March 15th, 2010 by Michael Oliver

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A HomePath eligible home is a Fannie Mae foreclosure property that Fannie Mae is trying to resell to get back their money for

This Home Is Currently For Sale As A HomePath Eligible Home

a property they lent on. As Fannie Mae is the largest lender on real estate in the world even a small percentage of foreclosures equals a lot of Homepath properties and homes for sale. In Tucson there are about 150 Homepath homes for sale at any given time most are in the $125k-$300k price range yet for first time buyers (or home buyers in general) a Homepath eligible home offers them a lot of incentives and benefits to buying one.

Foreclosure Homes Tucson, Tucson Foreclosures

March 3rd, 2010 by Michael Oliver

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In going over the Tucson foreclosure housing market statistics (stats) it was interesting to see which way the foreclosure market is headed. I went through 3 different months last year and took a snapshot of what the market was doing at those points. The furthest I could go back was July of 2009 when the Tucson MLS made an input specifically for REO (also known as bank owned, or a foreclosure) so that those homes specifically could be sorted out and in my case tracked. With that being said these are 3 months over the past 8 to show where the Tucson distress/ bank owned home market segment is moving:

Foreclosure Homes Tucson, foreclosure statistics, Tucson Foreclosures

September 4th, 2009 by Michael Oliver

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Share on Facebook While reading Diana OIick’s cnbc.com blog “Realty Check” one of the posts got my attention as to how long is it really going to take to work through the entire foreclosure process? Not to just get through it, but also get to a point where foreclosure sales are closer to historical averages of 5%-7% of the market versus the current 40%-50%. Right now banks are still taking on a lot of foreclosure and bad loans. Most of the banks are so backed up with foreclosures it’s not even a situation of necessarily new defaults occurring its processing the foreclosures that have been delinquent for extended periods of time. This “processing” of the bad loans is where the problems lie for banks, I worked on a short sale on a clients home for over 14 months and the bank hadn’t even gotten to the process of having a trustee sale date set. This should give people not in business an idea of what’s going on right now.(The trustee sale date is where the foreclosure process is basically done and if the loan is not in good standing by the trustee sale date then the home is officially foreclosed upon once the trustee sale occurs.)

So how much longer to work through this bubble of foreclosures? I think the foreclosure market will remain large for the next 12 months as banks deal with the long backorder of foreclosures especially in cities that were hard-hit such as Phoenix, Los Angeles, San Diego, even Tucson. After that I think we see a very slow and steady decline in the number of foreclosure activity as the US housing stock still sits with a high percentage of homeowners that are “under water’ on their mortgages owning more than the home is worth. That being the case it leaves little room for those in trouble since selling the home to get out of the obligation would not be an option unless the owner has large enough cash reserves to write a check to get the home sold for a loss.

There is debate over whether financial institutions are purposely holding back on listing their foreclosure properties for sale to influence the markets to go higher then keep dumping on foreclosures and then watch the market’s decline further. My personal thoughts on this are the banks are taking their time processing foreclosures but I doubt they are doing it to try to manipulate the real estate markets higher. I think it’s a simple solution that the banks and the entire foreclosure system is not built to handle the amount of defaults and inevitably foreclosures that have been rolling in for the past couple years. In addition there are so many “programs” and ideas constantly rolled out with what to do with all these that it bogs the system down even more. In some states foreclosure memorandums were placed that didn’t allow banks to foreclosure for 90 or more days last year. Other areas of the country at local levels have additional legislation to give home owners losing homes additional time and policies; this makes the banks have to respond and then learn the new processes in each municipality.
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Bank Owned Real Estate stats Tucson, Foreclosure Homes Tucson, Tucson Foreclosures