*** Bank-Owned / REO *** All Reasonable Offers Considered!

$518,000

• 4 Bedrooms (Bonus could be 5th)
• 3 Bathrooms
• 3215 sqft
• 3 Car Garage (2+1)
• Granite Counters
• Formal Living / Dining with Wet Bar
  

  Contact us for more information or to schedule a showing!

Beautiful Fair Oaks Ranch home that has been well-maintained and ready for you to move in!

Features include a formal living and dining areas with a wet-bar, family room with a fireplace, large upstairs loft overlooking the living area, large master suite with his-and-hers walk-in closets, make-up station, and floating tub.

The kitchen features granite counters, stainless steel appliances, a large island with sink, and double ovens. There is a two-car garage as well as a separate 1-car garage both with coated floors for easy clean-up!

There are tile floors flowing from the entry into the family room and kitchen areas. Custom tile work, plantation shutters and fixtures abound. There is a bonus room off the entry that could be a 5th bedroom or an office.

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*** BANK-OWNED / REO *** All reasonable offers considered.

Property is tenant-occupied. Per seller, this property will only be sold to an investor. Currently bringing in $1,400-$1,600 per month. Here is your chance to buy a property with positive cash-flow!

$136,900

• 4 Bedrooms
• 3 Bathrooms
• 2016 square feet
• Built 2008
• Granite counters
• 2.08 acres of horse property

Contact us for more information or to schedule a showing!

Custom 4BD, 3BA home on 2 acres. Lots of room to roam and enjoy the beautiful AV sunsets. This home features open living space with cathedral ceilings, tile floors with designer inlays, granite counter tops, indoor laundry room, and more! There’s a 3 car garage and plenty of room for all your toys.

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• Elementary {5}
• Middle {3}
• High {2}

Middle Schools

3 Middle Schools found within 5 miles radius.

School	Type	Grade Level	Enrollment	Students per Teacher
Gifford C. Cole Middle School Phone: (661) 946-1041 3126 East Avenue I, Lancaster, CA 93535 http://www.cole.eastside.k12.ca.us	Public	5-8	916	40
Piute Middle School Phone: (661) 942-9508 425 East Avenue H-11, Lancaster, CA 93535	Public	6-8	1251	24
Lancaster Baptist School Phone: (661) 946-4668 4020 E Lancaster Blvd, Lancaster, CA 93535	Private	K-12	447	17

Elementary Schools

5 Elementary Schools found within 5 miles radius.

School	Type	Grade Level	Enrollment	Students per Teacher
Gifford C. Cole Middle School Phone: (661) 946-1041 3126 East Avenue I, Lancaster, CA 93535 http://www.cole.eastside.k12.ca.us	Public	5-8	916	40
Tierra Bonita Elementary School Phone: (661) 946-3038 44820 North 27TH St., East, Lancaster, CA 93535 http://www.tierrabonita.eastside.k12.ca.us	Public	K-6	697	23
Vineyard Christian School Phone: (661) 948-3766 1011 E Ave I, Lancaster, CA 93535	Private	PK, K-6	150	14
Lancaster Baptist School Phone: (661) 946-4668 4020 E Lancaster Blvd, Lancaster, CA 93535	Private	K-12	447	17
Columbia Elementary School Phone: (661) 946-5656 2640 East Avenue J-4, Lancaster, CA 93535 http://www.columbia.eastside.k12.ca.us	Public	K-5	799	23

High Schools

2 High Schools found within 5 miles radius.

School	Type	Grade Level	Enrollment	Students per Teacher
Lancaster Baptist School Phone: (661) 946-4668 4020 E Lancaster Blvd, Lancaster, CA 93535	Private	K-12	447	17
Phoenix High Community Day High School Phone: (661) 729-3936 45538 North Division St., Lancaster, CA 93535	Alt.	9-12	159	17

