One of the several financial podcasts I listen to every day is the Wall Street Journal Minute Briefing and Your Money Matters. Today coincidentally they focused on real estate foreclosures. You can listen and read a transcript of the podcaset by clicking here. Seems the numbers of foreclosures nationwide are fractions of what they were 12 years ago during the financial crisis. As in tiny fractions. There were 2.9 million foreclosure starts nationwide 12 years ago and are now under 700K. Some states are up like West Virginia, Washington DC and New York which apparently is attributed to the longer foreclosure timelines in those states i.e. foreclosures that began years ago are finally now going to auction. The message being the spike may have more to do with state foreclosure procedure than an uptick in new foreclosures. So thats good. Certainly we see that reflected here locally with only a total of 18 listings in some form of foreclosure (most of which have been hanging around for ages without progressing). Back in the day, many of you who followed my foreclosure update will remember the list was well over a hundred. Low inventory and higher prices have allowed many people in trouble to take an exit without going short or letting the bank take the property. Better jobs, better pricing but I think most importantly, better loans are at the root of this better climate. Better underwritten loans to people who can actually afford the property they are buying goes a long way towards making sure they don't end up on the foreclosure list later. I guess thats the one good thing about tighter and harder to get credit. Your next door neighbor going into foreclosure (and the subsequent REO low priced listing) isn't likely to torpedo your equity. Remember that? I do. Houses worth 600K one day were worth 400K the next due to some oddball REO comp that appraisers had to use. It happened a lot and I'm glad to see those days far behind us.
Click here for the 1 new escrow. Not on the market long with multiple suitors I hear.
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Sharon Currie | Realtor BRE#01357602
Berkshire Hathaway Home Services BRE#01317331
Physical: 2933 San Marcos Ave #102, Los Olivos
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