[Allan from Fallbrook]

Bunny: Well, gee, I don’t exactly know how to answer this one. Yep, there are parts of F’brook that are a little downtrodden (to use your word), but, overall, it is a nice place to live.

I would recommend doing more than just a drive through. Take a long afternoon and look around – all the way around – meaning the entire town. I have been here over four years now, but would be the first one to say that it isn’t for everyone.

I grew up in a small town as well, and that is the one thing that I really like about Fallbrook. There is a very strange dichotomy here: There is a great deal of affluence, juxtaposed with a very working class environment.

Start at the end of Mission Road, where it intersects with Highway 76. That shopping center is River Village (and is technically Bonsall). Work your way up Mission back towards town. When you hit Mission Road and Main, turn back around at Main and head through the center of town, making certain to hit the side streets around Mission. Best street to use for that is Alvarado. Nose around and take your time. If you still have issues, I would recommend looking at Bonsall as well.

[Allan from Fallbrook]

Bunny: Well, gee, I don’t exactly know how to answer this one. Yep, there are parts of F’brook that are a little downtrodden (to use your word), but, overall, it is a nice place to live.

I would recommend doing more than just a drive through. Take a long afternoon and look around – all the way around – meaning the entire town. I have been here over four years now, but would be the first one to say that it isn’t for everyone.

I grew up in a small town as well, and that is the one thing that I really like about Fallbrook. There is a very strange dichotomy here: There is a great deal of affluence, juxtaposed with a very working class environment.

Start at the end of Mission Road, where it intersects with Highway 76. That shopping center is River Village (and is technically Bonsall). Work your way up Mission back towards town. When you hit Mission Road and Main, turn back around at Main and head through the center of town, making certain to hit the side streets around Mission. Best street to use for that is Alvarado. Nose around and take your time. If you still have issues, I would recommend looking at Bonsall as well.

[Allan from Fallbrook]

Bunny: Well, gee, I don’t exactly know how to answer this one. Yep, there are parts of F’brook that are a little downtrodden (to use your word), but, overall, it is a nice place to live.

I would recommend doing more than just a drive through. Take a long afternoon and look around – all the way around – meaning the entire town. I have been here over four years now, but would be the first one to say that it isn’t for everyone.

I grew up in a small town as well, and that is the one thing that I really like about Fallbrook. There is a very strange dichotomy here: There is a great deal of affluence, juxtaposed with a very working class environment.

Start at the end of Mission Road, where it intersects with Highway 76. That shopping center is River Village (and is technically Bonsall). Work your way up Mission back towards town. When you hit Mission Road and Main, turn back around at Main and head through the center of town, making certain to hit the side streets around Mission. Best street to use for that is Alvarado. Nose around and take your time. If you still have issues, I would recommend looking at Bonsall as well.

[Allan from Fallbrook]

Bunny: Well, gee, I don’t exactly know how to answer this one. Yep, there are parts of F’brook that are a little downtrodden (to use your word), but, overall, it is a nice place to live.

I would recommend doing more than just a drive through. Take a long afternoon and look around – all the way around – meaning the entire town. I have been here over four years now, but would be the first one to say that it isn’t for everyone.

I grew up in a small town as well, and that is the one thing that I really like about Fallbrook. There is a very strange dichotomy here: There is a great deal of affluence, juxtaposed with a very working class environment.

Start at the end of Mission Road, where it intersects with Highway 76. That shopping center is River Village (and is technically Bonsall). Work your way up Mission back towards town. When you hit Mission Road and Main, turn back around at Main and head through the center of town, making certain to hit the side streets around Mission. Best street to use for that is Alvarado. Nose around and take your time. If you still have issues, I would recommend looking at Bonsall as well.

[Allan from Fallbrook]

SDR: Thanks for responding. I was curious, and thought I would ping you and get your sense of things.

I know, based on the bankers I speak with regularly, that the situation is bad as far as REO inventory goes. Further, quite a few banks are becoming overwhelmed with the volume of foreclosures happening right now. There has to be some sort of “point of no return” wherein the banks pull the pin and start dropping inventory at whatever price will move it.

From a regulatory standpoint, I have to believe many banks and lending institutions are going to start seeing their options narrow rapidly as regards reporting on non- and sub-performing assets. Whether or not this triggers the sort of death spiral we saw in Japan is anybody’s guess.

[Allan from Fallbrook]

SDR: Thanks for responding. I was curious, and thought I would ping you and get your sense of things.

I know, based on the bankers I speak with regularly, that the situation is bad as far as REO inventory goes. Further, quite a few banks are becoming overwhelmed with the volume of foreclosures happening right now. There has to be some sort of “point of no return” wherein the banks pull the pin and start dropping inventory at whatever price will move it.

From a regulatory standpoint, I have to believe many banks and lending institutions are going to start seeing their options narrow rapidly as regards reporting on non- and sub-performing assets. Whether or not this triggers the sort of death spiral we saw in Japan is anybody’s guess.

[Allan from Fallbrook]

SDR: Thanks for responding. I was curious, and thought I would ping you and get your sense of things.

I know, based on the bankers I speak with regularly, that the situation is bad as far as REO inventory goes. Further, quite a few banks are becoming overwhelmed with the volume of foreclosures happening right now. There has to be some sort of “point of no return” wherein the banks pull the pin and start dropping inventory at whatever price will move it.

From a regulatory standpoint, I have to believe many banks and lending institutions are going to start seeing their options narrow rapidly as regards reporting on non- and sub-performing assets. Whether or not this triggers the sort of death spiral we saw in Japan is anybody’s guess.

