The "experts" are saying there will be another huge foreclosure number hitting by mid summer.

What do the expert real estate agents say? Will HHI be affected if this is true?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 04 2012 - Hilton Head Island
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (17)

Best Answer
The banks have been siting on 3 to 4 million forclosed properties  or have been holding off on forclosuer in the US. The question is why.  Possibly to shore up prices and possibly becausee they were paid to.  During my 35 years in banking while being a RE Broker, we at he bank were audited on an annual basis.  It was always a surprise audit.

While running the Mortgage Div at tow large banks the aduditors would always look at our colcetion practices and our percentage of ORE's.
In bankers language Other Real Estate Owned, some call these properties REO's. The Fed. always wanted out portfolio to be less than 5% in delinquentcy and out in house police was below 3%. My policy was Zero and I accomplished that. 

 For some odd and obscure reason they The Fed. didn't like it when I sold these properties on land contrac, or leased them yet I had little to not delinquentcy.  I was told to dump them.

Wouldn't that be nice today and wouldn't it be nice to hold our standards high and to keep prices where they were and to use common sence.  What I did and the way it worked was awesome.  I simply called agents I worked with and got rid of the properties in a common sencs method and I also did cash for keys and when he client left the property is nice condition I gave them money for doing so.  $500 to $1,500 depending on the value of the home.  We were alway on a first name basis and friends. We actually helped our past due cleints.

I know hard to believe right.

Unfortunately common sence went out the window at some point and new due to the Fed. bad lenders, banks being too large and out of control like our government we have serious issues and of course this goes on and on.

My point is that these 3 to 4 million will be hiting the market during the next 30 days and through out the summer and I expect prices to drop again in many areas at least 10%.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 13 2012
Profile picture for SteadyState
If the yield curve continues to remain flat for some time watch out as the yield curve will then most likely  invert and we should enter a recession sometime late summer of 2014. If I had property (or were a bank) I would lock in the profit by selling while the yield curve is flat (during or before summer 2014)
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 19 2013
With regards to Hilton Head Island, our inventory is low.  Also, not many short sales are on the market.  Based on previous years, the short sales inventory was an indication of foreclosures coming on the market.  With interest rates still low, now is a great time to go ahead and buy.  One can't worry about the future and Hilton Head Island is a great place to be. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 19 2013
The experts also predicted your neighbor's $147,000 foreclosure home would be $825,000 by now.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 12 2012
Profile picture for user846723
I certainly am no expert but the reason homes are going pending so fast is low inventory on MLS and great rates. I draw this conclusion as one of the many buyers trying to get in a home. I just told my agent today we are going to wait until inventory is better.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 07 2012
Banks will never make short sales easier.  If a bank gets an insured loan home back they make more money.  Those who have been bailed out even make more.

For the most part the short sales that do go through are mostly forfolio loans or conventions with no insurance, not is all cases but most.  Or properties is super bad shape.

One big problem lurking about out there is very poor BPO's.  Causing many short sales to even take longer.

The Banks right now are siting on millions of forclsoed homes or they are holding off on forclosing and we will not see them it the market until after the election.  Odd isn't it.  Guess who is paying for this.

When they do hit we will certainly see another decrease in housing prices and a flood in the market place again.  Sales have picked up because of an early spring, tax dollars coming back and super low rates.
Do not be fooled, the economy is not any better. I expect things to dry up considerably in June and July from what many of us are enjoying today.



  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 05 2012
I tend to agree with Ms. Houston, but I heard the same thing for the last 2 years.

I want it to be better too. The number of underwater homes and families unable to make payments is still very high.

Is there a simple solution? No, I wish there was but bank ownership and rental is not one of them.

There is money in the wings for investors wishing to purchase and rent. But that is a fool's paradise.

Odd we do not learn from history.

 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 05 2012
Im going to get my crystal ball out I'll be right back...... I tend to agree there will be another wave of foreclosures..but I will also say that sales in HHI and Bluffton and New construction has picked up drastically around here and the deals are coming on and pending within weeks. BUT i do think the banks arent done...maybe trying to figure out what to do and would be nice if they would put a time limit on responding to shortsales...THAT would help move things along quite nicely rumor is they are looking at making the shortsale process alot quicker!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 05 2012
The is talk among lots of the large REO listing brokers and banks that after the election we will see a very large wave of foreclosures hit the market. This will be nationwide the big banks are delaying foreclosures till after November.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 05 2012
Profile picture for Pasadenan
Well, the foreclosure trends on the local info pages for Hilton Head Island indicate that foreclosures are definitely an issue there, and definitely not resolved yet... thus likely the news applies to HHI.  If the foreclosure issue was already "resolved" for the area, the foreclosure saturation would be well under 5%.  A normal market should be between 1% and 3% foreclosures, but it does very by neighborhood and housing turnover rates.