• Grocery Stores
• Restaurants
• Banks
• Golf Courses

Grocery Stores

	7-Eleven Food Stores Phone: (661) 948-6773 304 E Avenue I, Lancaster, CA 93535	4.13 miles
	Stater Bros Markets Phone: (661) 948-1885 1850 E Avenue J, Lancaster, CA 93535	4.42 miles
	Vallarta Supermarket No 14 Phone: (661) 951-0233 1111 W Avenue I, Lancaster, CA 93534	5.1 miles
	Everybodys Oriental Grocery Phone: (661) 949-8846 44539 10th St W, Lancaster, CA 93534	5.58 miles
	Korean BBQ and Market Phone: (661) 942-0366 44525 10th St W, Lancaster, CA 93534	5.58 miles
	WinCo Foods Phone: 740 West K4 Rd, Lancaster, CA 93584	5.92 miles

Restaurants

	Gino's Italian Restaurant Phone: (661) 945-2791 44343 Challenger Way, Lancaster, CA 93535	4.7 miles
	Gourmet Tamale Cafe Phone: (661) 945-4101 518 W Lancaster Blvd, Lancaster, CA 93534	4.9 miles
	Thai Restaurant the Phone: (661) 948-6464 44759 Sierra Hwy, Lancaster, CA 93534	4.97 miles
	Lemon Leaf Cafe Phone: (661) 942-6500 653 W Lancaster Blvd, Lancaster, CA 93534	5.04 miles
	Bex Phone: (661) 945-2399 705 W Lancaster Blvd, Lancaster, CA 93534	5.07 miles
	Restaurant at Arbor Court Phone: (661) 339-0307 Arbor Court, Lancaster, CA 93534	5.17 miles
	Barone's Pizza Phone: (661) 948-0771 1229 W Avenue I, Lancaster, CA 93534	5.23 miles
	Giannini Bistro & Grill Phone: (661) 948-6380 858 West Lancaster Blvd., Lancaster, CA 93534	5.28 miles
	Sammy's Restaurant Authentic Mexican Food Phone: (661) 940-3443 44139 Sierra Hwy, Lancaster, CA 93534	5.33 miles
	Granada Room Restaurant Phone: (661) 942-8401 Inside The Desert Inn Motel, Lancaster, CA 93534	5.45 miles
	La Oaxaquena & Kabobs Restaurant Phone: (661) 974-7034 907 West Avenue J, Lancaster, CA 93534	5.65 miles
	China Empire Phone: (661) 940-3466 907 W Ave J, Lancaster, CA 93534	5.65 miles
	Whole Wheatery the Phone: (661) 945-0773 44264 10th St W, Lancaster, CA 93534	5.78 miles
	Medrano's Mexican Restaurant Phone: (661) 948-2846 44270 10th St W, Lancaster, CA 93534	5.78 miles
	Dona Blanca Phone: (661) 949-0139 848 E Avenue K,, Lancaster, CA 93535	5.87 miles
	Miso Sushi Phone: (661) 940-6369 44230 10th St W, Lancaster, CA 93534	5.88 miles
	Bigtuna Phone: (661) 942-6699 43530 10th St. W., Lancaster, CA 93534	6.56 miles
	Thai Cafe Phone: (661) 942-6599 1052 W Avenue K, Lancaster, CA 93534	6.58 miles
	Don Cuco Mexican Restaurant Phone: (661) 945-1048 1106 W Avenue K, Lancaster, CA 93534	6.62 miles
	Greenhouse Cafe Phone: (661) 723-3522 1169 Commerce Center Dr, Lancaster, CA 93534	6.76 miles

Banks

	Wells Fargo Bank Phone: (661) 723-2300 802 W Lancaster Blvd, Lancaster, CA 93534	5.21 miles
	Chase Bank Phone: (661) 948-0478 1140 W Ave K, Lancaster, CA 93534	6.66 miles

Golf Courses

Lancaster Golf Center Inc Phone: (661) 726-3131 431 E Avenue K4, Lancaster, CA 93535

6.02 miles

*** Bank-Owned / REO *** All reasonable offers considered!

$62,900

• 3 Bedrooms
• 2 Bathrooms
• 1,772 sq ft
• Built in 1987
• Den / Study
• Almost 3/4 of an acre horse property!  (Approx 0.061 acres)
• Covered patio
• Detached workshop
• Storage sheds
• RV Access
• Fenced and gated

Contact us for more information or to schedule a showing!

