All that matters to most buyers is the flow of new REO listings – has the flood started?
San Diego County, Attached and Detached REOs:
| Week Of | # REO New Listings | # REOs Marked PEND | # REOs Closed | Closed $/sf |
| 6/29-7/4 | ||||
| 7/5-11 | ||||
| 7/12-18 | ||||
| 7/19-25 | ||||
| 7/26-8/1 | ||||
| 8/2-8 | ||||
| 8/9-15 | ||||
| 8/16-22 | ||||
| 8/23-29 | ||||
| 8/30-9/5 | ||||
| 9/6-12 |
* late-reporters should fill this out, but will it get to 200?
If anything, the REO market is slowing down a little, not speeding up.
Jim Klinge
Klinge Realty Group
Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
CA DRE #01527365, CA DRE #00873197
Trustindex verifies that the original source of the review is Google. We sold a home with Jim and Donna and from beginning to end they were consummate professionals. Their initial walk through the property resulted in a list of items to be repaired or updated. They supplied a list of vendors and job quotes to do the repairs and updates. We originally wanted to sell ‘as is’ and just get it over with. They gave us a selling price for ‘as is’ and options for doing a few updates/repairs to doing it all with the selling price for each option. We agreed to do all they suggested and we sold for the exact price they predicted. For every dollar spent we got back more than $2 back in the selling price. And they got that price in a rising interest rate environment! Donna and Jim are extremely detailed and guide you through ever aspect of the sale. There were no surprises thanks to their guidance. We couldn’t be more pleased with their representation. Thank you Donna and Jim, Jerry and MaryTrustindex verifies that the original source of the review is Google. We have known Jim & Donna Klinge for over a dozen years, having met them in Carlsbad where our children went to the same school. As long time North County residents, it was a no- brainer for us to have the Klinges be our eyes and ears for San Diego real estate in general and North County in particular. As my military career caused our family to move all over the country and overseas to Asia, Europe and the Pacific, we trusted Jim and Donna to help keep our house in Carlsbad rented with reliable and respectful tenants for over 10 years. Naturally, when the time came to sell our beloved Carlsbad home to pursue a rural lifestyle in retirement out of California, we could think of no better team to represent us than Jim and Donna. They immediately went to work to update our house built in 2004 to current-day standards and trends — in 2 short months they transformed it into a literal modern-day masterpiece. We trusted their judgement implicitly and followed 100% of their recommended changes. When our house finally came on the market, there was a blizzard of serious interest, we had multiple offers by the third day and it sold in just 5 days after a frenzied bidding war for 20% above our asking price! The investment we made in upgrades recommended by Jim and Donna yielded a 4-fold return, in the process setting a new high water mark for a house sold in our community. In our view, there are no better real estate professionals in all of San Diego than Jim and Donna Klinge. Buying or selling, you must run and beg Jim and Donna Klinge to represent you! Our family will never forget Jim, Donna, and their whole team at Compass — we are forever grateful to them.Trustindex verifies that the original source of the review is Google. WeI had the pleasure of working with Klinge Realty Group to sell our home in Carmel Valley, and I cannot recommend them highly enough! Jim and Donna demonstrated exceptional professionalism, offering expert guidance on market conditions and pricing strategy, which resulted in a quick and successful sale. Communication was prompt and we were well-informed throughout the entire process. For anyone looking for a dedicated and knowledgeable real estate team, look no further! ---Trustindex verifies that the original source of the review is Google. Donna and Jim Klinge of Klinge Realty Group have our highest possible recommendation. From Donna and Jim’s first visit to our house through closing their advice and counsel was candid and honest in all dealings. They kept us fully informed throughout the process. The house sold less than three days after listing with a two-week closing. My wife and I have sold several houses during our lives. This was by far the best experience. Klinge Reality is a premium service realtor. You can’t make a better choice for someone to sell your home fast and for top dollar.Trustindex verifies that the original source of the review is Google. Donna and Jim provided exceptional support and professionalism throughout the entire process. We couldn't have been happier with their efforts. They made our house shine, and thanks to their expertise, it sold above the listing price in the very first weekend! Truly a fantastic experience from start to finish.Trustindex verifies that the original source of the review is Google. This year has been difficult on our family, mainly due to having to sell our home. Thankfully we knew God had a plan for us and working with the Klinge team was a key part of it. It was an obvious decision to work with them again after such an amazing experience when purchasing the same home we needed to sell. The challenge was, how will we do this in so little time with so much going on? Jim and Donna held our hand every step of the way. Whenever an unexpected issue arose they found and provided a solution. Never once did we feel pressured to make a decision and the Klinges were always reassuring after providing the information that the