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June 27, 2008 at 4:22 PM #13140June 27, 2008 at 4:38 PM #229680
Anonymous
GuestThe hardest hit areas are ones with large number of houses build during 2004-2006. Mira Mesa is a very mature area so the number of distressed homes is lower compared to places like Chula Vista. Since the price has dropped significantly, owners not in a distressed situation are unlikely to sell. But I still see a lot of NODs in June alone.
June 27, 2008 at 4:38 PM #229801GuestThe hardest hit areas are ones with large number of houses build during 2004-2006. Mira Mesa is a very mature area so the number of distressed homes is lower compared to places like Chula Vista. Since the price has dropped significantly, owners not in a distressed situation are unlikely to sell. But I still see a lot of NODs in June alone.
June 27, 2008 at 4:38 PM #229808GuestThe hardest hit areas are ones with large number of houses build during 2004-2006. Mira Mesa is a very mature area so the number of distressed homes is lower compared to places like Chula Vista. Since the price has dropped significantly, owners not in a distressed situation are unlikely to sell. But I still see a lot of NODs in June alone.
June 27, 2008 at 4:38 PM #229844GuestThe hardest hit areas are ones with large number of houses build during 2004-2006. Mira Mesa is a very mature area so the number of distressed homes is lower compared to places like Chula Vista. Since the price has dropped significantly, owners not in a distressed situation are unlikely to sell. But I still see a lot of NODs in June alone.
June 27, 2008 at 4:38 PM #229859GuestThe hardest hit areas are ones with large number of houses build during 2004-2006. Mira Mesa is a very mature area so the number of distressed homes is lower compared to places like Chula Vista. Since the price has dropped significantly, owners not in a distressed situation are unlikely to sell. But I still see a lot of NODs in June alone.
June 27, 2008 at 5:53 PM #229716peterb
ParticipantIs it possible to track the average time it’s taking for a house to go from NOD to REO? If lenders dont have to recognize a loss until they actually sell a house, it stands to reason that they will try to limit the number of listing that they want on the market at any given time.
My guess is that the average time from NOD to REO and then to actually listing the house is over a year now. Mr. Mortgage claims that over 70% of all NOD’s will get to be REO’s. Taking 70% of NOD’s maybe a more accurate way to measure phantom inventory than what the lenders are actually listing at any given time.June 27, 2008 at 5:53 PM #229836ParticipantIs it possible to track the average time it’s taking for a house to go from NOD to REO? If lenders dont have to recognize a loss until they actually sell a house, it stands to reason that they will try to limit the number of listing that they want on the market at any given time.
My guess is that the average time from NOD to REO and then to actually listing the house is over a year now. Mr. Mortgage claims that over 70% of all NOD’s will get to be REO’s. Taking 70% of NOD’s maybe a more accurate way to measure phantom inventory than what the lenders are actually listing at any given time.June 27, 2008 at 5:53 PM #229843ParticipantIs it possible to track the average time it’s taking for a house to go from NOD to REO? If lenders dont have to recognize a loss until they actually sell a house, it stands to reason that they will try to limit the number of listing that they want on the market at any given time.
My guess is that the average time from NOD to REO and then to actually listing the house is over a year now. Mr. Mortgage claims that over 70% of all NOD’s will get to be REO’s. Taking 70% of NOD’s maybe a more accurate way to measure phantom inventory than what the lenders are actually listing at any given time.June 27, 2008 at 5:53 PM #229877ParticipantIs it possible to track the average time it’s taking for a house to go from NOD to REO? If lenders dont have to recognize a loss until they actually sell a house, it stands to reason that they will try to limit the number of listing that they want on the market at any given time.
My guess is that the average time from NOD to REO and then to actually listing the house is over a year now. Mr. Mortgage claims that over 70% of all NOD’s will get to be REO’s. Taking 70% of NOD’s maybe a more accurate way to measure phantom inventory than what the lenders are actually listing at any given time.June 27, 2008 at 5:53 PM #229894ParticipantIs it possible to track the average time it’s taking for a house to go from NOD to REO? If lenders dont have to recognize a loss until they actually sell a house, it stands to reason that they will try to limit the number of listing that they want on the market at any given time.
My guess is that the average time from NOD to REO and then to actually listing the house is over a year now. Mr. Mortgage claims that over 70% of all NOD’s will get to be REO’s. Taking 70% of NOD’s maybe a more accurate way to measure phantom inventory than what the lenders are actually listing at any given time.June 27, 2008 at 9:50 PM #229903SD Realtor
ParticipantJust a guess by me but the NOD to REO route is averaging about 6 months if the home is on the market as a short sale. I am seeing about a 6-8 week period of the trustee sale date to the home being put on the market. This is just what I have seen from a few homes I have been tracking for people. I have also seen some REOs kind of disappear off the map as well. For instance, someone had inquired about a condo in 92104 and we watched it go REO, then go for sale by REDC then kind of drop off the map…
Anyways just some random thoughts. Jim Klinge has been quoted recently regarding some REO listings he has had and I believe has some good insights. I have several clients with offers in on short sales and that has been pretty maddening.
As far as Mira Mesa goes. There is actually a pretty large component of REO and short sales presently for sale and in escrow in Mira Mesa.
June 27, 2008 at 9:50 PM #229954ParticipantJust a guess by me but the NOD to REO route is averaging about 6 months if the home is on the market as a short sale. I am seeing about a 6-8 week period of the trustee sale date to the home being put on the market. This is just what I have seen from a few homes I have been tracking for people. I have also seen some REOs kind of disappear off the map as well. For instance, someone had inquired about a condo in 92104 and we watched it go REO, then go for sale by REDC then kind of drop off the map…
Anyways just some random thoughts. Jim Klinge has been quoted recently regarding some REO listings he has had and I believe has some good insights. I have several clients with offers in on short sales and that has been pretty maddening.
As far as Mira Mesa goes. There is actually a pretty large component of REO and short sales presently for sale and in escrow in Mira Mesa.
June 27, 2008 at 9:50 PM #229937ParticipantJust a guess by me but the NOD to REO route is averaging about 6 months if the home is on the market as a short sale. I am seeing about a 6-8 week period of the trustee sale date to the home being put on the market. This is just what I have seen from a few homes I have been tracking for people. I have also seen some REOs kind of disappear off the map as well. For instance, someone had inquired about a condo in 92104 and we watched it go REO, then go for sale by REDC then kind of drop off the map…
Anyways just some random thoughts. Jim Klinge has been quoted recently regarding some REO listings he has had and I believe has some good insights. I have several clients with offers in on short sales and that has been pretty maddening.
As far as Mira Mesa goes. There is actually a pretty large component of REO and short sales presently for sale and in escrow in Mira Mesa.
June 27, 2008 at 9:50 PM #229896ParticipantJust a guess by me but the NOD to REO route is averaging about 6 months if the home is on the market as a short sale. I am seeing about a 6-8 week period of the trustee sale date to the home being put on the market. This is just what I have seen from a few homes I have been tracking for people. I have also seen some REOs kind of disappear off the map as well. For instance, someone had inquired about a condo in 92104 and we watched it go REO, then go for sale by REDC then kind of drop off the map…
Anyways just some random thoughts. Jim Klinge has been quoted recently regarding some REO listings he has had and I believe has some good insights. I have several clients with offers in on short sales and that has been pretty maddening.
As far as Mira Mesa goes. There is actually a pretty large component of REO and short sales presently for sale and in escrow in Mira Mesa.
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