December Was a Cold Month
December proved to be a very cold month for owners in a distressed situation. Since November 14 there have been 5 Notice of Defaults filed on homes here in Prairie Oaks. We have also had one property foreclosed on (825 Travis) In the past several months we have been running maybe 1 or 2 a month being filed.
Whether these stay in the distressed pipeline and end up being foreclosed on, I am not sure. For all the ones I have seen with NOD’s and NOT’s, I am not seeing very many of them being foreclosed on yet. I have started to see first hand some owners getting a reasonable loan modification. It is too soon to see if it will help enough owners to slow down the foreclosures hitting our market. As always, I will try to keep you up-to-date on what is going on here in our neighborhood.