Here is the chart of %foreclosure resales:


And the similar chart for "number of foreclosures" by month:


And the link for Hilton Head local info trends
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 04 2012
Profile picture for Dunes ..
Good..we'll come back in Mid-Summer and see ;)

Nationally..Increased Foreclosures

City/County/State Budgets strain strain strain loss of Fed grants/money..layoffs..cutback to services..schools

Increased Inventory..Price Drops..Interest Rates stay pretty much the same

Many impacts from what has gone on since 2006 and not all of them have kicked in fully

IMO


  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 04 2012
Profile picture for sunnyview
Great link q.c. What are you seeing in your local area? Mine was late to peak and the median shows signs of stabilizing temporarily going into the spring selling season. I think we do have a bit more to give back here, but not much more base don the chart.

Foreclosures do affect prices up to 27% in some areas, but it will be interesting to see if HARP2 has any affect on keeping some of that potential inventory off the market. Not to say that more softening won't happen, but unless employment falls apart worse many of the most borderline borrowers with ARM's from 2005, 2006, 2007 have already lost their foreclosure battle.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 04 2012
Exactly Joseph -- there is more more pressure on lenders to keep owners in their homes.  The shadow inventory is there but more options for owners stay put or do a short sale if needed.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 04 2012
Housing experts say localized warning signs of a new wave of foreclosure are likely to be replicated across much of the United States.

Online foreclosure marketplace RealtyTrac estimated that while foreclosures dropped slightly nationwide in February from January and from February 2011, they rose in 21 states and jumped sharply in cities like Tampa (64 percent), Chicago (43 percent) and Miami (53 percent).

RealtyTrac CEO Brandon Moore said the "numbers point to a gradually rising foreclosure tide as some of the barriers that have been holding back foreclosures are removed."  Today's paper

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 04 2012
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 04 2012
Profile picture for sunnyview
I don't know. I'm not feeling that way right now. Rates are low, employment is better and I think in many regions the bulk of the foreclosures are behind us. The market is not shiny, but I see more houses than I would expect in my area going pending in the first few weeks of the listing.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 04 2012
What experts?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 04 2012
 
Related Questions
3% to Buyer if NOT working with a Buyer's Agent. Good idea?
Profile picture for Beth Drake
Latest answer by Beth Drake
February 26 | 18 answers
The "experts" are saying there will be another huge foreclosure number hitting by mid summer.
Profile picture for SteadyState
Latest answer by SteadyState
December 19 2013 | 17 answers
Where do I find the listing of smiliar houses for sale?
Profile picture for Cookie Keggi
Latest answer by Cookie Keggi
July 17 2011 | 8 answers
Gary Shilling predicts a 20% drop in home values in 2012
Profile picture for Anthony Frisone
Latest answer by Anthony Frisone
July 16 2011 | 13 answers
How do I find a seasoned and qualified buyers agent to represent me @ HHI?
Profile picture for David Pautler
Latest answer by David Pautler
November 01 2010 | 5 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 14 Stonegate Ct, Hilton Head Island, SC Home For Sale
    14 Stonegate Ct, Hilton Head Island, SC 29926

     For Sale: $579,000

    • Beds: 3
    • Sqft: 2958
    • Baths: 3.5
    • Lot: --
  2. 19 Lemoyne Ave APT 22, Hilton Head Island, SC Home For Sale
    19 Lemoyne Ave APT 22, Hilton Head Island, SC 29928

     For Sale: $269,000

    • Beds: 3
    • Sqft: 1489
    • Baths: 3.0
    • Lot: --
  3. 19 Forest Lake Dr, Daufuskie Island, SC Home For Sale
    19 Forest Lake Dr, Daufuskie Island, SC 29915

     For Sale: $9,900

    • Beds: 0
    • Sqft: --
    • Baths: --
    • Lot: --