decision was ours to make. Despite the curve balls, they never panicked and exemplified the “can do” attitude, making us feel optimistic and taken care of. Their expertise and professionalism was superb. But of all the reasons to work with the Klinges, the most impactful and valuable is their compassion and genuine care for their clients. We pray that we can one day purchase our forever home and you better believe that Jim and Donna will be representing us - as long as they will have us of course. Thank you again Klinge team! Your execution, experience, and care are unmatched.Trustindex verifies that the original source of the review is Google. Jim and Donna were fantastic! Jim understanding my needs, recommending potential places, pointing out the pros and cons of each property was invaluable. Then when the offer was accepted Donna’s organized guidance through the inspections, paperwork etc made the whole process seem effortless. So grateful that I had them on my side!Trustindex verifies that the original source of the review is Google. We first found Jim through his blog at bubbleinfo.com, which really showcased his knowledge of SoCal real estate. Since then we've done three transactions with Jim and Donna, and they are an incredible full service agency, with Jim's deep market insight and Donna's deft contract and project management. We trust them implicitly in their analysis and strategy, which is based on years of experience. They're always available and on top of things, and we strongly recommend them to anyone.Trustindex verifies that the original source of the review is Google. The Good The Klinge Realty Group operates like a finely tuned machine, with a very personal touch. We contacted them on a Sunday and they were talking to us about our family and our needs on our living room couch the following day. They carefully listened to us and worked with us to identify the best and quickest path to listing within 2 weeks to take advantage of the low inventory conditions in our South Carlsbad neighborhood. They knew our tract specifically and had many previous sales there over the years - they came prepared with a thorough analysis of comparative sales and recommended a pricing strategy that they felt confident would yield offers the first weekend on the market. The Great Over the next two weeks Donna coordinated a range of vendors who she knew from experience could get the preparation to list work we needed done on time and with high quality. Our light tune-up involved excellent experiences with their stagers, landscapers, contractors, electricians, and plumbers. Throughout this period Donna's daily communication was clear, concise, and responsive. Any time we had questions Donna picked up the phone or texted immediately - but almost always, she answered our questions before we even knew we had them. The Outstanding We had a tricky situation with a shared fence that could have delayed our escrow. Donna used superb mediation skills to negotiate the terms of replacement and was personally on site with the fence contractor to make sure everything went smoothly. The fence looks great and escrow closed on time. The Truly Exceptional Our house came on the market on a Wednesday and between then and Monday morning Jim was personally at all three open houses. He was in constant communication explaining potential buyer reaction and strength. As he predicted offers began to come in on Saturday and each one was incrementally higher than the last. At the end we had 5 offers, 4 of which were over list, and the final accepted offer was $100,000 over list. In addition to being over list it included rent back terms that met our needs. The Recommendation For all of these reasons we would strongly recommend The Klinge Team to anyone wanting to sell in North County Coastal San Diego. I had been reading Jim's bubbleinfo.com blog for 15 years and knew when the time came to sell that he would be our first call. Jim Klinge is not your standard realtor. He is keenly aware of market conditions and sales strategies. And, works his tail off - though not as hard as Donna . At this point he's gone from realtor to friend and I plan to have him over to grill and chill at our new place to talk real estate, but also just about life and raising kids in San Diego. He's more interested in relationships than his sales numbers - and that's why his sales numbers are so high. We have already recommended the Klinge's to some close friends and another successful sale is on deck right around the corner...Trustindex verifies that the original source of the review is Google. We recently had the pleasure of working with Jim and Donna from Klinge Realty Group to sell our house, and we couldn't be more satisfied with the experience. From the initial meeting, they listened attentively to our needs and provided invaluable guidance on specific improvements to get our home market ready. Their responsiveness throughout the entire process was truly impressive. Anytime we had questions or concerns, they were quick to address them, ensuring we felt comfortable and informed every step of the way. What stood out the most was their team and extensive network of tradespeople, which made addressing any necessary repairs or updates seamless and stress-free. Thanks to their expertise and dedication, our house sold quickly and at a great price. We highly recommend Jim and Donna to anyone looking to buy or sell a home. They are a fantastic team who truly care about their clients and deliver exceptional results.Load more
Isnt the 90 day CA moratorium over today? I will be interested to see the results over the next few weeks.