Estimated Monthly Payment

Price of Home	$
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Data provided by
See more school information from Education.com

• Elementary {4}
• Middle {3}

Elementary Schools

4 Elementary Schools found within 5 miles radius.

School	Type	Grade Level	Enrollment	Students per Teacher
Wilsona Elementary School Phone: (661) 264-2118 41625 North 170TH St., East, Lancaster, CA 93535	Public	K-5	521	23
Wilsona Achievement Academy Phone: (661) 264-2118 41625 North 170TH St. East, Lancaster, CA 93535	Alt.	K-8	62	16
Vista San Gabriel Elementary School Phone: (661) 264-1155 18020 East Avenue O, Palmdale, CA 93591	Public	K-5	667	20
Lake Los Angeles Elementary School Phone: (661) 264-3700 16310 East Avenue Q, Palmdale, CA 93591	Public	K-8	529	21

Middle Schools

3 Middle Schools found within 5 miles radius.

School	Type	Grade Level	Enrollment	Students per Teacher
Wilsona Achievement Academy Phone: (661) 264-2118 41625 North 170TH St. East, Lancaster, CA 93535	Alt.	K-8	62	16
Challenger Middle School Phone: (661) 264-1790 41725 North 170TH St., East, Lancaster, CA 93535	Public	6-8	621	25
Lake Los Angeles Elementary School Phone: (661) 264-3700 16310 East Avenue Q, Palmdale, CA 93591	Public	K-8	529	21

• Grocery Stores
• Restaurants

Grocery Stores

	Texaco Village Center Market Phone: (661) 944-2496 9508 E Palmdale Blvd, Palmdale, CA 93591	8.31 miles
	Town & Country Market Phone: (661) 944-4136 13012 Pearblossom Hwy, Pearblossom, CA 93553	9.26 miles

Restaurants

	Burger Basket Phone: (661) 264-1730 17116 E Avenue O, Palmdale, CA 93591	2.11 miles
	Don Pedro's Mexican Grill & Bakery Phone: (661) 944-9879 8701 E Palmdale Blvd, Palmdale, CA 93552	9.03 miles
	Wing & A Prayer Phone: (661) 946-2656 44423 90th St E, Lancaster, CA 93535	9.37 miles
	Valley Hungarian Sausage & Meat Company Phone: (661) 944-3351 PO Box 707, Littlerock, CA 93543	9.97 miles
	Rubio's Phone: (760) 530-9161 14148 Hwy 395, Adelanto, CA 92301	10.07 miles
	Charlie Brown Farms Phone: (661) 944-2606 8317 Pearblossom Hwy, Littlerock, CA 93543	11.46 miles
	Ana's Cafe Phone: (661) 944-2500 7847 Pearblossom Hwy, Littlerock, CA 93543	11.86 miles
	Mica's Mexican Restaurant Phone: (661) 944-9737 7704 Pearblossom Hwy, Littlerock, CA 93543	11.96 miles
	Better Burgers Phone: (661) 533-1783 5828 Pearblossom Hwy, Palmdale, CA 93552	12.89 miles
	Primo Burgers No 7 Phone: (661) 533-6806 4654 E Avenue S, Palmdale, CA 93552	12.96 miles
	BullWheel Bar and Grill Phone: Mountain High Ski Resort, Wrightwood, CA 92397	21.12 miles
	Mtn Chulas Phone: (760) 249-3101 1238 Highway 2, Wrightwood, CA 92397	21.24 miles
	Angeles Crest Cafe Phone: (760) 316-7822 24510 Highway 2, Wrightwood, CA 92397	21.45 miles

