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Bank-owned properties top 1,000
The number of bank-owned properties listed on the Bakersfield Multiple Listing Service, an index of properties for sale, topped the 1,000 mark Wednesday, according to Jon Vaughn, an agent with RE/MAX Magic and the host of a morning real estate radio show, Real Estate Today, on KGEO AM 1230. (Some might better recognize Vaughn as the writer behind the “Mr. Master of Mortgage Fraud” song that made the internet rounds this summer.) The MLS showed 1,017 bank-owned properties out of a total of 5,023 listings as of Wednesday, Vaughn said. His tally included 979 single family, condo and HUD properties that have been foreclosed on and repossessed by banks, and 38 bank-owned residential income properties, such as duplexes, triplexes and the like. The MLS includes listings for all of Kern County, as well as a small percentage of properties from other regions, he said. “It’s going to make it really difficult for sellers out there who are trying to sell properties,” Vaughn said. The increasing inventory will continue to drive prices down, he said. Read all about it, plus related stories. In other, less local real estate news, housingwire has a post about mortgage rates posting a big jump despite all the recent interest rate-slashing by the Feds. Fascinating. Anyone care to expand on what’s going on? -Vanessa Gregory, staff writer 7 comments from 6 users
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posted by
witterpitters
on Feb 21, 2008 at 11:03 AM
I'd say what is happening is................................all hell is breaking loose!!!!!!! posted by
randomfactor
on Feb 21, 2008 at 11:33 AM
Not yet, witterpitters. But it's going to. . As I understand it, most mortgage rates aren't tied to the fed's actions except very indirectly. posted by
anglo1
on Feb 21, 2008 at 12:12 PM
I agree, this fall is going to get ugly for most that borrowed or refied in the last 3 yrs or so. I'll sit this one out until next year. Just took my house of the market in Bakersfield. Actually did it prior to putting a sign out, couldn't see much benefit. The central coast market seems to be behind Kern by a year or so [when it goes down that is]. posted by
randomfactor
on Feb 21, 2008 at 12:24 PM
And for the banks that lent the money. And the folks who depend on them. posted by
burnbabyburn
on Feb 21, 2008 at 01:24 PM
What ever happened to that Grammy award-winning song by the way? I want to hear it again! Here's to you, Master of Mortgage Fraud! posted by
ddhinds
on Feb 26, 2008 at 06:00 AM
The biggest problem I see is that Bakersfield has little new job creation. And, the jobs that are being created are at the lower end of the scale. This is my third recession and I have never seen one that appears to have the potenial to be this bad. 5,000 homes on the market, low paying jobs, lenders pulling in their horns and the City and County continue to approve more subdivisons. It all spells for big trouble for all of us. Bakersfield got way ahead of itself in many ways. I must say however, that some of the blame sits at the doorstep of the City and County for the wholesale approvals handed out these past four or so years. It was a national builders dream. posted by
RosemarysAbortionist
on Feb 26, 2008 at 07:10 AM
Bakersfield will NEVER have job creation. The want ads for high-paying jobs will always be little more than a leaflet.
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