Is it just me?

[(former)FormerSanDiegan]

[quote=socrattt]

SDR, it’s interesting because in one sense I can’t complain because my business is doing really well right now and there is much more cash on the table than there was a couple of months ago. On the other hand I wonder if we are being misinformed simply to keep US consumer spending moving which will in turn put a temporary float on the economic numbers.
[/quote]

Perhaps there are other people just like you.

When an economy starts to bottom or recover from a recession it is the result of a bunch of people making individual decisions based on their personal situation. This tends to happen well before their is any confirmation from the corporate world, hiring or employment figures.

[urbanrealtor]

[quote=jpinpb]Okay. I just went through my weekly NOD and foreclosure search. I have noticed that a lot of properties that in January had NODs but were not listed (and still not) are scheduled for foreclosure. This surprised me. But it’s in line w/3 months. So maybe – just maybe, the banks will actually foreclose and we will see them listed soon thereafter.

If this is going to be true, then look out for the February and March NODs. It may be one heck of a summer. [/quote]

I think, considering how averse the banks are to actually repo’ing the properties, it might be a better metric to examine the NOTs rather than the NODs and evaluate the percentage of NOTs to listed REOs.

Its not that the NODs are wrong, just that more than half the NODs I see get filed these days never turn into NOTs or only turn into them after 12-18 months. Often if a homeowner is reworking a loan or negotiating with the bank for a DIL, they will not list it (because they have not interest in selling it). During this time, the bank will often file the NOD as they process whatever sort of change in contract.

I would venture to say that about half of the NODs in, say, 92103 will never get to NOT or REO stage.

The owners want to stay there and the bank wants to continue to collect payment (even at a reduced rate) from them. Such contract modifications are often in the best interest (except, perhaps, bargain hunters and realtors).

[urbanrealtor]

[quote=jpinpb]Okay. I just went through my weekly NOD and foreclosure search. I have noticed that a lot of properties that in January had NODs but were not listed (and still not) are scheduled for foreclosure. This surprised me. But it’s in line w/3 months. So maybe – just maybe, the banks will actually foreclose and we will see them listed soon thereafter.

If this is going to be true, then look out for the February and March NODs. It may be one heck of a summer. [/quote]

I think, considering how averse the banks are to actually repo’ing the properties, it might be a better metric to examine the NOTs rather than the NODs and evaluate the percentage of NOTs to listed REOs.

Its not that the NODs are wrong, just that more than half the NODs I see get filed these days never turn into NOTs or only turn into them after 12-18 months. Often if a homeowner is reworking a loan or negotiating with the bank for a DIL, they will not list it (because they have not interest in selling it). During this time, the bank will often file the NOD as they process whatever sort of change in contract.

I would venture to say that about half of the NODs in, say, 92103 will never get to NOT or REO stage.

The owners want to stay there and the bank wants to continue to collect payment (even at a reduced rate) from them. Such contract modifications are often in the best interest (except, perhaps, bargain hunters and realtors).

[urbanrealtor]

[quote=jpinpb]Okay. I just went through my weekly NOD and foreclosure search. I have noticed that a lot of properties that in January had NODs but were not listed (and still not) are scheduled for foreclosure. This surprised me. But it’s in line w/3 months. So maybe – just maybe, the banks will actually foreclose and we will see them listed soon thereafter.

If this is going to be true, then look out for the February and March NODs. It may be one heck of a summer. [/quote]

I think, considering how averse the banks are to actually repo’ing the properties, it might be a better metric to examine the NOTs rather than the NODs and evaluate the percentage of NOTs to listed REOs.

Its not that the NODs are wrong, just that more than half the NODs I see get filed these days never turn into NOTs or only turn into them after 12-18 months. Often if a homeowner is reworking a loan or negotiating with the bank for a DIL, they will not list it (because they have not interest in selling it). During this time, the bank will often file the NOD as they process whatever sort of change in contract.

I would venture to say that about half of the NODs in, say, 92103 will never get to NOT or REO stage.

The owners want to stay there and the bank wants to continue to collect payment (even at a reduced rate) from them. Such contract modifications are often in the best interest (except, perhaps, bargain hunters and realtors).