BANK-OWNED / REO: 3BD, 2BA, 45553 FAIRBANKS AVE LANCASTER, CA

Overview Maps Photos Description Neighborhood Market Stats

$129,000 Single Family Home For Sale Main Features 3 Bedrooms 2 Bathrooms Interior: 1155 sqft Lot: 7,092 sqft Location 45553 Fairbanks Ave Lancaster, CA 93534

James Malanowski J. Malanowski, Broker (661) 285-5975 James@TheJEMGroup.com http://www.TheJEMGroup.com Listed by: James Malanowski

Our recent listings BANK-OWNED / REO: 3BD, 2BA, 45553 FAIRBANKS AVE LANCASTER, CA Subscribe to our listing feed

See more Lancaster, CA real estate for sale

• Grocery Stores
• Restaurants
• Banks
• Gas Stations
• Golf Courses
• Hospitals

Grocery Stores

	Vallarta Supermarket No 14 Phone: (661) 951-0233 1111 W Avenue I, Lancaster, CA 93534	0.9 miles
	Food 4 Less Store 306 Phone: (661) 940-6373 44455 Valley Central Way, Lancaster, CA 93536	1.28 miles
	Everybodys Oriental Grocery Phone: (661) 949-8846 44539 10th St W, Lancaster, CA 93534	1.5 miles
	Korean BBQ and Market Phone: (661) 942-0366 44525 10th St W, Lancaster, CA 93534	1.53 miles
	7-Eleven Food Stores Phone: (661) 948-6773 304 E Avenue I, Lancaster, CA 93535	2.24 miles
	Remy S Oriental Market Phone: (661) 945-6923 43659 15th St W, Lancaster, CA 93534	2.25 miles
	Albertson's Food & Drug Phone: (661) 940-4747 43543 20th St W, Lancaster, CA 93534	2.54 miles
	Ben's Corner Phone: (661) 942-4509 710 W Avenue L, Lancaster, CA 93534	3.58 miles
	Stater Bros Markets Phone: (661) 943-2545 2845 W Avenue L, Lancaster, CA 93536	3.63 miles

Restaurants

	Barone's Pizza Phone: (661) 948-0771 1229 W Avenue I, Lancaster, CA 93534	0.75 miles
	Korea Kitchen Phone: (661) 949-3231 44810 Valley Central Way, Lancaster, CA 93536	1.05 miles
	Giannini Bistro & Grill Phone: (661) 948-6380 858 West Lancaster Blvd., Lancaster, CA 93534	1.34 miles
	Malhi's Indian Cuisine Phone: (661) 945-8009 2007 W Avenue J, Lancaster, CA 93534	1.45 miles
	Great Wall Phone: (661) 942-3048 2001 W Avenue J, Lancaster, CA 93536	1.46 miles
	Bex Phone: (661) 945-2399 705 W Lancaster Blvd, Lancaster, CA 93534	1.5 miles
	AV Kabob House Phone: (661) 948-5089 1343 W Ave J, Lancaster, CA 93534	1.53 miles
	Lemon Leaf Cafe Phone: (661) 942-6500 653 W Lancaster Blvd, Lancaster, CA 93534	1.53 miles
	La Oaxaquena & Kabobs Restaurant Phone: (661) 974-7034 907 West Avenue J, Lancaster, CA 93534	1.76 miles
	China Empire Phone: (661) 940-3466 907 W Ave J, Lancaster, CA 93534	1.76 miles
	Whole Wheatery the Phone: (661) 945-0773 44264 10th St W, Lancaster, CA 93534	1.76 miles
	Thai Restaurant the Phone: (661) 948-6464 44759 Sierra Hwy, Lancaster, CA 93534	1.8 miles
	Rusten House Phone: (661) 942-9025 43953 15th St W, Lancaster, CA 93534	2.07 miles
	Masala Magic Phone: (661) 949-1234 1832 W. Avenue K, Lancaster, CA 93534	2.48 miles
	Crazy Otto's Diner Phone: (661) 948-6502 43528 20th St W, Lancaster, CA 93584	2.55 miles
	Don Cuco Mexican Restaurant Phone: (661) 945-1048 1106 W Avenue K, Lancaster, CA 93534	2.55 miles
	Thai Cafe Phone: (661) 942-6599 1052 W Avenue K, Lancaster, CA 93534	2.57 miles
	Bigtuna Phone: (661) 942-6699 43530 10th St. W., Lancaster, CA 93534	2.7 miles
	Fresco II Phone: (661) 948-6677 1983 W Ave L, Lancaster, CA 93534	3.46 miles
	Scramblez Cafe Phone: (661) 722-9096 2715 W Ave L, Lancaster, CA 93536	3.56 miles

