Mr Mortgage…May CA Home Sales Report -Conditions Worsening

[stpiermj]

Oil Speculation and Mortgage backed assets. I wonder sometimes if this Fed swap of mortgage backed assets (which are worthless), is contributing to the “speculation” by investment firms in the oil market. Scary thought what would happen if that was occuring and the oil bubble pops and all those portfolios go to crap (Depressing,oop, I mean DEPRESSION). We would be really broke in less than 2 months if the Fed were to continue it’s free lunch program.

My guess is that moving to the “foreclosure” step reduces what the speculators can speculate with… (if of course this is what is happening). I’m pretty much clueless on this, but the way things are going on WallStreet and the lack of ethics and high values (which we desparetly need to reverse), I would believe just about anything is possible (even a crash of the US Dollar).

[cashflow]

Again interesting numbers. I like the overall CA stats cause the last few months all I’ve heard about was people buying homes around here (RB, RP, CV, and Poway area) So looking at the big picture you get a better sense of what’s going on.

[cashflow]

Again interesting numbers. I like the overall CA stats cause the last few months all I’ve heard about was people buying homes around here (RB, RP, CV, and Poway area) So looking at the big picture you get a better sense of what’s going on.

[cashflow]

Again interesting numbers. I like the overall CA stats cause the last few months all I’ve heard about was people buying homes around here (RB, RP, CV, and Poway area) So looking at the big picture you get a better sense of what’s going on.

[cashflow]

Again interesting numbers. I like the overall CA stats cause the last few months all I’ve heard about was people buying homes around here (RB, RP, CV, and Poway area) So looking at the big picture you get a better sense of what’s going on.

[cashflow]

Again interesting numbers. I like the overall CA stats cause the last few months all I’ve heard about was people buying homes around here (RB, RP, CV, and Poway area) So looking at the big picture you get a better sense of what’s going on.

[peterb]

If the lenders are truely “swamped” and that’s the main reason that REO’s are not getting listed quickly, then maybe a more accurate way to calculate the “shadow inventory” that’s out there is to take Mr. Mortgage’s guess that roughly 80% of all NOD’s will not get cured and thus end up as REO’s…given that these properties are probably upside down and wont sell on the court house steps. I guess many could also go into a short sale during the foreclosure process as well, but he may be including that as being “cured”.
If NOD’s must be recorded, at least it’s a starting point with some measure of accuracy. But, I guess the lender could also delay sending out an NOD as well.

[peterb]

If the lenders are truely “swamped” and that’s the main reason that REO’s are not getting listed quickly, then maybe a more accurate way to calculate the “shadow inventory” that’s out there is to take Mr. Mortgage’s guess that roughly 80% of all NOD’s will not get cured and thus end up as REO’s…given that these properties are probably upside down and wont sell on the court house steps. I guess many could also go into a short sale during the foreclosure process as well, but he may be including that as being “cured”.
If NOD’s must be recorded, at least it’s a starting point with some measure of accuracy. But, I guess the lender could also delay sending out an NOD as well.

[peterb]

If the lenders are truely “swamped” and that’s the main reason that REO’s are not getting listed quickly, then maybe a more accurate way to calculate the “shadow inventory” that’s out there is to take Mr. Mortgage’s guess that roughly 80% of all NOD’s will not get cured and thus end up as REO’s…given that these properties are probably upside down and wont sell on the court house steps. I guess many could also go into a short sale during the foreclosure process as well, but he may be including that as being “cured”.
If NOD’s must be recorded, at least it’s a starting point with some measure of accuracy. But, I guess the lender could also delay sending out an NOD as well.

[peterb]

If the lenders are truely “swamped” and that’s the main reason that REO’s are not getting listed quickly, then maybe a more accurate way to calculate the “shadow inventory” that’s out there is to take Mr. Mortgage’s guess that roughly 80% of all NOD’s will not get cured and thus end up as REO’s…given that these properties are probably upside down and wont sell on the court house steps. I guess many could also go into a short sale during the foreclosure process as well, but he may be including that as being “cured”.
If NOD’s must be recorded, at least it’s a starting point with some measure of accuracy. But, I guess the lender could also delay sending out an NOD as well.

[peterb]

If the lenders are truely “swamped” and that’s the main reason that REO’s are not getting listed quickly, then maybe a more accurate way to calculate the “shadow inventory” that’s out there is to take Mr. Mortgage’s guess that roughly 80% of all NOD’s will not get cured and thus end up as REO’s…given that these properties are probably upside down and wont sell on the court house steps. I guess many could also go into a short sale during the foreclosure process as well, but he may be including that as being “cured”.
If NOD’s must be recorded, at least it’s a starting point with some measure of accuracy. But, I guess the lender could also delay sending out an NOD as well.

[jonnycsd]

Not a complete answer, but may be a piece of the puzzle of why they choose to sit on empty homes.

” . . . in the case of a bad mortgage, the bank will eventually take the house back and have to wait to resell it before a loss is recognized.”

If this is what is looks like, there are a bunch of investors / banks / regulators / politicians who have no idea just how much money has been lost.

http://www.housingwire.com/2008/06/19/the-npa-numbers-game/

[jonnycsd]

Not a complete answer, but may be a piece of the puzzle of why they choose to sit on empty homes.

” . . . in the case of a bad mortgage, the bank will eventually take the house back and have to wait to resell it before a loss is recognized.”

If this is what is looks like, there are a bunch of investors / banks / regulators / politicians who have no idea just how much money has been lost.

http://www.housingwire.com/2008/06/19/the-npa-numbers-game/

[jonnycsd]

Not a complete answer, but may be a piece of the puzzle of why they choose to sit on empty homes.

” . . . in the case of a bad mortgage, the bank will eventually take the house back and have to wait to resell it before a loss is recognized.”

If this is what is looks like, there are a bunch of investors / banks / regulators / politicians who have no idea just how much money has been lost.

http://www.housingwire.com/2008/06/19/the-npa-numbers-game/

[jonnycsd]

Not a complete answer, but may be a piece of the puzzle of why they choose to sit on empty homes.

” . . . in the case of a bad mortgage, the bank will eventually take the house back and have to wait to resell it before a loss is recognized.”

If this is what is looks like, there are a bunch of investors / banks / regulators / politicians who have no idea just how much money has been lost.

http://www.housingwire.com/2008/06/19/the-npa-numbers-game/

[Author]

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