Foreclosures, Delinquencies Hit Records Foreclosures and mortgage delinquencies both continued to rise during the first quarter of 2008, hitting their highest levels since record-keeping began in 1979, according to the Mortgage Bankers Association. The seasonally adjusted delinquency rate for mortgage loans on one-to-four-unit residential properties stood at 6.35 percent of all loans outstanding at the end of the first quarter of 2008 on a seasonally adjusted (SA) basis, up 53 basis points from the fourth quarter of 2007, and up 151 basis points from one year ago, according to MBA’s […]

We hear frequently about how foreclosures are skyrocketing and how banks are taking back more and more properties. Here are some good numbers quantifying exactly what is going on with bank-owned properties. The numbers are staggering. The number of properties Lenders are currently holding has almost tripled since January of 2007 up to 660,000 from 231,000. Also interesting to note is the comment that banks are cutting prices as often as every 20 days to get them off their books. All investors should be actively researching and chasing after bank-owned […]

Many investors, perhaps many of you, are aggressively pursuing pre-foreclosure deals. Probably the most important skill needed to be successful in pre-foreclosure investing is winning and building trust with the homeowner. I have found that acting as a consultant and sharing information about the foreclosure process and about what is specifically happening to them is a good way to establish that trust. Here are a few things you can inform your homeowners about and warn them to be on alert so that these things don’t happen to them by unscrupulous […]

Believe it or not, it’s not all ugliness in the market. I always like to mix in the good articles to off set the countless negative articles we see and read. This is a small segment of the national market but could be precurser to the turn of the overall real estate market. SAN DIEGO (AP) — Home sales surged 22% in April in Southern California as bargain-hunters bought lower-end homes in areas hardest hit by foreclosures, a research firm said Monday. Sales of new and resale homes and condos […]