lots of new foreclosures on the mkt (closing, for sale, bank)

[EllenArlingtonPark]

I just read recently in the FT W paper about the Fannie May and Freddie Mac foreclosures that will be hitting our market soon. Texas has been behind the rest of the country in this re mkt meltdown and historicly Texas recovers after everyone else.

I am wondering about the timing and also if this is a sign a a real estate recovery. I know it sounds crazy but I wonder if FM is realeasing these all over the US now means they (the federal government and banks holding these mortgages) believe the market can bear it?

I know that many banks have opted to lease forclosed properties instead of putting them out on short sale, which I think is a good idea. What do you all think about this being an indicator of the confidence they have about lending again and making homes available for sale?

Have you also seen more HUD's coming to market?

[middle-aged mom]

FNMA/FHLMC and many of the major banks put a moratorium on foreclosures. I believe that moratorium will expire at the end of this month.

[bentlebee]

Next to me just came on the market after being bankowned for over a year. The bank BoA/Fidelity and Wamu want to sell it a.s.a.p. I was told by the person who after the home being empty for 1.5 year (the previous owner just turned the keys in to the bank in Nov. 2007), came to clean out the house.

We had no clue that so much stuff (clothes and toys) were left behind and the 2 car garage was like a storage box. The person took care of the yard for which the bank had hired a company and accordign to this man the bank had paid $ 300.- a month to maintain the yard (which was done by driving by making a picture and than 6 weeks later mowing it so short there was hardly sod left) but the HOA had to maintain it as well and has send all their bills to the bank as well...so now the utilities are back on and the property is priced to sell, very low...almost $ 100 K less than what the previous owner paid at closing and $ 80 K less than the mortgage was.

[texdav]

They have a incentive to move them before they become part of a package during the plan assets sell off of those so called toxic assets. they will get alot less then and have to include them with the others in those packages.