San Diego Housing Bubble News and Analysis

In my opinion. It's way too early to be looking into foreclosures. The latest "buzz" all over the media and infomercials is about buying "foreclosed properties". Imho, the best time to start looking at deals is when everyone is so sour about real estate that you can pick and choose what to buy. We're not right there yet.

Something doesn't seem right here, but I'm not sure its realty trac, you decide.

knew when I paid for the free-trial and the first 10 "active foreclosures" I went after had been sold months earlier that this website/company was bogus.

How does one pay for a free trial?

Josh

Hi Duck -

It is super competitive. There are lots of different services out there. Basically everybody is on the same playing field. The bottom line is that the minute a recording is made, then it is fair game for everyone. Theoretically these third party sites advertise that they grab the recording immediately and send it out people who pay for the service.

SD Realtor

I've followed the foreclosure situation using this page:

http://www.sdlookup.com/Foreclosures-1-S...

It seems to me that it will always be hard to have a perfect indication of how many foreclosures are out there and I'd probably rather focus on any deals that could be had.

After you figure out the foreclosure data then your next even harder situation is to get a handle on how many mortgages are outstanding and how risky they are in terms of interest rate resets, current and original LTV.

It would seem like there will be more foreclosures in the next year regardless of how you count them.

Foreclosures - there is some sorta glamour about it now a days. Its the new "fluff and flip" where the new clowns think they can throw on a coat of paint and sell it for 20% more than what the previous clown tried to sell it for.
Wait till banks have a hige stack of properties hanging on the wall and credit rules so tight that you toss in a peiece of coal and it comes back as a diamond. Then walk in with 10-20% of previous list price in cash and walk out with the title deed.
Dont think that will happen ... it did in 96-97 in sacramento. I was there, just didnt have the 40K or so needed to buy one in my favorite greenhaven area.
I'd do elk grove now cos I'd rather have a newer house without lead and asbestos in it than old, even if its cookie cutter.
Cool.
Cow_tipping.

Poor choice of words (paid for a free trial). You have to give your crdit card, but aren't charged during the trial period which was 30 days I believe. Anyhow, their data was worthless and not up to date. Maybe they do a better job now, but this article sheds some light on their "numbers".

You might try forclosureradar.com Their site seems nicely laid out, though its 50 a month.

Josh

Duck, what were you looking at? The ones that went NOD this week? NOTS this week? Of just the list of all NODs/NOTs they have?

What I've always heard was if you want a deal in foreclosures, you need to buy it before it's foreclosed.

Once it's foreclosed, you don't have any guarantees that anything is still okay with the house. Frankly I suspect we see much more of the pigs been let loose in the house thing. Or, like the 90s downtown, you'll step in to find the cabinets gone, appliances gone, sink, fixtures gone, and possibly, even the walls ripped open to get the copper wire and pipe for their salvage value if it stays high.

I cannot wait for that to happen. And believe me it will.
Banks will start carrying a large flip binder or a wall mounted list and you have your way with it, till there is no way you'd get credit. Then buy with cash, what you have in your pockets.
Credit crunch is such a huge downer for any market. Cannot wait till it really really takes hold. Along with 10% interest rates.
Cool.
Cow_tipping.

I was hoping for NOD's and NOT's that would give info. on all the outstanding liens, maybe comps for the area etc., in a nice concise format. I can do better myself just looking at the Coast News and other free papers that post legal notices and cross referencing the MLS for the other info.

I agree the best way to go about buying one would be direct from the owner. No way I'm paying cash at an auction for a property that I can't inspect. The only way I might do that would be something on or very near the water, but I'd be bidding against 100 other people that would probably bid it up higher than what you could have gotten it for 6 months earlier from the owner.

Duck -

All of the sites that offer information do it based on the latest recording. None of these sites (to the best of my knowledge) give you ALL of the recorded instruments on a property. What you will get is the latest public recording. For instance, you may get a NOD filed on a certain property. However you will need to find out, on your own, what other mortgages, tax liens, mechanics liens, may be in place against the property. I have a client who does ALOT of legwork on her own, basically going to the county records office all of the time gathering information. She is subscribed to 4 different services. I help here decipher what is outstanding and what is not, and what some of the recordings mean.

My point to you is that it is very difficult to find one service that will give you EVERYTHING about a single property and even if they say they will give you everything, you should not trust it. Get familiar with the records office, use these sites to get the original NOD...

SD Realtor