Sacramento Area Foreclosure News
December 11th, 2009 Categories: Default News, Mortgage and Loans, Sacramento Economy, Sacramento Foreclosures, Sacramento Real Estate
The Foreclosure market here in Sacramento is currently drying up… very few homes coming on the market as REO or bank-owned, fewer foreclosure filings, Multiple offers for the homes that are priced right, and an overall sense of “wait and see” seems to be on most potential buyers’ minds right now.
The banks have been rescheduling foreclosure sales or Trustee Sales at the county courthouse for so long, that now the foreclosure departments just haven’t been scheduling them in the first place– kinda makes sense, if all your going to do is reschedule it and put it off anyway; why spend the time and money on scheduling it in the first place?
If the number of buyers at the foreclosure sale (trustee sale) is any indication– there must be many investors who believe the prices are not going much lower, or who think there may be some up-tick in the market sometime soon: the number of buyers has tripled or quadrupled in the last several months and continues to grow, according to friends who attend the sales down at 720 9th St. downtown Sacramento (address for the Sacramento County Municipal and Superior Courts). they say tat over 90% of foreclosure sales are postponed still, or re-scheduled, usually for only 30 days at a time…
In other Sacramento area real estate news: According to OBSNews
An amendment co-authored by Sacramento Congresswoman Doris Matsui (D–California) has been based by the House of Representatives and was added to the Wall Street Reform and Consumer Protection Act (H.R. 4173) yesterday. The act requires mortgage servicers or lenders who are participating in the Making Home Affordable Program (HAMP) to publicly report their progress in helping responsible homeowners stay in their homes. The amendment was introduced by Congresswoman Matsui with Rep. Betty Sutton (D–Ohio) and Rep. Kathy Castor (D–Florida), and debated on the House floor. Passage of H.R. 4173 is expected today.
“Too many families in my district of Sacramento have faced foreclosure on their homes as a direct result of the economic meltdown,” stated Matsui. “There is another uptick in foreclosures expected that could affect as many as 4.5 million homeowners over the next two years. The Making Home Affordable Program holds the potential to greatly reduce these figures, and my amendment will ensure accountability on the mortgage industry. Transparency will incentivize the mortgage industry to help responsible homeowners stay in their homes.”
Some information courtesy (OBSNews.com)
Sacramentos is seeing the light at the end of the tunel.. This is a great opportunity for the recovery in the real estate market