Comments on: Foreclosures in Charlottesville Greater than Previously Known/Acknowledged http://www.realcentralva.com/2008/12/02/foreclosures-in-charlottesville-greater-than-previously-knownacknowledged/ Tracking Charlottesville's Real Estate Market since 2005 Tue, 16 Mar 2010 21:50:16 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Real C'ville - The Bubble Blog http://www.realcentralva.com/2008/12/02/foreclosures-in-charlottesville-greater-than-previously-knownacknowledged/comment-page-1/#comment-20038 Real C'ville - The Bubble Blog Tue, 02 Dec 2008 23:43:16 +0000 http://www.realcentralva.com/2008/12/02/foreclosures-in-charlottesville-greater-than-previously-knownacknowledged/#comment-20038 Foreclosures soared in Q3 according to TransUnion: http://tinyurl.com/5nvdkb Resetting Alt-A and Prime loans, and the potential FHA "subprime" debacle will all cause market turmoil in the coming months--or years. http://www.msnbc.msn.com/id/27844894/#storyContinued You may still find Option ARMs as mortgage choices on the websites of local banks, fwiw. If buyers and investors can get "good deals" out of the coming chaos, it will be a blessing, as the wife says. Otherwise, it's just going to be a debacle for America. Foreclosures soared in Q3 according to TransUnion:
http://tinyurl.com/5nvdkb

Resetting Alt-A and Prime loans, and the potential FHA “subprime” debacle will all cause market turmoil in the coming months–or years.
http://www.msnbc.msn.com/id/27844894/#storyContinued

You may still find Option ARMs as mortgage choices on the websites of local banks, fwiw.

If buyers and investors can get “good deals” out of the coming chaos, it will be a blessing, as the wife says. Otherwise, it’s just going to be a debacle for America.

]]> By: Jim Duncan http://www.realcentralva.com/2008/12/02/foreclosures-in-charlottesville-greater-than-previously-knownacknowledged/comment-page-1/#comment-20037 Jim Duncan Tue, 02 Dec 2008 21:36:11 +0000 http://www.realcentralva.com/2008/12/02/foreclosures-in-charlottesville-greater-than-previously-knownacknowledged/#comment-20037 Keith - I just went to the site and typed in 22901 and that popup showed; I suspect that they, like many, use 22901 as a catch all for "Charlottesville." As far as banks "wanting them to" - I'm still under the impression that many banks/REO companies are reluctant to reduce prices to where they truly need to be - although I would love to be corrected. Lastly, I would not be surprised if more than half of the mortgages in "Charlottesville" (CharlAlbemarle at the least) were short-term ARMs - and this bodes ill for the future for sellers but presents potentially tremendous opportunity for buyers/investors. Keith –

I just went to the site and typed in 22901 and that popup showed; I suspect that they, like many, use 22901 as a catch all for “Charlottesville.”

As far as banks “wanting them to” – I’m still under the impression that many banks/REO companies are reluctant to reduce prices to where they truly need to be – although I would love to be corrected.

Lastly, I would not be surprised if more than half of the mortgages in “Charlottesville” (CharlAlbemarle at the least) were short-term ARMs – and this bodes ill for the future for sellers but presents potentially tremendous opportunity for buyers/investors.

]]> By: Keith http://www.realcentralva.com/2008/12/02/foreclosures-in-charlottesville-greater-than-previously-knownacknowledged/comment-page-1/#comment-20035 Keith Tue, 02 Dec 2008 20:20:54 +0000 http://www.realcentralva.com/2008/12/02/foreclosures-in-charlottesville-greater-than-previously-knownacknowledged/#comment-20035 Jim, I too would love to see the presentation. Perhaps CAAR would allow them the space to present to the Realtor community if they would be willing to. However, I don't understand the graph you show. I went to the F.A. web site to try and re-create it, but with no luck. I don't believe that 65% of loans can be ARMs. If you told me that 65% of loans originated since 2002 were ARMs I might believe you, but not the total market. More importantly, that graph states that 0.14% of homes in 22903 have mortgages on them. If that is true that 99.86% of our neighbors have no mortgages, then we are not going to have a foreclosure issue. Also, they show REOs at a full 1% yet in the process foreclosures at 0.8%. Would it be possible to have more homes bank owned already than are in the process of becoming bank owned? I guess it's possible, but I would think that the auction world could take care of that pretty darn quickly if the banks wanted them to. If this graph is really accurate (and it could very well be that I just don't understand some of the presentation), what scares me is that not even 60% of our mortgage holders are current on their mortgages. Yikes! Jim,
I too would love to see the presentation. Perhaps CAAR would allow them the space to present to the Realtor community if they would be willing to.
However, I don’t understand the graph you show. I went to the F.A. web site to try and re-create it, but with no luck. I don’t believe that 65% of loans can be ARMs. If you told me that 65% of loans originated since 2002 were ARMs I might believe you, but not the total market.
More importantly, that graph states that 0.14% of homes in 22903 have mortgages on them. If that is true that 99.86% of our neighbors have no mortgages, then we are not going to have a foreclosure issue.
Also, they show REOs at a full 1% yet in the process foreclosures at 0.8%. Would it be possible to have more homes bank owned already than are in the process of becoming bank owned? I guess it’s possible, but I would think that the auction world could take care of that pretty darn quickly if the banks wanted them to.
If this graph is really accurate (and it could very well be that I just don’t understand some of the presentation), what scares me is that not even 60% of our mortgage holders are current on their mortgages. Yikes!

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