[urbanrealtor]

[quote=jpinpb]Okay. I just went through my weekly NOD and foreclosure search. I have noticed that a lot of properties that in January had NODs but were not listed (and still not) are scheduled for foreclosure. This surprised me. But it’s in line w/3 months. So maybe – just maybe, the banks will actually foreclose and we will see them listed soon thereafter.

If this is going to be true, then look out for the February and March NODs. It may be one heck of a summer. [/quote]

I think, considering how averse the banks are to actually repo’ing the properties, it might be a better metric to examine the NOTs rather than the NODs and evaluate the percentage of NOTs to listed REOs.

Its not that the NODs are wrong, just that more than half the NODs I see get filed these days never turn into NOTs or only turn into them after 12-18 months. Often if a homeowner is reworking a loan or negotiating with the bank for a DIL, they will not list it (because they have not interest in selling it). During this time, the bank will often file the NOD as they process whatever sort of change in contract.

I would venture to say that about half of the NODs in, say, 92103 will never get to NOT or REO stage.

The owners want to stay there and the bank wants to continue to collect payment (even at a reduced rate) from them. Such contract modifications are often in the best interest (except, perhaps, bargain hunters and realtors).

[urbanrealtor]

[quote=jpinpb]Okay. I just went through my weekly NOD and foreclosure search. I have noticed that a lot of properties that in January had NODs but were not listed (and still not) are scheduled for foreclosure. This surprised me. But it’s in line w/3 months. So maybe – just maybe, the banks will actually foreclose and we will see them listed soon thereafter.

If this is going to be true, then look out for the February and March NODs. It may be one heck of a summer. [/quote]

I think, considering how averse the banks are to actually repo’ing the properties, it might be a better metric to examine the NOTs rather than the NODs and evaluate the percentage of NOTs to listed REOs.

Its not that the NODs are wrong, just that more than half the NODs I see get filed these days never turn into NOTs or only turn into them after 12-18 months. Often if a homeowner is reworking a loan or negotiating with the bank for a DIL, they will not list it (because they have not interest in selling it). During this time, the bank will often file the NOD as they process whatever sort of change in contract.

I would venture to say that about half of the NODs in, say, 92103 will never get to NOT or REO stage.

The owners want to stay there and the bank wants to continue to collect payment (even at a reduced rate) from them. Such contract modifications are often in the best interest (except, perhaps, bargain hunters and realtors).

[cv2]

[quote=CONCHO]The banks aren’t gonna list those REOs until they are forced to. And guess what, they aren’t going to be forced to because their buddies in the government will keep shovelling OUR money THEIR way. Essentially we have a sort of Soviet system now where the government is paying for housing. Why move out or pay your mortgage when the bank won’t kick you out? Dammit if I knew then what I know now I would have:

1) Bought as many houses as possible with as many crazy loans as I could have gotten.

2) Flipped as many as I could have and used the proceeds to buy some real property in cash out of the country somewhere.

3) Stayed in the nicest, most expensive and hardest-to-sell one here in SD.

4) Stopped making payments on it in 2008.

Hell I’m sure they wouldn’t have kicked me out by now. I’d probably have a couple of more years scot-free there until the sheriff showed up. By then I would have saved a BUNDLE and I’d shuffle off to my foreign retreat.

What sickens me most is the knowledge that quite a few people have done what I just described, AND THEY’RE GOING TO GET AWAY WITH IT with our government’s help. AAAARRRRGH!

[/quote]
I agree with CC. I have seen people doing similar things although on a smaller scale. In our complex, one investor stopped paying HOA fees about two years ago, knowing that in a down market, there is nothing we can do. Eventually he also stopped paying his mortgages while collecting rents from tenants. He is waiting on his bailout because he is “in distress” now.

Do you remember the saying in stock market that “do not fight the FED”? Currently they (FED and Gov.) are doing everything possible begging people to take the money and buy. People are just being “patriotic”, buying and spending like there is no tomorrow. I think people are smarter than what we give them credit for.

[cv2]

[quote=CONCHO]The banks aren’t gonna list those REOs until they are forced to. And guess what, they aren’t going to be forced to because their buddies in the government will keep shovelling OUR money THEIR way. Essentially we have a sort of Soviet system now where the government is paying for housing. Why move out or pay your mortgage when the bank won’t kick you out? Dammit if I knew then what I know now I would have:

1) Bought as many houses as possible with as many crazy loans as I could have gotten.

