This would be a great parody song with a quality Elvis impersonator:
Return to lender
Address well known
No offers at auction
Auctioneer alone
We were having a party
Giving cash in stacks
To unqualified loan apps
Now the house is coming back
Thank you...thank you very much
Well, anyway, iTulip.com has a great a great article on the ever-increasing number of properties going back to the lender at auction time - post foreclosure. This means that the lender either got no bids or the bid was so low that they did not accept it.
The interesting thing here is that the chart shows monthly data, not a cumulative number. Here is the link to the chart. You can see that in Sep-06, the lenders in CA were took back 1160 homes and there has been a perpetual climb to Feb-07 showing a lender take-back of 3695. For the month of Feb. that is about 131 homes per day. That does not even include the total number of foreclosures (those that actually sold at auction).
Return to lender
Address well known
No offers at auction
Auctioneer alone
We were having a party
Giving cash in stacks
To unqualified loan apps
Now the house is coming back
Thank you...thank you very much
Well, anyway, iTulip.com has a great a great article on the ever-increasing number of properties going back to the lender at auction time - post foreclosure. This means that the lender either got no bids or the bid was so low that they did not accept it.
The interesting thing here is that the chart shows monthly data, not a cumulative number. Here is the link to the chart. You can see that in Sep-06, the lenders in CA were took back 1160 homes and there has been a perpetual climb to Feb-07 showing a lender take-back of 3695. For the month of Feb. that is about 131 homes per day. That does not even include the total number of foreclosures (those that actually sold at auction).
There's a whole lot of auctions going on. Ouch!
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