There were enough exemptions to that 90-day foreclosure moratorium, plus backlog, that you would have thought there’d be more properties hitting the MLS by now. Unless the servicers were complying volutarily?
It’ll be interesting alright – here are the other stats:
There are 9,108 properties on foreclosureradar’s NOTS/auction list.
Number of trustee’s deeds recorded:
Jan = 1,325
Feb = 1,366
Mar = 844
Apr = 988
May = 1,007
Jun = 1,799
Jul = 1,607
Aug = 1,358
Below is a link to an article in the North County Times which tells the story we know from reading this excellent blog.
But, I was surprised to see that we now have year over year price gains in North County San Diego! Not just the month over month increases since January news.
http://www.nctimes.com/business/article_9b2b8624-1294-5aa5-99c7-c4bdffb2773a.html
And in other REO news ~~ Breaking News ~~ 9/15/2009 8:27 AM.
“Who wouldn’t want to party in Malibu?
Wells Fargo (WFC) said late Monday that it fired Cheronda Guyton, a senior vice president in charge of commercial foreclosed properties, for using a foreclosed beach house in Malibu, Calif., for private parties and weekend guests.
“A single team member was responsible for violating our company policies. As a result, employment of this individual has been terminated,” Wells said in a statement. “We deeply regret the activities that have taken place as they do not reflect the conduct we expect of our team members.”
Last week, The Los Angeles Times reported that the 39-year-old Guyton had been seen using the property for her own personal use. The bank took possession of the home last May after the former owners, Lawrence and Linda Elins, were wiped out by Bernie Madoff’s Ponzi scheme.
The 3,800-square-foot house is valued at between $12 million and $25 million and is located in a community that is gated to prevent the public from trespassing on private beaches.”
Yep, karma’s a b*tch…
Of the 99 comments posted so far, one of the first ones posted caught my eye:
“I’m a realtor and a foreclosure specialist. There is a serios (sic) problem with everything about the way Wells Fargo handled this. First, there are foreclosure companies that handle the resale of these properties. They assign them to local realty companies to list for sale. The realty company rekeys, inspects,, recommends pricing and submits a report with pictures. A lockbox is placed at the property. Unfortunately, many mortgage companies require specific combination lock box codes so all who are concerned with that property can gain access without the realtor knowing. Fire her? Yes. But fix the access problem so that inspectors, contractors, etc. MUST contact the realtor to give access with an MLS lockbox key.”
Any comments on this whole situation, JtR?
Could 9/6 – 9/12 be down simply because of the labor day holiday? 20% of the week was a holiday….
True, the county recorder’s office was closed 40% of the days, counting ‘state admission day’. The new listings’ count should be unabated though.
Susie,
More access is better than less access. Ideally they should leave the REOs open 24 hours a day with an armed guard out front.
Mozart,
Thanks for the link – hate this in the second paragraph though:
However, the number of sales continues to be limited by financing problems.
I don’t know why this myth continues on. The “financing problems” were in the boom years, now it’s back to normal.
Interesting item from CNBC about auctions of residential mortgage packages (CDO’s). . .could explain why banks are holding back, until “true value” is found:
http://www.cnbc.com/id/32855829
In trying to think like a greedy banker…The big dogs may have already decided on the $15,000 tax credit. They talk to “their people” and then hold them off for the next two months until they announce it. The plan may be to unload in Dec-Mar just in time to increase spring inventory and create another mad rush for the free money. It worked last time!
The REO (in my subdivision) that was in escrow fell out recently and returned on the MLS at a lower price – LOL. I wonder if a recent sale in the adjacent neighborhood had anything to do with it or perhaps the appraisal didn’t jive with the sale price. This property is a fixer for sure.
Maybe the “Bulk Buys” by investors is gaining steam. Solds behind the curtain. I could see banks having/hiring people to just sell bulk. Even its it is .50 cents on the $. If someone buys 10 or 100 at a time…the banks get cash flow and move chunks of problems at once vs one at a time.
Although odd to see prices rising and REO’s trickling out I would prefer this to the economic chaos we were facing 7 months ago.
I use the 5 freeway between Oceanside and Del Mar as an Economic indicator for San Diego. Most of last year and the first part of this year was easy sailing but now the southbound is jammed up every morning even with the new lanes. Could be just the cheap gas prices but people are going somewhere again(hopefully to work and to buy stuff).
