Friday, February 8th, 2008 at 4:04 AM
From the Daily Transcript
San Diego County trustee deeds, a document that allows a third-party trustee to sell a property because the borrower of a mortgage had defaulted on payments, increased in January 2008 to 1,461, from 1,285 in December, 2007. In January 2007, there were 457 trustee deeds.
Notices of default, the first stage of the foreclosure recorded tio show that the borrower is in arrears on their mortgage payments, spiked to 3,299 in January, 2008 from 2,784 in December 2007. In January 2007, there were 1,436 notices of default.
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We’ve been following four forclosure agents, how are they doing?
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
The banks are being aggressive on price, and it seems like most every one I call has multiple offers on it. The regular sellers are being left in the dust, but it means that any seller can find a buyer, if they can just get the price right.
P.S. This week’s REO file has been added to ‘San Diego County REOs’ in the right-hand column. >>>>>>>>>>>>>>>>>>>>>>>>
Remember last week when there were 139 pages, a new record? This week’s total is 184 PAGES! That is over 900 foreclosures – look for February’s total to be substantially higher than January’s measly 1,461.
Posted on Friday, February 8th, 2008 at 4:04 AM in Foreclosure Agents, Foreclosures | 18 Comments » | 
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Tuesday, January 15th, 2008 at 2:33 PM
A quick update on the two CV foreclosures that were featured here during the first week of January. Both are still showing as active listings, and the one that had 14 offers better have come to agreement with a buyer well above the $1.499 million list price. The full price offer I submitted on behalf of a buyer was rejected, with no counter-offer.
The bank on the other listing on Mesa Norte, which allegedly has three offers on it, got greedy and is shopping around for a better deal. Good luck to them.
The four agents who we’ve been following that specialize in selling REO properties are still rolling. Here are their stats:
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
They sold 762 properties in 2007, here is the distribution by quarter:
1Q07 = 128
2Q07 = 197
3Q07 = 208
4Q07 = 229
A steady increase, but not a big difference, just +16% between 2Q and 4Q – we’ll see if it’s different this year. It probably shows more than anything that these agents have reached peak capacity. Here are the numbers of total trustee deeds filed from Ward’s site. Note the 40% overall increase between 2Q and 4Q:
1Q07 = 1,374
2Q07 = 1,956
3Q07 = 2,355
4Q07 = 2,731
Will the banks start spreading the listings around? If not, they’ll be sitting on more and more properties that are "in process".
My neighbors who got foreclosed in the first week of August finally moved out on Christmas weekend, but it’s still not on the market, three weeks later. I did catch an appraiser over there who said they are getting around to it.
Posted on Tuesday, January 15th, 2008 at 2:33 PM in Foreclosure Agents | 19 Comments » | Print
