St Louis Mortgage Loan and Refinancing Loan: Market Bears 30 Percent Of Foreclosures
St Louis Mortgage and Real Estate News –
St Louis Finance and Principal Loan Reduction News: Only 30 Percent Of Foreclosures On The Housing Market
St Louis Home Mortgage and Commercial Loans | Principal Reduction Program
877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Lending and Loan Compliance Advocate
RealtyTrac Senior Vice President Rick Sharga said major banks currently hold roughly 1 million REO, or homes repossessed through foreclosure, but only 30 percent have actually made it onto the market.
According to its year-end report, foreclosure filings reached a new high in 2010 and should climb even higher this year, possibly surpassing 4 million filings according to several St Louis mortgage brokers.
And that's not counting the more than 5 million delinquent loans that have yet to enter the
initial stages of the foreclosure process, Sharga said.
The major kink in the housing market's recovery, and for the macro economy overall, is the work left to be done on homes currently in the foreclosure process, those about to enter it and the amount of repossessed homes the banks must shed.
Striking a proper balance on how to mange this shadow inventory of foreclosures is vital for the banks to show a healthy balance sheet while not dumping too many distressed properties onto the market, further dragging down home prices and values.
A recent study from Morgan Stanley showed the shadow inventory, those properties facing imminent default, evolving from mostly sub-prime and Alt-A loans to containing more prime loans as elevated unemployment levels have pushed more homeowners behind on their mortgage.
Analysts said that some 8 million repossessions would need to be liquidated over the next five years before the market stabilizes.
Adding to the problem are recent issues the banks are having processing the paperwork.
In October 2010, the banks had to hold up foreclosures to refile affidavits signed improperly in many states, pushing more than 250,000 foreclosure cases into 2011.
Reports recently showed that the problem may have spread to the notices of default as well.
And in the 23 states where lenders must foreclose on a homeowner through the court system, backlogs of cases have formed month-long delays.
Sharga said a court clerk in Florida, one of the states with the longest traffic jams, told him between 500,000 and 600,000 cases are yet to be heard.
Sharga said he's encouraged by the uptick in demand for REO.
"We've seen more traffic on our site, and even more buyers raising their hand asking for help from a Realtor," he said.
Sharga continues: "This means they're getting serious about buying again." He also said that the most traffic comes from Southwestern states and Florida.
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When applying for any type of St Louis mortgage or refinancing, call Liberty Lending Consultants, the recognized St Louis home loan and refinancing experts, at (314) 336-9111 and ask for Steve Swan or Doug Stahlschmidt.
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