Tuesday, April 06, 2010

CNBC's Olick: Foreclosure "Pig in the python is showing its face"

by Bill McBride on 4/06/2010 03:38:00 PM

From Diana Olick at CNBC: Foreclosures Are Rising

Yes, banks are ramping up loan modifications and ramping up short sales and ramping up deeds in lieu of foreclosure, but the plain fact is that as the systems are oiled, the loans are moving through faster, and the pig in the python is showing its face.

We won't get the [foreclosure] numbers until next week, but sources tell me they will likely be a new monthly record.
The foreclosures are coming! The foreclosures are coming!

I don't think there is any question that foreclosures will pick up. And now is a good time to get properties on the market. As an example, Freddie Mac just announced an auction of homes: Freddie Mac, New Vista to Auction Hundreds of Homes on April 24 in Las Vegas, April 25 in California's Inland Empire Before Federal Homebuyer Tax Credit Expires
Freddie Mac (NYSE:FRE) and New Vista today announced plans to auction hundreds of HomeSteps® REO homes to individual homebuyers in Las Vegas on April 24, 2010 and in California’s Inland Empire on April 25, 2010 in support of the federal Neighborhood Stabilization Program (NSP) and to help more first time homebuyers and owner occupants purchase these homes. HomeSteps is the real estate sales unit of Freddie Mac and markets a nationwide selection of Freddie Mac-owned homes.
By scheduling these two auctions on April 24 and 25, bidders may still be able to qualify for the federal home purchase tax credit, which is set to expire on April 30, 2010. The tax credit offers eligible first time homebuyers up to $8,000 on qualifying homes.