[quote=bearishgurl][quote=jpinpb] . . . Just today as I was looking I stumbled upon this 2105 W California. According to Redfin, it is bank owned as of May 2010. It went back to bene at basically 2004 pricing. It still is not listed.[/quote]
It’s possible that there are foundation, land subsidence or mold problems in the crawlspace with it and the lender (on the east coast?) hasn’t quite figured out what to do about this yet. Just my guess, having knowledge of this area.[/quote]
Nope. Redfin apparently made some changes, and we now get to see the foreclosures in our neighborhood. We’ve known of a few in our area, but they never came up for sale, and we didn’t know what was happeing to them. They’ve been sitting empty for a long, long, long time. Either it’s a MERS issue, or they are holding this inventory off the market.
Thanks to redfin, you can now see this inventory in almost all neighborhoods. I’ve even seen it in the Los Angeles neighborhoods I keep track of. It’s not about foundations, but something else…
I’ve heard that BofA is going to hold some inventory off the market for up to five years. There’s no reason to believe they are the only ones with this plan in mind. They are going to board them up and just sit on them. Most of the homes I see in the “shadow inventory” are owned by (bank) trusts. This is part of that “shadow inventory” we keep hearing about, and why some of us are very fearful about buying.
