Fresno Real Estate Foreclosure Blog
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This Week in Fresno Foreclosures
A week in review of Fresno County homes that have ended up on the steps of the courthouse. According to ForeclosureRadar there were 731 homes that foreclosed this week. Of the 731 Fresno foreclosures 44 were cancelled. 100 properties sold back to the bank and will be listed on the local Fresno MLS in the coming weeks. 22 of these houses were purchased by 3rd parties and could have been purchased with the intent to keep or resell meaning some of them will also appear on the Fresno MLS. These totals leave 565 homes that were postponed to be auctioned on a different date for one reason or another. To obtain access to the Fresno MLS, Foreclosure listings, or Fresno short sales trying to avoid foreclosure, please visit www.smartopenhouse.com.
Biggest Home buyers Incentive of ALL TIME
Back in 2006 when the Fresno real estate market was near its peak, I told every buyer that would listen that if they were thinking of selling that they should as the market was beginning to change from a very strong seller’s market to a buyer’s market and that there was a good chance that home values would come down. I was so convinced home values had peaked that I sold my own home that I had bought 3 years earlier and decided to rent. Well not too many people listened to me as most felt their equity was safe and saw no end to the seller’s market that had been in place for the past several years. Fast forward to today, most homes in Fresno have seen depreciation near 50%. Opportunities come and go and the opportunity to sell at high prices had come to an end.
Today a similar opportunity exists, one that has had very little exposure in the media. Most people do not understand what a great opportunity it is and probably will not until it’s too late. What I am talking about are all time low interest rates that make the government buyer incentives that expired early this year pale in comparison. Interest rates at 4.25% for 30 years fixed and less than 4% for 15 year fixed mortgages. Folks these low interest rates are here for a limited time and are screaming OPPORTUNITY! Over the life of the loan you will save tens of thousands of dollars. By historical standards an interest rate of 6% is considered very low. If you have a mortgage loan of $200,000 at 6% your monthly payment would be $1,199.10. With today’s rate of 4.25% your payment of the same $200,000 loan would be $983.87, a monthly savings of $211.23. That's $76,042.80 over the life of the loan!
I bought my first home in Fresno in 1988 and was excited to get an interest rate of 11% after they had been as high as over 20% just a few years earlier. Once again most people believe because interest rate have been low for several years that they are likely to stay low for several more so they don’t feel compelled to act. Well opportunity is presenting itself now and the wise will act now. One thing I’ve learned is opportunities came and go but never stick around for long.
If you looking for a home in Fresno CA please visit my web site www.smartopenhouse.com where all Fresno home listings have virtual tours. I specialize in foreclosed homes in Fresno and Madera Counties.
Fresno Foreclosure Update Aug 8 2010
Currently in Fresno there are 3838 homes in some stage of foreclosure. Fresno has 1477 homes that are in the first stage called pre-foreclosure where the notice of default has been filed but still waiting for the notice of trust deed sale. Fresno CA has 1386 homes with a trust deed sale scheduled to be sold on the Fresno court house steps. Fresno has 975 homes that have been foreclosed and currently owned by the bank and are or will be on the market for sale very soon. www.smartopenhouse.com where you can search all foreclosed homes for sale in Fresno on the Fresno MLS.
Clovis CA has 834 homes in some stage of foreclosure. 311 are in pre-foreclosure, 307 have a set trust deed sale date and 216 home in Clovis CA are currently owned by the bank.
If you are searching for a foreclosed homes in Fresno, Clovis or surrounding area to purchase please visit my website
Help for Homeowners that Lose their Jobs?
Here is some interesting news I heard today coming out of the current administration in Washington. It is being proposed that if you lose your job the government will loan you up to $50,000 interest free to help pay your mortgage and property taxes while you are out of work. This loan will be secured by the home and will be a non-recourse loan so if the home owner eventually defaults and loses the home the government will not come after you for the unpaid loan. In Fresno which I'm sure is like several other places in the country most homeowners already owe more on their home than it is worth. So now the homeowner gets unemployment and can racks up another $50,000 against a home that is already worth less than is owed on it increasing the odds of an eventual default. Sounds to me like a plan to create more a worse situation for the homeowner down the road and an almost a certain default. While some home owners may be in a tough spot, home buyers entering the market today have the opportunity to lock in on interest rates at all-time lows near 4%. If you’re searching for homes for sale in Fresno, please visit my Fresno real estate website www.SmartOpenHouse.com
Fresno Foreclosure Update July 2010
Reported 08/12/2010 on www.foreclosureradar.com
“Despite a tsunami of mortgage delinquencies we continue to see no signs of a foreclosure wave” says Sean O’Toole, Founder and CEO of ForeclosureRadar.com. “Lenders and government intervention continue to delay foreclosures despite their continued failure to find a long term solution to unsustainable negative equity.”
