The Carmel and Pebble Beach markets continue to see foreclosures, but not at the rate of other areas of the country. In a non scientific tracking of area foreclosures, it seems that lenders are not holding REO inventory for Carmel, Pebble Beach, or Carmel Valley. They tend to move quickly with these “higher value” properties with only a matter of weeks between foreclosure and assignment of an agent and listing of the home. The strategy of when to bring a property to market varies by lender and location.
Nationally the banks do appear to be holding REO (Real Estate Owned) properties, sometimes for months. The average time between 30 days delinquent notice to the ultimate sale of a home at foreclosure is at an all time high of 449 days. Most homes that are receiving notices today, and are unable to correct their position, will reach market over a year from now.
The number of properties repossessed by lenders was 1.13 million in May, up about 1 percent from April but up 21 percent compared to a year ago, according to Lender Processing Services (LPS)
Between April and May of this year the number of borrowers that were behind one mortgage payment went up by 10% to a total of 1.62 Million which was off 6.4% from last year and off 9.3 percent from this year’s high of 1.79 million in February.
National REO Inventory
The Carmel and Pebble Beach markets continue to see foreclosures, but not at the rate of other areas of the country. In a non scientific tracking of area foreclosures, it seems that lenders are not holding REO inventory for Carmel, Pebble Beach, or Carmel Valley. They tend to move quickly with these “higher value” properties with only a matter of weeks between foreclosure and assignment of an agent and listing of the home. The strategy of when to bring a property to market varies by lender and location.
Nationally the banks do appear to be holding REO (Real Estate Owned) properties, sometimes for months. The average time between 30 days delinquent notice to the ultimate sale of a home at foreclosure is at an all time high of 449 days. Most homes that are receiving notices today, and are unable to correct their position, will reach market over a year from now.
The number of properties repossessed by lenders was 1.13 million in May, up about 1 percent from April but up 21 percent compared to a year ago, according to Lender Processing Services (LPS)
Between April and May of this year the number of borrowers that were behind one mortgage payment went up by 10% to a total of 1.62 Million which was off 6.4% from last year and off 9.3 percent from this year’s high of 1.79 million in February.