[Allan from Fallbrook]

SDR: Thanks for responding. I was curious, and thought I would ping you and get your sense of things.

I know, based on the bankers I speak with regularly, that the situation is bad as far as REO inventory goes. Further, quite a few banks are becoming overwhelmed with the volume of foreclosures happening right now. There has to be some sort of “point of no return” wherein the banks pull the pin and start dropping inventory at whatever price will move it.

From a regulatory standpoint, I have to believe many banks and lending institutions are going to start seeing their options narrow rapidly as regards reporting on non- and sub-performing assets. Whether or not this triggers the sort of death spiral we saw in Japan is anybody’s guess.

[Allan from Fallbrook]

SDR: Thanks for responding. I was curious, and thought I would ping you and get your sense of things.

I know, based on the bankers I speak with regularly, that the situation is bad as far as REO inventory goes. Further, quite a few banks are becoming overwhelmed with the volume of foreclosures happening right now. There has to be some sort of “point of no return” wherein the banks pull the pin and start dropping inventory at whatever price will move it.

From a regulatory standpoint, I have to believe many banks and lending institutions are going to start seeing their options narrow rapidly as regards reporting on non- and sub-performing assets. Whether or not this triggers the sort of death spiral we saw in Japan is anybody’s guess.

[Allan from Fallbrook]

marion: Your concerns are very legitimate. The other aspect to consider with bank REOs is this: The banks are literally being inundated with foreclosures right now, and simply don’t have the time to assess the status of each house thoroughly.

We had a foreclosure on our street that the new owners bought from the bank. I spoke with the wife and she said the outgoing owners had blitzed the place prior to eviction. Broken windows, torn up carpet, paint splashed on the walls, etc. When she spoke to the rep at the bank, he told her he had spent a grand total of 15 minutes at the house, because he had over a dozen other houses to look at that day. We’re in Fallbrook, and he was handling Fallbrook, Vista, part of Oceanside, Temecula, Murrieta and Menifee. One guy.

What you see is truly what you get.

[Allan from Fallbrook]

marion: Your concerns are very legitimate. The other aspect to consider with bank REOs is this: The banks are literally being inundated with foreclosures right now, and simply don’t have the time to assess the status of each house thoroughly.

We had a foreclosure on our street that the new owners bought from the bank. I spoke with the wife and she said the outgoing owners had blitzed the place prior to eviction. Broken windows, torn up carpet, paint splashed on the walls, etc. When she spoke to the rep at the bank, he told her he had spent a grand total of 15 minutes at the house, because he had over a dozen other houses to look at that day. We’re in Fallbrook, and he was handling Fallbrook, Vista, part of Oceanside, Temecula, Murrieta and Menifee. One guy.

What you see is truly what you get.

[Allan from Fallbrook]

marion: Your concerns are very legitimate. The other aspect to consider with bank REOs is this: The banks are literally being inundated with foreclosures right now, and simply don’t have the time to assess the status of each house thoroughly.

We had a foreclosure on our street that the new owners bought from the bank. I spoke with the wife and she said the outgoing owners had blitzed the place prior to eviction. Broken windows, torn up carpet, paint splashed on the walls, etc. When she spoke to the rep at the bank, he told her he had spent a grand total of 15 minutes at the house, because he had over a dozen other houses to look at that day. We’re in Fallbrook, and he was handling Fallbrook, Vista, part of Oceanside, Temecula, Murrieta and Menifee. One guy.

What you see is truly what you get.

[Allan from Fallbrook]

marion: Your concerns are very legitimate. The other aspect to consider with bank REOs is this: The banks are literally being inundated with foreclosures right now, and simply don’t have the time to assess the status of each house thoroughly.

We had a foreclosure on our street that the new owners bought from the bank. I spoke with the wife and she said the outgoing owners had blitzed the place prior to eviction. Broken windows, torn up carpet, paint splashed on the walls, etc. When she spoke to the rep at the bank, he told her he had spent a grand total of 15 minutes at the house, because he had over a dozen other houses to look at that day. We’re in Fallbrook, and he was handling Fallbrook, Vista, part of Oceanside, Temecula, Murrieta and Menifee. One guy.

What you see is truly what you get.

[Allan from Fallbrook]

marion: Your concerns are very legitimate. The other aspect to consider with bank REOs is this: The banks are literally being inundated with foreclosures right now, and simply don’t have the time to assess the status of each house thoroughly.

We had a foreclosure on our street that the new owners bought from the bank. I spoke with the wife and she said the outgoing owners had blitzed the place prior to eviction. Broken windows, torn up carpet, paint splashed on the walls, etc. When she spoke to the rep at the bank, he told her he had spent a grand total of 15 minutes at the house, because he had over a dozen other houses to look at that day. We’re in Fallbrook, and he was handling Fallbrook, Vista, part of Oceanside, Temecula, Murrieta and Menifee. One guy.

What you see is truly what you get.

[Allan from Fallbrook]

SDR: Most of the info I am getting on REOs is anecdotal in nature, and is coming from the folks I know in the banking/investment (Wells Fargo, Bear Stearns) business. Since many of them are not directly related to housing or mortgage lending, the information tends to be somewhat second-hand.

What are your contacts on the lending and banking side saying as relates to REOs? You mentioned you are seeing more aggressive pricing from banks. What are you hearing from within the banking community? Just curious.

[Author]

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