2) Flipped as many as I could have and used the proceeds to buy some real property in cash out of the country somewhere.

3) Stayed in the nicest, most expensive and hardest-to-sell one here in SD.

4) Stopped making payments on it in 2008.

Hell I’m sure they wouldn’t have kicked me out by now. I’d probably have a couple of more years scot-free there until the sheriff showed up. By then I would have saved a BUNDLE and I’d shuffle off to my foreign retreat.

What sickens me most is the knowledge that quite a few people have done what I just described, AND THEY’RE GOING TO GET AWAY WITH IT with our government’s help. AAAARRRRGH!

[/quote]
I agree with CC. I have seen people doing similar things although on a smaller scale. In our complex, one investor stopped paying HOA fees about two years ago, knowing that in a down market, there is nothing we can do. Eventually he also stopped paying his mortgages while collecting rents from tenants. He is waiting on his bailout because he is “in distress” now.

Do you remember the saying in stock market that “do not fight the FED”? Currently they (FED and Gov.) are doing everything possible begging people to take the money and buy. People are just being “patriotic”, buying and spending like there is no tomorrow. I think people are smarter than what we give them credit for.

[cv2]

[quote=CONCHO]The banks aren’t gonna list those REOs until they are forced to. And guess what, they aren’t going to be forced to because their buddies in the government will keep shovelling OUR money THEIR way. Essentially we have a sort of Soviet system now where the government is paying for housing. Why move out or pay your mortgage when the bank won’t kick you out? Dammit if I knew then what I know now I would have:

1) Bought as many houses as possible with as many crazy loans as I could have gotten.

2) Flipped as many as I could have and used the proceeds to buy some real property in cash out of the country somewhere.

3) Stayed in the nicest, most expensive and hardest-to-sell one here in SD.

4) Stopped making payments on it in 2008.

Hell I’m sure they wouldn’t have kicked me out by now. I’d probably have a couple of more years scot-free there until the sheriff showed up. By then I would have saved a BUNDLE and I’d shuffle off to my foreign retreat.

What sickens me most is the knowledge that quite a few people have done what I just described, AND THEY’RE GOING TO GET AWAY WITH IT with our government’s help. AAAARRRRGH!

[/quote]
I agree with CC. I have seen people doing similar things although on a smaller scale. In our complex, one investor stopped paying HOA fees about two years ago, knowing that in a down market, there is nothing we can do. Eventually he also stopped paying his mortgages while collecting rents from tenants. He is waiting on his bailout because he is “in distress” now.

Do you remember the saying in stock market that “do not fight the FED”? Currently they (FED and Gov.) are doing everything possible begging people to take the money and buy. People are just being “patriotic”, buying and spending like there is no tomorrow. I think people are smarter than what we give them credit for.

[cv2]

[quote=CONCHO]The banks aren’t gonna list those REOs until they are forced to. And guess what, they aren’t going to be forced to because their buddies in the government will keep shovelling OUR money THEIR way. Essentially we have a sort of Soviet system now where the government is paying for housing. Why move out or pay your mortgage when the bank won’t kick you out? Dammit if I knew then what I know now I would have:

1) Bought as many houses as possible with as many crazy loans as I could have gotten.

2) Flipped as many as I could have and used the proceeds to buy some real property in cash out of the country somewhere.

3) Stayed in the nicest, most expensive and hardest-to-sell one here in SD.

4) Stopped making payments on it in 2008.

Hell I’m sure they wouldn’t have kicked me out by now. I’d probably have a couple of more years scot-free there until the sheriff showed up. By then I would have saved a BUNDLE and I’d shuffle off to my foreign retreat.

What sickens me most is the knowledge that quite a few people have done what I just described, AND THEY’RE GOING TO GET AWAY WITH IT with our government’s help. AAAARRRRGH!

[/quote]
I agree with CC. I have seen people doing similar things although on a smaller scale. In our complex, one investor stopped paying HOA fees about two years ago, knowing that in a down market, there is nothing we can do. Eventually he also stopped paying his mortgages while collecting rents from tenants. He is waiting on his bailout because he is “in distress” now.

