Just when you thought it was safe to go back into the water….
Realtor REO Coaching Students….and especially Realtor Short Sale Coaching students…read this now..
New foreclosure filings are through the roof. No government bail-out…intervention plan…is going to help….
The greatest number of foreclosures is still coming…probably in late 2009 to early 2010. Plenty of time to become a REO (bank owned homes) listing agent. Take the first steps and grab this free book Agent REO Secrets..instant free download.
Foreclosure activity in October rose 25 percent from a year earlier, although filings in California fell by double-digit percentage points for the second consecutive month due to a state law slowing the foreclosure process, according to a monthly report by RealtyTrac.
Foreclosure filings — default notices, auction sales notices and bank repossessions — rose by 5 percent from September to 279,561 in October, according to Irvine, California-based research firm RealtyTrac.
That means one in every 452 U.S. housing units received a foreclosure filing in October, the firm said in its report released on Thursday.
This good intention California law that required a 90 day moratorium on foreclosures has proved to have little effect. The idea was that borrowers and lenders would pow-wow and do a loan modification. But, it seems that millions of California home owners have decided that they don’t want to keep a house…even at a more affordable payment..for a house they are upside down on ny 20-40%. As we have been saying for nearly 2 years now…the problem isn’t the payment!
Oh, one more thing. Expect their to be a national 90 day foreclosure moratorium once the President Obama takes office….thus, the failed California policy may become the failed national policy.
“An economic downturn is traditionally a precursor to foreclosures, even in a normal foreclosure cycle,” Sharga said. “This is not a normal foreclosure cycle by any means.”
Moreover, California’s law will likely not prevent most of the state’s homes which are teetering on the brink of foreclosure from falling off the cliff, Sharga said.
Previous experience with similar laws in Maryland and Massachusetts attests to such laws’ inability to make a material difference.
“For most homeowners, these laws just delay the inevitable,” he said.
The markets that once lead the housing boom topped the foreclosure list in September.
Nevada posted the nation’s highest foreclosure rate for the 22nd consecutive month in October, with one in every 74 housing units, or 14,483, receiving a foreclosure filing during the month — more than six times the national average.
Arizona registered the second-highest state foreclosure rate. Filings were reported on 17,507 Arizona properties, an increase of 35 percent from the previous month and 176 percent from October 2007.
In Florida, one of every 157 units received a filing during October, the nation’s third-highest state rate. A total of 54,324 Florida properties received a foreclosure filing during the month, an increase of 13 percent from the previous month and nearly 80 percent from last year.
Is this gloom and doom for Realtors?
No way. Opportunity in them-there hills! Learn the skills that this market demands and you will help more people and make a fortune. Realtors, WE ARE THE SOLUTION. Realtors are the bailout. Realtors are the front line soldiers who are in the unique position to work hand-in-hand with troubled homeowners. Fellow agents, there will be NO GOVERNMENT BAILOUT that will turn this market around. You are the bailout for your community. Accept this, embrace the opportunity and the rewards will be never ending.
Mandatory: Download this FREE BOOK. Agent Short Sale Secrets. Instant Free Download now.
Tags: how to do a short sale, real estate training, realtor coaching, realtor shortsale coaching and training
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