September 1 2007: Over 85 new foreclosures and preforeclosures in one day listed

[plwilly]

Today, SDLookup.com has a listing of over 85 new foreclosures and preforeclosures, just for one day, Saturday, September 1, 2007.

http://www.sdlookup.com/Foreclosure_Updates-24-Downtown

My theory is the bad news of the past month has caused many owners to give up . Values are headed down to the rental value of these condos, which is suprisingly low considering the homeowners fees for each units. My prediction is over 50% loss from the 2006 peak, and rollbacks to 2001 prices.

[plwilly]

Left out of the comment that this was just for downtown San Diego

[Mr_Brightside]

I’m not sure that’s as much of a market move as a technology datafeed change of some sort. I have a login for the site and while it shows new activity on a daily basis it’s not a large delta from the day before.

It’s still very interesting to see the level of distress that’s out there.

[Bugs]

In the death of a thousand cuts, that’s just No. 248.

[barnaby33]

No. 248 is one of my favorite cuts. Of course so too will be No. 249.

I doubt news of the last 2 months would manifest itself as that many pre-foreclosures that quickly. I think the first manifestation will be a fairly large drop-off in sales over the next 2 months. This based on the disappearance of the 0% down and 100% financing schemes. NOTs should grow fairly quickly though and keep growing for the next 2-3 years.

Josh

[asragov]

It appears that a lot of the activity is month-end.

It’s still a lot for many zip codes – the high end in 92067 or 92037 is also quite busy.

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