Foreclosure update

Just in case anyone thinks the situation is improving, here are some of the facts. In Butte, Glenn and Tehama Counties there are currently 436 foreclosed properties. Thee are 1541 properties with default notices filed, including those with auction dates set. That's a lot of personal tragedy, a lot of economic disruption, and certainly a tremendous influence on housing prices. The government continues to intervene by bailing out banks, shoring up mortgage debtors, tinkering with interest, and generally slowing down the process of returning the markets to normalcy. What should have been a short surgical failure for those institutions and individuals that gambled and lost has become instead a drawn out affair while the world waits to see which of the culprits will be rewarded by the power players, and which "allowed to fail". The economy, and all of us, can only twist in the wind for just so long. Despite the occasional blip in housing prices, or the report of a slight decline month over month in foreclosures, the trend for values is down and the trend for foreclosures is up. We must deal with it and hope that some sanity will appear in Washington, an unlikely prospect with this administration and Congress.
If there is a bright spot it is for the prudent and still employed among us who are in a position to take advantage of the very low interest rates available. There are a large number of adjustable mortgages due for reset in the near future and this is a great opportunity to get into a fixed rate program. When the lid is removed the expectation is that rates will move up fairly sharply, and while not a certainty, it would be silly to bet against it. For buyers intending to keep their home for a substantial period it's probably a pretty good time to consider buying. There are some attractive bargains out there, and even though prices will possibly decline further, the attractive interest rates are not likely to be repeated any time soon. My crystal ball is imperfect, but those are my thoughts.
Naturally we'd like to be the agent to help in any of the above activities, buying, financing, refinancing.
As usual
Thanks for visiting.

Agricultural Financing

First let's get the bad news out of the way. The FDIC has now presided over the demise of 95 banks since the first of the year. Existing home sales were down last month. Foreclosures are still high, although many of them are being held off the market by the banks in possession. There are six job applicants for every job opening. It is quite possible to hear words of optimism emanating from various pundits and from Washington, but the facts belie the words. The problems are serious, deep, and are being exacerbated by fumbling governmental policy which is increasing the deficit, burdening the productive elements of society, attempting to manage the business community, and generally inhibiting an orderly recovery. That's the bad news.
The good news, at least for us, is a recent alliance with a major agricultural lender which permits us to offer not only an array of mortgage products, but more importantly, the ability to provide receivable financing, (factoring), crop financing, supply chain financing, equipment financing, etc.
At a time when cash is a problem for many businesses, the ability to provide help is a valuable addition for us, and for our clients. Not just help, but a broader range of service and better pricing than any of the competition we're aware of. Additionally we have added a security based lending option for those with stock portfolios that permit us to provide liquidity without triggering a taxable event. Interest rates are very low, from 2.5 to 4%.
We have to be innovative and we're constantly seeking ways to increase our value to people needing, or seeking help with real estate matters. For those with difficulty placing loans, or those seeking financial solutions, we hope we will be one of the resources considered. We're aggressive in problem solving.
My apologies for the "bad news" beginning, but to ignore reality is to loosen your seat belt before the crash. It's going to get worse before it gets better, count on it.
As usual,
Thanks for visiting.

Chico Foreclosures

Chico foreclosed properties number 70 with 174 more in default and pending auction. In contrast, Oroville, approximately 1/6th the size of Chico, has 84 foreclosed properties with 182 pending auction. Bad news for those expecting a turn-around in home values. To date 84 banks have gone into receivership nationally and the continued expectation is for many more before year end. The unemployment news today shows a continuing, although slowing, rise in numbers.
Despite some flurry in the stock market reasoned outlook calls for a protracted period of recession, kind of bumping along the bottom, since consumers don't have either the cash or the will to spend it to drive a turn upwards.
Our websites continue to offer a broad information base, foreclosure info, MLS listings, mortgage information, free credit reports, and property valuation data bases. We think information makes you stronger, so we do what we can. Additionally we offer a no up-front fee loan modification service to try to help those who don't want to go it alone.


As usual
Thanks for visiting