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January 7, 2008 at 9:49 PM #131745January 7, 2008 at 10:35 PM #131495nostradamusParticipant
OK. Anything else?
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January 7, 2008 at 10:35 PM #131672nostradamusParticipantOK. Anything else?
[img_assist|nid=6081|title=|desc=|link=node|align=left|width=466|height=329]
January 7, 2008 at 10:35 PM #131682nostradamusParticipantOK. Anything else?
[img_assist|nid=6081|title=|desc=|link=node|align=left|width=466|height=329]
January 7, 2008 at 10:35 PM #131741nostradamusParticipantOK. Anything else?
[img_assist|nid=6081|title=|desc=|link=node|align=left|width=466|height=329]
January 7, 2008 at 10:35 PM #131780nostradamusParticipantOK. Anything else?
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January 9, 2008 at 11:45 AM #132756sd_bearParticipantI believe this article provides some insight into the original question.
In the second half of last year, 4989 homes were sold at Trustee Sale: 4820 homes were returned to lenders and 169 homes were purchased by a third party. That is quite a bit, considering that if each one of those homes were now on the MLS, we’d have 25% more listings (24000 instead of 19201), and if each of these homes had been sold instead we’d have 50% more sales (15000 instead of 10870 resales in H2 last year). So we definitely have a foreclosure problem, in terms of the numbers involved.
What happened to these 4820 homes returned to the lender in the second half of last year? I searched the MLS for “bank owned” in the remarks field, and found 816 sold in H2, and 914 are currently for sale, for a total of 1730 bank owned homes. Where are the other 3,170 bank owned homes?
January 9, 2008 at 11:45 AM #132942sd_bearParticipantI believe this article provides some insight into the original question.
In the second half of last year, 4989 homes were sold at Trustee Sale: 4820 homes were returned to lenders and 169 homes were purchased by a third party. That is quite a bit, considering that if each one of those homes were now on the MLS, we’d have 25% more listings (24000 instead of 19201), and if each of these homes had been sold instead we’d have 50% more sales (15000 instead of 10870 resales in H2 last year). So we definitely have a foreclosure problem, in terms of the numbers involved.
What happened to these 4820 homes returned to the lender in the second half of last year? I searched the MLS for “bank owned” in the remarks field, and found 816 sold in H2, and 914 are currently for sale, for a total of 1730 bank owned homes. Where are the other 3,170 bank owned homes?
January 9, 2008 at 11:45 AM #132946sd_bearParticipantI believe this article provides some insight into the original question.
In the second half of last year, 4989 homes were sold at Trustee Sale: 4820 homes were returned to lenders and 169 homes were purchased by a third party. That is quite a bit, considering that if each one of those homes were now on the MLS, we’d have 25% more listings (24000 instead of 19201), and if each of these homes had been sold instead we’d have 50% more sales (15000 instead of 10870 resales in H2 last year). So we definitely have a foreclosure problem, in terms of the numbers involved.
What happened to these 4820 homes returned to the lender in the second half of last year? I searched the MLS for “bank owned” in the remarks field, and found 816 sold in H2, and 914 are currently for sale, for a total of 1730 bank owned homes. Where are the other 3,170 bank owned homes?
January 9, 2008 at 11:45 AM #133009sd_bearParticipantI believe this article provides some insight into the original question.
In the second half of last year, 4989 homes were sold at Trustee Sale: 4820 homes were returned to lenders and 169 homes were purchased by a third party. That is quite a bit, considering that if each one of those homes were now on the MLS, we’d have 25% more listings (24000 instead of 19201), and if each of these homes had been sold instead we’d have 50% more sales (15000 instead of 10870 resales in H2 last year). So we definitely have a foreclosure problem, in terms of the numbers involved.
What happened to these 4820 homes returned to the lender in the second half of last year? I searched the MLS for “bank owned” in the remarks field, and found 816 sold in H2, and 914 are currently for sale, for a total of 1730 bank owned homes. Where are the other 3,170 bank owned homes?
January 9, 2008 at 11:45 AM #133045sd_bearParticipantI believe this article provides some insight into the original question.
In the second half of last year, 4989 homes were sold at Trustee Sale: 4820 homes were returned to lenders and 169 homes were purchased by a third party. That is quite a bit, considering that if each one of those homes were now on the MLS, we’d have 25% more listings (24000 instead of 19201), and if each of these homes had been sold instead we’d have 50% more sales (15000 instead of 10870 resales in H2 last year). So we definitely have a foreclosure problem, in terms of the numbers involved.
What happened to these 4820 homes returned to the lender in the second half of last year? I searched the MLS for “bank owned” in the remarks field, and found 816 sold in H2, and 914 are currently for sale, for a total of 1730 bank owned homes. Where are the other 3,170 bank owned homes?
January 9, 2008 at 1:38 PM #132800stpiermjParticipantm&m
I am not 100% certain, but I believe the underlying issue is that banks who oversupply the market with distressed houses will cause the rate of depreciation of assets backed by mortgages to increase the rate of the imploding credit market and thus the rate of economic shrinking and ultimately the total amount of economic shrinkage. If a bank sells a home at a much lower value then it had assumed when assessing its assets, then it must readjust this assessment of its assets even lower. This means it can not borrow as much from Uncle Fed, It can not lend as much to you and me, It means investors lose more, it means possible bank rupture if everyone starts to sell at market demand prices. It means stock market collaspe and world wide recession (Maybe world wide recession then stock market collaspe).January 9, 2008 at 1:38 PM #132987stpiermjParticipantm&m
I am not 100% certain, but I believe the underlying issue is that banks who oversupply the market with distressed houses will cause the rate of depreciation of assets backed by mortgages to increase the rate of the imploding credit market and thus the rate of economic shrinking and ultimately the total amount of economic shrinkage. If a bank sells a home at a much lower value then it had assumed when assessing its assets, then it must readjust this assessment of its assets even lower. This means it can not borrow as much from Uncle Fed, It can not lend as much to you and me, It means investors lose more, it means possible bank rupture if everyone starts to sell at market demand prices. It means stock market collaspe and world wide recession (Maybe world wide recession then stock market collaspe).January 9, 2008 at 1:38 PM #132991stpiermjParticipantm&m
I am not 100% certain, but I believe the underlying issue is that banks who oversupply the market with distressed houses will cause the rate of depreciation of assets backed by mortgages to increase the rate of the imploding credit market and thus the rate of economic shrinking and ultimately the total amount of economic shrinkage. If a bank sells a home at a much lower value then it had assumed when assessing its assets, then it must readjust this assessment of its assets even lower. This means it can not borrow as much from Uncle Fed, It can not lend as much to you and me, It means investors lose more, it means possible bank rupture if everyone starts to sell at market demand prices. It means stock market collaspe and world wide recession (Maybe world wide recession then stock market collaspe).January 9, 2008 at 1:38 PM #133053stpiermjParticipantm&m
I am not 100% certain, but I believe the underlying issue is that banks who oversupply the market with distressed houses will cause the rate of depreciation of assets backed by mortgages to increase the rate of the imploding credit market and thus the rate of economic shrinking and ultimately the total amount of economic shrinkage. If a bank sells a home at a much lower value then it had assumed when assessing its assets, then it must readjust this assessment of its assets even lower. This means it can not borrow as much from Uncle Fed, It can not lend as much to you and me, It means investors lose more, it means possible bank rupture if everyone starts to sell at market demand prices. It means stock market collaspe and world wide recession (Maybe world wide recession then stock market collaspe). -
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