California Congressional Representatives Introduced H.R. 5823 - the Saving Taxpayers from Unnecessary GSE Bulk Sale Programs Act of 2012. The bill would halt the FHFA's REO program to sell bulk sales of Fannie Mae owned foreclosed properties in California to institutional investors.
California Association of Realtors has announced their support for this bill. High demand and low REO inventory equals the possible halt of bulk sales to investors.
Low REO inventory is being witnessed across California by Realtors. The outcome of this is multiple offers with buyers competing against investors on overpriced distressed properties.
The California housing market would be negatively impacted if bulk REO sales to institutional investors would be allowed. Presently California is experiencing short closing times of 60 days or less and industry professionals such as Realtors all agree that with the high demand of REO's that bulk sales should not be allowed in today's market.
"The strong results in pending sales - double-digit year-over-year gains in the last nine out of 10 months - suggest solid housing market performance for the state in the upcoming months." ~ LeFrancis Arnold, C.A.R. President
On the Rise in May 2012 are Non-Distressed Sales while a Decrease in Distressed Sales
Recent reports by the California Association of Realtors state that non-distressed homes sales in California increased to 59.3% in May 2012. This is up from 55.8% in April 2012 and 51% in May 2011
Meanwhile, the number of REO's and short sales decreased across the state, falling to 40.7% in May 2012, which was down from April 2012 distressed home sales of 44.2% and down from 49% in May 2011.
The percentage of short sales declined in May 2012 to 19.4%, which was down from 20.6 in April and 20.3% from May 2011. Out of all distressed sales, REO sales showed the highest decline in May 2012 to 21%, which was down from 23.2% in April 2012 and 28.4% in May 2011.
1.5 month supply of REO inventory supply for May 2012 was lower than April's 2 month supply. This supports the view that California is recovering.
Year after year for 13 years now, pending homes sales is reported as being higher. H.R. 5823 is being introduced at the right time for California. Rates are at all time lows and housing in affordable. Signs of recovery in California is evident.
So what does this all mean to distressed homeowners? A high demand and shortage of short sales is the perfect opportunity for you to put your home on the market and get it sold fast for top dollar so you can stop your lender from foreclosing, save your credit and move on with your life.
Teaming up with an experienced Realtor, one who understands Short Sales is very important. Be sure that the Realtor specializes in your immediate area, this will save you time and help market your home to a qualified buyer.
California Association of Realtors has announced their support for this bill. High demand and low REO inventory equals the possible halt of bulk sales to investors.
Low REO inventory is being witnessed across California by Realtors. The outcome of this is multiple offers with buyers competing against investors on overpriced distressed properties.
The California housing market would be negatively impacted if bulk REO sales to institutional investors would be allowed. Presently California is experiencing short closing times of 60 days or less and industry professionals such as Realtors all agree that with the high demand of REO's that bulk sales should not be allowed in today's market.
"The strong results in pending sales - double-digit year-over-year gains in the last nine out of 10 months - suggest solid housing market performance for the state in the upcoming months." ~ LeFrancis Arnold, C.A.R. President
On the Rise in May 2012 are Non-Distressed Sales while a Decrease in Distressed Sales
Recent reports by the California Association of Realtors state that non-distressed homes sales in California increased to 59.3% in May 2012. This is up from 55.8% in April 2012 and 51% in May 2011
Meanwhile, the number of REO's and short sales decreased across the state, falling to 40.7% in May 2012, which was down from April 2012 distressed home sales of 44.2% and down from 49% in May 2011.
The percentage of short sales declined in May 2012 to 19.4%, which was down from 20.6 in April and 20.3% from May 2011. Out of all distressed sales, REO sales showed the highest decline in May 2012 to 21%, which was down from 23.2% in April 2012 and 28.4% in May 2011.
1.5 month supply of REO inventory supply for May 2012 was lower than April's 2 month supply. This supports the view that California is recovering.
Year after year for 13 years now, pending homes sales is reported as being higher. H.R. 5823 is being introduced at the right time for California. Rates are at all time lows and housing in affordable. Signs of recovery in California is evident.
So what does this all mean to distressed homeowners? A high demand and shortage of short sales is the perfect opportunity for you to put your home on the market and get it sold fast for top dollar so you can stop your lender from foreclosing, save your credit and move on with your life.
Teaming up with an experienced Realtor, one who understands Short Sales is very important. Be sure that the Realtor specializes in your immediate area, this will save you time and help market your home to a qualified buyer.
About the Author:
David Milo is a known Certified Distressed Property CDPE in short sale and foreclosure alternatives. If you are a homeowner in distress, be sure to read his review on choosing a short sale agent, and watch the popular Short Sale vs. Foreclosure video now.