Banks

	Wells Fargo Bank Phone: (661) 723-2300 802 W Lancaster Blvd, Lancaster, CA 93534	1.41 miles
	Chase Bank Phone: (661) 948-0478 1140 W Ave K, Lancaster, CA 93534	2.55 miles

Gas Stations

Arco Phone: (661) 942-1941 1326 W Avenue K, Lancaster, CA 93534

2.53 miles

Golf Courses

Lancaster Golf Center Inc Phone: (661) 726-3131 431 E Avenue K4, Lancaster, CA 93535

3.58 miles

Hospitals

	Antelope Valley Healthcare Phone: (661) 948-7501 44445 15th St W, Lancaster, CA 93534	1.46 miles
	Antelope Valley Hospital Phone: (661) 949-5000 1600 W Avenue J, Lancaster, CA 93534	1.48 miles

Mortgage Calculator

Price of Home	$
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This is #1 of a 9-part series highlighting new and/or updated laws as of the closing of the October 2009 legislative session affecting buyers, sellers, and real estate agents in California.  Subscribe to this blog so you won’t miss the rest of the series!

Assembly Bill 957 – Signed into law by Gov. Schwarzenegger on October 11, 2009 and stays in affect until January 1, 2015 is known as “The Buyer’s Choice Act.”

Before we go into the purpose of The Buyer’s Choice Act, let me give you a little of the back-story …

The process of buying a bank-owned (REO) property can be stressful on buyers here in the Palmdale / Lancaster area. During a time in which most foreclosure buyers think that they should have all the control – Hey, it’s a Buyer’s Market, right?! – when they actually get into the process of negotiating an offer on the home they’ve decided on they realize that they don’t have as much power as they thought …

The actual process of the REO home purchase is a topic for another post, but let’s just say that the bank likes to play hardball and twist some thumb screws with their pages of additional addenda to the California Residential Purchase Agreement. Part of the fine print usually defines which companies the bank wishes to use for escrow and title services.

The REO Seller has most likely chosen these services for the following reasons:

• The escrow and title fees have been negotiated upfront. Due to large volume the escrow and title companies have given the REO seller a discount.
• The escrow and title officers have been trained in the systems and procedures of the REO seller. Banks have a large amount of foreclosures that they are working with, so to keep the processes easier and uniform they like to make sure that every file will be handled the same way and all the necessary internal forms are used.
• REO departments like to have a single point of contact. One stop for all the REO files is much easier to keep track of for them.

Now, the problem we are running into here in Palmdale and Lancaster, is that 9 out of 10 bank-owned sales are placed into escrow with a company that are far from local. This sometimes makes it harder for agents and buyers of the REO properties to get paperwork to escrow or for the buyer to go into the escrow or title office to sign loan documents. This has also made a huge impact on the local Antelope Valley escrow and title offices. Many of the smaller escrow companies went out of business in the last couple of years since the real estate bubble burst and even the larger companies have either closed or consolidated their Palmdale and Lancaster branch offices. This has caused several job losses here in the Antelope Valley!