Do you remember the saying in stock market that “do not fight the FED”? Currently they (FED and Gov.) are doing everything possible begging people to take the money and buy. People are just being “patriotic”, buying and spending like there is no tomorrow. I think people are smarter than what we give them credit for.

[cv2]

[quote=CONCHO]The banks aren’t gonna list those REOs until they are forced to. And guess what, they aren’t going to be forced to because their buddies in the government will keep shovelling OUR money THEIR way. Essentially we have a sort of Soviet system now where the government is paying for housing. Why move out or pay your mortgage when the bank won’t kick you out? Dammit if I knew then what I know now I would have:

1) Bought as many houses as possible with as many crazy loans as I could have gotten.

2) Flipped as many as I could have and used the proceeds to buy some real property in cash out of the country somewhere.

3) Stayed in the nicest, most expensive and hardest-to-sell one here in SD.

4) Stopped making payments on it in 2008.

Hell I’m sure they wouldn’t have kicked me out by now. I’d probably have a couple of more years scot-free there until the sheriff showed up. By then I would have saved a BUNDLE and I’d shuffle off to my foreign retreat.

What sickens me most is the knowledge that quite a few people have done what I just described, AND THEY’RE GOING TO GET AWAY WITH IT with our government’s help. AAAARRRRGH!

[/quote]
I agree with CC. I have seen people doing similar things although on a smaller scale. In our complex, one investor stopped paying HOA fees about two years ago, knowing that in a down market, there is nothing we can do. Eventually he also stopped paying his mortgages while collecting rents from tenants. He is waiting on his bailout because he is “in distress” now.

Do you remember the saying in stock market that “do not fight the FED”? Currently they (FED and Gov.) are doing everything possible begging people to take the money and buy. People are just being “patriotic”, buying and spending like there is no tomorrow. I think people are smarter than what we give them credit for.

[cv2]

[quote=SD Realtor]
All I know is, if I am a bean counter at a lender, and I can dump that property off so some investor at an inflated price instead of going through the legal hassle of foreclosure, it is a no brainer. Even if I have to sit on the property for months, so what if it is not performing. I get to dump it. No sale, no broker, no commission, no market, no foreclosure proceeding, no trustee sale. The best thing is that everything is backed by our tax dollars. Isn’t that sweet?
[/quote]

Hi SDR, I am missing something here. How can they dump it and to who? The only thing I can think of is that banks can use those loans as col laterals to get cash from FED. Is this what you are referring to?

Thanks!

[cv2]

[quote=SD Realtor]
All I know is, if I am a bean counter at a lender, and I can dump that property off so some investor at an inflated price instead of going through the legal hassle of foreclosure, it is a no brainer. Even if I have to sit on the property for months, so what if it is not performing. I get to dump it. No sale, no broker, no commission, no market, no foreclosure proceeding, no trustee sale. The best thing is that everything is backed by our tax dollars. Isn’t that sweet?
[/quote]

Hi SDR, I am missing something here. How can they dump it and to who? The only thing I can think of is that banks can use those loans as col laterals to get cash from FED. Is this what you are referring to?

Thanks!

[cv2]

[quote=SD Realtor]
All I know is, if I am a bean counter at a lender, and I can dump that property off so some investor at an inflated price instead of going through the legal hassle of foreclosure, it is a no brainer. Even if I have to sit on the property for months, so what if it is not performing. I get to dump it. No sale, no broker, no commission, no market, no foreclosure proceeding, no trustee sale. The best thing is that everything is backed by our tax dollars. Isn’t that sweet?
[/quote]

Hi SDR, I am missing something here. How can they dump it and to who? The only thing I can think of is that banks can use those loans as col laterals to get cash from FED. Is this what you are referring to?

Thanks!

[cv2]

[quote=SD Realtor]
All I know is, if I am a bean counter at a lender, and I can dump that property off so some investor at an inflated price instead of going through the legal hassle of foreclosure, it is a no brainer. Even if I have to sit on the property for months, so what if it is not performing. I get to dump it. No sale, no broker, no commission, no market, no foreclosure proceeding, no trustee sale. The best thing is that everything is backed by our tax dollars. Isn’t that sweet?
[/quote]

Hi SDR, I am missing something here. How can they dump it and to who? The only thing I can think of is that banks can use those loans as col laterals to get cash from FED. Is this what you are referring to?

Thanks!

[Author]

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