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Monday, Dec. 1, 2008 | 2 a.m.
Auction and trustee sale notices recorded in Clark County are a good benchmark for the number of properties mired in the foreclosure process — it’s typically the last stop before bank repossession. The chart below shows the number of new notices filed by month for all land types between Jan. 1, 2007, and Nov. 25, 2008.
Ninety-eight percent of properties with auction notices are residential, and the number of recorded notices so far in 2008 in is more than double the figure for all of 2007.
Once the bank takes back, let's say a home that was originally purchased for 600,000 but now is only worth 450,000 - then when they try to sell it they're not gonna get more than the 450,000 that it's now worth - so here's an idea - why not readjust the price with the current owner (as long as they've been basically in 'good standing') and maybe they can hang on to their home that is now only worth 450,000. But instead the bank will swoop in, take it away from the current owner and then offer it at a 'bargain price' (actual cash value) to someone else. Just doesn't make sense to me.
the banks talk out of both sides of their mouths.
it's like "help us! help us, government!" then in the next breath they foreclose on even MORE homes which just increases the inventory and reduces prices.
i bought my home for $254,000 in july of 2006 ( the very peak of the market ), now it's worth around $108,000 and the bank won't work with me even though i offered to give them $3,000 if they'd let me pay 50% of the mortgage for 3 months because i've been out of work and need to control my spending and they were like "no way".
so, fine...take my box of stucco.