So, I told you that story to tell you this one …

It has long been California law that the choice of escrow and title services are to be negotiated by the buyer and seller as part of the offer/counter offer process. Although some agents may say that the buyer doesn’t have the choice, that has never been the case. The problem has been that some REO sellers that are not familiar with California law are telling buyers, through their pre-printed addenda, that they have no choice … It’s either the bank’s way or the highway!

The purpose of The Buyer’s Choice Act is to prevent the REO buyer from feeling like they are being strong-armed into using services they may not wish to use. The Act requires that the REO seller provide a disclosure to the buyer stating that the buyer has the right to request that other escrow and title services be used. The Act does NOT hand the control to the buyer and force the seller to use the buyer’s preferred escrow and title services – This would be just as bad.

So, does the Buyer’s Choice Act really help the buyer? Possibly … It will require that the REO agent disclose that the buyer can negotiate their own escrow and title services BUT the REO seller still has the right to tell the buyer to go pound sand!

My personal opinion is that the Buyer’s Choice Act was lobbied for by the escrow and title companies that were losing business because they weren’t able to strike a deal for the foreclosure business that some other companies did … I can’t say that I blame them. I miss using my local escrow and title officers too! This may help bring some business back to the local Palmdale and Lancaster businesses (and that would be a good thing!) but the bottom line is, that in this age of the Internet, e-mail, digital signatures, overnight deliveries, etc. it truly doesn’t matter where a company is located – what matters is that they do their job and work with the agents, buyers, and sellers to get the REO sale closed!

What do you folks think? Let’s discuss it in the comments below!

If you don’t get the reference to the elephant, please take a sec to go read my last post .  Go ahead, I’ll wait … Got it?  Okay!

So I did some quick research and found that according to RealtyTrac the Notice of Default filings (NODs) in Palmdale and Lancaster has been rising steadily since January.  Yes, the elephant is now going to whack the ignorant upside the head!

Can you tell when the foreclosure moratorium was lifted?  That’s a 54.4% increase in NOD filings from Feb 2009 to March 2009!

Now take a look at the difference from the 4th Quarter of 2008 to the 1st Quarter of 2009 …

Here you’re looking at a whopping 87.7% increase in NOD filings!

So, bottom line, what does this all mean?  I think it means we’re in for another huge increase in inventory which may mean some more softening of prices and buyer demand.  The increase in market activity that everyone has been cheering about will either be short-lived OR will see a big influx of investors coming into the market.

Up until now, most of the REO / Bank-Owned properties I sell have been to first-time home buyers.  If the $8000 tax credit and the favorable interest rates continue to hold we may still be OK.  If they don’t or if it becomes harder to finance investment properties our Palmdale / Lancaster housing market may REALLY tank.

I was accused by some on my last post of being filled with doom-and-gloom.  On the contrary, I am just being realistic here.  Yes, our market has been going along at a pretty good clip.  Hell, my 2008 sales numbers were my best ever!  But these NOD numbers may be a foreshadowing to a tailspin even worse than what we saw in 2007.  The whole point of this post and my last were to bring to light what people are NOT talking about.  You can’t take the good without the bad.

So, people keep saying we’re at the bottom of the market here in Palmdale / Lancaster.  After seeing these numbers, what say you?

Yes, as reported by the AV Press today, home sales in the Antelope Valley (Palmdale / Lancaster, CA) are way WAY up from last year … here’s the numbers released by the Greater Antelope Valley Association of REALTORS:

• 773 homes sold in March 2009 (282 in March 2008)
• 2111 Homes sold Jan 2009-Mar 2009 (654 sold Jan-Mar 2008)
• Average sales price $129,390 in March 2009 (DOWN 46% from March 2008)
• Average sales price $140,401 Jan-Mar 2009 (DOWN 44% from Jan-March 2008)
• About 2500-3000 active listings (DOWN from about 5500 Q4 2008)

So what does this mean? A few things, in my opinion.

