Since the beginning of the year I have tracked foreclosure inventory through RealtyTrac.
On January 29, 2007 RealtyTrac reported 5,543 bank owned properties in Los Angeles and 1,588 in Orange County.
Each day the number of bank owned property has climbed. On two occasions that figure has dropped by a few hundred in both counties, but climbed right back up.
At the beginning of July RealtyTrac reported the number of bank owned property for Los Angeles at 14,304, 3,537 for Orange County and 6,649 for San Diego.
I checked inventory today and RealtyTrac reports bank owned properties for Los Angeles at 8622, Orange County at 2004 and San Diego at 3,258. This is a substantial reduction in bank owned properties reported by RealtyTrac for each county.
Can anyone answer where all that property went? Was there a bulk foreclosure auction?? Is this just a computer glitch??
I’m at a loss to know how bank owned inventory could disappear so quickly.
I *think* I recall reading about this a month or two ago. In the past, Realty Trac numbers were derived by listing the number of notices filed for NOD/NOT, and they were listing all NOT filings as bank owned. Someone called BS and they changed their reporting to list “unique addresses”. When they changed their reporting criteria, that number of NOD/NOT fell due to properties that had had several filings (1st & 2nd loans). These would be reconciled to the single address. I think that they also started tracking Bank Owned by the title transfer, not not the NOT.
That would account for the pretty big jump in numbers realtytrac has been reporting.
I *think* I recall reading about this a month or two ago. In the past, Realty Trac numbers were derived by listing the number of notices filed for NOD/NOT, and they were listing all NOT filings as bank owned. Someone called BS and they changed their reporting to list “unique addresses”. When they changed their reporting criteria, that number of NOD/NOT fell due to properties that had had several filings (1st & 2nd loans). These would be reconciled to the single address. I think that they also started tracking Bank Owned by the title transfer, not not the NOT.
That would account for the pretty big jump in numbers realtytrac has been reporting.
I *think* I recall reading about this a month or two ago. In the past, Realty Trac numbers were derived by listing the number of notices filed for NOD/NOT, and they were listing all NOT filings as bank owned. Someone called BS and they changed their reporting to list “unique addresses”. When they changed their reporting criteria, that number of NOD/NOT fell due to properties that had had several filings (1st & 2nd loans). These would be reconciled to the single address. I think that they also started tracking Bank Owned by the title transfer, not not the NOT.
That would account for the pretty big jump in numbers realtytrac has been reporting.
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