Foreclosures Set Record In CA For July

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VVance

2489 Posts

Posted - 08/07/2008 : 6:59:39 PM

26,500 homes for $12.5 Billion. These numbers are really insane. 26,500 houses is equivalent to a good size city.

http://mrmortgage.ml-implode.com/2008/08/07/record-foreclosures-sweep-ca-in-july-breaking-news/

homebroker@sbcgl

3538 Posts

Posted - 08/07/2008 : 8:43:38 PM

CA is a complete mess, the ARM adjustments are peaking as we speak, from DEC07-AUG08.

The scary part is most option ARM have not re-casted yet, is this the next tsunami to come to the shores of already battered CA?

wadeger

362 Posts

Posted - 08/07/2008 : 9:17:32 PM

its nuts.... i talk to new people daily who are giving up on their distressed properties.... its gonna get worse... the higher end of Orange County (1.5 million + Homes) has not been hit too hard yet, but its coming

just in kase

489 Posts

Posted - 08/07/2008 : 9:31:33 PM

so many middle class option arms were sold in 2005 and 2006.
remember these-----
Bear stearns 100% cltv option arm to 650,000 total loan amount
CWBC 95% ltv stated/verified with 680 fico - purchase to 400k
CWBC 95% ltv stated/stated with 700 score - purchase to 400k
CWBC 80/10 cash out refi's to 850,000k - with 660 score SIVA - 3 months piti
CWBC 80/15 purchase money option arm with 660 score SIVA with 3 mths piti

1% start rate with 3.75+% margin on the MTA index.

Dan-NewLifeLendi

289 Posts

Posted - 08/10/2008 : 2:18:10 PM

What's doubly crazy about it is that it doesn't include the thousands of people that are escaping foreclosure via loan modification, short sale, etc.

...and like Brian said, just wait until those option arms and hybrids begin resetting and recasting.

Dan
New Life Lending
http://www.newlifelending.us
dan@newlifelending.us
"Wholesale Loss Mitigation, Loan Modification & Debt Settlement Services in 41 states. Our programs turn your impossible loans into cold, hard cash."

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