Comments on: Foreclosures in Salem Oregon http://salemoregonrealestatehomes.com/2009/01/17/salem-oregon-foreclosure-rates/ The home truth and nothing but the truth Tue, 09 Mar 2010 22:57:34 +0000 http://wordpress.org/?v=2.8.4 hourly 1 By: Foreclosures real estate and short sales homes in Salem Oregon | The Real Estate Jumble-Salem Oregon Real Estate Homes http://salemoregonrealestatehomes.com/2009/01/17/salem-oregon-foreclosure-rates/#comment-216 Foreclosures real estate and short sales homes in Salem Oregon | The Real Estate Jumble-Salem Oregon Real Estate Homes Fri, 13 Feb 2009 22:05:56 +0000 http://salemoregonrealestatehomes.com/?p=1295#comment-216 [...] have always been a small part of our Salem Oregon real estate market (1/2-1%), but that is changing.  There are currently 1729 active/pending listings on the WVMLS for Salem Oregon.   106, or [...] [...] have always been a small part of our Salem Oregon real estate market (1/2-1%), but that is changing.  There are currently 1729 active/pending listings on the WVMLS for Salem Oregon.   106, or [...]

]]> By: Short Sale Homes and Real Estate in Salem Oregon | The Real Estate Jumble-Salem Oregon Real Estate Homes http://salemoregonrealestatehomes.com/2009/01/17/salem-oregon-foreclosure-rates/#comment-200 Short Sale Homes and Real Estate in Salem Oregon | The Real Estate Jumble-Salem Oregon Real Estate Homes Wed, 11 Feb 2009 19:57:06 +0000 http://salemoregonrealestatehomes.com/?p=1295#comment-200 [...] want to scream…NOT ALL HOMES FOR SALE ARE DISTRESSED.  In fact here in Salem Oregon only a small percentage are short sale or foreclosure attempts.  MOST are regular old home [...] [...] want to scream…NOT ALL HOMES FOR SALE ARE DISTRESSED.  In fact here in Salem Oregon only a small percentage are short sale or foreclosure attempts.  MOST are regular old home [...]

]]> By: Purchase Foreclosures in Salem Oregon using HomePath by Fannie Mae | The Real Estate Jumble-Salem Oregon Real Estate Homes http://salemoregonrealestatehomes.com/2009/01/17/salem-oregon-foreclosure-rates/#comment-196 Purchase Foreclosures in Salem Oregon using HomePath by Fannie Mae | The Real Estate Jumble-Salem Oregon Real Estate Homes Tue, 10 Feb 2009 22:04:28 +0000 http://salemoregonrealestatehomes.com/?p=1295#comment-196 [...] three under contract, and 1 in the Keizer area.  If you want to look at purchasing one of these foreclosed properties, feel free to give me a call to navigate these [...] [...] three under contract, and 1 in the Keizer area.  If you want to look at purchasing one of these foreclosed properties, feel free to give me a call to navigate these [...]

]]> By: melina@tomsonburnham.com http://salemoregonrealestatehomes.com/2009/01/17/salem-oregon-foreclosure-rates/#comment-149 melina@tomsonburnham.com Mon, 19 Jan 2009 03:17:00 +0000 http://salemoregonrealestatehomes.com/?p=1295#comment-149 I agree professor. 2009 will bring more ugliness our way. I agree professor. 2009 will bring more ugliness our way.

]]> By: Foreclosures and short sale homes in Salem Oregon | The Real Estate Jumble-Salem Oregon Real Estate Homes http://salemoregonrealestatehomes.com/2009/01/17/salem-oregon-foreclosure-rates/#comment-147 Foreclosures and short sale homes in Salem Oregon | The Real Estate Jumble-Salem Oregon Real Estate Homes Sun, 18 Jan 2009 19:46:55 +0000 http://salemoregonrealestatehomes.com/?p=1295#comment-147 [...] The rate of foreclosure has gone up in Salem Oregon and will continue to rise in 2009.  Right now 3.8% of the listings on the WVMLS are designated as short sales.  There are more likely more, but agents are supposed to check the box that designates the home a short sale, some do not. Foreclosed house [...] [...] The rate of foreclosure has gone up in Salem Oregon and will continue to rise in 2009.  Right now 3.8% of the listings on the WVMLS are designated as short sales.  There are more likely more, but agents are supposed to check the box that designates the home a short sale, some do not. Foreclosed house [...]

