Bank Owned Homes Offering Ever Deeper Discounts
I’ve been saying it and I’ll keep saying it. The best deals in today’s market are REO or bank owned properties. Witness this story:
Back story: Earlier this week I blogged about a foreclosed house that had been reduced 57% in price from its peak sales price to its current asking price. In response, commenter “E” [...]
Bank Owned (REO) Mutifamily Prices Dive Deeper
It wasn’t but two years ago I was selling multifamilies in Everett for nearly $500,000 (high $400s anyway, sometimes less - like this one on the left) this price made no sense whatsoever for the buyer except that everyone was banking on appreciation.
Now we’re 2 years later and the property pictured on the left, [...]
April 08 Multifamily Sales Report Now Available
I just updated the sales figures for April 2008. This data is compiled from MLS and as I’ve mentioned here previously this data largely excludes the bigger commercial multifamily sales but is inclusive of probably 85% or more of the small and mid-sized buildings, that is what seems to make it into MLS.
The average multifamily [...]
Mortgage Heat Maps
I don’t know how useful this thing is going to be but here it is. Homethinking.com went and compiled mortgage data for the entire US from the FDIC website and then they try to make sense of it with various charts and graphs and heat maps and whatnot. I suppose it shows us to some [...]
Commercial Lenders Report More Default
Most of the first quarter thrift reports are in from Massachusetts’ commercial lenders. In my last Non-Accrual and REO report for these lenders I reported that across the board lenders were reporting more non-accrual and OREO. You can check that post if you need a definition for non-accrual, OREO is the property that a lender [...]
ARM Resets and the End of the Crisis
There’s so much talk about subprime as the source of our woes but the fact is that there are a lot more ARMS out there then simply subprime. Subprime borrowers by definition would have the least ability to weather an ARM reset, but what about the rest of the ARM holders? In the past the [...]
Three Economic Indicators Scheduled for Announcement This Week
The following are the scheduled economic indicators that will be released this week. Let’s hope for some good news:
4/14 Advance Monthly Retail Sales (Census) March 8:30
4/14 Manufacturing and Trade: Inventories and Sales February 10:00
4/16 New Residential Construction (Census) March 8:30
Even the Governor Wants to Buy Bank Owned Property
I can’t help myself I have to release my gut reaction to the news I read today about the Governor putting together a $20M fund to buy bank owned property.
The Herald reported today that (in case you’re wondering I read it online, I don’t buy the Herald):
Massachusetts will create a $20 million fund to acquire [...]
Bank Owned Deals vs. Short Sales
To put it real simply, bank owned property has been through the foreclosure process, the title has been cleared, and now the lender owns the property. A short sale is where the owner has ceased making payments or is significantly in default (usually), owes more than the property is worth and is cooperating with the [...]
The Landlord Video
OK, I suppose this video may offend some, but I think it is hilarious. This isn’t exactly new but I just have to have it on my site. Watch and enjoy.
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