Foreclosure Exposure - Robo Signing - Mubarak

Hi from Silver City New Mexico.. NOT NEW and NOT MEXICO

Gotta love this part of New Mexico. Photo taken near edge of town just west of water towers.

The gold nugget photo is public domain photo and is XXX large for here. We do have decent prospecting opportunities in this area. Relic hunters and Rock hounds will find themselves "at home" here too.

"On with the Show, Good health to you" do you remember the 60's song.................

The Bank Foreclosure numbers for January 2011 are out:

January Bank repos are up 12% month over month.
Lets look at how this breaks down in judicial vs non judicial states:

Non judicial states seem to be ramping up foreclosures, jumping a full 23% month over month. This is what I expected to see.

Judicial states report a decrease of foreclosed homes of 7% month over month. I find this interesting data and not what I expected.

Consider Florida, where there is an enormous backlog in the courts (due in part to the robo-signing scandal). Foreclosures are down a full 54% year over year. The market for foreclosed properties has not improved significantly in any way, much less improved by 54% .

It appears that banks have postponed or slowed down the foreclosure process significantly in states where the courts are involved - The numbers reduced significantly where there are robo-document signing issues. It would seem that for most distressed owners in most cases, it's more of a temporary pause before the eventual foreclosure.

Does this imply a longer recovery time as the abnormally high number of foreclosures wash through the system before we can dig ourselves out of the foreclosure mess?

Like many communities, Silver City has mostly dodged, to date anyway, a worst case foreclosure scenario.

We can look at metal detecting, rock hounding, and playing some music if you visit here too..

Please let me know how I can help you meet your real estate goals.

----archer--->

Mubarak speaking now and making threats. Please give it up buddy. You've had your run already... Take the money and run...