Foreclosure News

As big a state this is it’s inevitable that there are tens of thousands of people sitting on the sidelines right now thinking about starting their own California real estate investing business.

Also inevitable is the fact that 90% of those people will never take any type of action and thus will never see any real change in their life. Instead of networking Realtors, mortgage brokers, and other real estate investors, they instead choose to watch the news and allow the doom and gloom to prevent them from getting off the couch and getting down to business.

It’s not enough just to think about investing in bargain priced CA foreclosures, you have start by walking though them…and not just a few, but a few hundred. Nobody every picked up a $50,000 check because they threw up 1,500 posts on every real estate investing forum. There is no money in chatting with your family and friends about holding long-term rentals, flipping on lease option of seller financing, wholesaling, or prehabbing for other investors if you are not actually doing any of those things. As the great Alec Baldwin said, “Coffee Is For Closers!”

You need to ask yourself one question, “Do you want to impress people with your knowledge or do you want to collect checks?”

It’s not a very hard concept, but it is one that will make or break you when it comes to getting out of the rat race, tossing your ordinary job, and achieving a richer, fuller life.

Procrastination is “Dream Suicide”. It kills your hope and vision for a better tomorrow slowly like sipping poison in small quantities each and every day. Each day that you are not out looking at foreclosure properties, not investing in your education, your online web presence and marketing efforts, every day you choose not to invest time building a better relationship with the people you already do business with, or having lunch or coffee with someone that help you get from where you are to where you want to be is a day that brings you that much closer to your dream fading away.

You count out 15 years and look back and realize that you never ended up doing that “real estate investing thing” after all, even though the number of CA foreclosures is at an all-time high and deals are Read the rest of this entry »

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In July, President Barack Obama started placing pressure on banks and mortgage companies to put forth a greater effort to revise home loan terms in order to make them more affordable and avoid additional foreclosures. The President’s actions came as a relief to tens of thousands of homeowners who stood worried that their home would soon be added to the swelling pile of CA foreclosures.

Almost immediately after the government’s program went into effect Republican members of congress began to say that the President’s move might be too little too late plug the dam on this escalating problem.

While the administration set a lofty goal of preventing 3 to 4 million homes from going into foreclosure, a recent government oversight report expressed doubt over whether Read the rest of this entry »

The rate of foreclosures spanning July through September has increased nationwide by an average of 2 percent according to three of the major real estate data reporting companies. However, in the Sunshine State both the Notice of Default (NOD) filings and actual auctions of FL foreclosures fell 6 percent.

Foreclosures Fall In Recent Months

The month of September in particular has shown a drop in foreclosure activity across all states but new filings for Florida were down more than any other for the month.

“That would be the first step toward a shift in a trend,” said Daren Blomquist, market analyst for RealtyTrac Inc., one of the companies that released the report. “As those numbers go down, you’ll see fewer properties going through the entire foreclosure process.”

Unfortunately though, Mr. Blomquist admitted that it’s difficult to know what is behind the decrease, factors contributing to the recent decline in FL foreclosures could include federal incentives Read the rest of this entry »

Real estate data companies that track CA foreclosure and how they impact the market have revealed that the number of defaults in the state is in a state of decline. Are we seeing the beginning of a recovery in California’s housing market or is it a mirage in the desert?

Right now analysts are saying that one reason for the significant decline in foreclosure auctions may be anticipation over the Obama Administration’s plan to expand a mortgage modification program. It would encourage so-called short sales. That’s when a property is sold for less than what’s owed on the loan. RealtyTrac’s Daren Blomquist:

“That’s one theory of why these defaults may be trending a little bit down is some lenders are anticipating that short sale program and maybe are not as quick to file the initial notice of default.”

ForeclosureRadar, a company that tracks the market trends of CA foreclosures reported that foreclosure activity reported figures released Tuesday indicating a continuation of a trend seen played out over the past several months: Large numbers of homeowners are falling behind on their mortgage payments but the lenders are forestalling foreclosure proceedings while they make an attempt to work out some type of loan modification or, if the homeowner is unemployed or otherwise unable to make any type of reasonable payment, attempt to avoid a foreclosure by selling the home on a short sale.

This development is attributed in part to the push by the Obama administration to expand mortgage modification programs which is set to encourage short sales (the sale of a home for less than the amount owed) instead of pouring tends of thousands of additional CA foreclosures Read the rest of this entry »

All of the traditional news outlets seemed to be overwhelmingly optimistic about the prospect of economic recovery today after the Dow Jones Industrial Average crossed and then settled above the 10,000 mark for the first time in over a year.

Fueling the run up in stock prices today was the billions of dollars in 3rd quarter profits reported by a few of the large banks. JP Morgan & Chase Co.’s investment banking division pushed the financial giant to a $3.6 Billion dollar profit and such news gives rise to the hope of many Florida residents that the worst of the recession is behind us and that sunny financial times are just around the corner. Surely this newly rediscovered prosperity will translate into a visible recovery in a housing market overrun with FL foreclosures.

But before we break out the champagne let’s be sure to Read the rest of this entry »

FL Foreclosure Storm

Both the people and government of Florida have worked tirelessly to cause the American public to associate Florida with sunshine, oranges, the Everglades, and vacations at Disney World. Unfortunately, over the span of 36 months the state of Florida has lost its identity as the sunshine State and has become associated with the word “Foreclosure”. FL foreclosures are out of control with thousands of new foreclosure filings being registered each and every month.

By now everybody knows the three main causes of the current situation that Florida residents find themselves caught up in. The first of these instigators Read the rest of this entry »