CoreLogic: Shadow Housing Inventory pushes total unsold inventory to 6.3 million units

[sdrealtor]

While this may very well be happening across the country, I and others who have looked have found very little evidence of it in SD.

[briansd1]

I think that it depends where in San Diego.

I believe that commercial space is way overbuilt and sitting empty.

If you look downtown, there are thousand of empty condos. Even in the gaslamp, the spaces above the store fronts are mostly empty. Those were supposed to be expensive condo/apartments and offices.

The redevelopment districts accross the country have invested a lot of money but the results aren’t there yet.

CCDC in San Diego wants to extend its life and keep on collecting taxes for redevelopment. That means subsidies for real estate and money that doesn’t go to the general fund.

[briansd1]

I think that it depends where in San Diego.

I believe that commercial space is way overbuilt and sitting empty.

If you look downtown, there are thousand of empty condos. Even in the gaslamp, the spaces above the store fronts are mostly empty. Those were supposed to be expensive condo/apartments and offices.

The redevelopment districts accross the country have invested a lot of money but the results aren’t there yet.

CCDC in San Diego wants to extend its life and keep on collecting taxes for redevelopment. That means subsidies for real estate and money that doesn’t go to the general fund.

[briansd1]

I think that it depends where in San Diego.

I believe that commercial space is way overbuilt and sitting empty.

If you look downtown, there are thousand of empty condos. Even in the gaslamp, the spaces above the store fronts are mostly empty. Those were supposed to be expensive condo/apartments and offices.

The redevelopment districts accross the country have invested a lot of money but the results aren’t there yet.

CCDC in San Diego wants to extend its life and keep on collecting taxes for redevelopment. That means subsidies for real estate and money that doesn’t go to the general fund.

[briansd1]

I think that it depends where in San Diego.

I believe that commercial space is way overbuilt and sitting empty.

If you look downtown, there are thousand of empty condos. Even in the gaslamp, the spaces above the store fronts are mostly empty. Those were supposed to be expensive condo/apartments and offices.

The redevelopment districts accross the country have invested a lot of money but the results aren’t there yet.

CCDC in San Diego wants to extend its life and keep on collecting taxes for redevelopment. That means subsidies for real estate and money that doesn’t go to the general fund.

[briansd1]

I think that it depends where in San Diego.

I believe that commercial space is way overbuilt and sitting empty.

If you look downtown, there are thousand of empty condos. Even in the gaslamp, the spaces above the store fronts are mostly empty. Those were supposed to be expensive condo/apartments and offices.

The redevelopment districts accross the country have invested a lot of money but the results aren’t there yet.

CCDC in San Diego wants to extend its life and keep on collecting taxes for redevelopment. That means subsidies for real estate and money that doesn’t go to the general fund.

[sdrealtor]

My commnet was about bank/Fannie/Freddie owned properties sitting vacant only. There is no evidence that is happening to any extent. Sure there are unsold condos downtown and unleased commercial space all over, there always is.

[sdrealtor]

My commnet was about bank/Fannie/Freddie owned properties sitting vacant only. There is no evidence that is happening to any extent. Sure there are unsold condos downtown and unleased commercial space all over, there always is.

[sdrealtor]

My commnet was about bank/Fannie/Freddie owned properties sitting vacant only. There is no evidence that is happening to any extent. Sure there are unsold condos downtown and unleased commercial space all over, there always is.

[sdrealtor]

My commnet was about bank/Fannie/Freddie owned properties sitting vacant only. There is no evidence that is happening to any extent. Sure there are unsold condos downtown and unleased commercial space all over, there always is.

[sdrealtor]

My commnet was about bank/Fannie/Freddie owned properties sitting vacant only. There is no evidence that is happening to any extent. Sure there are unsold condos downtown and unleased commercial space all over, there always is.

[permabear]

I think this is largely a semantic argument, but the shadow inventory data includes 90+ day lates and properties in the process of foreclosure, not just the end-game foreclosure evictions. I’ve heard thru friends of homes in their neighborhoods that people have walked away from, sitting vacant, that banks are nonetheless not foreclosing on. Hence the reason Fannie had to recently say “hey you guys need to foreclose on these”.

