration of the first-time buyer tax credit on April 30, there are now two main props keeping the housing [...]

Housing Market Sees Widespread Price-Cutting

Time.com is reporting another incredible bit of housing news yesterday. Bad news for home sellers, but good news certainly for prospective home buyers with patience:

“In a sign that the housing market has taken another turn for the worse, a new report shows almost a quarter of all home listings in the [...]

Owners Stop Paying Mortgages, and Stop Fretting

Another article found today about how clever it is not to pay your mortgage, and how we may be in for a VERY, VERY LONG ride to home price and mortgage stabilization in America:

“For Alex Pemberton and Susan Reboyras, foreclosure is becoming a way of life — something they did not want but [...]

Foreclosure Activity Nationally Increases 7% in Q1: RealtyTrac

DSNews.com is reporting that the foreclosure tide is still rising:

“During the first three months of this year, RealtyTrac’s data shows there were 257,944 properties repossessed by the lender – an increase of 9 percent from the previous quarter and an increase of 35 percent compared to the first quarter of 2009.

All [...]

Ocean City Maryland REOs Spark Concerns With Market Recovery

The Maryland Coast Dispatch had an interesting article this Friday about the impact of, what might be, a potential tsunami of Ocean City Maryland resort condominium and home foreclosures and REOs in the future:

“Locally however, Worcester County is below both the state and national average for foreclosure properties, but, according to Robert Smith, [...]

Fannie Mae Sees Strategic Default on the Minds of Underwater Borrowers

HousingWire.com is reporting that more borrowers are increasingly planning “strategic defaults” with their housing debt:

“A contagion effect within communities is leading borrowers to consider default as an acceptable option in the face of financial hardship, Fannie found. Both delinquent and current mortgage borrowers are more than twice as likely to have seriously considered [...]

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