It’s all over the news – the housing double dip is here.
They say that the DD is caused by an overload of foreclosures dragging down prices – but they are talking about the overall national market.
Are the recent trustee sales building a backlog of REOs around San Diego?
It looks like more of the same around here – just when the servicers get some momentum, they turn off the spigot. There have only been 14 successful trustee sales in NSDCC over the last two weeks, so we’re back to the 1+ foreclosure per day.
The threat of future foreclosures is always lingering – could the worst be yet to come? With the banks and servicers controlling the flow, there doesn’t seem to be much reason to expect a flood coming anytime soon – or ever.
How many REOs are floating around in the shadows?
Here are the San Diego County properties owned by each lender, the number of SFRs they own in North San Diego County Coastal, and the count of how many of those aren’t listed yet:
|REO Owner||SD All Prop||NSDCC SFR||NSDCC SFR not listed yet|
|Bank of NY|
|Bank of America|
In the depressed areas where REOs are abundant, there’s no surprise to see some can-kicking, but around North County Coastal it’s been quiet. A few of the shadows have just been foreclosed, so you know there is some lag for evictions, repairs, and processing. Others are involved in litigation too, so it doesn’t appear that they are purposely delaying the process much around North SD County Coastal.
The buyers around NSDCC will welcome the 25 well-priced SFR REOs when they hit the open market over the next couple of months – expect bidding wars!