All I can say is the other day I went through my 10 ZIP codes (92109, 92027, 92110, 92106, 92107, 92103, 92104, 92116, 92122, 92130) of NODs/foreclosures and marked them on SDL.
I didn’t mark condos in all the ZIPs. I didn’t write how many NODs/foreclosures they were, but I’ll say comfortably that 9 out of 10 NODs/foreclosures were not listed for sale, not even attempting to sell, not trying to do a short sale. Nothing.
I’ve been marking NODs/foreclosures on SDL for over a year. Last year about 9 out of 10 were for sale and the one that holding out would eventually list and/or just be taken back by the bank and immediately go to sale.
I am perplexed by the low inventory w/the high NODs. I do not know what to make of it. I wonder if it is intentional. I wonder if the banks just unloaded it M2M and now we will have to wait to see what the private investors do. I wonder if all of them are in the process of loan mods. It’s quite voluminous.
The inventory is 13k something and even if half the NODs in the past three months were listed, we’d be looking at over 15k of listings.
