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Category Archive: ‘REOs for sale’

Million-Dollar Tract House

We are approaching the previous-peak pricing in most areas, and you know it’s hopping when standard tract houses in Carlsbad with few upgrades are listing for $1,000,000.

This house sold new for $1,004,500 in 2005, and for $1,180,000 in 2007 and that sale was 95% financed:

Posted by on May 20, 2013 in Bubbleinfo TV, REOs for sale | 0 comments

REO-Auction Craptacular

Banks are constantly tweaking their foreclosure package, thinking it will provide more benefits. In the confidential remarks:

This property is under Auction Terms. All bids are to be submitted through This property is subject to a 5% buyer’s premium.

Here is the link:

It has a reserve price, the buyer pays the 5% premium on top of the sales price, the on-line bidding doesn’t start until May 30th, and the opening bid is $450,000.

The list price is $939,750 in the MLS:

Posted by on May 10, 2013 in Auctions, Bubbleinfo TV, REOs for sale | 9 comments

Distressed-Listings Decline 66%

Why would people list their home as a short-sale?

Because their lender is applying pressure to either make payments, short-sale, or be foreclosed. At least that is the old-fashioned way of banking.

It’s possible that, after months or years of delinquency, some might start making their payments again if they receive that magical loan-mod/principal reduction package. I just haven’t met anybody who has.

Maybe I’m a skeptic, but these stats make it appear that the banks aren’t applying much pressure – distressed listings are 1/3 of last year’s total:

NSDCC Detached-Home Listings, First Quarter

Listing Type 2012 2013

It might make sense for banks to be lenient in depressed areas where sales and prices are struggling, but around here we are starved for inventory. The policy is working so well that it may last a long time – the ultimate can-kicker!

San Diego County Filings

Meanwhile, another 85 new listings hit the MLS since our last reading, and we had 81 new pendings with a few cancelled/withdrawns – demand is raging:

Date NSDCC Active Listings Avg. LP $$/sf
Jan 14
Feb 4
Feb 10
Feb 25
March 6
March 11
March 16
March 23
March 31
April 5
April 11

This is the most important indicator to watch – if the active inventory starts to grow, it means buyers are backing off.

Posted by on Apr 11, 2013 in Inventory, REO Inventory, REOs for sale, Shadow Inventory, Strategic Defaults | 4 comments

Sizzling Penasquitos

As of tonight, this REO is still marked as an active listing. Yet the agent responded with the typical supreme confidence that permeates the business these days.

He sent this via a text message, “Sorry, but you’re way too late to this party.  We had 30 offers. The bank has selected one.”

It’s been on the market seven days.

Posted by on Mar 5, 2013 in Bubbleinfo TV, REOs for sale | 7 comments

RSF Contest Winner

linea1We have a winner for the RSF Bank-Deal contest!

LP = $850,900

SP = $980,000

Congratulations to James D, who guessed $982,000!

James won 4 field-level tickets to a Padres game!

The agent added an addendum later stipulating that the bank was only considering cash offers with a 10% good-faith deposit and no contingencies.

Posted by on Feb 25, 2013 in Bubbleinfo TV, Contests, REOs for sale | 1 comment