Will There Be a Costa Mesa Short Sale Shadow?

Do we expect there to be more short sales in Costa Mesa, California? At the end of 2009 major papers, like The Wall Street Journal, were suggesting that 2010 could be the year of the short sale. Why? At the end of 2009 the number of short sales completed was picking up steam and the number of foreclosed homes was falling.

The first quarter of 2010 is officially behind us and distressed sales in the Orange County real estate market are following this pattern – a rise in short sale activity and a reduction in foreclosures. What’s the reason for this? With the new government rules in place, many lenders who would have been quick to send a home to foreclosure have been giving homeowners the option of loan modification or considering a short sale (if eligible).What about the possibility of a Costa Mesa short sale shadow? Sean O’Toole with Foreclosure Radar points out that there is still a heavy backlog of distressed mortgages. If these homes are unable to make due with a loan modification and are unable to make their payments, then it is inevitable that there will continue to be foreclosures and short sales hitting the market in Costa Mesa. We’re all ready working with a variety of Costa Mesa short sales and continue to keep on top of the latest short sale rules and regulations.About Torelli Realty: Torelli Realty is proud to offer home improvement and home staging tips to help your home’s value throughout Costa Mesa and in Mesa Verde. The company has been servicing Costa Mesa, CA almost exclusively for over 25 years and knows Costa Mesa real estate. The company has 100% success with short sales. Feel free to contact Torelli Realty for a consultation and for all your real estate needs.WEBSITESHORT SALE WEBSITETWITTER  – FACEBOOK - COMPANY BLOG