REO Avalanche? List of Bank Owned Homes
By Richard Johnston
(San Fernando Valley - RE/MAX Grand Central)
With the year winding down to a close and lenders in good holiday spirits not to foreclose, I wonder when we shall start to see the flood of bank owned homes hit the real estate market here in the San Fernando Valley. I don't know the exact statistics, but my instincts tell me that the number of available bank owned homes for sale in the San Fernando Valley has fallen 50-75% since May 2009. What this is telling me is that banks are trying to keep home-owners in their home by attempting to extend the foreclosure deadline. Lenders want to give home-owner more time to attempt to modify their home loan. But in reality, most of these home-owners will probably not be able to save their home and will eventually default even on their modified loan. Here are some interesting articles you shoul...
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