The updated Ventura County foreclosure stats for July are in and the chart can be previewed by clicking here. You can also preview the quarterly chart ending with June ‘10 going back quarterly since 2005.

The first stage of foreclosure is the Notice of Default where the borrower has 3 months to bring any back payments current. For July, the number of defaults is holding steady at about 500 for the month.

The second stage is the Notice of Trustee Sales when a sale date is set. The number of NTSs for July is down from the spike in June to the mid-500s.

The third stage is the Trustee Deeds where the property has gone back to the bank or investor bought. The number for July is on a slight downward trend in the low 200s.

The number of homes in Default (the first stage of foreclosure) has been on the decline since previous highs with a few exceptions, while the number of  Notice of Trustee Sales and Trustee Deeds have been on the rise. This is partly due to banks unloading their shadow properties.  See for yourself this trend on the Quarterly chart of Ventura County Foreclosure Statistics since 2005.

There are several factors in play – there are more fixed rate loans than the subprime loans of yesteryear; home prices have stabilized and are on the rise in Ventura, Oxnard and Camarillo; and the HAFA program is available with a $3,000 relocation incentive for the home owner to do a preapproved, streamlined short sale.

If you’re interested in the HAFA program (Home Affordable Foreclosure Alternative) – give us a call or comment on this site!

A new feature we now provide, along with all the housing stats, are foreclosure stats for Ventura County in two time categories:

1. The last 12 months
2. Per quarter since 2005

The trends are covered for the three foreclosure reports – Notice of Default (NOD), Notice of Trustee Sales (NTS) and Trustee Deeds (REO).

You’ll be amazed to see on the year to end and quarterly charts the dramatic changes and sometimes violent activity!

Data is used with permission from Foreclosure List Service.

Click on the picture to view a video PowerPoint about the U.S. Treasury Department’s just announced streamlined short sale process for homeowners struggling under their mortgage payments.

The government has tried stemming the flood of foreclosures – primarily through the HAMP program – but it’s only been marginally successful. To avoid foreclosure, thousands of homeowners have attempted to do short sales, but that process has been cumbersome, time consuming for both buyers, sellers and agents, and highly frustrating for all parties.

To solve those problems, the HAFA program provides a clear path for homeowners to do a pre-approved short sale. Listen to this video PowerPoint for an overview of the program.

Click on the picture for a more detailed PowerPoint video about the U.S. Treasury Department’s just announced streamlined short sale process for homeowners struggling under their mortgage payments.

Would HAFA work for you? Listen to this video – get the information and understand your options – then call Leslie. She wants to hear your story!

Morgan Stanley made a business decision to walk away from  5 office buildings in San Francisco they bought at the height of the market in 2007. It’s estimated their value dropped by almost 50%. They were not in foreclosure and were making the payments. It’s called a ‘strategic default‘ – a purely business decision. If Morgan Stanley can walk away, why not you?

Read the rest of this article »

For distressed homeowners, the temptation to just “walk away” (and allow the bank to foreclosure) may initially be appealing. Just be done with it. However, that may be the worst option to choose, and here’s further proof it’s better to do a short sale instead of allowing the bank to foreclose. Fannie Mae just gave new guidelines stating when a homeowner can re-purchase a home after either a short sale or foreclosure – it’s a 2 year wait after a short sale vs. 4 – 7 years after a foreclosure. With the new federal HAFA initiative, there’s little reason now to simply “walk away” – don’t do it! If you’re in this situation, call Leslie today and find out more about short sales and the HAFA program.

Senate bill 401 passed yesterday, bringing California in line with Federal policy which waives taxation on forgiveness of debt for a personal residence. Governor Schwarzenegger said he would sign the bill. For example, for homeowners considering a short sale, this means that the amount of the “haircut” (loss) their lender(s) would take on that short sale will not be counted as income for them – which it would have been had this law not been enacted. It is a technical bill, and so as always, consult your financial adviser.

The number of foreclosures is continuing to slow down in Ventura County. ForeclosureListService.com publishes a running total going back over 10 plus years, and they show a drop from a high of 1,109 in March to 681 in September. A lot of these are the result of flushing out the sub-prime loans, but there’s great concern going into 2010 that the economy (and lost jobs) will continue to keep the numbers high.

Savvy investors with the financial wherewithal are taking long hard looks at commercial properties that are either in foreclosure or have already gone to sale. The “vulture capitalists” are swarming! They’re taking advantage of the plunge in values from our current economic crisis.

So how are investors finding the deals? Read the rest of this article »