Another major lender has decided to stop foreclosures…for now. JP Morgan Chase will stop their foreclosure process on homes temporarily so they can review their files for errors. GMAC was the first big lender to do this.
Will this slow down the process or bring it to a grinding halt for much longer than they anticipate? If they’re looking for errors, then perhaps it could take longer than they expect. I’m thinking that might be like looking for a needle in a needle stack. 
Will this slow down the Short Sale process in cities like Stockton, CA as well or will these big lenders put the skids on that as well?
I’ll be right here on the edge of my seat waiting for the chips to fall, spaghetti to stick, or any other way with great anticipation.
What do you think this will do to our current timelines that already seem to last longer than a Texas mile? Do you think there will be a major increase in lawsuits as a result from all the upcoming confusion and discovered errors?
I recently wrote about the Downtown Lodi Farmers Market as being one of the many draws for Lodi, CA as well as many other cities around the country. Now I’d 
like to introduce you to our annual Lodi Grape Festival that is running tomorrow, Sept 16, through this coming Sunday, Sept 19.
There will be a carnival, petting zoo, reptile exhibit, many area businesses on display, concerts, fair food, art show, etc., etc.. 
You’ll want to come early and stay late, and enjoy everything that the Lodi Grape Festival has to offer. Advanced purchase of tickets is recommended if you don’t 
want to stand in line to enter.
For more information on the Lodi Grape Festival regarding it’s location, hours it’s open, etc. then CLICK HERE.
What will the festival do for the local real estate market? I’m hopeful that the people attending the festival from out of the area will see what a wonderful community we have here in Lodi, CA, and perhaps consider moving to Lodi and maybe even buying one of the many homes for sale here in town. There are great deals on Short Sales and REO foreclosures in Lodi as well as Stockton, Galt, Lockeford, and surrounding areas. The market is all about supply and demand. We have a good supply and some areas are in high demand.
Make it a great day and week!
Randy
Hey Dorothy, it doesn’t look like we’re in Kansas.
I’ve had the great fortune of being able to stay with my broker and his family at their 2nd home in Carlsbad, CA, while attending an international convention for the world leader in nutritional cleansing with Erica Davis. They live only 2 blocks from the ocean near Pinto Beach. Here’s a photo I took my 1st night here.
Life is a Beach!
I’m really looking forward to returning home to my own family, which I miss very much, but I do find myself wishing that it would be easier for them to all just move down here. The scenery is beautiful!
The local real estate market in Lodi and Stockton area is much different than what it is here in the Carlsbad and San Diego areas. Most of the homes for sale in the San Joaquin County are foreclosures and short sales. The median sales price for single family homes in San Joaquin County in the month of July 2010 was $175,000. Oddly enough that’s the same median sales price for the same time last year. The median sales price for San Diego County was $380,000 and $352,000 respectively, but here is Carlsbad the prices are even higher.
For assistance in finding good deals on homes for sale in the Lodi and Stockton areas be sure and contact Realty World – Davis Homes & Properties. And for the Carlsbad, CA area make sure and contact Steve and/or Carol Davis with Davis Coastal Properties.
Although we don’t have any oceans in Lodi, it is where my home and family are, so I am really looking forward to seeing them and getting back to taking great care of my real estate clients I’m currently working with and also the ones that I’ll soon be helping.
It’s a great life!
Randy
According to DSNews.com as published in the August issue of California Real Estate magazine, there was a study released by a group called Tenants Together.
The group focuses on renter’s rights and th
Image by Getty Images via @daylife
eir study states 37 percent of California’s foreclosed residential properties involved renters and effected an estimated 200,000 residents, many of whom were displaced, which is a nice way of saying they were given their walking papers, which is a nice way of saying they were evicted from their homes.
Unfortunately I have seen this first-hand while working with Short Sales in Stockton, Lodi and the surrounding areas. It’s never a good day when families are being asked to leave (evicted) from their homes even though they may have been paying their rent on time, but perhaps the owner of their home wasn’t paying the mortgage.
Once the owner stops paying their mortgage, soon after they have to decide whether to let the home be foreclosed on by the bank or to try and do a Short Sale, but either way the renter loses out and has to find another place to live.
At Realty World-Davis Homes & Properties, we try to be advocates for all parties involved in any situation if we can. If you have questions, then most likely we have answers. We highly recommend that anyone facing foreclosure or a short sale of their home to always seek the advice of a CPA as well as a real estate attorney.
Don’t just “wait and see what happens”. Be sure to seek professional assistance to get a fully informed as you can.
You can pick any magazine, newspaper or online news page, and see what the “experts” are foreseeing next for the real estate market.
I sure wish I had my Magic 8-Ball six years ago when I bought my new home, that’s for sure! Who knew that there would be such a crisis that would cause so many Short Sales in Stockton and so many other cities across the nation? Did the banks know? Did their investors know?
