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):
| Town or Area | # of Notices |
| Del Mar | 32 |
| RSF | 62 |
| Solana Bch | 79 |
| La Jolla | 178 |
| Carmel Vly | 196 |
| Encinitas | 211 |
| Carlsbad | 580 |
| San Marcos | 841 |
| Vista | 1,000 |
| Escondido | 1,710 |
| Oceanside | 1,754 |
| Chula Vista | 3,074 |
| DT 92101 | 433 |
who is the new 90 day foreclosure really going to help.Why dont we all quit paying so we can get a loan mod.I’m tired of the bullshit laws for people who don’t pay their bills.
I know people that can pay their bills with no problem but are considering not paying the mortgage to try and force a loan mod.
Seriously why wouldn’t you do this? If you’ve got $$$, don’t have any big credit purchases coming up, and don’t plan on moving for a while. There would be no reason not to do it.
Looks like only the SHIT AREAS going to hell.
You’re slipping old man. The Olivenhain house was realtor owned.
The beatings will continue until morale improves.
Chuck
Does anybody know the laws regarding squatting in California? There is a house next to my parents place that has been vacant (bank-owned) for almost a year now. My parents take care of the yard somewhat and try to park in the driveway to make it look like somebody is living there.
Why am I holding out on my home loan modification and I’ve been out of a job since December? My mod package has been sitting on my desk for the past three mos. I’m trying to do the honorable thing and take the moral high road. Its hard to stick to you guns when there is a squatter down the street (who I think is a Realtor) who has been living rent free for at least a year. If this person is a Realtor, their license should be taken away. Good news, Zillow gave me a 1.5% green up arrow on my property. We are past bottom LOL.
Squatters have no rights unless they manage to pay taxes on the property.Call the cops and get the losers out.
buy now or be priced out forever!!!!!!!
Bar,
I’m definitely old, and I may be slipping, but I try not to make fun of people getting foreclosed, including realtors.
From George C. this morning:
In my column last Friday I referenced comments from Kelly Cunningham with National University System Institute for Policy Research at the Mid-Year Real Estate Conference at USD. He suggested that San Diego County has a population larger than 20 states in the Union and it might be interesting to consider separating from California and becoming our own state. I asked Kelly to take a look at our economy compared to all 50 states and the numbers are even more impressive. Kelly determined that our GDP is larger than 25 states including Oregon, Oklahoma, Nevada and Hawaii. The case for statehood continues to grow.
Is it considered “shadow inventory” if the owners were first given NOTs in February and the Trustee sale keeps getting postponed? I must have a dozen addresses I’m tracking that have been postponed three or more times and still haven’t even gone on the courthouse steps.
Also, I know of at least one other home that foreclosed (REO) in November 2008 that still hasn’t shown up anywhere. (But previous owners WERE renovating it and it may not be in a state to have a CoE–could be on of those “there’s a reason” ones.)
It’s not so surprising that they’re aren’t many in the prime areas yet. Of the only almost ten you found not on the market, how many in those prime areas HAD gone on the market prior to April–100s? 1000’s? I suspect not so many so far. The vast majority of REOs so far have been subprime, and we are just getting to the Alt-A fun, which should hit those prime areas harder than subprime did.
Any chance that some of the suspected shadow inventory was marketed and sold to “investors” (ala the BoA approach with the Barratt properties) and won’t even show up in your “market” search?
Finally, is Carlsbad now “subprime” since it was not listed is a prime location? 😉
It would be even more telling if you could show the number of houses in each of those markets and what the ratio is. There are only 62 NOD, NOTS, & REO in Rancho Santa Fe but how many houses are actually there? Is the 62 one percent of the total housing stock or five percent of the total housing stock?
Per Tobias’ comment, Chula has 240,000+/- residents, it’s probably going to show bloated numbers considering the amount of new homes sold here (1999-2008) versus any other city in the county for a long time. I’ll let Mayor Cox know she finally won something, I hear she needs a pick me up.
I loved this video! It is nice to see the houses and what these REO’s and foreclosures look like.
I am starting to find the numbers of shadow inventory are inflated in my area. I follow on Realty Trac and I am amazed at the margin of error. To give you an example right now there are about 144 total bank owned, auction, and preforeclosure listings.
30% Bank owned
30% Auction
30% Preforeclosure
Almost all of the bank owned listings have been sold. About half of the preforeclosures have been sold or are pending short sales. And the auction ones seem to be in cyber space.
When I search I eliminate the 30% bank owned because they have all been bought. All together I see about 50% of the homes they list have already been sold to the new owner.
Hi Jim,
I agree with Tobias. It will be more helpful if you also list the total number of properties in each area so we can get a better picture.
hahahaha…., $1000/sq ft. you’ve got to be kidding me. Must be the secret stash of gold bars in the basement…
We need the banks to release their shadow inventory, I have several buyers who can’t get an offer accepted. One house in Glendale, AZ got 71 offers in one day, please lenders list more houses in good condition in the Phoenix area. We need them.