We see what foreclosures look like from the ground – yellow lawns, green pools, tweaked mini blinds, dirty windows, chipped paint, siding damage, etc. They’re really pleasant. But have you ever seen what foreclosures look like from a Bird’s Eye View?
As of today, March 18, 2009, here is what a Bird equipped with Foreclosure Radar would be seeing from his (or her) perspective, while flying over the Whites Canyon area of Canyon Country.
The map is read like this:
P = Preforeclosure (at least 3 months behind in payments)
A= Auction (foreclosure/trustee sale date set, very close to being foreclosed, at least 6+ months behind on payments)
B = Bank Owned (Home has been foreclosed and the bank/lender owns the home now, and it may or may not be for sale at this time).
Our team has sold a lot of foreclosures in Canyon Country over recent months, and even last few years (time flies)…the deals are amazing! We’re talking homes (aka. HOUSES), not condos, being listed for about $180,000 sometimes, and more often in the very low $200,000 price range. Very affordable for the average entry level buyer these days.
Two things are certain:
1) More foreclosure are coming! This Bird’s Eye View, I believe, paints that picture.
2) Not all of these homes will end up being foreclosed, even though they’re in the "foreclosure process." Why not? The first reason is due to the proactive measures lenders/banks are taking to save their customers from being foreclosed. They’re doing this through refinancing, and more often through loan modifications for risk worthy candidates. The second reason is due to the fact that some owners somehow, someway, pay the amount they are delinquent to their lender, and simply get caught up and removed from the stressful foreclosure process.
Over the course of 2009, lets hope that homes become increasingly more affordable for those that haven’t been able to buy for years, neighborhoods get revitalized with proud new home buyers, and homeowners facing foreclosure get some good guidance and help they deserve from these banks and lenders who all to often seem much too busy for anyone.
If you want a Bird’s Eye Foreclosure View of your neighborhood – let me know. Perhaps I can post that here too?
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