- This topic has 16 replies, 9 voices, and was last updated 10 years, 6 months ago by
joec.
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May 23, 2014 at 7:42 AM #21092May 23, 2014 at 8:06 AM #774207
joec
ParticipantThe term “shadow inventory” was probably invented by rich bankers back in 2009 when they didn’t want anyone else to buy properties at the bottom…
They loaded up at the bottom and now, are sitting up 35-75%.
There is no shadow inventory in SD and any low priced stuff was dumped already back in 2010.
May 23, 2014 at 8:10 AM #774208spdrun
ParticipantDisagree. It may have been processed in San Diego. Many foreclosures in NJ (where processing speed is 3 years plus) are just coming on the market now. Same, to a lesser extent, with non-NYC New York State, MD, and PA.
As far as San Diego, who knows? Foreclosures were paused for a while by the Homeowners’ Bill of Rights, but banks will adapt. Also suspect that inventory stats are really skewed right now by the cut-in of the new MLS system.
As far as low-priced stuff, it existed as late as early 2013.
May 23, 2014 at 8:41 AM #774209The-Shoveler
ParticipantIn coastal SD It was eaten by demand.
maybe not so much elsewhere.
May 23, 2014 at 9:45 AM #774212moneymaker
ParticipantDriving around I see plenty of houses for sale,especially recently. It’s not uncommon to not find the house on sdlookup or zillow, does that count as shadow inventory?
May 23, 2014 at 9:51 AM #774213ParticipantAre those FSBOs, pocket listing, or what?
May 23, 2014 at 8:50 PM #774239CA renter
ParticipantSpend a few days in the bankruptcy courts/hearings, and you’ll see that many people have been squatting for YEARS. That’s a big part of it. Add to that the crooked backroom deals with favored financial interests who were able to buy properties at 14-50 cents on the dollar, even in higher-demand areas, and you’ll see where that shadow inventory went.
May 23, 2014 at 9:56 PM #774243NotCranky
Participant[quote=spdrun]Are those FSBOs, pocket listing, or what?[/quote]
How prevalent are, or were, short sales where the seller, or seller and Realtor and buyer picked each other and realtors went and put it together where nobody other than the selected buyer really had a chance? The banks turned a blind eye to these not so arms length transactions? I know it happened but how much?
May 24, 2014 at 12:08 AM #774247Participant[quote=Blogstar][quote=spdrun]Are those FSBOs, pocket listing, or what?[/quote]
How prevalent are, or were, short sales where the seller, or seller and Realtor and buyer picked each other and realtors went and put it together where nobody other than the selected buyer really had a chance? The banks turned a blind eye to these not so arms length transactions? I know it happened but how much?[/quote]
I saw a lot of this.
May 24, 2014 at 6:57 AM #774250ParticipantI’ve seen short sales in the last few months that stayed on the market for hours or came on the market immediately as “pending.” It would lead one to suspect something like that.
May 24, 2014 at 5:29 PM #774260Participant[quote=spdrun]I’ve seen short sales in the last few months that stayed on the market for hours or came on the market immediately as “pending.” It would lead one to suspect something like that.[/quote]
That’s exactly how it would happen. They would usually list them on the MLS as already pending, or would mark them as pending within minutes of officially listing them.
Totally crooked stuff going on in real estate.
May 24, 2014 at 6:11 PM #774263FlyerInHi
GuestNot all that crooked.
Realtors know in advance the listings they have coming up. In the mean time, they work to secure a buyer. I bought 2 condos like that. One was was an ok deal of a typical condo. Then the agent got another foreclosure listing which he offered to me. a smoking deal on a luxury condo. Both in Vegas.
I bought another short sale in San Diego. Great deal, but I lucked out. Got outbid but 4 months later I became backup buyer.
Always worked with the listing agents. When inventory is low, I believe you’re better off going with listing agent. Just my 2c.
May 24, 2014 at 6:17 PM #774265ParticipantGenerally, short sales have an agreement with the bank that they have to be offered on the open market for a certain amount of time to make sure the bank secures the best/highest offer.
May 24, 2014 at 6:55 PM #774269Participant[quote=spdrun]Generally, short sales have an agreement with the bank that they have to be offered on the open market for a certain amount of time to make sure the bank secures the best/highest offer.[/quote]
Exactly. Especially when taxpayers are backing the losses on these loans and related investment instruments.
May 26, 2014 at 8:32 AM #774306JerseyGrl
Participant“Spend a few days in the bankruptcy courts/hearings, and you’ll see that many people have been squatting for YEARS.”
You’re right. My attorney friend oversees bankruptcy’s in San Diego County and even she is amazed at how many people have been living in homes up to 4 years without making a mortgage payment. We personally know a couple who are hanging on to their 900K home by the skin of their teeth. Even with a combined income of 200K +, they’re broke. He just shrugs his shoulders and says “a lot of our neighbors are in the same boat”. Yet they continue to lease their Mercedes……
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