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“One in every 501 U.S. households either lost the home to foreclosure, received a default notice or was warned of a pending auction”

“We’ll have 1 million bank-owned properties by the end of the year,” Sharga said in an interview. “That will represent between one-fourth and one-third of all home sales”

As the summer is well into this years real estate season. Things have improved but are still in decline compared to years past. This Bloomberg article shows that continued decline and that the light at the end of the tunnel for many homeowners is still a few years away.

 Foreclosures Rose 53% in June, Bank Seizures Triple  [ Bloomberg ]

“Under the law, mortgage holders will be required in 60 days to begin contacting homeowners at least 30 days before issuing a notice of default.”

“In addition, the law immediately allows tenants more time to move out of foreclosed dwellings and immediately authorizes local governments to impose fines as high as $1,000 on lenders who do not maintain foreclosed properties.”

I highly doubt this Bill will help much. The truth is that the Bill just makes lenders contact you sooner rather than at the normal time frame they use. Some lenders take longer than 30 days, some take 60 days and some have yet to even contact anyone.

Governor signs law to help homeowners keep their properties[SFGate]

Property: 2915 Stanton Avenue Berkeley, CA

Description: Four-plex, Unit 1(3bed/2bath) Unit 2 (1bed/bath) Unit 3 (1bed/bath) Unit 4 (1bed/bath) 3,140 Sq feet of living space and 4,000 Sq feet lot.

Looking beyond the bubble.  2915 Stanton Avenue in Berkeley is a Four-Plex left behind from the boom.  The building last sold for in 09/06/2005 for $800,000. Now it sits vacant, bank owned and selling for $570,000 (that’s about 25% less).  Is this definitely a sign of the times or are Banks just teasing people to encourage multiple offers.

Either way, 2915 Stanton Ave deserves a look for the convenient location and for what could be a great buy.