Leo's Blog

New home building has to almost stop for things to get back to normal.

There are too many homes on the market and not enough buyers. Have you heard that before? It is all tied into the trouble wall street is having now. The people who have to sell their home can't get what they have put into it. In many cases, the value of the house is less than what they owe on it.

A short sale is very time consuming for the Realtor but it is the best alturnative for the seller. The closing will take at least 90 days from the contract. Because of the influx of short sales the mortgage companies can not handle the load. They have highered more employees to work them but they fall way short and some work on an antiquated system of scanning the information faxed in (add three days per fax before the person get it)

If you have a first and second mortgage and the mortgage companies are different your work has just doubled. I am working one now. The second does not seem to care if it looses the deal. It's the same company as the one that has the slow fax system.

I'll fill you in more tomorrow.

Good selling,

Leo

Only 34% of the foreclosures cases over the past three years have been handled in Lee County. The quote below is from Fort Myers News Press. If the other countys are in the same shape, the foreclosures that hit the banks are just beginning. The US is in much worse shape than Congress knows.

Leo

Green has seen a 1,769 percent increase in the foreclosure cases his office must handle over the past two years. Of the 32,983 foreclosures filed over three years, more than 22,000 cases are still open, which means only about 35 percent have been processed.