My husband and I are real estate news and blog junkies. We read everything that's going on in the market on a daily basis and have been waiting, waiting, waiting for AB1137 (the bill that forced lenders to attempt to work out something before immediately beginning foreclosure proceedings) to release the backlog of defaulted homes onto the market. Looks like next week is going to be an exciting week for those of us who are looking to make a move.
Just so you know what I'm talking about, here's an article from Wednesday's LA Times. In summation, 236,000 homes were lost to foreclosure in 2008 alone. That's up 180% from 2007. And many more would have gone into foreclosure if it weren't for AB1137 as 404,000 borrowers defaulted on their loans in 2008. This is due to the resetting of adjustable rate mortgages (in many cases doubling loan payments) and the rising unemployment in California (currently at about 9.3%). Many lenders took a break from foreclosures around the holidays, but you can't modify a loan to someone who has no income. Next step, foreclose and resell to someone who can pay for it.
I'm hoping this means our time has come. We desperately need more space, although, not so desperately that we have to move tomorrow. We've hung in this long, I suppose we could keep on keeping on for a lot longer if we had to. I am just silently keeping my fingers crossed and hoping that we will soon have a house big enough for all of us - a room for each child, some office space for Craig to prepare his class, cupboard space for all the amazing wedding gifts that have never seen the light of day. And a bonus room large enough to do a cartwheel in. Why? I don't know, it just sounds fun!
More on this to come. February looks to be the month....
No comments:
Post a Comment