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Once things settled after the bubble burst banks started holding on to repossessed houses selling them as a regular sale. They don't seem to care about cleaning up their books as fast. The thing is people and other investors have been buying at ask prices.
Locally here county bank repossessions have doubled. Tax foreclosures have slowed after record numbers just a few years ago. Sooner or later these banks won't be able to hold to inventory as long and could start selling faster and lower for cash.
Last edited by anononcty; 03-05-2020 at 10:40 AM..
I think banks are loosening up approvals on mortgages again too. I knew a few people who bought houses last year that had absolutely no business being approved for the size mortgage they were.
I am certain that Inman is glad to have a general consumer subscribe to their website.
Help me out - what's the difference between a "foreclosure filing" and a "foreclosure start"?
while I'm wondering - is 0.1% a figure to be concerned about, or would it be more like a 5% rate (1 out of every 20 homes) that concerned you?
As far as I can see foreclosure start and filing is basically what it says. Foreclosure proceedings have been 'started' through the 'filing' of a lawsuit/court paper work. I think 'start' is where the formal process is initiated.
The increase made me click but the repossessions was the big one. Around here bank repossessions have doubled over the last year. That's the trend to worry about because that comes from the ability to pay off a mortgage. To me if that gets too high for too long the banks might start tightening up too much. Bad for the buyer and local market.
Foreclosure Filing is the act of the mortgage lender filing a lawsuit in court to win the right to sell the home of the delinquent borrower at auction.
Foreclosure Start is the delinquency period that the borrower is on their payment, that can vary from state to state. Usually it is known as the Pre-Foreclosure period and has to be more than 120 days.
Due to Fannie Mae and Freddie Mac, it is pretty hard to get a home loan, especially after the housing crisis. I am not sure how much tighter the system can get. I have gone back 10+ years on some borrowers. Unfortunately, life throws curve balls, the people who you think have nothing - have been saving money, those you would think have it all, have nothing- and then you have the know-it-alls, that know nothing. Then there is the government...
I don't know - they presented them as 2 different things with 2 different stats. That's why I asked.
And given the flippantly inserted "bank repossessions" comment they made, that could just as easily be automobiles (or other personal property).
I was just looking at Realty Trac a couple of weeks ago that's why repossessions caught my eye. I'm assuming it means bank auctions rather than tax foreclosures.
Noticed foreclosures creeping up in SW Florida in last half of 2019. Market still red-hot but we felt it was near the top. Listed and sold house in Tampa Bay area in December. FL because of its vacation home market is often the canary in the coal mine for foreclosures. It was hit hard in the last bubble market and the market stayed depressed for a long time.
We were thinking of selling in a year or two, but decided it was better to sell this snowbird season rather than risk a decreased value next season (and possibly for a number of years). No regrets!
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