So I was wrong last summer, when we had similar numbers, and suggested that we would see a large increase in both existing and FCs.
I'm still wondering about the hidden inventory that could emerge when the market improves, plus I'm hearing a lot about green shoots and things not getting any worse. Could we be at the bottom? What I am reading suggests that the Alt-A loans (not technically subprime; these are the liar loans and no-doc mortgages) are in the middle of the recast season when they are adjusted after a few years of low interest rates to Prime plus whatever number of points is specified in the mortgage paperwork. With all the developments in Oxford--especially the ones with half acre or smaller lots that came online two or three years ago--I'd figure that many of those buyers got funky loans like Alt-As, which for the record were the kinds of loans given to people who believed they could refinance or sell and move up in a few years--both of which are difficult to say the least.
Well check out my Foreclosure Cleanout of Oxford blog or leave a comment here if you are interested in having a foreclosed home cleaned out.
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