It's probably the
number one issue -- the state of real estate and the many foreclosures. What is happening to home prices? Is your
home losing value or gaining value now? What about foreclosures in your neighborhood -- are they affecting the value
of your home? Is there a foreclosure to buy and can you get a deal on this property? We will list information
here and hope it helps you. And below you can see daily real estate news just as real estate professionals receive it
on a daily basis. Also below we have the current mortgage rates for various types of popular home mortgages.
BANKS DON'T WANT TO BE STUCK WITH FORECLOSURES
Update October 13, 2011 There was an interesting development during the third quarter
of this year-- banks cut back on their foreclosure actions. Some of the drop in foreclosures is the result of various
lawsuits against the big banks and mortgage companies over problems with loan documents. Another reason for the drop
in foreclosures is that banks don't want to be sitting with foreclosures when the real estate market is slow and it takes
so long to get a sale.
Condo Vultures in Miami is a real estate consulting group
and it is reporting a drop in Florida foreclosures during the third quarter because in Florida a foreclosure can take two
years before completion, and then banks will face more costs trying to rehabilitate the foreclosed homes to make them ready
for salel.
In a report, Condo Vultures wrote that "lenders
are reportedly looking at a time span of nearly two years to repossess a South Florida property,” according to Peter Zalewski,
a principal of Condo Vultures® LLC. “In real terms,
this means that a lender that files a notice of default against a borrower today will probably not repossess the property
until 2013. Once a lender does finally obtain ownership, the bank is typically faced with additional expenses before
the South Florida property can be resold to recoup some of the loss. Given this reality, it is understandable why lenders are not enthusiastic about repossessing a South Florida property
from a borrower in default," the report said.
Here in California there
are reports that banks are now rehabiliting the foreclosed properties into rental units in order to get some revenue while
they also wait for the real estate market to turn around. And in some cases, banks might postpone a foreclosure action
hoping that giving the homeowners another chance to make good on their loans will ultimately be the cheaper thing to do.
A SLOPPY MARKET FOR FORECLOSURES
Update June 9, 2011 The foreclosure market is a sloppy market -- sloppy for buyers and
sloppy for sellers. It's sloppy because it is stuck with banks unwilling to finance buyers, foreclosures stalled by
the banks because of faulty paperwork, and real estate in general in a slump. Meanwhile prices continue to fall in most
markets. There is no clear direction for anyone, anywhere, and that's why I describe it as a sloppy market.
If you are looking to buy a foreclosure you had better have cash if you want to close a deal quickly.
This is because banks are just not lending. And now there is a fear on the part of the banks that if they sell a foreclosed
property that they foreclosed unlawfully or without proper paperwork and notices, they could face liability for their errors.
This further complicates the market and keeps it in paralysis.
If you are in default
on your mortgage and fear foreclosure, the current sloppy market and the stalemate that many banks find themselves in might
buy you more time to rescue your home or stay in your home until you are forced out. In fact, some attorneys are telling
me that they can keep residents in their foreclosed homes for as long as six months because of the mess that the foreclosure
market is in right now.
If you are facing a foreclosure you definitely should consult
with an attorney. You should also consider a "short sale" and check our "Real Estate / Short Sales" page for more information.
If you are looking for foreclosures and short sales
in the Santa Clarita area, go to our section called "Real Estate / Santa Clarita" where we have an article and a video,and if you are looking for help
to get a home mortgage modified go to our section "Mortgage Help."
Are you looking for a foreclosure to buy?
Many consumers are looking for a deal with a foreclosed home. The trick is to find the perfect foreclosed property,
and then to be able to make contact with the lender to get your bid in on that foreclosure. The key to winning the foreclosure
is to have the contact and the information. With over 1.2 million property listings updated daily, Foreclosure.com
represents the largest and most up-to-date bargain home buying opportunity online. Click on the link below to give
them a test of their foreclosure listings. There is a free trial period for their foreclosure finding services.
With this link you can
save BIG on foreclosures, preforeclosures, bankruptcies, tax liens and FSBOs (for sale by owners) across the country every
day. And you can do all of this through the 7 Day Free Trial or, if you like the service, sign up for a Membership
Subscription. I would start with the 7 Day Free Trial to check out their listing of foreclosures, preforeclosures, bankruptcies,
tax lien properties and properties for sale by owner.
What are the latest mortgage rates that are available?
Start your mortgage rate shopping here by using this link. Remember to always check for special deals with local lenders
and real estate agents, and with the sellers themselves. Home builders also can have special mortgage rates and can
even buy down or pay lenders a fee to give, the buyer, a discounted mortgage.
Here on our new media website "Moneyman" Alan Mendelson who is the original Best Deals TV show reporter and
consumer advocate shows you the best deals on TV, and the best buys, bargains and where savvy shoppers go to save, and
how to get the most for "your money" with the best of Los Angeles, Orange County, Ventura County, Riverside County
and San Bernardino County. Our Best Buys TV Show has the best TV deals and is the only regularly scheduled weekly best
deals TV show in Southern California. We show you the best deals on TV and more deals on www.alanbestbuys.com and www.vegasbestbuys.com and www.moredeals.com the original buy and sell, show and tell, video website. Some of the content can come from paid advertising and
from our advertiser paid TV infomercial programs. The Best Buys TV Show is a paid infomercial program which may also
include news and information which is not sponsored or paid for by advertisers. AlanBestBuys.com has the highest ranking
among competitive sites in Southern California according to the independent website ranking company Quantcast.com.
