Are they walking? Are they running? Or are homeowner's simply not paying?
We have foreclosures in our listing inventory. The foreclosures are a result of homeowners walking away from their financial obligation to the lender. The bank is not being paid and the bank forecloses. Not all of these owners are “voluntarily” walking away, but if they aren’t paying their loan, what do you call it?
Both the New York Times and the Los Angeles Times are out today with lengthy stories questioning whether the much-discussed "walking away" trend -- you might also call it voluntary foreclosure -- is a real event or a suburban myth. Both stories conclude that there is no good evidence to support the notion that more and more homeowners are making an economic decision to give up on their homes without a fight.
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7/22/2008 2:21 PM
Los Angeles Real Estate Blog wrote:
Last week, saw two foreclosures, both in Glendale: Rossmoyne (neighborhood) Purchased in August of 2002 $417,000Listed for 119 days, expiring in 2007 for $785,000Relisted at $651,000 for 298 days as a short sale for $651,00At time of foreclosure $668,000 owed arrears. Glendale Adams Hill Interestingly this was a home where the former owner (owner prior to the foreclosed owner) was also unsettled. This home was on and off the market without selling in 2001 -
5/30/2008 6:19 AM
Los Angeles Real Estate Blog wrote:
Purchased in 2004 for $484,000, this (2 -
5/22/2008 5:35 AM
Los Angeles Real Estate Blog wrote:
If we don't "consider it walking away" what is it? "As the real estate market softened in 2007, the new owner of a three-bedroom, 1,600-square-foot house in Sacramento's Curtis Park neighborhood ran into trouble. The house that was purchased for $535,000 in January had lost equity. The owner fell behind in her payments, and eventually, the bank seized the home. What makes this story different from the thousands like it is that the owner of this house was a member of Congress."Read the remainder here: ... -
5/22/2008 5:30 AM
Los Angeles Real Estate Blog wrote:
If we don't "consider it walking away" what is it? "As the real estate market softened in 2007, the new owner of a three-bedroom, 1,600-square-foot house in Sacramento's Curtis Park neighborhood ran into trouble. The house that was purchased for $535,000 in January had lost equity. The owner fell behind in her payments, and eventually, the bank seized the home. What makes this story different from the thousands like it is that the owner of this house was a member of Congress."Read the remainder here: ... -
5/21/2008 9:23 PM
Los Angeles Real Estate Blog wrote:
If we don't "consider it walking away" what is it? "As the real estate market softened in 2007, the new owner of a three-bedroom, 1,600-square-foot house in Sacramento's Curtis Park neighborhood ran into trouble. The house that was purchased for $535,000 in January had lost equity. The owner fell behind in her payments, and eventually, the bank seized the home. What makes this story different from the thousands like it is that the owner of this house was a member of Congress."Read the remainder here: ...
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