Multiple Foreclosures

[sdrealtor]

Saw an interesting article in the Sunday LA Times about people with multiple foreclosures in a market. I think it will surprise alot of folks as it did me. These numbers allegedly represent the number of investors that lost more than one property in a single market. Here are the numbers:

Phoenix – 283
Las Vegas – 179
Riverside – 156
San Bernardino – 144
San Diego – 144
Los Angeles – 135
Orange – 45

My first thought was how astonishingly low these numbers were. These are markets with millions of folks and the numbers are so low. So I tried to find holes. The methodology is probably faulty and the probably missed alot. It doesnt account for people that own one property in that market but properties in other markets. There are still tons of folks out there that havent been foreclosed but havent paid their mortgage in months. I’m sure there are more but I came back to the realization that even if these numbers were 10 times greater than reported they are still low. If there were 1500 folks (highly unlikely based upon the 144 reported cases) with 4 properties each in SD thats only 6000 properties which is a relative drop in the bucket. I always kind of felt the investor market was overplayed as a problem here and this seems to support that. IMO, the bigger issue has always been people buying residences they cant afford not investors.

[jpinpb]

In my NODs, I come across many, many places where the NOD is sent to another city, sometimes another state. And I don’t even look at downtown. I imagine there’s a few second vacation homes down there. Also, I remember a while back coming across this lady who had a NOD in La Jolla and OCR said she had a NOD in Vegas. Not a wild leap to think some of our San Diego residents were looking to flip in Vegas during the bubble.

[jpinpb]

In my NODs, I come across many, many places where the NOD is sent to another city, sometimes another state. And I don’t even look at downtown. I imagine there’s a few second vacation homes down there. Also, I remember a while back coming across this lady who had a NOD in La Jolla and OCR said she had a NOD in Vegas. Not a wild leap to think some of our San Diego residents were looking to flip in Vegas during the bubble.

[jpinpb]

In my NODs, I come across many, many places where the NOD is sent to another city, sometimes another state. And I don’t even look at downtown. I imagine there’s a few second vacation homes down there. Also, I remember a while back coming across this lady who had a NOD in La Jolla and OCR said she had a NOD in Vegas. Not a wild leap to think some of our San Diego residents were looking to flip in Vegas during the bubble.

[jpinpb]

In my NODs, I come across many, many places where the NOD is sent to another city, sometimes another state. And I don’t even look at downtown. I imagine there’s a few second vacation homes down there. Also, I remember a while back coming across this lady who had a NOD in La Jolla and OCR said she had a NOD in Vegas. Not a wild leap to think some of our San Diego residents were looking to flip in Vegas during the bubble.

[jpinpb]

In my NODs, I come across many, many places where the NOD is sent to another city, sometimes another state. And I don’t even look at downtown. I imagine there’s a few second vacation homes down there. Also, I remember a while back coming across this lady who had a NOD in La Jolla and OCR said she had a NOD in Vegas. Not a wild leap to think some of our San Diego residents were looking to flip in Vegas during the bubble.

[sdrealtor]

Absolutely agree and I think that was the second explanation I mentioned. I guess that I wasnt really considering vacation/2nd homes in the investor crowd. I was thinking more of the neophyte investor piling up properties a la Casey Serrin with no doc loans. These numbers are still astoundingly low to me.

[sdrealtor]

Absolutely agree and I think that was the second explanation I mentioned. I guess that I wasnt really considering vacation/2nd homes in the investor crowd. I was thinking more of the neophyte investor piling up properties a la Casey Serrin with no doc loans. These numbers are still astoundingly low to me.

[sdrealtor]

Absolutely agree and I think that was the second explanation I mentioned. I guess that I wasnt really considering vacation/2nd homes in the investor crowd. I was thinking more of the neophyte investor piling up properties a la Casey Serrin with no doc loans. These numbers are still astoundingly low to me.

[sdrealtor]

Absolutely agree and I think that was the second explanation I mentioned. I guess that I wasnt really considering vacation/2nd homes in the investor crowd. I was thinking more of the neophyte investor piling up properties a la Casey Serrin with no doc loans. These numbers are still astoundingly low to me.

[sdrealtor]

Absolutely agree and I think that was the second explanation I mentioned. I guess that I wasnt really considering vacation/2nd homes in the investor crowd. I was thinking more of the neophyte investor piling up properties a la Casey Serrin with no doc loans. These numbers are still astoundingly low to me.

[jpinpb]

I agree. It’s low. But I think what was happening was more people thinking they were going to flip and make money. You know, just like during the stock market bubble, all of a sudden everyone was buying and selling and day-trading. I never thought there were all these people buying multiple properties. I was surprised when I did come across people that had NODs on more than one property. It wasn’t a great number. I think the vast majority of these foreclosures were people that wanted to flip and/or those who thought they’d never be able to buy b/c prices were going to go up forever. And as long as that bubble lasted, it made you wonder for a minute.

[jpinpb]

I agree. It’s low. But I think what was happening was more people thinking they were going to flip and make money. You know, just like during the stock market bubble, all of a sudden everyone was buying and selling and day-trading. I never thought there were all these people buying multiple properties. I was surprised when I did come across people that had NODs on more than one property. It wasn’t a great number. I think the vast majority of these foreclosures were people that wanted to flip and/or those who thought they’d never be able to buy b/c prices were going to go up forever. And as long as that bubble lasted, it made you wonder for a minute.

[jpinpb]

I agree. It’s low. But I think what was happening was more people thinking they were going to flip and make money. You know, just like during the stock market bubble, all of a sudden everyone was buying and selling and day-trading. I never thought there were all these people buying multiple properties. I was surprised when I did come across people that had NODs on more than one property. It wasn’t a great number. I think the vast majority of these foreclosures were people that wanted to flip and/or those who thought they’d never be able to buy b/c prices were going to go up forever. And as long as that bubble lasted, it made you wonder for a minute.

[jpinpb]

I agree. It’s low. But I think what was happening was more people thinking they were going to flip and make money. You know, just like during the stock market bubble, all of a sudden everyone was buying and selling and day-trading. I never thought there were all these people buying multiple properties. I was surprised when I did come across people that had NODs on more than one property. It wasn’t a great number. I think the vast majority of these foreclosures were people that wanted to flip and/or those who thought they’d never be able to buy b/c prices were going to go up forever. And as long as that bubble lasted, it made you wonder for a minute.

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