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

[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.

[savingforahouse]

Haven’t posted in a while, but was thinking about how and where things are going badly. Using zip realty, I calculated a rough number of the SFRs that were listed as short sales in each of the following price ranges. Although I am uncertain whether my search area was absolutely correct, I thought it would be interesting.

the results are as follows
200-400k 366
400-650k 585
650-900k 85
>=900k 21

It will be interesting to track this over time, but it would also be good to know what the history looks like in terms of the freq. dist.

thoughts,

csr_Sd

[savingforahouse]

Haven’t posted in a while, but was thinking about how and where things are going badly. Using zip realty, I calculated a rough number of the SFRs that were listed as short sales in each of the following price ranges. Although I am uncertain whether my search area was absolutely correct, I thought it would be interesting.

the results are as follows
200-400k 366
400-650k 585
650-900k 85
>=900k 21

It will be interesting to track this over time, but it would also be good to know what the history looks like in terms of the freq. dist.

thoughts,

csr_Sd

[patientrenter]

kewp, either the owners of the REOs are dumb or slow or they’re lobbying frantically for a future bail-out. I’d split the probabilities about evenly.

Patient renter in OC

[patientrenter]

kewp, either the owners of the REOs are dumb or slow or they’re lobbying frantically for a future bail-out. I’d split the probabilities about evenly.

Patient renter in OC

[Nancy_s soothsayer]

The employees and managers at the local banks who own the REO’s are just as delusional as the buyers in San Diego who in recent years bought overpriced houses they could not really afford to pay for. They, as majority did, thought that San Diego houses only go up every year. Maybe they are assuming prices will go up again in Spring 2008. The fantasy river Denial runs deep in San Diego dreamland.

[Nancy_s soothsayer]

The employees and managers at the local banks who own the REO’s are just as delusional as the buyers in San Diego who in recent years bought overpriced houses they could not really afford to pay for. They, as majority did, thought that San Diego houses only go up every year. Maybe they are assuming prices will go up again in Spring 2008. The fantasy river Denial runs deep in San Diego dreamland.

[SD Realtor]

Perry – That is also another way to do it. I didn’t know that realty trac posted solds. As an engineer it is easier in my mind to just run a Perl script to gather data…tracking things manually is like slow death…

Are the 2896 foreclosures already REO properties? I would agree that if there are really 2896 foreclosures it would surprise me if more then 20% of them have hit the MLS.

SD Realtor

[SD Realtor]

Perry – That is also another way to do it. I didn’t know that realty trac posted solds. As an engineer it is easier in my mind to just run a Perl script to gather data…tracking things manually is like slow death…

Are the 2896 foreclosures already REO properties? I would agree that if there are really 2896 foreclosures it would surprise me if more then 20% of them have hit the MLS.

SD Realtor

[HLS]

Can someone send this information to “Genius” George Chamberlain ? He doesn’t think that the San Diego market is bad, and is encouraging people to buy now, before prices rise sharply…
He says so almost every week.

[HLS]

Can someone send this information to “Genius” George Chamberlain ? He doesn’t think that the San Diego market is bad, and is encouraging people to buy now, before prices rise sharply…
He says so almost every week.

[Nancy_s soothsayer]

If I remember correctly, many private database miners purchase their data from the local governments mostly from Recorder’s office or tax offices/services (example, NOD’s, foreclosures, sale and loan specifics, etc.) In that case, someone – a clerk – working at the Recorder’s gets to see firsthand what’s really going on with the most important stats that we would all like to know about.

[Nancy_s soothsayer]

If I remember correctly, many private database miners purchase their data from the local governments mostly from Recorder’s office or tax offices/services (example, NOD’s, foreclosures, sale and loan specifics, etc.) In that case, someone – a clerk – working at the Recorder’s gets to see firsthand what’s really going on with the most important stats that we would all like to know about.

[sdnativeson]

sdnativeson
http://www.foreclosureforum.com/stats.html

[sdnativeson]

sdnativeson
http://www.foreclosureforum.com/stats.html

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