Lake Forest ground zero for distressed sales!

[kev374]

Per this report in the OC Register, 42% of all inventory are distressed sales. It is insane! I am seeing this pattern all across the MLS listings for South OC, the number of listings where it is a short sale or the owner is upside down is increasing dramatically! It is getting downright ugly!

[nostradamus]

Wow. When they say distressed does that mean short sale, NOD, NOT, or what?

I wonder if the banks have put their foreclosed properties on the market as well, or if that’s just another layer to this onion. From what I hear the banks are holding back.

[kev374]

I believe distressed sale is when it is a short sale or NOT. NOD is just a notice of delinquency but the owner still has the option to get caught up.

In my view I think Rancho Santa Margarita is going to be in big trouble because that was among the areas that expanded the most in 2005-2006 when the use of exotic mortgages were at their peak.

[patientrenter]

kev, I am watching (low-end) condos in south OC. Lake Forest is the price leader, and SJC, MV and RSM come next. All of the low-priced properties are distressed. However, they are not yet good deals. 90% of the cheap properties are in bad areas. South OC has only tiny pockets that are bad, but that’s where most of the cheap prices are, so far.

I have seen one or two low prices in decent areas, and I expect to see more in 2008. I haven’t seen much of note yet. A real volume of genuinely low prices in good areas will come from the distressed inventory, but from what I see it’s going slowly so far.

Hsve you seen any genuinely good deals yet?

Patient renter in OC

[kev374]

Patientrenter, I started noticing price declines gaining momentum only Q3 of this year so we’re just getting started, too early for some of these to be good deals just yet.

Also, if you look at lot of these properties they are all upside down so reducing price is not an option. It has to go through the foreclosure cycle and sold REO which will take 4 months to show up as inventory, at least that is my thinking. Add another few months for lenders to adjust prices downward from their initial list prices. I say by Q3 2008 we will see some real action with prices.

I believe lenders WILL slash prices aggressively to move inventory. They are desperate for working capital to prevent shutting down.

[patientrenter]

Thanks, kev. I’ll offer the best deal I’ve seen so far (apart from unapproved short sales, which I ignore):

25036 EL CARRIZO, Laguna Niguel, CA 92677. 11/18/07 2/2, 850sq ft, $299,900.
Description:
Pristine condition, upstairs, ready for move-in, wood floors, marble fireplace,private gated entry patio, inside laundry, 1 car garage, 1 carport. Vaulted… more

It’s a good area. Agent had an offer for $270K last I checked. I hope for lots more in 2008.

Patient renter in OC

[patientrenter]

Thanks, kev. I’ll offer the best deal I’ve seen so far (apart from unapproved short sales, which I ignore):

25036 EL CARRIZO, Laguna Niguel, CA 92677. 11/18/07 2/2, 850sq ft, $299,900.
Description:
Pristine condition, upstairs, ready for move-in, wood floors, marble fireplace,private gated entry patio, inside laundry, 1 car garage, 1 carport. Vaulted… more

It’s a good area. Agent had an offer for $270K last I checked. I hope for lots more in 2008.

Patient renter in OC

[patientrenter]

Thanks, kev. I’ll offer the best deal I’ve seen so far (apart from unapproved short sales, which I ignore):

25036 EL CARRIZO, Laguna Niguel, CA 92677. 11/18/07 2/2, 850sq ft, $299,900.
Description:
Pristine condition, upstairs, ready for move-in, wood floors, marble fireplace,private gated entry patio, inside laundry, 1 car garage, 1 carport. Vaulted… more

It’s a good area. Agent had an offer for $270K last I checked. I hope for lots more in 2008.

Patient renter in OC

[patientrenter]

Thanks, kev. I’ll offer the best deal I’ve seen so far (apart from unapproved short sales, which I ignore):

25036 EL CARRIZO, Laguna Niguel, CA 92677. 11/18/07 2/2, 850sq ft, $299,900.
Description:
Pristine condition, upstairs, ready for move-in, wood floors, marble fireplace,private gated entry patio, inside laundry, 1 car garage, 1 carport. Vaulted… more

It’s a good area. Agent had an offer for $270K last I checked. I hope for lots more in 2008.

Patient renter in OC

[patientrenter]

Thanks, kev. I’ll offer the best deal I’ve seen so far (apart from unapproved short sales, which I ignore):

25036 EL CARRIZO, Laguna Niguel, CA 92677. 11/18/07 2/2, 850sq ft, $299,900.
Description:
Pristine condition, upstairs, ready for move-in, wood floors, marble fireplace,private gated entry patio, inside laundry, 1 car garage, 1 carport. Vaulted… more

It’s a good area. Agent had an offer for $270K last I checked. I hope for lots more in 2008.

Patient renter in OC

[kev374]

Patientrenter, I started noticing price declines gaining momentum only Q3 of this year so we’re just getting started, too early for some of these to be good deals just yet.

Also, if you look at lot of these properties they are all upside down so reducing price is not an option. It has to go through the foreclosure cycle and sold REO which will take 4 months to show up as inventory, at least that is my thinking. Add another few months for lenders to adjust prices downward from their initial list prices. I say by Q3 2008 we will see some real action with prices.

I believe lenders WILL slash prices aggressively to move inventory. They are desperate for working capital to prevent shutting down.

[kev374]

Patientrenter, I started noticing price declines gaining momentum only Q3 of this year so we’re just getting started, too early for some of these to be good deals just yet.

Also, if you look at lot of these properties they are all upside down so reducing price is not an option. It has to go through the foreclosure cycle and sold REO which will take 4 months to show up as inventory, at least that is my thinking. Add another few months for lenders to adjust prices downward from their initial list prices. I say by Q3 2008 we will see some real action with prices.

