All this talk about the Tsunami of foreclosures is BS!

I've had two clients ask me about the Tsunami of impending foreclosures today. So let's look at the numbers as the stand today.






If you compare REOs (currently for sale foreclosed on), auctions, the ratio is about 2:1 or a 100% increase. And Pre-foreclosures are running twice the auction rate. So the supply will increase.


However now compare supply to the current burn rate.

If you think of pending sales as the rate at which supply is being eaten on a monthly basis, demand is greater than future supply. The only market that may have an oversupply is Newark.


These numbers are not perfect since Foreclosure Radar doesn’t capture every pre-foreclosure. Also Pending Sales includes Short Sales which can last for more than 30 days, so consumption is exaggerated, and I'm not factoring in the supply of regular sales in the market.



If you've been shopping however, you know there are more buyers than properties that suit their needs. I'm not concerned about the "much talked about Tsunami of foreclosures", since demand is waiting to absord the new supply.

Additionally, this morning, when you dissect these numbers based on a buyer's criteria (ex 3BRs, 2 BAs, 1300 sqft priced less than $400,000) and you'll the numbers of homes available that suit your criteria, isn't a Tsunami, more a trickle.


Good house hunting All.

Foreclosures and Defaults are up for April 2009 vs. april 2008

The graph shows default and foreclosures are up from April 2008, however they are lower than last month's total. March 2009's numbers also reflected the lifting of the foreclosure moratorium by many lenders, but then new foreclosures rules were implemented to further delay foreclosures.

I would expect additional REO's to come online in the coming months.

zero down loans a possibility again in some states because advance on $8000 tax credit

Just when you thought stupid lending standards had disappeared,  the government is bring back the ability to buy a home with zero down, so that people who have no ability to save can get the money they need for a 3.5% downpayment FHA loan.

 

http://money.cnn.com/2009/05/29/real_estate/tax_credit_as_downpayment/index.htm?section=money_topstories

 

How sad!!!

 

 

Sunil

 

Check out my new Foreclosure Search engine

 

 

 

Why Rates Are Rising

Rates have jumped up .375% in the last 3 days.

here's an explaination of why

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foreclosures update

We thought you’d be interested to know that as of this morning in Santa Clara County:

• There are 1187 short sale opportunities with only one lender
• There are 97 new REO’s that are not yet listed in the MLS in the last 10 days
• There are 976 properties slated for auction in the next ten days

Based on what you learned, you now know this spells opportunity – right in your backyard.

Now’s your chance to seize it.

The numbers above were pulled from ForeclosureRadar,

 

 

Sunil

 

 

It would be really cool if you told your friends and colleagues about me. In fact, that would be super cool!

 

Jumbo Conforming Rates Expected to Decrease Further...

This just reported by C.A.R.

 

Rates on bigger mortgages finally should come down

Fannie Mae and Freddie Mac recently issued loan underwriting criteria and will start buying loans of up to $729,750 from lenders on May 4, which some industry analysts believe will result in lower rates.

 

This week, Wells Fargo started offering conforming loans of up to $729,750, and Bank of America will begin offering them by mid-May

 

Historically, rates on loans higher than $417,000 – often referred to as jumbo conforming loans -- are one-fourth to one-third of a percentage point higher than rates on $417,000 or lower loans..  By Fannie Mae and Freddie Mac agreeing to guarantee loans of up to $729,750, rates on jumbo conforming loans likely will be comparable to the rates offered on loans of $417,000 and lower.

To read the full story, please click here

 

 

 

Sunil

 

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New Jumbo Conforming loan limits

