I redid the figure from above, but it is not even worth posting – basically the same as last week with a slight increase – needs another month or so of data before it maybe looks interesting.
Jim (or someone else with access) – is it possible to get the cumulative number of REO’s? I think that would be an interesting comparison here.
Does anyone know who is buying these foreclosures/auctions? Noticed that a house on my Mom’s street has a NOD and wonder who the typical buyers are: landlords looking for rentals? Flippers/Investors? People looking for a home? Who bids at the auctions?
I went to a courthouse auction once in Dallas in 1989 – the first bid was always the bank for the loan balance which was always more than the house was worth.
Is there a free online site that gives the details on foreclosures? I don’t know which house it is, but if it’s the one I think it is, then it is a POS that is hardly worth fixing up; a very uncharming tract home, a stones throw from interstate 5.
Does anyone know who is buying these foreclosures/auctions? Noticed that a house on my Mom’s street has a NOD and wonder who the typical buyers are: landlords looking for rentals? Flippers/Investors? People looking for a home? Who bids at the auctions?
I went to a courthouse auction once in Dallas in 1989 – the first bid was always the bank for the loan balance which was always more than the house was worth.
Is there a free online site that gives the details on foreclosures? I don’t know which house it is, but if it’s the one I think it is, then it is a POS that is hardly worth fixing up; a very uncharming tract home, a stones throw from interstate 5.
You are right about the courthouse auctions, it is almost always the bank who buys it. Today’s So Cal trustee sale is mostly just a routine requirement of the foreclosure process and not an auction to find a deal at. If the house was worth more or the same as the debt the owner would have sold it prior to foreclosure but that is not the case with most of them. After the bank gets it back, then they have to try and sell it, then market forces kick in and they have to lower the price as time goes on until they sell it, lowballing REO’s with many days on the market is where I see the real potential bargains.
You are right about the courthouse auctions, it is almost always the bank who buys it. Today’s So Cal trustee sale is mostly just a routine requirement of the foreclosure process and not an auction to find a deal at. If the house was worth more or the same as the debt the owner would have sold it prior to foreclosure but that is not the case with most of them. After the bank gets it back, then they have to try and sell it, then market forces kick in and they have to lower the price as time goes on until they sell it, lowballing REO’s with many days on the market is where I see the real potential bargains.