I believe lenders WILL slash prices aggressively to move inventory. They are desperate for working capital to prevent shutting down.

[kev374]

Patientrenter, I started noticing price declines gaining momentum only Q3 of this year so we’re just getting started, too early for some of these to be good deals just yet.

Also, if you look at lot of these properties they are all upside down so reducing price is not an option. It has to go through the foreclosure cycle and sold REO which will take 4 months to show up as inventory, at least that is my thinking. Add another few months for lenders to adjust prices downward from their initial list prices. I say by Q3 2008 we will see some real action with prices.

I believe lenders WILL slash prices aggressively to move inventory. They are desperate for working capital to prevent shutting down.

[kev374]

Patientrenter, I started noticing price declines gaining momentum only Q3 of this year so we’re just getting started, too early for some of these to be good deals just yet.

Also, if you look at lot of these properties they are all upside down so reducing price is not an option. It has to go through the foreclosure cycle and sold REO which will take 4 months to show up as inventory, at least that is my thinking. Add another few months for lenders to adjust prices downward from their initial list prices. I say by Q3 2008 we will see some real action with prices.

I believe lenders WILL slash prices aggressively to move inventory. They are desperate for working capital to prevent shutting down.

[patientrenter]

kev, I am watching (low-end) condos in south OC. Lake Forest is the price leader, and SJC, MV and RSM come next. All of the low-priced properties are distressed. However, they are not yet good deals. 90% of the cheap properties are in bad areas. South OC has only tiny pockets that are bad, but that’s where most of the cheap prices are, so far.

I have seen one or two low prices in decent areas, and I expect to see more in 2008. I haven’t seen much of note yet. A real volume of genuinely low prices in good areas will come from the distressed inventory, but from what I see it’s going slowly so far.

Hsve you seen any genuinely good deals yet?

Patient renter in OC

[patientrenter]

kev, I am watching (low-end) condos in south OC. Lake Forest is the price leader, and SJC, MV and RSM come next. All of the low-priced properties are distressed. However, they are not yet good deals. 90% of the cheap properties are in bad areas. South OC has only tiny pockets that are bad, but that’s where most of the cheap prices are, so far.

I have seen one or two low prices in decent areas, and I expect to see more in 2008. I haven’t seen much of note yet. A real volume of genuinely low prices in good areas will come from the distressed inventory, but from what I see it’s going slowly so far.

Hsve you seen any genuinely good deals yet?

Patient renter in OC

[patientrenter]

kev, I am watching (low-end) condos in south OC. Lake Forest is the price leader, and SJC, MV and RSM come next. All of the low-priced properties are distressed. However, they are not yet good deals. 90% of the cheap properties are in bad areas. South OC has only tiny pockets that are bad, but that’s where most of the cheap prices are, so far.

I have seen one or two low prices in decent areas, and I expect to see more in 2008. I haven’t seen much of note yet. A real volume of genuinely low prices in good areas will come from the distressed inventory, but from what I see it’s going slowly so far.

Hsve you seen any genuinely good deals yet?

Patient renter in OC

[patientrenter]

kev, I am watching (low-end) condos in south OC. Lake Forest is the price leader, and SJC, MV and RSM come next. All of the low-priced properties are distressed. However, they are not yet good deals. 90% of the cheap properties are in bad areas. South OC has only tiny pockets that are bad, but that’s where most of the cheap prices are, so far.

I have seen one or two low prices in decent areas, and I expect to see more in 2008. I haven’t seen much of note yet. A real volume of genuinely low prices in good areas will come from the distressed inventory, but from what I see it’s going slowly so far.

Hsve you seen any genuinely good deals yet?

Patient renter in OC

[kev374]

I believe distressed sale is when it is a short sale or NOT. NOD is just a notice of delinquency but the owner still has the option to get caught up.

In my view I think Rancho Santa Margarita is going to be in big trouble because that was among the areas that expanded the most in 2005-2006 when the use of exotic mortgages were at their peak.

[kev374]

I believe distressed sale is when it is a short sale or NOT. NOD is just a notice of delinquency but the owner still has the option to get caught up.

In my view I think Rancho Santa Margarita is going to be in big trouble because that was among the areas that expanded the most in 2005-2006 when the use of exotic mortgages were at their peak.

[kev374]

I believe distressed sale is when it is a short sale or NOT. NOD is just a notice of delinquency but the owner still has the option to get caught up.

In my view I think Rancho Santa Margarita is going to be in big trouble because that was among the areas that expanded the most in 2005-2006 when the use of exotic mortgages were at their peak.

[kev374]

I believe distressed sale is when it is a short sale or NOT. NOD is just a notice of delinquency but the owner still has the option to get caught up.

In my view I think Rancho Santa Margarita is going to be in big trouble because that was among the areas that expanded the most in 2005-2006 when the use of exotic mortgages were at their peak.

[nostradamus]

Wow. When they say distressed does that mean short sale, NOD, NOT, or what?

I wonder if the banks have put their foreclosed properties on the market as well, or if that’s just another layer to this onion. From what I hear the banks are holding back.

[nostradamus]

Wow. When they say distressed does that mean short sale, NOD, NOT, or what?

I wonder if the banks have put their foreclosed properties on the market as well, or if that’s just another layer to this onion. From what I hear the banks are holding back.

[nostradamus]

Wow. When they say distressed does that mean short sale, NOD, NOT, or what?

I wonder if the banks have put their foreclosed properties on the market as well, or if that’s just another layer to this onion. From what I hear the banks are holding back.

[nostradamus]

Wow. When they say distressed does that mean short sale, NOD, NOT, or what?

I wonder if the banks have put their foreclosed properties on the market as well, or if that’s just another layer to this onion. From what I hear the banks are holding back.

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