We were talking about the sampling of 100 REOs in SD County that sold since 9/1/09.
Only 5 of those 100 sold by BofA/WFB ended up closing for more than $600,000, and ONLY ONE was in our Carlsbad-to-La Jolla stretch.
It seems like all we talk about here are trustee sales, foreclosures, REOs, etc. If you are waiting to buy one, let’s keep track of how many and the relative activity.
Let’s quantify how many properties are in trouble currently, and in particular, how many valued at $600,000 or higher in the Carlsbad-to-La Jolla region.
You can sort by ‘property value’ in foreclosureradar, and it is fairly accurate.
Foreclosureradar.com Carlsbad-to-La Jolla Properties Valued Over $600,000:
|Town or Area||Zip Code||NODs||NOTs||REOs||Total||Oct MLS sales-all||Oct $/sf|
There has to be several in each of the first two categories that still think they are loan-mod candidates, or in line for short-sale approval. We’ll see if they can pull it off, and why I want to track these stats over the next year or two.
The “Oct MLS sales-all” above includes attached & detached, REO and non-REO over $600,000.
How about the MLS REOs vs. Non-REOs?
|Status||REO Listings, $/sf||Non-REO Listings, $/sf|
Use this data at your leisure – some people may find the tsunami moving so slowly there’s no use waiting any more (there are 828 in the pipe and only 14 closed on the MLS last month?).
Others may find the foreclosure pipeline a bit daunting, and wait some more. Consider the 743 NODs and NOTs and how many will loan mod or short-sale successfully vs. how many won’t.
I’m guessing 50/50, because I think there are plenty of loan-mod candidates that will cave when it comes down to it, and take a slight change in terms to stay in the house – for now.