Got a call last night from an appraiser. Needed to know a “Pending Sale” Price. He said they’re are finding they need to check on “Pending Sale” Prices to support increasing values in the marketplace. He said most “Pending Sales” have a sale price higher then their list price and they can use that info to support the movement of the market upward.
The lack of Bank Owned Properties and Short Sales….
Do I think we no longer have distressed homeowners…No.
Due to the California Homeowner’s Bill of Rights that took effect January 1st, 2013 the rate of foreclosures has further ground to a halt leaving many distressed properties and homeowner’s in a Zombieland.
Some homeowner’s have gotten relief through loan modification and or principle forgiveness.
The magic number for principle forgiveness appears to be about $150,000. I have not heard of any numbers higher then that.