Will the market bounce back?
Well if you’re looking to move in the near future, here’s another article I found with a list of Top 10 Improved Housing Markets by the year 2014. This might be a good thing to know, or just another fortune teller looking to get their name in print.
CLICK HERE to view the Top 10.
Leave a comment telling us what you think the next 3-5 years holds for our local Stockton, Lodi real estate markets.
Can you believe this? I know, I know, it sounds too good to be true. But it’s not.
More and more people have turned to purchasing mobile homes in the last few years, because that was all they could afford. But now that home prices have fallen so much that it’s actually within reach again to purchase a home in the Lodi and Stockton real estate markets without having to give your body organs as collateral.
However, you’ll be steadfast to find a home, especially a FURNISHED home, in this price range unless grandma is selling to you and doesn’t know what her home is really worth.
The sellers of this charming little home are moving away to be closer to family and enjoy a more ‘mobile’ life than what their current residence provides them.
Their home is located in a quiet, cute little park on E. Lockeford St. in Lodi, CA.
Price Too Low To Pass Up!
We have many homes for sale in Lodi, but not too many at this low of a price, and certainly not ones that are fully furnished as well.
There’s also an electric GEM car up for bid too if you’re interested.
Make it a great day!
I wanted to share with you a short 2 1/2 minute video I did with my Flip HD camera while driving around the backyard and around the ‘lake-like’ pond on the beautiful estate property I have for sale in the Lodi, CA real estate market. It’s not even a Short Sale in Lodi.
This is one spectacular property, but with TWO homes located on it. If you’ve wanted to live like a King, but didn’t want the responsibility that goes along with being one, then this is YOUR castle!
Reminds me of Mayberry
I’m showing the home to a local attorney tomorrow and I know she’s going to fall in love with the main home itself. But once she sees the grounds she’s gonna go Lady Gaga over it. (I just made that up on the fly) Ha!
CLICK HERE to see the video and enjoy the view. (Get it?)
Have you ever wanted to take a trip to the mountains, but didn’t know where to go or where you’d stay once you got there? How about if you could go everyday, but all you had to do was walk outside into your own backyard…
Enjoy your own lake-like pond!
Forget the vacation and enjoy your STAYcation!
For more information about this wonderful Lodi, CA property with two homes on site…CLICK HERE.
There are many unique properties in the Lodi real estate market, but none are as ready to give you that country-like living and still be as close to town as this one.
Life is good!
I was showing a home this morning in the Stockton real estate market to some wonderful clients of mine, and it always amazes me the things some people will leave behind when they move out of their homes.
You don't love me anymore?
This sectional, baby’s playpen, and MANY other items were just left behind at this home and I feel like holding a yard sale and donating all the proceeds to charity. The thing is that it all still belongs to the current homeowner even though they seemingly have abandoned the home and all it’s contents.
Another thing they didn’t take with them was the awful odor that is lingering on throughout the home. Especially in the garage where I believe they housed a cat or two. :-/
It’s difficult sometimes to get clients to look beyond a home in such disarray to picture what it would look like in its cleaned up state.
I really feel for the homeowners that are being forced to make such drastic changes in their lives due to the current situation in the Stockton real estate market. The number of Short Sales in Stockton seem to be increasing, but leaving behind so much furniture, exercise equipment, personal appliances, clothing, toys, etc., when a Short Sale is the option, is still a mystery to me.
I hope you all had a fun and safe 4th of July weekend! Yesterday was our country’s celebration of independence. But what about our financial independence?
When the banks have ‘bad debt’, they write it off. When a business or corporation has a ‘bad debt’, write it off. BUT when a homeowner has a ‘bad debt’, just writing it off ain’t gonna happen.
A lot of people who can afford to stay in their homes are just saying good-bye to them and their mortgages by exercising their freedom of choice and just walking away from their financial responsibilities. This is commonly referred to as Strategic Foreclosure or Strategic Default.
So, what’s a honest homeowner to do when they’re home is now worth much less than they paid for it only a few short years ago? Well, before you just get up and walk away you should definitely consult with a real estate attorney, a good Realtor, and also a CPA to find out what options and legal consequences you’ll have depending on your choices and situation.
You could let the bank foreclose, or you could Short Sale your home. REOs and Short Sales in Stockton and surrounding areas are the bulk of what’s on the market these days. Just look around and I’m sure you’ll see For Sale signs up and down many streets in your own neighborhood.
Walking away from your home that’s “under water” (worth less than you owe) instead of trying to work with your bank(s) or having a Realtor short sale it for you, could actually leave you in deep water.
Here is some more specific information about this…CLICK HERE.
- The Short Sale Process (home-mortgages.suite101.com)