]]> By: Prof. Samuel D. Bornstein http://salemoregonrealestatehomes.com/2009/01/17/salem-oregon-foreclosure-rates/#comment-146 Prof. Samuel D. Bornstein Sun, 18 Jan 2009 03:56:27 +0000 http://salemoregonrealestatehomes.com/?p=1295#comment-146 Wait, we haven't seen the worst of it... I am especially concerned about the impact of foreclosures on the many small business owners who accessed cash by borrowing against the equity in their home to fund their businesses. These borrowers will find the "resets' on their ALT-A, Option ARMs, and Interest-Only mortgages will spike and make the payment to high to afford. It is a tragedy when an individual borrower defaults on the mortgage and loses his/her home. The tragedy is magnified when the borrower is a small business owner, employing from 1 to 10 employees. The loss of jobs related to mortgage defaults and the resulting business failures will further weaken our economy and prolong the recession. Many fail to realize that there are millions of self-employed smaller businesses, who employ from 1-10 employees, that are holding the mortgages that are going to reset in 2009 through 2012. Many experts believe that this will constitute the 2nd Wave of Foreclosures that will dwarf the Subprime Mortgage Crisis. The tragic aspect is that these borrowers are Prime and Near-Prime borrowers who hold ALT-A, Option ARMs, Interest-Only mortgages. There are $1 Trillion ALT-As, and $500-600 Billion Option ARMs. So, here we have a major problem… Not only will these small business owners lose their homes, but there will be the resulting JOB LOSSES on their business failure. Note, although President-Elect Obama is stressing the need to create 3 million new jobs, we must understand that “JOB RETENTION IS AS IMPORTANT AS JOB CREATION”. An NASE Survey sheds light on this critical issue. The NASE survey is at http://advocacy.nase.org/research.asp. See the NASE News for the Survey on Toxic Mortgages. According to this survey, it is estimated that 3,709,800 small business owners hold Alt-A and other toxic mortgages, and 1,279,800 are already delinquent as they have missed one to three or more monthly mortgage payments at mid-November, before the expected Resets that are scheduled to begin in 4th Quarter 2008 through 2012. Washington believes that Loan Modifications will work. Fo some it may, but the rate of Re-Default will negate the loan mods. How can we expect the Borrower to fulfill his/her financial obligations without any understanding of informed financial decision making. If conditions return to where they were, we can expect a return to excessive credit card usage and the same financial ignorance that led up to this crisis. It doesn't seem that Washington has any clue of the level of financial distress that is just around the corner. Wait, we haven’t seen the worst of it… I am especially concerned about the impact of foreclosures on the many small business owners who accessed cash by borrowing against the equity in their home to fund their businesses. These borrowers will find the “resets’ on their ALT-A, Option ARMs, and Interest-Only mortgages will spike and make the payment to high to afford.

It is a tragedy when an individual borrower defaults on the mortgage and loses his/her home. The tragedy is magnified when the borrower is a small business owner, employing from 1 to 10 employees. The loss of jobs related to mortgage defaults and the resulting business failures will further weaken our economy and prolong the recession.

Many fail to realize that there are millions of self-employed smaller businesses, who employ from 1-10 employees, that are holding the mortgages that are going to reset in 2009 through 2012. Many experts believe that this will constitute the 2nd Wave of Foreclosures that will dwarf the Subprime Mortgage Crisis. The tragic aspect is that these borrowers are Prime and Near-Prime borrowers who hold ALT-A, Option ARMs, Interest-Only mortgages. There are $1 Trillion ALT-As, and $500-600 Billion Option ARMs.

So, here we have a major problem… Not only will these small business owners lose their homes, but there will be the resulting JOB LOSSES on their business failure. Note, although President-Elect Obama is stressing the need to create 3 million new jobs, we must understand that “JOB RETENTION IS AS IMPORTANT AS JOB CREATION”.

An NASE Survey sheds light on this critical issue. The NASE survey is at

http://advocacy.nase.org/research.asp. See the NASE News for the Survey on Toxic Mortgages.

According to this survey, it is estimated that 3,709,800 small business owners hold Alt-A and other toxic mortgages, and 1,279,800 are already delinquent as they have missed one to three or more monthly mortgage payments at mid-November, before the expected Resets that are scheduled to begin in 4th Quarter 2008 through 2012.

Washington believes that Loan Modifications will work. Fo some it may, but the rate of Re-Default will negate the loan mods. How can we expect the Borrower to fulfill his/her financial obligations without any understanding of informed financial decision making. If conditions return to where they were, we can expect a return to excessive credit card usage and the same financial ignorance that led up to this crisis.

It doesn’t seem that Washington has any clue of the level of financial distress that is just around the corner.

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