Foreclosure Scandal Effecting Sales

flip_it_fast · #1 11-30-2010, 12:35 AM

The foreclosure scandal (robo-signing) has greatly effected sales in states that were hit the hardest by foreclosures according to an article that I read.

I guess banks are having a difficult time getting their foreclosure process back up and running and because of it foreclosed homes aren't flooding the market as much as they were. I guess they are down by 30% as a matter of fact.

The states most effected are California, Arizona and Nevada.

Quote:

In San Diego, according to broker Scott Cheng of Cheng Realty, who puts investors together with foreclosed properties, the number of auctions scheduled has fallen from 500 a day, to 300. "That part of my business has dried up," Cheng said. "A lot of my investors have stopped looking."

This has really effected investors with so much fewer properties being auctioned.

houseflip101 · #2 12-08-2010, 01:15 AM

My biggest fear is that the foreclosure and falling sales of homes is not over.

With the job market in just as bad of shape and the rise in unemployment

i dont see it turning around and time soon.

Which to me is so sad for everyone involved and for me its hard to see the elderly and the childern going thur losing their homes

badmomma · #3 12-09-2010, 12:13 AM

I have a friend who has been struggling to keep her home for several years now. Just the other day we were speaking on the matter and she said she was asking her husband if they should just call it quits and move on.

They have been using all of the resourses that they can find and have been making it thus far but it is getting more and more difficult as there are so many more people in need now a days.

I told her to weigh her options and if giving up puts them further ahead than ok. I just hate to see it happen but they have to do what is best for the family.

houseflip101 · #4 12-09-2010, 01:48 AM

Yes it is really a matter of hardship losing ones home after putting your

heart and sole and hard earned money in to a house only to lose it

because of loss of income or the market or just the thought of starting

over is enough to drive any ne crazy and to think of down sizing to fit a smaller area

is even harder and the cost of storage areas is even getting'

expensive. so where dose it all end hope soon enough people have lost enough