the next big step down is coming to mid/high-end areas near you

[Eugene]

[quote=peterb]From what I am hearing and seeing, although banks are foreclosing, the properties are not hitting the market. So, for some reason, the banks are holding back listing the properties. Very strange. [/quote]

I see no evidence of that out here, but I suppose it’s possible in the hardest hit areas like Hemet and Stockton.

[Nor-LA-SD-guy]

[quote=esmith][quote=peterb]From what I am hearing and seeing, although banks are foreclosing, the properties are not hitting the market. So, for some reason, the banks are holding back listing the properties. Very strange. [/quote]

I see no evidence of that out here, but I suppose it’s possible in the hardest hit areas like Hemet and Stockton.[/quote]

Yea I have not really seen evidence of this shadow inventory everyone keeps talking about either.

But what better time to release foreclosures than when mortgages are around 4.5 % or so ???

Just a thought,

Also if this does come to pass,
I would think this will be a boon for those who deal with the banks and sell foreclosures, Big Big money to be made here if this does happen.

Would this actually be good for the economy ???

[Nor-LA-SD-guy]

[quote=esmith][quote=peterb]From what I am hearing and seeing, although banks are foreclosing, the properties are not hitting the market. So, for some reason, the banks are holding back listing the properties. Very strange. [/quote]

I see no evidence of that out here, but I suppose it’s possible in the hardest hit areas like Hemet and Stockton.[/quote]

Yea I have not really seen evidence of this shadow inventory everyone keeps talking about either.

But what better time to release foreclosures than when mortgages are around 4.5 % or so ???

Just a thought,

Also if this does come to pass,
I would think this will be a boon for those who deal with the banks and sell foreclosures, Big Big money to be made here if this does happen.

Would this actually be good for the economy ???

[Nor-LA-SD-guy]

[quote=esmith][quote=peterb]From what I am hearing and seeing, although banks are foreclosing, the properties are not hitting the market. So, for some reason, the banks are holding back listing the properties. Very strange. [/quote]

I see no evidence of that out here, but I suppose it’s possible in the hardest hit areas like Hemet and Stockton.[/quote]

Yea I have not really seen evidence of this shadow inventory everyone keeps talking about either.

But what better time to release foreclosures than when mortgages are around 4.5 % or so ???

Just a thought,

Also if this does come to pass,
I would think this will be a boon for those who deal with the banks and sell foreclosures, Big Big money to be made here if this does happen.

Would this actually be good for the economy ???

[Nor-LA-SD-guy]

[quote=esmith][quote=peterb]From what I am hearing and seeing, although banks are foreclosing, the properties are not hitting the market. So, for some reason, the banks are holding back listing the properties. Very strange. [/quote]

I see no evidence of that out here, but I suppose it’s possible in the hardest hit areas like Hemet and Stockton.[/quote]

Yea I have not really seen evidence of this shadow inventory everyone keeps talking about either.

But what better time to release foreclosures than when mortgages are around 4.5 % or so ???

Just a thought,

Also if this does come to pass,
I would think this will be a boon for those who deal with the banks and sell foreclosures, Big Big money to be made here if this does happen.

Would this actually be good for the economy ???

[Nor-LA-SD-guy]

[quote=esmith][quote=peterb]From what I am hearing and seeing, although banks are foreclosing, the properties are not hitting the market. So, for some reason, the banks are holding back listing the properties. Very strange. [/quote]

I see no evidence of that out here, but I suppose it’s possible in the hardest hit areas like Hemet and Stockton.[/quote]

Yea I have not really seen evidence of this shadow inventory everyone keeps talking about either.

But what better time to release foreclosures than when mortgages are around 4.5 % or so ???

Just a thought,

Also if this does come to pass,
I would think this will be a boon for those who deal with the banks and sell foreclosures, Big Big money to be made here if this does happen.

Would this actually be good for the economy ???

[paranoid]

HOUSING: Mortgage defaults hit new high, spread to upscale neighborhoods

“.. notices of default, the first step in the foreclosure process, have spiked in the region’s tonier neighborhoods —- places that, until now, have avoided the mass foreclosures elsewhere —- while appearing to have reached a plateau in lower-end regions, which have already been hammered.

