bubbleinfo.com

Thank you to those who made the ultimate sacrifice for their country, and to those who served.

The previous generation was proud to serve – My dad was a ROTC second lieutenant in the U.S. Army, and my two uncles served as well – Tom was in the Navy, and John was in the Army too.  All three served between Korea and Vietnam, so they didn’t face any live fire, but their contribution is worthy.

My Uncle John passed away last night, after a bout with Parkinsons.  He was a great man, and we’ll miss him dearly – RIP.

(this video was done yesterday)

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:

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!

If my last two experiences exemplify their strategy these days, then Bofa has abandoned the idea of fixing them up to get top dollar:

This is 862sf on a 3,000sf lot – and it’ll still be 30 days or so before this one hits the open market:

This house was foreclosed on February 4, 2008 when the previous owner owed $435,000. 

The bank re-sold it to this guy for $285,000, and he put 20% down on 7/10/08 - and by then borrowers had to qualify for their mortgage.

Ten months later his NOD was filed, in May 2009. It was foreclosed again on 3/18/2011:

After no new assignments since June – boom, nine REO listings sent to JtR in 2011 – here’s #9:

Hopefully there might be a day where I get one that’s right up your alley!

Bubbleinfo.com is always mellow around major disasters – our prayers go out to those in Japan.

But the REO train keeps rolling to the 92119; the San Carlos area, north of the I-8 near La Mesa:

The flow of North San Diego County foreclosures has picked up nicely.

Last year between January 1st and February 18th, there were 42 SFRs foreclosed, and this year there were 62, which is a 48% increase.  Here’s a look at a few:

These REOs are coming from two different sources so they don’t all qualify for HomePath financing.  But after seeing a few of them, I think we’ll be able to draw one conclusion – Fannie Mae got stuck with the worst of the worst: