Record High Foreclosures in California: 17,408 in 2nd quarter vs 11K in first

[The-Shoveler]

Nor_LA-Temcu-SD-Guy

The Union Tribune. “DataQuick reported on Tuesday that during the first half of 2007 San Diego County had 2,896 foreclosures compared to 445 during the first half of 2006, a 551 percent increase. Notices of default, the first step in the foreclosure process, totaled 8,314 for the first six months of 2007, compared to 3,311 in the same period last year, a 151 percent increase.”

[The-Shoveler]

Nor_LA-Temcu-SD-Guy

The Union Tribune. “DataQuick reported on Tuesday that during the first half of 2007 San Diego County had 2,896 foreclosures compared to 445 during the first half of 2006, a 551 percent increase. Notices of default, the first step in the foreclosure process, totaled 8,314 for the first six months of 2007, compared to 3,311 in the same period last year, a 151 percent increase.”

[POZ]

donalduckmoore

I heard the VP of a forclosure firm in SD area state that the banks were holding on to 95% of the properties they were forclosing on. I didnt catch his name or the company name as I heard it on the radio while I was driving. I know I heard that 95% part correctly, although i have no way to validate his claim it may account for the discrepency in the inventory stats.

[POZ]

donalduckmoore

I heard the VP of a forclosure firm in SD area state that the banks were holding on to 95% of the properties they were forclosing on. I didnt catch his name or the company name as I heard it on the radio while I was driving. I know I heard that 95% part correctly, although i have no way to validate his claim it may account for the discrepency in the inventory stats.

[SD Realtor]

Perry –

The MLS search gui is crappy but it can be done. In essence the way that sdrealtor creates the short sale monitor would be the way to do it. You choose a zip code, search for sold properties and put in keywords such as REO, short, corporate owned, in the remarks or confidential remarks section. It is pretty manual. It works great for the short sale monitor as sdr does the whole county and as he says, the exact numbers are not as important as the trendlines that are used for analysis.

A much more nifty way to do it would be to have a script that parses through assessors records to capture all of the sellers. Then process that database for keyword names that are banks, lenders etc….

I would bet there are plenty of software guys who monitor this site that could generate that sort of code.

SD Realtor

[SD Realtor]

Perry –

The MLS search gui is crappy but it can be done. In essence the way that sdrealtor creates the short sale monitor would be the way to do it. You choose a zip code, search for sold properties and put in keywords such as REO, short, corporate owned, in the remarks or confidential remarks section. It is pretty manual. It works great for the short sale monitor as sdr does the whole county and as he says, the exact numbers are not as important as the trendlines that are used for analysis.

A much more nifty way to do it would be to have a script that parses through assessors records to capture all of the sellers. Then process that database for keyword names that are banks, lenders etc….

I would bet there are plenty of software guys who monitor this site that could generate that sort of code.

SD Realtor

[POZ]

This was on the dataquick report released today
County/Region….2006Q2…2007Q2…%Chg
Los Angeles……4,586….10,393…126.6%
Orange………..1,255….2,984….137.8%
San Diego……..1,778….4,383….146.5%

here is the link: http://www.dqnews.com/RRFor0707.shtm

[POZ]

This was on the dataquick report released today
County/Region….2006Q2…2007Q2…%Chg
Los Angeles……4,586….10,393…126.6%
Orange………..1,255….2,984….137.8%
San Diego……..1,778….4,383….146.5%

here is the link: http://www.dqnews.com/RRFor0707.shtm

[JWM in SD]

Ewww, SD leads the pack in percentage increase…but I guess Karevoll is lying to us because we can’t evidence of in the market right Donald???

[JWM in SD]

Ewww, SD leads the pack in percentage increase…but I guess Karevoll is lying to us because we can’t evidence of in the market right Donald???

[PerryChase]

SD Realtor, how about subscribing to a service such as realty trac and record all the actual individual foreclosures and tracking them as they are a sold?

Should not be hard to do.

Maybe I’ll give my niece some financial education and have her track foreclosures in Excel as a summer project.

So according to the UT, we have 2896 foreclosure in SD. I wouldn’t be surprised if 90% of them haven’t made it to the MLS yet.

That’s does not include the short sales that sdrealtor is tracking.

[PerryChase]

SD Realtor, how about subscribing to a service such as realty trac and record all the actual individual foreclosures and tracking them as they are a sold?

Should not be hard to do.

Maybe I’ll give my niece some financial education and have her track foreclosures in Excel as a summer project.

So according to the UT, we have 2896 foreclosure in SD. I wouldn’t be surprised if 90% of them haven’t made it to the MLS yet.

That’s does not include the short sales that sdrealtor is tracking.

[kewp]

I know I heard that 95% part correctly, although i have no way to validate his claim it may account for the discrepency in the inventory stats.

http://www.realtytrac.com/Mapping/Mapping/DetailsMap.aspx?criteriaType=zip&criteriaValue=92104

Just eyeballing the worst areas of SD with realtytrac would seem to indicate that as well. I’m getting actually seriously worried at this point, given the carnage thats present and considering we are just on the upswing of ARM resets, interest rates are climbing and job growth is hitting a wall. Now think what a recession will do. A fifty percent drop seems optimistic at this point.

So I wonder if the banks are playing some sort of game holding properties like this to try and stave of a crash, or there is some other not-obvious-to-me benefit to doing so.

[kewp]

I know I heard that 95% part correctly, although i have no way to validate his claim it may account for the discrepency in the inventory stats.

http://www.realtytrac.com/Mapping/Mapping/DetailsMap.aspx?criteriaType=zip&criteriaValue=92104

Just eyeballing the worst areas of SD with realtytrac would seem to indicate that as well. I’m getting actually seriously worried at this point, given the carnage thats present and considering we are just on the upswing of ARM resets, interest rates are climbing and job growth is hitting a wall. Now think what a recession will do. A fifty percent drop seems optimistic at this point.

So I wonder if the banks are playing some sort of game holding properties like this to try and stave of a crash, or there is some other not-obvious-to-me benefit to doing so.

[garysears]

I posted this on the wrong thread before.

Part of the UT article today quoted the guy as saying that foreclosures aren’t affecting real estate prices. Well something sure is. If not yet, then look out when they do!

I just got off the phone with a Countrywide sales lady. She was pretty straightforward about some of the issues Countrywide is having in California and especially here in San Diego. She said countrywide has over 300 REO properties in San Diego county alone. I haven’t checked the addresses on the REO site but I have no reason to doubt her. She said she was shocked that she found they have some $1 million plus homes on that list. I don’t think anyone here would agree with the UT article that this is a subprime problem.

BTW, I looked at sales data for 3140 / 3142 Midway Drive on Point Loma / Old Town because I almost bought there in late 2003. Of 8 sales with identical 2/2 760sf plans sold in the last 2 years, the median sale price was $295K. There is one on the market right now for $230K. Another has been on the market for 150 days at $250K with no bites. They were asking around $220K in DEC ’03 / Jan ’04. I drove by there today and saw 4 “for sale” signs in windows but couldn’t find them all on the MLS.

[Author]

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