Distressed Home Sales
Short sales and Foreclosures are all the rage, but are they a major component of the real estate market here in Humboldt County, CA?
Currently in Humboldt County (2/11/10) there are …
• 517 total homes on the market
• 16 active REO (or bank-owned) homes on the market (3.1%)
• 47 active short sale listings on the market (9.1%)
In the past month (1/11/10 – 2/11/10) there have been…
• 54 total homes sold
• 9 REO properties sold (or 16.7%)
• ...
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Thursday, 19 August 2010
Mortgage Holders Negotiating with Homeowners
In preparation for the deluge of foreclosures expected to wash over California and the country by the end of 2010, Bank of America (B of A) has announced a new program: a $3 billion principal reduction program for homeowner’s with loan-to-value (LTV) ratios exceeding 120% of the home’s current market value. B of A will reduce a homeowner’s LTV ratio to as low as 100%.
This program is limited to homeowners who have either an option-ARM or a two-year rollover ARM.
Participants of this program will have their loan balance bifurcated. The amount available for possible write-off w...
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