Upcoming REO Properties in Prairie Oaks
Prairie Oaks will be seeing a couple more bank owned properties shortly. I show that two homes were due to be foreclosed on in the past month. Some of the banks are quick to get the home on the market (such as 496 Williams Street) and others take forever (such as 811 Travis).
By my count we have at least 4 additional homes that have Notice of Defaults filed on them. In 2007 about 50% of homes that had a Notice of Default filed on them would “cure” the loan, meaning they brought it current and foreclosure proceedings would stop. In 2008 we are seeing only about 32% of loans being “cured”. There is some speculation that it may go as low as 20% being “cured”. I don’t need to tell you that this means we will be seeing these distressed properties for several more months and because of that it will keep home values down.