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Friday, April 18th, 2008 at 2:00 PM

Foreclosure-Agents Update

 

How are the foreclosure agents doing?

Everybody wants to get a bank deal, and the banks keep unloading!

Jun 11 – 328 Actives/98 Pendings = 3.35

Aug 21 – 382 Actives/111 Pendings = 3.44

Sep 20 – 425 Actives/97 Pendings = 4.38

Nov 9 -  486 Actives/128 Pendings = 3.80

Nov 25 – 484 Actives/138 Pendings = 3.51

Dec 14 – 446 Actives/147 Pendings = 3.03

Jan 15 – 474 Actives/149 Pendings = 3.18

Feb 7 -   482 Actives/187 Pendings = 2.57

Mar 13 – 477 Actives/205 Pendings = 2.33

Apr 18 – 467 Actives/247 Pendings = 1.89

A ratio under 2.00 is very healthy – they are pricing them to sell!  The same four agents have closed 384 sales year-to-date, after closing a total of 763 in 2007. 

This year 11% of the closings have been over $500,000.  There were 18% above $500,000 in 2007.

Take a look at the ‘San Diego County REOs’ button in the right-hand column – it was updated today. The last three weeks totals have been less than half the size of recent weeks.

 

Posted on Friday, April 18th, 2008 at 2:00 PM in Foreclosure Agents | 7 Comments » | Print Print You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Reader Comments: 7 Responses

  1. "Take a look at the ‘San Diego County REOs’ button in the right-hand column – it was updated today. The last three weeks totals have been less than half the size of recent weeks."

    jim, when you say there’s been less REOs, do you mean there’s less trustee’s sales? or that there’s less REOs because the banks are finally lowering prices and clearing them out?

    ocrenter | April 19th, 2008 at 3:08 am

  2. Fewer trustee sales.

    Here are the last 10 weeks – the count is in number of pages, and there are 4-5 trustee sales listed on each page:

    178
    205
    181
    174
    158
    103
    176
    28
    51
    88 (this week)

    I didn’t get too alarmed when we hit 28 a couple of weeks ago, it coincides with NODs sent out around the Christmas holiday.

    Did the year get off to a slow start on NODs being issued? I need a current NOD count to see if it has picked up steam lately.

    Jim the Realtor | April 19th, 2008 at 5:26 am

  3. Jim, silly question: is there a form somewhere that explains how I should be looking at these REO lists?

    Looking at the first property on your latest REO list (zip 92173), is that saying Wells Fargo bought the property FROM emc mortgage for $255,622 when emc had been asking $436,930 as a min bid? Or was this property being auctioned with a minimum bid of $436,930 and it ended up being sold to someone for $255,622 after it failed to sell at auction?
    What is "DELQ$"?

    Thanks!

    Miller Time | April 19th, 2008 at 2:24 pm

  4. If it takes about 5 months to go from default to REO, then it makes a lot of sense that the numbers are going down these days – the ARM reset chart shows a lull in November 07. http://www.bubbleinfo.com/statistics-2007/2007/8/28/arm-reset-chart-bofa.html

    I’m pretty sure the numbers will start going right up again as the year progresses. There are an enormous amount of reset starting right around now.

    Simone | April 19th, 2008 at 2:54 pm

  5. Anecdote tells me it is taking a lot longer to garner full REO on the MLS status these days. Too many stories about NODs filed 6 months ago and no NOTs yet.

    Rob Dawg | April 19th, 2008 at 4:01 pm

  6. for me, NODs are more reliable in understanding how much supply are upcoming. too much manipulations with the postponements and banks’ delays with regard to REOs.

    ocrenter | April 19th, 2008 at 6:21 pm

  7. Another anecdote for the soup:

    My sisters’ are service managers for WaMu’s debt collections joint out in Santa Clarita and they both tell me that WaMU is still in the process of a huge ramp-up in response to the avalanche of people unable to pay their mortgages on-time.

    BUT they are hiring more debt collectors in order to help facilitate the lengthening of the average foreclosure process.

    When troubled borrowers are tapped out and their late mortgage payments start turning into no mortage payments, collectors hit them will all the possible options, of course, – refis, loan mods, post-dated checks – anything to get that promise to pay. But when borrowers say they STILL can’t pay, agents transfer them immediately to the "loss mitigation" department that pushes them towards the short-sales option. Nothing worng with that, per se, but it’s interesting to note that once a short sale process is started, that same department, understaffed and usually unwilling to accept real losses on the property, can offer little real help to the borrower, though all together it can add months to the foreclosure process. At this point, my sisters’ say, the loss mitigation department it’s just another internal mechanism to forestalling and prolonging the inevitable foreclosure process as WaMu is incapable and unwilling to process large numbers of foreclosure.

    And so they do what their bosses want them to do. And they stem the tide.

    ProblemWithCaring | April 23rd, 2008 at 8:09 pm

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