There are two foreclosure properties in Chelan, WA that had been on and off the market for several months.

Lake Chelan Townhouse/Condo 423 Webster St, Chelan, WA 98816 it is well priced at $157,900, the issue is the City of Chelan water bill is over $17,000. The bank is not willing to pay the bill, therefore the buyer of the property is going to have to pay it.

423 W Webster FRONT

Small Home 617 N. Bradley St, Chelan, WA 98816 priced at $100,000, the home is very small and appears to be in horrible condition. Located on a smaller lot, near Lake Chelan Community Hospital. This might be a great investment for a rental for Hospital Interns.

617 N Bradley, Chelan

Lake Chelan Real Estate is on the move, there have been many properties that have been on the market for years sell. The summer tourist season is coming quickly and it appears properties are going to continue selling. Please Contact me for all you Lake Chelan Real Estate needs!

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Hurry!  This bank owned condo in the Desert Canyon’s Red Hawk Condominiums neighborhood just reduced $10k to $86,000.

824 Desert Canyon

This is a very desirable neighborhood, with beautiful views of Desert Canyon and the Columbia River Basin. Community features pool, spa and tennis court. Desert Canyon Golf Course offers 18 hole course and professional 18 hole putting course.

Nice location between Wenatchee and Chelan!  Contact me for more, but if you have to think about it very long, you are probably too late.

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lake,chelan,community,waterfront,reo,for sale

Hurry!  This bank owned lot in the desirable Key Bay neighborhood just went on the market.

This is a very desirable neighborhood, with a small group of homes that share a community pool, marina, beachfront park, and mooring buoys.  A lot in a less desirable location just closed last month for over $180,000!

The upper floor of a home built on this lot would have spectacular Lake Chelan views!  Contact me for more, but if you have to think about it very long, you are probably too late.

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There has been a bunch of activity on Lake Chelan foreclosures the last two weeks.  This week, there is a new bank owned property listed for sale in Key Bay plus there are two trustee sale properties that Fannie Mae and Bank of America have take possession of.

One is a condominium in Sunset Terrace in Chelan and the other is a town home in Wapato Ridge in Manson.  I expect those will be for sale in the next few weeks.

Last week, there was even more.  There were 4 new trustee notices, 1 bank owned, and 1 new short sale on the FREE Lake Chelan Foreclosure Report.  You should sign up if these types of deals interest you.

While foreclosure are down from last year, there are still potential deals for patient investors.  CoreLogic reports that completed foreclosures were down from last year by 26.4% in October.  The inventory of foreclosed properties is also down, but 30.9% in October from one year earlier.  Banks are not holding on to foreclosure inventory like they did in past years and seem to be interested in getting them sold.

Even with the decline in foreclosure activity, there were still 41,000 completed foreclosures nationwide in October.  With foreclosures being off the front page, the opportunities are out there if you know where to look.

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Although activity has slowed, last week we had one new property, and this week we have a trustee sale property, a new bank owned property and a new short sale on my FREE Lake Chelan Foreclosure report.

Those looking for deals on distressed properties certainly need to be more patient that a few years ago, when there were scads of choices on the market.  But, we have a community waterfront home, a lake view lot and a view home in Manson to talk about this week.  That is not bad!

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The latest statistics from the National Association of Realtors Chief Economist Lawrence Yun suggest that the foreclosure market is nearing historic normal levels.

Two years ago, foreclosures were over 20% of housing sales in the Lake Chelan market.  Nationally, foreclosures were a double-digit share of all home sales.  In August, foreclosures were only about 6% of home sales transactions.  Next year, foreclosure sales are expected to be 1 to 3 percent of sales transactions, which is in line with the norm historically.

There aren’t very many new distressed properties feeding into the pipeline either.  The number of foreclosure starts is essentially back-to-normal with only 0.4 % of loans entering the process.  The default rate on mortgages issued the last four years is also very low.

In the Chelan area, active trustee notices on our FREE Lake Chelan Foreclosure Report have shrunk from 32 in October of 2012 to 14 this week.  Things are slowing down a bit on foreclosure activity.

 

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Thousands of former home owners who thought their foreclosure nightmare was over years ago suddenly find themselves facing debt collectors freezing bank accounts, garnishing wages and seizing assets according to Reuters.

Even though their former homes have been sold, the proceeds from the sales were usually not enough to cover the amount of the loan, plus penalties, legal bills and fees.  Fannie Mae and Freddie Mac, and other private mortgage players, are increasingly coming after borrowers to pay what they still owe on mortgages that they defaulted on years ago.

Lenders can sue for “deficiency judgements” which become the legal tool they use to go after the former home owner’s assets.

In Washington, the foreclosing lender cannot come after you for the deficiency after a nonjudicial foreclosure. But,deficiency judgments are allowed with judicial foreclosures.  Plus, lenders on second mortgages and HELOCs may be able to sue you in some cases.  Judicial foreclosures are different and often have a redemption period after the foreclosure where the prior owner can reclaim the property.

With the redemption period usually being something like a year, most foreclosures in Washington are typically nonjudicial foreclosures on a typical home.  But, sometimes judicial foreclosures were done and those do allow collection of deficiencies.

The biggest banks, Citigroup, JPMOrgan Chase, and Wells Fargo all say they don’t usually pursue deficiency judgements, although they reserve the right to.

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The last two weeks there have been no changes to our FREE Lake Chelan Foreclosure Report since there has been no new activity at all.  In all of Chelan County, there were only 4 trustee notices filed for the two week period as well.

On October 3, 2013, there were 17 properties with trustee notices on our report and 48 bank owned properties for sale.  Today, there are 18 trustee notice properties but only 26 bank owned properties for sale.

It looks like we are approaching having only a new trustee notice in the area a time or two a month.  Since I did not do this report before the housing bust, I can’t tell you if that is “normal” levels in Lake Chelan.  But it is sure below two and three years ago!

 

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CoreLogic reports foreclosures were down 21.2% nationally in July on a year over year basis.  45,000 foreclosures were completed in July which is an 8.5% drop from June of 2014 as well.

The inventory of foreclosures is down 34.4% nationally from July of 2013 as well.

About 640,000 homes were in some stage of foreclosure at the end of July, compared to 976,000 at the end of July 2013.  That makes 33 months in a row with consecutive year over year declines.

 

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