Personally, I know of 2 properties in Scripps Ranch (where I live) that are currently vacant but not listed for sale. They are easy to pick out because the yards are overgrown in an otherwise spotless neighborhood. Another one was just sold as an REO after being trashed by squatters who were living there for a year+ with the water off… you can imagine the scene inside. Heard it was “not pretty”. BTW the home sold for ~$900k.

And this article just popped up: http://www.calculatedriskblog.com/2010/11/lps-over-43-million-loans-90-days-or-in_23.html

• Over 4.3 million loans are 90 days or more delinquent or in foreclosure
• The average number of days delinquent for loans in foreclosure is a record 492 days
• Nearly 20% of loans that have been delinquent more than two years are still not in foreclosure

[permabear]

I think this is largely a semantic argument, but the shadow inventory data includes 90+ day lates and properties in the process of foreclosure, not just the end-game foreclosure evictions. I’ve heard thru friends of homes in their neighborhoods that people have walked away from, sitting vacant, that banks are nonetheless not foreclosing on. Hence the reason Fannie had to recently say “hey you guys need to foreclose on these”.

Personally, I know of 2 properties in Scripps Ranch (where I live) that are currently vacant but not listed for sale. They are easy to pick out because the yards are overgrown in an otherwise spotless neighborhood. Another one was just sold as an REO after being trashed by squatters who were living there for a year+ with the water off… you can imagine the scene inside. Heard it was “not pretty”. BTW the home sold for ~$900k.

And this article just popped up: http://www.calculatedriskblog.com/2010/11/lps-over-43-million-loans-90-days-or-in_23.html

• Over 4.3 million loans are 90 days or more delinquent or in foreclosure
• The average number of days delinquent for loans in foreclosure is a record 492 days
• Nearly 20% of loans that have been delinquent more than two years are still not in foreclosure

[permabear]

I think this is largely a semantic argument, but the shadow inventory data includes 90+ day lates and properties in the process of foreclosure, not just the end-game foreclosure evictions. I’ve heard thru friends of homes in their neighborhoods that people have walked away from, sitting vacant, that banks are nonetheless not foreclosing on. Hence the reason Fannie had to recently say “hey you guys need to foreclose on these”.

Personally, I know of 2 properties in Scripps Ranch (where I live) that are currently vacant but not listed for sale. They are easy to pick out because the yards are overgrown in an otherwise spotless neighborhood. Another one was just sold as an REO after being trashed by squatters who were living there for a year+ with the water off… you can imagine the scene inside. Heard it was “not pretty”. BTW the home sold for ~$900k.

And this article just popped up: http://www.calculatedriskblog.com/2010/11/lps-over-43-million-loans-90-days-or-in_23.html

• Over 4.3 million loans are 90 days or more delinquent or in foreclosure
• The average number of days delinquent for loans in foreclosure is a record 492 days
• Nearly 20% of loans that have been delinquent more than two years are still not in foreclosure

[permabear]

I think this is largely a semantic argument, but the shadow inventory data includes 90+ day lates and properties in the process of foreclosure, not just the end-game foreclosure evictions. I’ve heard thru friends of homes in their neighborhoods that people have walked away from, sitting vacant, that banks are nonetheless not foreclosing on. Hence the reason Fannie had to recently say “hey you guys need to foreclose on these”.

Personally, I know of 2 properties in Scripps Ranch (where I live) that are currently vacant but not listed for sale. They are easy to pick out because the yards are overgrown in an otherwise spotless neighborhood. Another one was just sold as an REO after being trashed by squatters who were living there for a year+ with the water off… you can imagine the scene inside. Heard it was “not pretty”. BTW the home sold for ~$900k.

And this article just popped up: http://www.calculatedriskblog.com/2010/11/lps-over-43-million-loans-90-days-or-in_23.html

• Over 4.3 million loans are 90 days or more delinquent or in foreclosure
• The average number of days delinquent for loans in foreclosure is a record 492 days
• Nearly 20% of loans that have been delinquent more than two years are still not in foreclosure

[Author]

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