First of all, prices are at a level that many homes can be purchased here in the Palmdale / Lancaster area for about the same or less than it costs to rent. Why throw your cash down the toilet by handing it to a landlord when you can be buying your own piece of the American Dream??  If you have good credit and can prove your income, there are plenty of banks dying to give you a loan contrary to all the BS most media outlets (or even your own President for God sakes) would have you believe!  Loans are being made every day and I’ve got the closed transaction history to prove it!

Secondly, I believe the $8000 tax credit for home buyers has had a positive effect.  I know if I were a first-time buyer looking for a home the Perfect Storm of historically low interest rates, $8000 from Uncle Sam, and deep discounts on REO / Bank-Owned homes here in the Antelope Valley would have me pulling out my checkbook!

How about the drop in prices? Why are prices still dropping if the buyer activity is increasing??  Well, here’s the thing … About 85-90% of the housing market in Palmdale / Lancaster is either REO / Bank-Owned homes or they are short-sale listings. Yes, banks want to maximize profit – I should say minimize their loss – but the main goal is to get the assets off their books as quickly as possible.  So this means price reductions until the house gets sold!  Yes, the falling prices has slowed to about 1-2% per month (down from as much as 5% in 2007-2008) but they’re still coming down.  The only thing really saving us right now are multiple offers bidding the prices UP when the sweet-spot is hit on the list price.

Now, about that elephant … What no one seems to be talking about here is what I am most worried about when people ask me about the bottom of the market here in the Palmdale / Lancaster area.  You notice from the stats above that our available inventory has dropped substantially from last year.  You know when that happened?  Right about January 1st when many REO and short-sale listings didn’t get SOLD but they EXPIRED.  What else has been happening in the foreclosure market?  The banks have all been adhering to a moratorium on foreclosures and also have been sitting on their toxic assets waiting to see what ‘ol Obama’s bailout was going to entail.  This is giving us an artificially low inventory!

As of last week all of the moratoriums have been lifted. Banks are finally organizing their pre-foreclosure work-out plans.  They have analyzed their backlog of bad loans and more-or-less know who will qualify for a loan modification.  Those loans that can’t be worked out they are now moving forward with the foreclosure process.

Here’s some more stats …

Notice of Default Filings (The first phase of the foreclosure process)

• JAN 2009 – 968
• FEB 2009 – 1338
• MAR 2009 – 1472

As you can see, they are on the rise again.  At least 80% of those NODs will go through the foreclosure process and end up being REO / Bank-owned homes for sale.  This is just the tip of the ice burg.  How about all the loans that were bad before the moratorium was lifted?  I predict we are going to see some drastically higher NOD filings in the coming months.

Now here’s the thing – when these banks start putting these homes on the market that they’ve been sitting on since about last September the inventory of available homes for sale it going to shoot back up.  How high?  Who knows … But when it does, the current buyer frenzy that may be partially attributed to a perceived bottoming-out of the market may soften.  The buyers will have more homes to choose from and their sense of urgency lost.  This may send home prices into even more of a tailspin and this is what I am most concerned about.

People ask me all the time if I think the market has bottomed out.  I say who knows … I wish I had a crystal ball.  I just wish the government hadn’t stepped in and interfered with this market correction.  I feel that they have delayed the recovery here in the Palmdale / Lancaster area for 2-3 years if not more.  Now we have a potentially HUGE backlog of REO homes for sale that are going to need to be dumped and could potentially be even more devastating to our market values than what we have seen to date.

What do you think? Feel free to comment below … And if you have any questions or are looking for a smokin’ deal on bank-owned / REO properties here in Palmdale or Lancaster, drop me a line!