Warp Speed

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There’s been talk about how things are looking better.  Though the market looks grim I keep hearing people calling in to NPR talking about how the market is on the rebound.

What?!  With dips in the market people get antsy at every turn of good news and cry that we’ve somehow come through the worst.  While sales are picking up a bit (it’s Spring after all), the news on the foreclosure front only confirms that there’s still a ways to go before this market starts to stabilize.

According to ForeclosureRadar.com’s March report the foreclosure’s are mounting.  There are two big issues at hand – all involving the lenders and their inventory.  The first is that the NOD’s keep increasing.  Lenders absorbed another 14% increase in their inventory in the state of California.  At the same time we’re seeing that lenders are having a more difficult time getting rid of the said homes. 

Just how hard of a time are they having selling these homes?  Well it seems that only 3.3% of California homes up for sale by the lenders actually sold.  Ouch!

Here are just a few of those bank owned homes ready to sell in Mission Viejo:

24651 Catalonia CIR
4 beds / 2 baths / 2,100 Sq Ft
Listed at:  $546,750

27212 Galvez
5 beds / 2.5 baths / 2,882 Sq Ft
Listed at:  $723,450

27806 Tirante
5 beds / 4 baths / 2,200 Sq Ft
Listed at:  $614,900