Preforclosure to forclosure rates — steady? going up?

[mrquoi]

I was just checking out the number of listings on forclosure.com and was wondering if people who have been following the site for a while have noticed more properties showing up.

And, also, has the number of properties moving from preforclosure to forclosure have increased?

One last question .. for some of the properties in foreclosure a price is given. For example, listing, 5312006 at 11825 Westview Pkwy in Mira Mesa has a listed price of $493,000. Does that mean the property is actually for sale at that price?

[lostkitty]

I’ve noticed a big increase in preforeclosures/foreclosures in newer areas (EastLake, Carmel Valley) The older neighborhoods do have some, but not at the same rate.

Another thing I’ve noticed is very disturbing, and that is the disproportionately high percentage of foreign sounding last names on those pre-foreclosure lists. I know many of you have uncovered actual plots/scams within cultural groups in certain towns, but what about the good people caught up in this???
When renting a house in Japan I was very much at the mercy of the realtor. I couldnt understand a word of what they were talking about, and had to trust that all those fees and such were legitimate. I wanted and needed a home, so I did what they asked…
Luckily, I was treated with respect and all went well. I cannot imagine what I would have done had I discovered later that my monthly bill was skyrocketing and my home, my children’s home, my neighborhood, my income and future income, my entire life would all be affected/taken away as a result.

As someone yelled on another thread about hoping all the people from other states would just get foreclosed on and “go home!”, this may very well happen to some of these foreigners, but is this the way we want to interact with the world?
Talk about a lack of morals… the mortgage industry needs some serious disciplining, and the average US citizen needs some cross-cutural sensitivity training.

[sdrealtor]

The problem is not cross-cultural sensitivity its feeding on their own.

[SHILOH]

Submitted by lostkitty:
“As someone yelled on another thread about hoping all the people from other states would just get foreclosed on and “go home!”, this may very well happen to some of these foreigners, but is this the way we want to interact with the world?
Talk about a lack of morals… the mortgage industry needs some serious disciplining, and the average US citizen needs some cross-cutural sensitivity training.”

One day Japan’s culturally promoted “honor” system, which is what likely helped you there, may succumb to the seedy culture of greed that has plaqued the real estate market now. We are exporting our current eroded version of “freedom” and one of its beliefs is to “Do anything and whatever is required to conveniently benefit myself.”

Aside from that…bankers/brokers and realtors should be legally held to a professional standard that does not allow them sneaky ways to harm people by ripping-them-off. Without these laws, they apparently will operate with the same values as a thief.

The average US citizen is trying to live a decent life on an average income and survive. Most Americans are not CEOs & CFOs who make disproportionately huge salaries and bonuses. http://www.aflcio.org/corporatewatch/paywatch. God help us if the average American is like those corporate leeches.

[sdnativeson]

I would say our corrupted version of freedom, and the subsequent abuse of it.

[mrquoi]

I think that some of the worst abuses are actually people of one culture feeding on their own — it’s why church-based financial scams are so prevalent. For example, my understanding is that much of the Murrietta scam was within the Philipino community. A lot of immigrants would naturally trust someone from “home” who spoke their language more than an outsider.

[Ranjan]

It seems the price for 11825 westview parkway is the sold price. It was sold on 11/15/2006 as per Zillow.

[cr]

Here, this was just posted on MSN today.

http://realestate.msn.com/buying/Article2.aspx?cp-documentid=2507006

When do those 1.5 Trillion in adjustable rate loans reset?

The worst is so NOT over…

[cr]

Here, this was just posted on MSN today.

http://realestate.msn.com/buying/Article2.aspx?cp-documentid=2507006

When do those 1.5 Trillion in adjustable rate loans reset?

The worst is so NOT over…

By the way, what’s the best way to attempt to purchase a foreclosure?

[cr]

(double post)

[sdcellar]

With regard to 11825 Westview Parkway, that sale does not show up at sdlookup.com or the county assessor’s property sales search. I suspect that’s the transfer to the lender.

Someone mentioned on some thread here, that those are a different kind of “sale” (trustee vs. trust deed?) and I’m starting to think that Zillow lists them along with ordinary sales. This certainly presents the possibility for confusion, however I’m guessing that appraiser’s do make different considerations for these types of transaction (i.e. they probably don’t affect comps in the same way).

I do know I’m starting to see more of these, so I would like to understand it better.

[sdcellar]

On the MSN article, how would like being the ONE guy that defaulted in Vermont? Fellow residents probably took away his Subaru too.

and yes, I’d agree the worst seems far from over.

[aguho]

mrquoi,

I would agree that “people of one culture feeding on their own” happens.It definitely occurs in the Filipino & Hispanic community here in The South Bay.However,many scams in the Filipino community such as the recent one up in Murrieta are in fact all about greed.The players(nurses) were looking to get rich quick and were an easy target.There are no innocent “victims” involved with this scam……

Everyone wants to live large,but so few are actually willing to work hard to “earn” the right to do so.Always trying to find the “easy way” to riches rather than building a business or creating something.Look how packed those casinos are on any given night etc……

I will once again suggest that too many people living in America are fat,lazy, and stupid.The American Empire is in decline and WILL be replaced by Japan and then China as the world’s premier economy.

As for those that will inevitably lose their home(s) as this part of the real estate cycle plays out, do not feel sorry for them.Either you can afford something or you can’t. It’s really as simple as that.All of us must take responsibility for our actions.

“Send Lawyers,Guns,& Money….Dad get me out of this ” Warren Zevon

aguho
88 SNDVL

[mixxalot]

What it really takes to live big

I agree.. I see a lot of fake rich people who think they are rich and show off a flashy expensive car or SUV and act big when they really are not and just deeply up to their eyeballs in debt. Look at the elite like Warren Buffett- he drives an old car and is one of the richest guys on the planet! For me, I am working on building side business and keeping my new job yeah it pays only 98k compared to the freelance 200k project that got yanked from me but hopefully more stable and I can get add on side work to make more cash and wait out the housing crash.

[Author]

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