The Worse Housing Bust since World War II?

Sacramento area homesellers, more than most other areas in the country, are battling the most brutal environment in decades…

We were one of the hottest and now one of the hardest hit. In Sacramento’s Curtis Park, even Congress members are losing homes here to foreclosure!

I am seeing way more short sales coming on the market in many areas; I hope that the banks will continue on their path and eventually the short sale will become a viable option for Sacramento area homeowners to avoid foreclosure.

My team and I have closed several; more than anyone else in my office, I think, but we have also lost many to foreclosure. Loan servicers were set up to process payments, not work out loan delinquencies on a massive scale! But recently, most of the banks seem to be getting better about communicating, processing the package, ordering the Broker Price Opinions and/or appraisals, presenting the package to the “Investor”, etc…

We are not seeing the high turnover in the Loss Mitigation Departments and some of the banks are reportedly adding massive staffing.  (I understand Countrywide hired over 2,000 loss mitigation rep’s recently).

Hopefully we are getting closer to some level of predictability and stability in our market here in Sacramento.

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