In fact, areas such as Valley Center and Rancho Bernardo shot up to be among the leaders in North County for most foreclosure notices per 1,000 houses.

The number of North County and Southwest Riverside County homeowners who received default notices on their mortgages in March reached its highest level since the housing recession that began in 2005, reported ForeclosureRadar…

As a result, there are tens of thousands —- maybe hundreds of thousands —- of foreclosures across the state poised to hit the market but have yet to, also known as “shadow inventory.”

“Forget about the 50,000 homes that just went into default, we have … somewhere around 10 to 12 months of supply” in foreclosures alone, not counting homes for sale that are not foreclosures, O’Toole said.

Ward Hanigan,
“It’s like an oil pipeline; it used to be five miles long and it’s been stretched three more miles,” Hanigan said. “So now it’s dribbling out until it gets full. And that’s what happening, it’s getting full. And then it’s going to gush.”

Default notices shot to new highs in areas of Carlsbad, Rancho Bernardo and Rancho Penasquitos. …

In fact, one region of Rancho Bernardo saw more default notices in March per 1,000 homes than Oceanside’s 92057 ZIP code —- the most foreclosure-prone neighborhood in North County over the last two years.

…

http://nctimes.com/articles/2009/04/15/business/z9c534f8aa44d3f0f8825759800649427.txt

just a little bit more patience! It’s going to gush !!!

[paranoid]

HOUSING: Mortgage defaults hit new high, spread to upscale neighborhoods

“.. notices of default, the first step in the foreclosure process, have spiked in the region’s tonier neighborhoods —- places that, until now, have avoided the mass foreclosures elsewhere —- while appearing to have reached a plateau in lower-end regions, which have already been hammered.

In fact, areas such as Valley Center and Rancho Bernardo shot up to be among the leaders in North County for most foreclosure notices per 1,000 houses.

The number of North County and Southwest Riverside County homeowners who received default notices on their mortgages in March reached its highest level since the housing recession that began in 2005, reported ForeclosureRadar…

As a result, there are tens of thousands —- maybe hundreds of thousands —- of foreclosures across the state poised to hit the market but have yet to, also known as “shadow inventory.”

“Forget about the 50,000 homes that just went into default, we have … somewhere around 10 to 12 months of supply” in foreclosures alone, not counting homes for sale that are not foreclosures, O’Toole said.

Ward Hanigan,
“It’s like an oil pipeline; it used to be five miles long and it’s been stretched three more miles,” Hanigan said. “So now it’s dribbling out until it gets full. And that’s what happening, it’s getting full. And then it’s going to gush.”

Default notices shot to new highs in areas of Carlsbad, Rancho Bernardo and Rancho Penasquitos. …

In fact, one region of Rancho Bernardo saw more default notices in March per 1,000 homes than Oceanside’s 92057 ZIP code —- the most foreclosure-prone neighborhood in North County over the last two years.

…

http://nctimes.com/articles/2009/04/15/business/z9c534f8aa44d3f0f8825759800649427.txt

just a little bit more patience! It’s going to gush !!!

[paranoid]

HOUSING: Mortgage defaults hit new high, spread to upscale neighborhoods

“.. notices of default, the first step in the foreclosure process, have spiked in the region’s tonier neighborhoods —- places that, until now, have avoided the mass foreclosures elsewhere —- while appearing to have reached a plateau in lower-end regions, which have already been hammered.

In fact, areas such as Valley Center and Rancho Bernardo shot up to be among the leaders in North County for most foreclosure notices per 1,000 houses.

The number of North County and Southwest Riverside County homeowners who received default notices on their mortgages in March reached its highest level since the housing recession that began in 2005, reported ForeclosureRadar…

As a result, there are tens of thousands —- maybe hundreds of thousands —- of foreclosures across the state poised to hit the market but have yet to, also known as “shadow inventory.”

“Forget about the 50,000 homes that just went into default, we have … somewhere around 10 to 12 months of supply” in foreclosures alone, not counting homes for sale that are not foreclosures, O’Toole said.

Ward Hanigan,
“It’s like an oil pipeline; it used to be five miles long and it’s been stretched three more miles,” Hanigan said. “So now it’s dribbling out until it gets full. And that’s what happening, it’s getting full. And then it’s going to gush.”

