"Home Seizures By Bank Set Records" was the title of the article published on MSN just the other day. It's really worth the read if you want to fully understand what's happening in the real estate world. This morning, I had my head in the market stats for the 10 primary areas of Los Angeles that I serve: Santa Monica, Venice, Marina de Rey, West Los Angeles, Brentwood, Westwood/Century City, Cheviot Hills, Culver City, Mar Vista and discovered that the number of foreclosures and short sales on the market has risen almost 15% in March over February.

Foreclousre is bad business for the banks. It was also evident from looking at the recent Notice of Default filings for the Westside of Los Angeles that the banks are deferring as long a 6 to 8 months to file from the point that the homeowner stops paying their mortgage.

They can't keep going like this now that HAFA is in place. Very shortly, we should begin to see the larger banks proactively offering homeowners pre-foreclosure options if they cannot qualify for a loan modification.

If you or anyone you know needs to be consulted on your pre-foreclosure options, by all means, call me @ 310-487-0099 or click here if you want to learn how to short sale a property.

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