The group of bank-owned properties in North SD County was published here on February 6th, and there were 688 on the list that day.
Here is the fresh list below, with extra zip codes included.
To compare apples and apples, the towns on the previous list were Cardiff, Carlsbad, Del Mar, Encinitas, La Jolla, Poway, Rancho Santa Fe, Solana Beach, West RB, RP, Carmel Valley, and Scripps Ranch.
On today’s list there are 681 properties in those same areas.
We’ll keep checking on these in the coming months.
These lists are generated by compiling the results of the trustee sales. In the cases where an individual purchased the property at the courthouse steps, they are listed as the owner, instead of the bank who would have taken it back – and some of them go back months or years.
Bank Reality Finance Inc sure has a monopoly on San Ramon Dr, over 200 properties on that complex and no other holdings. I take it this is a holding bank for the builder.
iPhone embed itself in your hand yet? Show it off to anyone extolling its virtues? Wait until you start downloading apps.
I imagine for you the “map, get directions, current location to…” feature is da bomb.
Oh, and the hot app: “Bump.” http://www.bumptechnologies.com/
What a complete unmitigated disaster
I just talked to a friend who lives in CV and they plan to rent out their townhouse, rent a small place in UTC (yay!), and use their savings in UTC to help float their payments in CV.
To illustrate hypothetically how that works..suppose your mortgage+HOA in CV is $3000 but you can only make $2500 in payments. You also can only rent out for $2500, so it would be cash flow negative by $500. But, you can rent in UTC for $2000 (or even $1500 for a nice 1br). So you “trade down and rent”, which with the $2000 UTC apartment makes you perfectly break even.
In summary, renter pays $2500 of your $3000 mortgage+HOA, so you’re short $500/mo. But you rent a $2000 apartment instead of your home, giving you $500/mo which cancels out with renting. By renting a place $1000 cheaper than your mortgage, you manage to hold onto your house instead of foreclose or sell!
Human nature prevents us from simply selling the house and renting in UTC for $500 net a month. Or selling the house and buying a cheaper one. I know I’d have a real tough time in this situation too and might not have the guts to sell even if it’s the best move.
Any reason why a home sold to a bank in November hasnt hit the MLS yet?
Everything you stated is great in theory. But what happens when the rent check comes in late or not at all and you’re forced to evict the renter?
More than likely your friend is going to not pay the mortgage and go into BK pocketing the extra rent from their property until the renters are evicted.
And who pays $2500 in rent for a townhome? In CV?
The home data out this week didn’t look to rosy.It is a much better time to buy than 2005.My ex has lost 150,000 on her brilliant buying of a condo in august 2005.She now gas a sugar daddy paying her bills.
Do any of you briliant people know how data is seasonally adjusted?Just looking for a simplified answer.Thanks.
4s Renter-Because they haven’t gotten around to/felt like listing it. Delays of that long are starting to become common. The whole process is moving in slow motion.
Arizonadude, let’s say you typically sell 15 houses in winter, 40 in spring, 30 in summer, and 15 in the fall. So over the year you sell 100 houses.
If some spring you actually sell 50 houses, to get the annual rate you can’t multiply 50 * 4 seasons to estimate a rate of 200 houses, that would overstate things. So instead you say that the rate is 50/40 = 1.25 times average, or that the “seasonally adjusted annualized rate” is 125 houses per year.
Dwip… that’s the best explanation of ‘seasonly adjusted’ I’ve ever heard. Thanks.
OK I spent a few minutes exporting/importing the data points into Google earth. My area hasn’t changed much since the last list and I know one of the homes in my area was sold in March. So some of these homes may not be available. I guess the next step is to get a list of the homes that sold in the area and cross match the for the second ‘sale date’ and I would suppose the later sale date would reflect the REO sale to a buyer. Only someone on the street would be able to provide real time reconnaissance for homes entering/closing escrow or even if the agent is hording offers or not even serious about selling? I can see how this process can get very tedious which would require the need of an expert – hence JTR. I have a lot of free time on my hands and I just like looking into this market as an outsider. It is pretty addicting ya know.
Thanks dwip.That makes a lot of sense.I keep hearing the seasonally adjusted housing numbers and was just curious.
did you guys hear anymore about the freddie mac cfo.Was he killed or a suicide?
There is a problem with seasonal adjustments. 2002-2006 the “seasonality” was much much greater. 07-09 we are seeing much less variability.
Worse than late rent checks is vacancy. With late rent you can still pay the mortgage unless you’re literally living month to month.
Before the condo conversion, $2300 is what this unit rented for years ago. So to answer your question, at least 200 people did.
Yeah, but rents have to have gone down-a lot-since then.
Your friends also have to realize they’re continuing to pour money into a depreciating asset. Yes, they’re still paying their mortgage, but now their net worth is getting hammered. They’re sacrificing lifestyle, but not really digging out of the hole. They’re still screwed.
You also have the obvious question: why did they sign up for $3,000/mo if they can only afford $2,500/mo in the first place? They’re not exactly setting off the “brilliant” alarm here.
What they are doing, however, is the honorable thing by meeting their financial obligations. That’s something I can respect.
Geotpf–Last I read, rents in SD county were way up???
sdbri–It depends on how one looks at it–I see it maybe making sense as a long-run play. The $500 mo loss should easily be offset by a tax break on their rental (depreciation, etc…), and if they are planning to hold it for a decade or so, they may come out ahead–who knows.
I guess rents are now decreasing-sorry
Pretty sad that you’re still keeping tabs on your ex 4 years later. Maybe it’s time to move on?
Geotpf, rents are down this year, but higher than when this place was a condo. Check out my posts on sdlookup, I’ve been keeping track of dozens of complex for years and was the first person to point out rents were falling in UTC and CV. That doesn’t mean rents aren’t still obscene, and higher than they were years ago. See for yourself:
The Blur, that’s not how they bought the place. When he bought it, he split the rent with a roommate so he could easily afford it and then some. Since then his personal circumstances completely changed through a major life-changing event and now he cannot have a roommate, cannot afford it.
Some advice to all prospective homebuyers – always consider the possibility of birth, death, divorce, and unemployment. Or all four.
Forgot to mention disability and marriage. Marriage is probably the most expensive out of the six.