bubbleinfo.com

Here’s the latest trend in foreclosure activity. 

This graph is charting the number of pages, and there are usually five foreclosure notices per page.  The date listed is the day when the source posts the data, which is a week or two behind the actual recordings.

At this rate, we should see at least 2,000 REOs per month by February (there were 1,400 in December).

For the individual lists of NOTS and REO properties, click on ‘San Diego County REOs’ in the right column. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

I don’t condone this type of language – but this was sent to me by my mother-in-law!

Here’s the 4,091sf house doughboy was talking about in southwest Carlsbad – listed for $974,900. It fell out of escrow a few days ago, and once it hit the open market again, they had several more offers submitted. The agent marked it pending yesterday in the MLS – they probably got list price, or higher:

Here’s a tour of the REO on Obelisco Place in La Costa that got a lot of attention over the last week. They ended up with a dozen offers, and must have sold well above the list price of $799,000:

Here is the comparison of high schools from the website greatschools.net:

We’re three weeks into the new year, we have a new president, and the football season is O-V-E-R for Charger fans.

How is the real estate market responding?

There is MAJOR SQUISHDOWN building in the higher-end market.

Here is the action between Jan 1 and Jan 21 of houses listed over $900,000 in SD County:

The pendings for 2009 are half of what they were last year, and they haven’t closed yet (previous years are closed sales that went pending between 1/1 and 1/21)

It’s probably safe to say that only 20-30 of the 2009 pendings will close, less than half of 2008.

Closed sales are down 83%, compared to last year, though there will be some late-reporters.

But the new listings are only down 16%, creating excess inventory – can the sellers all hold out, waiting for easier jumbo financing to come along? They’re going to be in for a long wait.

Fannie Mae tests ‘short sales’ as alternative to foreclosures
       
ORLANDO, Fla. – Fannie Mae has launched pilot projects in Orlando and Phoenix intended to reduce foreclosures by pre-approving short sales – agreeing on a price and the loss the bank will take prior to a deal even being made. Fannie Mae hopes the program will improve the popularity of short sales with real estate agents, who now tend to shun such deals.
      
Property professionals initially welcomed short sales, but soon found the process to be a frustrating one. Thanks to squabbling about the sale price and slow approval times by the mortgage companies, many short sales often ended with no sale at all.
      
“Short sales have received such a bad reputation among real estate agents that, as a portion of the overall mortgage market, they have gone down,” confirms Tom Popik of the research firm Campbell Communications, whose November survey of realty practitioners found that agents had to wait as long as 8.1 weeks to receive a response from the lender on a short sale – nearly double the 4.5 weeks the process took earlier in the year.
      
Fannie Mae’s pilot program focuses on homes listed at less than the mortgage balance that carry a Fannie Mae-backed loan serviced by Countrywide Financial Corp.  If successful, the pre-short-sale pricing concept could be expanded to other geographical areas and additional lenders.
        
There are concerns, however, about the program’s success, with real estate agents noting that property prices could decline before the pre-approval is issued.

While you’re out touring today, stop by Tony Hawk’s old house at 4529 Adams, on the lagoon.

Tony sold it for $2.55 million in June 2004, and that owner flipped it a year later for $3,500,000.

The buyer was the couple who had just bought the house next door for $4,000,000 in May of 2004.  They paid all-cash for both, and must have been disappointed that they didn’t step up when they could have bought it for $2.55.

Apparently it has become excess property, because it’s back on the market – for $3,625,000.

It’s open today too, from 10:00-12:00, but they’re not going to give it away!  Tell them that your realtor sent you!

Remember this one?

The owner was part of a big SEC investigation over short-selling and stock manipulation, and was sentenced to 11 years in jail.  His conviction was upheld last month.

He had bought this 6,412sf house new in 2001 for $2,200,000.  Because of his ‘detention’, his mortgage fell in arrears, and he was sent a trustee sale notice.

The attorney thought there would be a bidding war on the courthouse steps and would get bid up into the mid-$2 millions.  He said that if the trustee sale did occur, he’d send his guy down to buy it.

Not sure if there’s a connection, but it was bought for $1,857,854 on the courthouse steps on 2/22/08.  Keith heard that there were no other bidders at the auction, and that the new owners planned to offer it for sale in 6 weeks – for $2.45 million.

That was last February.

It finally listed it last week - for $3,900,000.

It’s open today from 10:30 to 2:00, if you’d like to go by for a look – they cleaned the pool!

3371 Calle Tres Vistas.

What a life!