The discount from the market value at which 3rd Parties, typically investors, were able to
Purchase properties at trustee sale, varied by county. Orange County saw the toughest competition on the courthouse steps, with discounts from market value of just 15.3 percent. Kern and Fresno Counties offered the largest discounts at 29.3 and 29.9 percent respectively. Statewide the average was 21.6 percent. Most investors resell properties they purchase at trustee sale and must contend with the current occupant, past due property taxes, senior liens, repairs, and resale expenses including commissions”
In July 2010 in Fresno County there were 705 notices of defaults filed, 691 notice of trustee sale, 396 properties went back to the bank as foreclosures and 95 properties were sold to 3rd parties on the Fresno court house steps.
Easily search all foreclosed homes for sale in Fresno County on the Fresno MLS at www.smartopenhouse.com
Fresno Foreclosure Report June 2010
According to www.ForeclosureRadar.com we are seeing a record number of foreclosures cancelled. Foreclosure Report for June 2010. Foreclosure activity was mixed in June after being down across the board in May. Filing of new foreclosure notices rose, while foreclosure sales dropped. The number of foreclosure sales that were cancelled hit an all time record in June, but the increase was primarily driven by just one lender JP Morgan Chase, and it’s acquisitions including Washington Mutual. Although the number of properties purchased by 3rd parties at auction dropped significantly, they purchased nearly the same percentage of the total properties sold, and at a better discount to market value then we’ve seen in months. “Historically it is very unusual to have more Notice of Trustee Sale filings than Notices of Default” says Sean O’Toole, Founder and CEO of ForeclosureRadar.com. “But with skyrocketing cancellations and the possibility of failing loan modifications, this will be increasingly common, as lenders are only required to file a Notice of Trustee Sale to restart the foreclosure process.”
In Fresno County in June 2010 there were 681 notices of default, 820 notices of trust deeds sale, 437 foreclosed homes with 87 being sold to 3rd parts on the Fresno court house steps compared to May 2010 where there were 618 Notices of default, 683 Notices of trust deeds sale and 512 foreclosed homes with 83 being sold to 3rd parties.
If you are looking for foreclosed homes in Fresno or Madera counties please visit my web site www.smartopenhouse.com where you can search every foreclosed home for sale on the Fresno MLS with pictures and street views of every property.
Is Short Selling Your Fresno Home a Good Option
What is Stopping you from Short Selling Your Fresno Home? It is very common to owe $50,000 to well over $100,00 more than your Fresno County home is worth. What seems to be stopping most people from trying to do a short sale is they either think they will be getting a loan modification from the bank or they simply don't understand how to do a short sale and the advantages. The facts are most people will not get a loan modification. The banks have learned that even after they modify loans a very large percentage go right back into delinquency. How many people do you know that ever a loan mod in the first place? I work in the industry and talk to people every day and I know very few that had their loans modified. What happens to most people is they keep waiting for their loans to be modified until one day they find out the home has been foreclosed. Don't let this happen to you and call us today to learn about your options. Yes, moving is a pain but is it worth $50,000; even $100,000 to you? If you could walk away after completing a short sale, not owing the bank anything, would you be interested? I believe the short sale window of opportunity is open for a limited time. So if it's in your best interest, call us today for a confidential consultation.
Fresno Foreclosure Update July 9,2010
July 9, 2010 On the Fresno courthouse steps today 174 homes were scheduled for foreclosure in Fresno County. Of the 174 scheduled 20 were cancelled, 140 were rescheduled to a future date, 13 went back to the bank and will be sold as foreclosed homes and 1 was sold to 3rd party. Of the 174 homes that went back to the bank as foreclosures, most were in the city of Fresno If you are not making payments on your home the best way to avoid foreclosure is to plan for a short sale. Most banks are willing to help and cooperate with a short sale but action needs to be taken. Be sure to visit my web site then give me a call to understand all your options. Often times we can get you money from the bank to help with relocation.
If you're looking for a great deal on a home in Fresno you can
search all foreclosed homes in Fresno right from my web site www.smartopenhouse.com
. My web site has been updated with the latest and greatest search tool to help you find your perfect Fresno home so please be sure to visit.
Fresno Foreclosure Update July 8, 2010
On the Fresno courthouse steps today 140 homes were scheduled for foreclosure in Fresno County. Of the 140 scheduled 12 were cancelled, 101 were rescheduled to a future date, 23 went back to the bank and will be sold as foreclosed homes and 4 were sold to 3rd parties.
Of the 23 homes that went back to the bank as foreclosures, 11 were in Fresno, 2 were in Sanger Ca, 2 in Clovis Ca, 3 in Reedley Ca, 1 in Kingsburg Ca, 1 in Fowler Ca and 1 in Kerman Ca.
If you're looking for a great deal on a home in Fresno you can search all foreclosed homes in Fresno right from my web site www.smartopenhouse.com. My web site has been updated with the latest and greatest search tool to help you find your perfect Fresno home so please be sure to visit.
