CHICAGO, IL. Short Sale Super Man Checking in. Phil Buoscio, Better Living Realty.
The delays in the foreclosure processes around the nation made that pipeline longer. As Attorney Generals’ jumped on the issue of lender fraud state foreclosures were delayed as moratoriums were instilled then lifted caused a further backlog of inventory.So here we are in January 2011–a new year. But it seems the pipeline is still getting longer. How much longer?
Loan Servicers don’t have a handle on the big picture…. . Evidence of this is in the Lender Processing Services (LPS) recent market data analysis. Things are still getting worse and the pipeline is still getting LONGER.
-In November, 261,153 loans were referred to foreclosure, which represents a 0.7 percent decline from the previous month. –
-fewer loans moved to the foreclosure start line, LPS says the nation’s foreclosure inventory rose for the fifth straight month as sales of foreclosure properties dropped again.
– foreclosure inventory rate rose to 4.08 percent as of the end of November, with 2,157,000 loans caught in the pipeline somewhere in the foreclosure process.
– This 2,157,000 number is up from 3.92 percent, or 2,090,000 loans, the month before.
-Jumbo loans are even worse: foreclosure inventory of jumbo prime loans is nearly seven times higher than it was in January 2008; the inventory of agency (Fannie Mae and Freddie Mac) prime loans is nearly six times higher
-the foreclosure inventory of option adjustable-rate mortgages (ARMs) is approaching five times the inventory in January 2008.
-There are about 40 Billion in “Arm Resets” coming due in 2011 – which will cause more “upside” down homeowners with negative equity and hardships into foreclosure.
In summary… the soonest the shadow inventory will “burn off” is 36 months. Pushing the return to appreciation in most areas of Chicagoland off until at least 2015 (Spring) at the absolute earliest.
Thanks for reading this, Phil Buoscio.
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Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..
Phone: (312) 953-6725. firstname.lastname@example.org.
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Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in Chicago Illinois. Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do. We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.
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