Thursday, February 07, 2008

Distressed Properties Update

We've done it! 50% of all MLS listings are now REO or short sales! I saw a pretty big slow down last month, and was starting to get concerned that we were losing power, but all systems are back to normal and we're back on track.


patient renter said...

All systems normal, indeed. I'll drink to this tonight.

... said...

So far, every REO I've looked through is missing every ceiling fan, microwaves, most appliances, etc.

Has anybody spotted a large pile of cheap polished brass ceiling fans somewhere?

AgentBubble said...

I'm in escrow with 2 REOs right now. Surprisingly, they were in A+ condition. Most are downright disgusting.

patski said...

anyone notice all the nice "barely used" appliances on craigslist recently?

Wadin' In said...

I thought we might be seeing more Short Sales and fewer REO's by now. It is my understanding that the new "foregiveness" tax law for phantom income thru mortgage debt abandonement ONLY applied for a Short Sale, not a foreclosure. The idea, proposed by lender's lobbies, will squeeze more blood out of the FB's as they are forced to work with the lenders to get rid of their millstones.

The latest theory I read on Ben's Blog, however, suggests that the phantom income, for owner occupied homes, would still fall into the tax free proceeds on sale of a principal residence ($250,000 single, $500,000 couples).

This blows a hole in my short sale theory and further explains why the new federal law has no is toofless hot air that does nothing. Typical Washington D.C. Much Ado About Nothing.