You’ll find the Jumbo conforming limits for each County in California Below

	Jumbo Conforming Loan Limits CALIFORNIA ALAMEDA, CA OAKLAND-FREMONT-HAYWARD, CA METROPOLITAN DIVISION  $       729,750 CALIFORNIA ALPINE, CA NON-METRO  $       547,500 CALIFORNIA AMADOR, CA NON-METRO  $       443,750 CALIFORNIA BUTTE, CA CHICO, CA (MSA)  $       417,000 CALIFORNIA CALAVERAS, CA NON-METRO  $       462,500 CALIFORNIA COLUSA, CA NON-METRO  $       417,000 CALIFORNIA CONTRA COSTA, CA OAKLAND-FREMONT-HAYWARD, CA METROPOLITAN DIVISION  $       729,750 CALIFORNIA DEL NORTE, CA CRESCENT CITY, CA (MICRO)  $       417,000 CALIFORNIA EL DORADO, CA SACRAMENTO--ARDEN-ARCADE--ROSEVILLE, CA (MSA)  $       580,000 CALIFORNIA FRESNO, CA FRESNO, CA (MSA)  $       417,000 CALIFORNIA GLENN, CA NON-METRO  $       417,000 CALIFORNIA HUMBOLDT, CA EUREKA-ARCATA-FORTUNA, CA (MICRO)  $       417,000 CALIFORNIA IMPERIAL, CA EL CENTRO, CA (MSA)  $       417,000 CALIFORNIA INYO, CA BISHOP, CA (MICRO)  $       437,500 CALIFORNIA KERN, CA BAKERSFIELD, CA (MSA)  $       417,000 CALIFORNIA KINGS, CA HANFORD-CORCORAN, CA (MSA)  $       417,000 CALIFORNIA LAKE, CA CLEARLAKE, CA (MICRO)  $       417,000 CALIFORNIA LASSEN, CA SUSANVILLE, CA (MICRO)  $       417,000 CALIFORNIA LOS ANGELES, CA LOS ANGELES-LONG BEACH-GLENDALE, CA METROPOLITAN D  $       729,750 CALIFORNIA MADERA, CA MADERA, CA (MSA)  $       425,000 CALIFORNIA MARIN, CA SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA METROPOLI  $       729,750 CALIFORNIA MARIPOSA, CA NON-METRO  $       417,000 CALIFORNIA MENDOCINO, CA UKIAH, CA (MICRO)  $       512,500 CALIFORNIA MERCED, CA MERCED, CA (MSA)  $       472,500 CALIFORNIA MODOC, CA NON-METRO  $       417,000 CALIFORNIA MONO, CA NON-METRO  $       462,500 CALIFORNIA MONTEREY, CA SALINAS, CA (MSA)  $       729,750 CALIFORNIA NAPA, CA NAPA, CA (MSA)  $       729,750 CALIFORNIA NEVADA, CA TRUCKEE-GRASS VALLEY, CA (MICRO)  $       562,500 CALIFORNIA ORANGE, CA SANTA ANA-ANAHEIM-IRVINE, CA METROPOLITAN DIVISION  $       729,750 CALIFORNIA PLACER, CA SACRAMENTO--ARDEN-ARCADE--ROSEVILLE, CA (MSA)  $       580,000 CALIFORNIA PLUMAS, CA NON-METRO  $       417,000 CALIFORNIA RIVERSIDE, CA RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (MSA)  $       500,000 CALIFORNIA SACRAMENTO, CA SACRAMENTO--ARDEN-ARCADE--ROSEVILLE, CA (MSA)  $       580,000 CALIFORNIA SAN BENITO, CA SAN JOSE-SUNNYVALE-SANTA CLARA, CA (MSA)  $       729,750 CALIFORNIA SAN BERNARDINO, CA RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (MSA)  $       500,000 CALIFORNIA SAN DIEGO, CA SAN DIEGO-CARLSBAD-SAN MARCOS, CA (MSA)  $       697,500 CALIFORNIA SAN FRANCISCO, CA SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA METROPOLI  $       729,750 CALIFORNIA SAN JOAQUIN, CA STOCKTON, CA (MSA)  $       488,750 CALIFORNIA SAN LUIS OBISPO, CA SAN LUIS OBISPO-PASO ROBLES, CA (MSA)  $       687,500 CALIFORNIA SAN MATEO, CA SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA METROPOLI  $       729,750 CALIFORNIA SANTA BARBARA, CA SANTA BARBARA-SANTA MARIA, CA (MSA)  $       729,750 CALIFORNIA SANTA CLARA, CA SAN JOSE-SUNNYVALE-SANTA CLARA, CA (MSA)  $       729,750 CALIFORNIA SANTA CRUZ, CA SANTA CRUZ-WATSONVILLE, CA (MSA)  $       729,750 CALIFORNIA SHASTA, CA REDDING, CA (MSA)  $       423,750 CALIFORNIA SIERRA, CA NON-METRO  $       417,000 CALIFORNIA SISKIYOU, CA NON-METRO  $       417,000 CALIFORNIA SOLANO, CA VALLEJO-FAIRFIELD, CA (MSA)  $       557,500 CALIFORNIA SONOMA, CA SANTA ROSA-PETALUMA, CA (MSA)  $       662,500 CALIFORNIA STANISLAUS, CA MODESTO, CA (MSA)  $       423,750 CALIFORNIA SUTTER, CA YUBA CITY, CA (MSA)  $       425,000 CALIFORNIA TEHAMA, CA RED BLUFF, CA (MICRO)  $       417,000 CALIFORNIA TRINITY, CA NON-METRO  $       417,000 CALIFORNIA TULARE, CA VISALIA-PORTERVILLE, CA (MSA)

 

Akash math king today

Akash was assume on his 2s and won math king today.
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