PMZBuzz

PMZ Real Estate agent Kevin Moran spoke with CNBC regarding “Signs Of Hope And Fear In ‘Foreclosure Central’” Here’s an excerpt:

“We’ve reached affordability in our market,” says realtor Kevin Moran of PMZ Real Estate. When a home is priced right, Moran says, “we get three to four offers in the first weekend on the same house.”

Prices have stabilized and inventory is down. That’s the good news. The bad news is that no one really knows how much real inventory is out there in Stockton.

Moran has a second line of work where he goes out and assesses the condition of homes for lenders who may want to rework the loans. We followed him to one such home. It was empty. The owners were long gone. “I appraise and inspect over 200 homes a month, and, anecdotally, 30 to 40 percent are vacant and the lender doesn’t know it,” he says. That means there could be a second wave of foreclosed properties hitting the market in the next five or six months. But why would someone abandon a home before they’ve even been foreclosed on? Moran pointed to the house we were looking at. The debt owed was $403,000.

Read the full story on CNBC.