[bledsoe3]

Foreclosure rates surge, biggest jump in 5 years | Financial Headlines | Comcast.net (http://www.comcast.net/articles/news-finance/20100415/US.Foreclosure.Rates/ - broken link)

[sheriwx]

Interesting story, thanks for posting!

[MomMom]

This must be "the wave" of foreclosures coming this year that we've all heard so much about...

[winknod]

Yes, but the banks slowly trickle them out onto the market to keep demand high. I can't believe the piece of crap home I just saw, the foundation was sinking and cracked, the pool was not water tight so the yard smelled like sewage and was muck... There are multiple offers on it!!!

I bid 20% over ask on a 1950s with original wiring (1 non-grounded outlet per room) and needed tons of work - outbid.

I'm done looking until the banks loosen the inventory.

[eventusstultorummagister]

Originally Posted by winknod

Yes, but the banks slowly trickle them out onto the market to keep demand high. I can't believe the piece of crap home I just saw, the foundation was sinking and cracked, the pool was not water tight so the yard smelled like sewage and was muck... There are multiple offers on it!!!

I bid 20% over ask on a 1950s with original wiring (1 non-grounded outlet per room) and needed tons of work - outbid.

I'm done looking until the banks loosen the inventory.

Hey Wink,

Don't feel like the Lone Ranger. I have offered a V.A. backed loan, conventional with 20% down and cash and have been turned down on all three only to discover later that the home I was interested in was sold to an investor for LESS than what I offered.

Something besides that yard smells.

[dano]

A stat in the article that caught my eye was that even with this increase, "the number of homes in Nevada that received a foreclosure filing dropped 16 percent from the first quarter last year."

[RedJacket]

Originally Posted by eventusstultorummagister

Hey Wink,

Don't feel like the Lone Ranger. I have offered a V.A. backed loan, conventional with 20% down and cash and have been turned down on all three only to discover later that the home I was interested in was sold to an investor for LESS than what I offered.

Something besides that yard smells.

Cash is King.

[Natali :)]

Originally Posted by think first

Cash is King.

Not just this.. Banks Appraiser is deal killer for offers with mortgage....

But think twice: are you really want the home what worth less what Banks Appraiser decide ?!?

I don't !

[olecapt]

Originally Posted by Natali :)

Not just this.. Banks Appraiser is deal killer for offers with mortgage....

But think twice: are you really want the home what worth less what Banks Appraiser decide ?!?

I don't !

It is trickier than that. The appraisers are clearly claiming that values are decreasing so they are deprecating the comps...however the prices have actually been stable for the last 8 months. So the appraised value may be actually 5 or 8% below the comps.

The transaction however are occurring at the comps or above, particularly at the bottom of the market..

The result is that anyone who has to be or wishes to be on appraisal can't buy a house.

It appears there is going to be a substantial up in April. Then we see.

[airics]

don't forget that a lot of people want a loan mod, in order to do that you must be behind, hence the foreclosure filing