HUGE drops in foreclosure related activities reported for January
February 9th, 2010 Categories: Real Estate News, San Diego County Community News, San Diego County Fixer of the Week, San Diego county Real Estate News
SAN DIEGO NORTH COUNTY- Foreclosureradar.com reported that notice of default filings were down 44% in San Diego’s north county when comparing January’s 2009-2010 numbers. Additionally homes sold at auction for the region in the same time period were down 76%.
In an article in today’s North County Times they suggested that the “efficiency” of short sales was a contributing factor to this reduction.
"The stress of default is still there," said Mark Goldman, a real estate instructor at San Diego State University. "But we’re starting to hear a lot more buzz about the efficiency of short sales."-nctimes.com
While I do not necessarily see an increase in the number of short sales, I certainly am not experiencing or hearing of an increase in efficiency. Short sales are still very dependent on the short amount, the ability of the seller to show the need for the short sale and to provide the paperwork required by the bank and probably the most weighted aspect, is the number of lenders in the decision making process.
“Approximately one-third of the short-sale listings on the market don’t close, either because the lender won’t approve a realistic price, or because there are multiple liens secured against the property”-Dyan Hymer,2/9/1010,”The truth about short sales”, Inman News
If you think you may be losing your home, I strongly encourage you to try to short sale. Give me a call with any questions. 760.415.3329
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