Are there a bulk of bank-owneds that are being held off the market?
A review of the tax rolls looking for detached homes owned by Countrywide, Cwabs, Bank of America, Bank of New York, US Bank, Deutsche Bank, Wells Fargo, Downey, and First Franklin found that there were only a few (less than ten) that were foreclosed prior to April and weren’t on the open market in Del Mar, Solana Beach, Rancho Santa Fe, Carmel Valley and Encinitas:
Those same lenders own 1,474 properties in the county, so they have inventory – just not many detached homes in the prime North County Coastal region.
At least, not yet.
Hang onto your hats. According to ForeclosureRadar, these are the overall counts of foreclosure notices (NOD, NOTS, & REO):
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