Default notices shot to new highs in areas of Carlsbad, Rancho Bernardo and Rancho Penasquitos. …

In fact, one region of Rancho Bernardo saw more default notices in March per 1,000 homes than Oceanside’s 92057 ZIP code —- the most foreclosure-prone neighborhood in North County over the last two years.

…

http://nctimes.com/articles/2009/04/15/business/z9c534f8aa44d3f0f8825759800649427.txt

just a little bit more patience! It’s going to gush !!!

[paranoid]

HOUSING: Mortgage defaults hit new high, spread to upscale neighborhoods

“.. notices of default, the first step in the foreclosure process, have spiked in the region’s tonier neighborhoods —- places that, until now, have avoided the mass foreclosures elsewhere —- while appearing to have reached a plateau in lower-end regions, which have already been hammered.

In fact, areas such as Valley Center and Rancho Bernardo shot up to be among the leaders in North County for most foreclosure notices per 1,000 houses.

The number of North County and Southwest Riverside County homeowners who received default notices on their mortgages in March reached its highest level since the housing recession that began in 2005, reported ForeclosureRadar…

As a result, there are tens of thousands —- maybe hundreds of thousands —- of foreclosures across the state poised to hit the market but have yet to, also known as “shadow inventory.”

“Forget about the 50,000 homes that just went into default, we have … somewhere around 10 to 12 months of supply” in foreclosures alone, not counting homes for sale that are not foreclosures, O’Toole said.

Ward Hanigan,
“It’s like an oil pipeline; it used to be five miles long and it’s been stretched three more miles,” Hanigan said. “So now it’s dribbling out until it gets full. And that’s what happening, it’s getting full. And then it’s going to gush.”

Default notices shot to new highs in areas of Carlsbad, Rancho Bernardo and Rancho Penasquitos. …

In fact, one region of Rancho Bernardo saw more default notices in March per 1,000 homes than Oceanside’s 92057 ZIP code —- the most foreclosure-prone neighborhood in North County over the last two years.

…

http://nctimes.com/articles/2009/04/15/business/z9c534f8aa44d3f0f8825759800649427.txt

just a little bit more patience! It’s going to gush !!!

[paranoid]

HOUSING: Mortgage defaults hit new high, spread to upscale neighborhoods

“.. notices of default, the first step in the foreclosure process, have spiked in the region’s tonier neighborhoods —- places that, until now, have avoided the mass foreclosures elsewhere —- while appearing to have reached a plateau in lower-end regions, which have already been hammered.

In fact, areas such as Valley Center and Rancho Bernardo shot up to be among the leaders in North County for most foreclosure notices per 1,000 houses.

The number of North County and Southwest Riverside County homeowners who received default notices on their mortgages in March reached its highest level since the housing recession that began in 2005, reported ForeclosureRadar…

As a result, there are tens of thousands —- maybe hundreds of thousands —- of foreclosures across the state poised to hit the market but have yet to, also known as “shadow inventory.”

“Forget about the 50,000 homes that just went into default, we have … somewhere around 10 to 12 months of supply” in foreclosures alone, not counting homes for sale that are not foreclosures, O’Toole said.

Ward Hanigan,
“It’s like an oil pipeline; it used to be five miles long and it’s been stretched three more miles,” Hanigan said. “So now it’s dribbling out until it gets full. And that’s what happening, it’s getting full. And then it’s going to gush.”

Default notices shot to new highs in areas of Carlsbad, Rancho Bernardo and Rancho Penasquitos. …

In fact, one region of Rancho Bernardo saw more default notices in March per 1,000 homes than Oceanside’s 92057 ZIP code —- the most foreclosure-prone neighborhood in North County over the last two years.

…

http://nctimes.com/articles/2009/04/15/business/z9c534f8aa44d3f0f8825759800649427.txt

just a little bit more patience! It’s going to gush !!!

