Investers Scooping Up Affordable Sandpoint Foreclosures
Sandpoint foreclosures continue to keep conventional buyers on the sidelines as Investors are scooping up the most affordable properties at yard sale prices.
Banks are forced to keep foreclosed homes vacant and appraisals may be lowering the values of inhabited homes due to the low closing prices or no sales at all.
Betsy and I were walking the dog two days ago and met a couple on the bike path that are nearly out of time and will be packing up their home of 12 years starting this weekend. Independence Day was a reason to celebrate – but for many Americans there was no home for the family barbeque.
As this month began about 130,000 homeowners were enrolled in a three-month trial modification of some sort. The Treasury Department was poised to disperse $18.6 billion to 25 mortgage companies around the country to assist with loan modifications.
I have a “wait and see” position.
Banks are using money to repay debt, purchase other banks, and in some cases seem to be hoarding the funds.
In other words, just about everything except loaning the funds to the folks that want to help rid neighborhoods of empty homes with unkempt yards that produce no taxes to government at any level.
As people continue to lose their jobs and are unable to make their home payments there will continue to be a wide array of distressed properties in addition to the pre-foreclosure and foreclosure portion of the market.