I’m going to get in early on the next bubble Goldman Sachs is brewing up in carbon credits.
Mark in SD, these CDO’s may headed for inclusion in the new Closed End Funds to be offered by Blackrock Investments. Talk about putting Lipstick on a pig!
JtR- I completely agree.
“Tsunami Off To Slow Start”
Doesn’t the water level recede when a tsunami is approaching?
The NC Times article posted by Mozart is another classic piece of shoddy journalism if you ask me. All you have to do is read the first paragraph and then simply look at the inset chart to see the massive contradiction.
The story lead should be “Median values up in Escondido, Pala, Valley Center and Vista – everywhere else in North County is either close to flat or down with some zips down massively”. 3 of 4 Carlsbad zips are down big – the only one up has a sample of only 10 homes. Del Mar is down big. Encinitas is down. Fallbrook is down big. Poway is down. Ramona is down huge. RSF is down huge. SB is down huge. RB is down. RP is down. CV is down.
Just thrown the entire article in the garbage after cutting out the inset chart because that is where the story is told. What a joke.
3 clicks, are you talking about 1618 Blossom Field Way?
dacounselor is right; just ignore any of the positive numbers and remember to discredit anything that doesn’t match your worldview.
Never mind that there is actually year over year price increases. Yeah.
Mozart, what dacouncelor said is accurate:
Other than a few pockets in North County median prices fell. Also, as has been shown repeatedly in this blog, median prices are very misleading.
“In the rest of the county, detached home prices fell 6.94 percent from last August’s median of $360,000 to $337,000.
In the rest of the county, attached homes sold for a median $206,000, a decline of 11.21 percent from $232,000 in August 2008.”
Your comment should also have an asterisk noting that the modest increase is due to massive government intervention/subsidies/rebates which distorts true market pricing. Median prices may well go up this year and next year with another 15,000 subsidy. However, some time in the future it will be time to pay the bill. FHA financing is masking and enabling lots of losses which will cost the honest taxpayer while people like yourself, the NAR and corrupt politicians trumpet increasing median prices.
First of all that was lame of me to be so snappy. Sorry DA.
afikoman- I think the importance of a YOY turnaround cannot be discounted or easily dismissed. If you’ve been on this blog for a while you might remember that I have said in the recent past, (with much heckling), that the median sales price would go up as the upper and middle came down in price because the bottom tier had overshot. However, the median sales price increase would also spark more interest in buying in part because of sensational headlines.
And to pin this market improvement on FHA is a hollow argument. Sounds like Tea Party talk to me, (before the bad guy was the first time homebuyer tax credit of a whopping $8,000), always something to blame when things get better.
I don’t know why but some people just don’t like good news.
No worries Mozart.
I think the chart pretty much speaks for itself. Not that I lend much weight to medians anyway. But a fine example of misleading journalism nevertheless.
The NSDCAR HomeDex uses flawed data, the guy compiling it isn’t a realtor, and accuracy isn’t a priority.
Getting something, anything published that looks like it could help is the focus of the association of realtors.
Ignore all hype that uses median sales prices as their foundation.
Jim, thanks for making things clear.
Mozart, a genuine YOY turnaround would indeed be something. And I agree with your call about the effect of sensational headlines. However, in most of the rest of the county – Encinitas, Del Mar for example, the median is down.
This despite the sharp stock market rally, temporarily high FHA limit, the 8K credit and the NAR and media hype about green shoots (mostly due to cash for clunkers and inventory restocking).
I don’t think you can discount the FHA effect. Right now they are a large part of the market. Their default rates are going up for Prime loans just as subprime started off 2 years ago.
We could well be in for a W shaped home price rise and recession the minute interest rates go up.
After all the cheerleading, when the stimulus effect wears off, there could be trouble brewing for the economy and RE market after next summer’s selling season as we head into the November 2010 Congressional elections.
From Mozart’s link:
“Several investor, corporate-type clients are buying properties in bulk. So there is bulk buying going on, behind the scenes,” Lund said. He cautioned that his information was “hearsay,” and he couldn’t quantify how much of this buying is taking place.
And foreclosure activity is lower than expected, Lund said, based on anecdotal evidence.
“We are seeing properties that should have been foreclosed upon that are not on the market,” Lund said.
———————–
These comments are red flags to me.