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Posted on 12/03/2010 8:05:46 AM PST by FromLori
Buyers looking to purchase a foreclosed home saw the largest price discounts in almost five years as demand for foreclosed homes plummeted in the third quarter, a closely watched industry survey said on Thursday.
Real estate data company RealtyTrac said foreclosed homes, which made up about 1 in 4 of all residential home sales in the third quarter, sold for about 32 percent lower than homes not in the foreclosure process, the highest average discount since the last three months of 2005.
There were about 189,000 homes in some stage of the foreclosure process sold to third parties in the three months through September, a decline of about 25 percent from the second quarter and a 31 percent drop from the same period in 2009.
(Excerpt) Read more at cnbc.com ...
Time to stimulate the economy with some NINJA loans. /sarcasm
Sounds like there are a lot of problems with the process of selling foreclosed houses, to the point where the buyer doesn’t even know if he paid the money to the legitimate seller of the house. Most rational people would stay away as well.
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Without clicking-through to read the article, I’m wondering if this isn’t at least partially due to difficulty in obtaining Title Insurance on foreclosed properties??
No clear title, no interest.
For sure because of the banks using Mers there is no clear titles on most of the houses made with those liars loans I wouldn’t buy one you could end up having to move even with title insurance you might not lose your money down but would you even think of putting money into one of them the way things are and chance having to go through all the legal problems.
Foreclosure Bombshell
http://usawatchdog.com/foreclosure-bombshell/
Could be the article was not big on reasons.
We are flippers and landlords but have only been able to buy two this year due to banks just won’t lend. They come up with every reason in the book. We are no more a risk than before (and we weren’t, 20% down etc..) - in fact less so due to the fact that we haven’t been able to accumulate
buying forclosed homes is dangerous since no title insurance can be had. And if you can get it, it is of a type you don’t want.
Exactly! I just got done house hunting. Spent a year looking in TX. There were many superficially attractive foreclosures in the listings. I didn't even consider them because of the murky title situation.
” There were many superficially attractive foreclosures in the listings. I didn’t even consider them because of the murky title situation. “
My Real Estate Broker friend won’t even show foreclosed properties, anymore....
I have found that they never LIKE showing foreclosed properties.
Just another aspect of the feral goonment trying to stifle and suppress every aspect of american society. Any green shoots you see are the weeds that grow up through the cracks of an abandoned concrete wasteland.
Of course, it's not worth the time and effort. They can't move them.
Yep. And with many, if not most, of these homes being in need of repairs/upgrades/landscaping who is going to dump $$ into them and take the gamble?
How is a foreclosed home title different than a paid up mortgage? Both have been most likely traded frequently and only documented in MERS.
I’ve been wondering that myself...
The first problem is that the people don’t have any money.
Then there is the fact that while they may have a job and be working today, the same cannot be said for tomorrow. Also they realize that in spite of what the media says, that when they lose their jobs, it will be a long,long time before they get another. if ever in their lifetime.
While this does not sound good,one must remember that a lot of these people voted for obama, a/k/a hope and change. This is the change they voted for,so it is not all bad.And every black cloud does indeed have a silver lining. Sometimes one just has to look harder to see it.
Just think we had even more of these toxic loans on the balance sheet yikes.
Crisis-Hit Banks Flooded Fed with Junk
http://www.cnbc.com/id/40488014
Of course we still have the Billions the foreign banks and the trillions our own banks loaded onto the taxpayers (Total $6.3 Trillion obama kept off the budget) that we are now stuck with.
The measure, initiated in Jan. 2009 to stimulate the flow of credit and keep household borrowing costs low, led the nation’s central bank to purchase more than $1.1 trillion in mortgages packaged into the form of securities. The mortgage bonds are backed by Fannie Mae and Freddie Mac, the twin mortgage giants NOW OWNED by taxpayers.
Deutsche Bank, a German lender, has sold the Fed more than $290 billion worth of mortgage securities, Fed data through July shows. Credit Suisse, a Swiss bank, sold the Fed more than $287 billion in mortgage bonds.
http://www.zerohedge.com/article/obamas-budget-has-one-small-missing-piece-63-trillion-dollars
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