- WOW - 4,026 ARE A LOT OF PROPERTIES FACING FORECLOSURE AUCTIONS - ALL WITHIN 60 DAYS - JUST IN SACRAMENTO COUNTY... This is a big number in any county, or even for a state, or even for our nation. What does this tell us ?
The number of foreclosure trustee sales, set to be sold at auction between May 7, 2010 through July 7, 2010 are an astounding 4,026 as I write this blog. These are; sold to the highest bidder, postponed, canceled, or sold to the beneficiary. If sold to a lender, they are mostly managed by loan service companies or banks. Real estate owned inventories are properties, which are then sold at REO sales by brokers, with some exceptions. Why is 4,026 such a large number of properties to reach the final stage of foreclosure within a 60 day period. There is a 90 period of time allowed for mitigations, reinstatements, work outs or other remedies after a lender begins the first stage of foreclosure, which is filing a notice of default in California. After this a lender can begin the trustee sale process to perfect the foreclosure, in the State of California. These 4,026 distressed properties are now in a final stage of foreclosure... watching this number is a good way to keep a finger on the pulse of the local real estate market I will post more about this over the weekend, at SacramentoShortSaleBlogspot which you may want to visit. http://www.SacramentoShortSale.blogspot.com - Zowie -
4,026 auctions in only 60 days.
Sourced at LPG on 5-14-10.
Mike Jaeger Live - May 14, 2010
No comments:
Post a Comment