What Does The Big Banks Moratorium on Foreclosures Mean for South Lake Tahoe?
November 11, 2008
Citibank is the latest big bank to announce a moratorium on foreclosures. It is part of an effort to help struggling homeowners remain in their homes. The bank won’t initiate or complete a foreclosure as long as the borrower is eligible. Eligibility means that the home must be the barrower’s principal residence and they must have a sufficient income to make the more affordable payments. A large percentage of homes in South Lake Tahoe are second homeowners and this will not help them. The banks look at a second home as an investment property and if the borrower cannot keep up with their payment the banks will foreclose.
Expect foreclosures here on the South Shore to slow down but we will still see second homeowners in distress lose their homes, but in general the foreclosure rate we have seen in the past six months will slow considerably.
Bottom line for investors, if you are looking to buy at the bottom of the market your window of opportunity is passing or has officially passed. This does not mean prices are rising but I do expect to see considerable absorption through 2009 and after enough homes have been taken off the market the next phase will be the beginning of the sellers market. NOW is the time to buy.
List of current Bank Owned South Lake Tahoe Properties:
3049 Oakland Ave., Al Tahoe Area, 3bed, 1 bath 1048 sq. ft. $269,900
1035 Herbert Ave., Bijou 1 Area, 4bed, 2bath, 1394 sq. ft. $265,999
3325 Bruce Dr., Bijou 1 Area, 3bed, 1.75bath, 1345 sq. ft. $339,000
1407 Deer Ln., Bijou 1 Area, 3bed, 2bath, 1416 sq. ft. $389,000
3829 Brian Ln., Bijou 2 Area, 2bed, 1bath, 816 sq. ft. $249,900
1081 Bowers Ave., Bijou 2 Area, 5bed, 4bath, 2416 sq. ft. $434,900
2012 Piute St. Meyers Area, 2bed, 1bath, 1204 sq. ft. $273,900
1612 Choctaw St., Meyers Area, 6bed, 4bath, 2489 sq. ft. $375,000
1490 Seminole Dr., Meyers Area, 3bed, 2bath, 1872 sq. ft. $439,900
1414 N. Upper Truckee Rd., N. Upper Truckee 1 Area, 3bed, 1bath, 1040 sq. ft. $249,000
573 Otomites St., N. Upper Truckee 1 Area, 3bed, 1.75bath, 1104 sq. ft. $320,387
732 Seneca Dr., N. Upper Truckee 1 Arera, 4bed, 2.50bath, 2066 sq. ft. $529,900
2194 Chiapa Dr. N. Upper Truckee 1 Area, 4bed, 2.50bath, 3694 sq. ft. $1,425,000
1210 Huph St., Pioneer Trail Area, 4bed, 2.50bath, 2244 sq. ft. $501,600
2734 Knox Ave., Sierra Tract Area, 2bed, 1bath, 1042 sq. ft. $250,000
2604 Knox Ave., Sierra Tract Area, 4bed, 2bath, 2210 sq. ft. $314,900
2195 Catalina Dr., Tahoe Keys, 6bed, 4bath, 2945 sq. ft. $889,900
1769 Saponi St., Tahoe Paradise Area, 3bed, 1bath, 1440 sq. ft. $313,500
1153 Dedi Ave., Y Area, 3bed, 1.75bath, 1332 sq. ft. $313,500
Contact Chuck Stanley, (530) 318-8830 or email chuckstanley@sbcglobal.net.
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