[Coronita]

[quote=poorsaver]That would be nice, to finally see mid to upper priced homes come down out of the clouds. It’s still $300 to $500 a foot in my area. What I’m seeing though, as I posted in another thread, is very disturbing. A few people I know are living in million dollar homes for free. They just stopped paying their payments, and over a year later, have yet to receive any notices from their lenders. They’re buying new cars, going out to eat five times a week, etc. Really burns me. Anyway, I’m just a patient renter (paying my rent, btw) and hoping that someday the decent (mid-priced) houses will get back to year 2K pricing.[/quote]

Welcome to cesspool of reality. Where economic irresponsibility will be socialized and profits will be privatized (by the banks that is)…

———–
http://money.cnn.com/2009/04/15/real_estate/obama_mortgage_plan/index.htm?source=yahoo_quote

Obama launches mortgage modification plan
First participants in the Treasury Department’s program to help homeowners avoid foreclosure include some of the nation’s largest banks.
——

Also, anyone want to take a crack at what the new conforming loan limit of $697k for SD will do? You think it will bring out more sidelined money?

Oh, it’s going to get very interesting very soon.

[Coronita]

[quote=poorsaver]That would be nice, to finally see mid to upper priced homes come down out of the clouds. It’s still $300 to $500 a foot in my area. What I’m seeing though, as I posted in another thread, is very disturbing. A few people I know are living in million dollar homes for free. They just stopped paying their payments, and over a year later, have yet to receive any notices from their lenders. They’re buying new cars, going out to eat five times a week, etc. Really burns me. Anyway, I’m just a patient renter (paying my rent, btw) and hoping that someday the decent (mid-priced) houses will get back to year 2K pricing.[/quote]

Welcome to cesspool of reality. Where economic irresponsibility will be socialized and profits will be privatized (by the banks that is)…

———–
http://money.cnn.com/2009/04/15/real_estate/obama_mortgage_plan/index.htm?source=yahoo_quote

Obama launches mortgage modification plan
First participants in the Treasury Department’s program to help homeowners avoid foreclosure include some of the nation’s largest banks.
——

Also, anyone want to take a crack at what the new conforming loan limit of $697k for SD will do? You think it will bring out more sidelined money?

Oh, it’s going to get very interesting very soon.

[Coronita]

[quote=poorsaver]That would be nice, to finally see mid to upper priced homes come down out of the clouds. It’s still $300 to $500 a foot in my area. What I’m seeing though, as I posted in another thread, is very disturbing. A few people I know are living in million dollar homes for free. They just stopped paying their payments, and over a year later, have yet to receive any notices from their lenders. They’re buying new cars, going out to eat five times a week, etc. Really burns me. Anyway, I’m just a patient renter (paying my rent, btw) and hoping that someday the decent (mid-priced) houses will get back to year 2K pricing.[/quote]

Welcome to cesspool of reality. Where economic irresponsibility will be socialized and profits will be privatized (by the banks that is)…

———–
http://money.cnn.com/2009/04/15/real_estate/obama_mortgage_plan/index.htm?source=yahoo_quote

Obama launches mortgage modification plan
First participants in the Treasury Department’s program to help homeowners avoid foreclosure include some of the nation’s largest banks.
——

Also, anyone want to take a crack at what the new conforming loan limit of $697k for SD will do? You think it will bring out more sidelined money?

Oh, it’s going to get very interesting very soon.

[Coronita]

[quote=poorsaver]That would be nice, to finally see mid to upper priced homes come down out of the clouds. It’s still $300 to $500 a foot in my area. What I’m seeing though, as I posted in another thread, is very disturbing. A few people I know are living in million dollar homes for free. They just stopped paying their payments, and over a year later, have yet to receive any notices from their lenders. They’re buying new cars, going out to eat five times a week, etc. Really burns me. Anyway, I’m just a patient renter (paying my rent, btw) and hoping that someday the decent (mid-priced) houses will get back to year 2K pricing.[/quote]

Welcome to cesspool of reality. Where economic irresponsibility will be socialized and profits will be privatized (by the banks that is)…

———–
http://money.cnn.com/2009/04/15/real_estate/obama_mortgage_plan/index.htm?source=yahoo_quote

Obama launches mortgage modification plan
First participants in the Treasury Department’s program to help homeowners avoid foreclosure include some of the nation’s largest banks.
——

Also, anyone want to take a crack at what the new conforming loan limit of $697k for SD will do? You think it will bring out more sidelined money?

Oh, it’s going to get very interesting very soon.

[Author]

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