CNN Reports a 'rising tide' of foreclosures ahead

By
Education & Training with Browning Real Estate School/REO Institute

REO, CNN just confirmed what the REO Institute has saying for the 60 days. Today they reported that Bank of America, Wells Fargo, Citibank, Chase and Ally Financial all expect a rise in foreclosures after a dip in February due to delays in foreclosure proceedings, adding that "the foreclosure pipeline was beginning to unclog" and they expect "a climb in the number of homes repossessed". (Source: CNN Money)!

CNNMoney.com

Posted by

James A. Browning MRE, CIPS, CDEI, REOCertified®, CEC, BPOR, ShortSaleCertified®, SFR

NAR, ABR, REBAC, CAR, CREOBA, REO Institute, National Speaker/Educator

CEO, Founder, REO Institute

Author, Best Selling: BPO & REO Simplified, "How to Work With Asset Managers"!

Office: 303-465-2889

Cell: 303-668-7053

Fax: 303-465-3778

Re1agent@aol.com

www.BrowningRealEstateSchool.com

www.REOInstituteColorado.com

 

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Topic:
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Location:
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Groups:
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Southern California Real Estate Forum
Short Sale Specialists & Pre-Foreclosure Education
Texas Real Estate
Short Sales and Forclosures ONLY
Tags:
bpo
home repossessed
reo release
foreclosure
ssc
short sale certified national designation
reo institute
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Rainmaker
440,879
Chandler Real Estate Liz Harris, MBA
#ChandlerRealEstateAgent
Liz Harris Realty

Never good news when we hear about a "rising tide" of foreclosures... I don't believe that this is true for all states, however.

March 19, 2012 09:53 PM
Rainmaker
153,242
James A. Browning
MRE REOCertified(R) SSCertified
Browning Real Estate School/REO Institute

I do believe that certain states will increase alot?? AZ. FL, NV for example!!

March 19, 2012 10:28 PM
Ambassador
410,685
Susan Goulding
Northern CA - Tracy & Mountain House Real Estate
Crown Key Realty, Tracy & Mountain House Real Estate

Nevada still has a moritorium... NO NEW FORECLOSURES _ state law... anyone from Nevada know if this has changed.

March 19, 2012 10:44 PM
Rainmaker
589,438
Jim Hale
On the Move for You! - Eugene - Springfield Oregon Real Estate
ACTIONAGENTS.NET

It is hard to tell just how much of the shadow inventory will come on line now that the banks are getting a virtual "get out of jail free" card on the electronic signing system fiasco.

They should have to pay the counties through the nose.

March 19, 2012 11:23 PM
Rainmaker
572,316
Phil Leng
Phil Leng Team - Residential Real Estate Experts &
Keller Williams Eastside Market Center

I have been hearing the same thing.

The GSEs have all launched a flood of foreclosures the last two years.

Now FNMA in our area has the lowest amount of foreclosures for sale in the last 2 years.

Now, I understand, the large banks are going to let their back log go.

Phil

March 20, 2012 12:55 AM
Rainmaker
15,230
Mark Antonowsky
Associate Broker
Keller Williams Arizona Realty

I think the REO institute is trying to beat a dead horse.... The real estate recovery in Arizona HAS BEGUN! Maricopa County Notice of Trustee Sale are at a 5 year low! See this graph via www.marksky.com!

 

March 20, 2012 07:45 AM
Anonymous #7
Anonymous
Kenneth Pettingill

 

It’s part of the plan that Fannie/Freddie/Fed Reserve & Goldman want.  It's called the billionaires club. These 20 or so super hedge funds will buy direct from the Government the wave of defaults.  Regular Americans will not so much.  These investors get to buy at .45 on the dollar in huge pools, book at FMV and wow...what a great profit subsidized by the American taxpayer!  Oh, did I mention FOREIGN investors are also part of this club????

Real Estate is still very much broken and unscrupulous from the top all the way down the ladder. 

March 20, 2012 08:01 AM
Rainer
2,077
Cindy Grossman
Realty Executives, Valley Properties

 I'm out here in So. Cal. working everyday with homeowners we are seeing more and more looking 
at short sales. Now it would be great if all the lenders would make the process smoother so we don't have an even bigger backlog that then leads to foreclosures, empty houses, neglected pools and property and even lower property values!

 
March 22, 2012 10:21 AM
Rainmaker
153,242
James A. Browning
MRE REOCertified(R) SSCertified
Browning Real Estate School/REO Institute

Short sales will be increasing, don't you like th one point of contact for the Short Sale Transaction??

March 22, 2012 10:41 AM
Rainmaker
153,242
James A. Browning
MRE REOCertified(R) SSCertified
Browning Real Estate School/REO Institute

Mark Antonowsky (Keller Williams Integrity First Realty) Hello Mark, I did not write the CCN/Money report!! Do not shot the messenger! I have been though 3 distressed markets, do not be so SURE that AZ is out of the woods completely???

March 25, 2012 04:34 PM
Anonymous
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Rainmaker
153,242

James A. Browning

MRE REOCertified(R) SSCertified
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