Five examples of what’s cooking in Carmel Valley – the one I sold on Abalone closed in July, 2007, and the 3,622sf house for $1.23 backs to Del Mar Heights Rd, but is well-appointed:
When parts of the video get a little choppy, you know that editing was required to stay under the 10-minute maximum – I squeezed almost two minutes out of this one! Thank you listing agents for allowing me to demonstrate the market activity.
San Diego was up 2.7% year-over-year, but catch their remarks. Even though Shiller admits that pricing has been up since April, he is worried about the downside risks:
Let’s acknowledge the MBS-buying and tax credit, and call it even for the last year?
Jon Modene is a Northwest Ohio realtor who has taken to video, here’s a sampling of what he sees in his neck of the woods:
From the latimes.com:
Despite blizzards that shut federal offices for days, the Internal Revenue Service issued new guidance Feb. 12 on the two tax credit programs that are powering the country’s real estate markets — the $6,500 credit for repeat buyers and the $8,000 first-time buyer credit.
The new IRS policy clarified documentation that taxpayers need to submit to successfully obtain either credit. When Congress revised the credit programs in November, it ordered the IRS to tighten its rules and monitoring to curtail widespread frauds that had emerged earlier in 2009.
These included fictitious home purchases in which people claimed and received $8,000 checks from the government on transactions that had never occurred. .
To avoid such abuses in the revised credit program — which is scheduled to be available for qualified purchases closed through June 30 — Congress directed the IRS to spell out documentation standards in detail and to install monitoring systems to spot fraud upfront. Among the keys to the monitoring system is that all documentation accompanying credit claims comply with the IRS’ detailed rules.
Here’s an Oceanside bungalow for the history books, a new REO coming to market soon, the best health food in Leucadia, full service in La Costa Oaks, a peek at the new football field at Carlsbad HS, and another car for around town:
The Fiorano on the test track: http://www.youtube.com/watch?v=s_L_Z16MyRY
Hat tip to John for sending this in!
We’ve wondered if buying at the trustee sales might get easier some day, and to have open bidding on the internet seems like a natural progression. You may have seen this at Mish’s site, but if not, the article linked here describes some of the problems folks have had when buying at the trustee sales in Florida – from the Miami Herald:
A new online foreclosure auction system started with a mission of quickly moving a chunk of foreclosed properties while opening up the bidding process to regular folks.
A little more than a month later, some of the newcomers who bought property online say they were misled by the site and ended up spending thousands of dollars on condo liens and properties laden with hefty mortgages.
Miami-Dade County Clerk of Courts Harvey Ruvin said the online auction process is working as planned, and the few complaints he has received have come from people who did not take the time to understand the process.
The site has sold more than 1,500 homes in its first four weeks, with buyers hailing from all over the world. The clerk expects the number of homes sold each week to continue to rise, eventually reaching as many as 2,000 a week, a pace that will help cut into the cumbersome backlog of more than 100,000 foreclosure filings.
Those who have lost money point to the disconnect between the website’s buyer-beware disclaimers, and the county’s attempts to promote the site as simple and straightforward “just like eBay.’
Here is a link to the Miami-Dade County foreclosure site, and Palm Beach County has one too.
There have been 2,109 trustee sales completed in the last seven weeks in San Diego County. Wouldn’t it be nice if we had an auction website, and were selling 500-1,000 per week?
Unfortunately we don’t know enough about the homeowners on the foreclosure rolls, other than they aren’t making their payments. If the government can help them get a loan modification that’ll stick, or they can bargain for a short sale, then we won’t see them on the court house steps in the near future.
How many defaulters could end up on the open market?
Here are the number of SFRs that have a NOD or NOTS filed, the combined number of detached short sales on the MLS (ACT+CONT), and the year-to-date results of the trustee sales conducted:
| Town or Area | NOD | NOTS | MLS | 2010 REOs | 2010 3rd Party Buys | 2010 Cancelleds |
| Carlsbad | ||||||
| Carmel Valley | ||||||
| EncinitasCrdff | ||||||
| La Jolla | ||||||
| RSFDMSB | ||||||
| RB West | ||||||
| Totals |
There are 900 properties on the f-list (366+534), and with only 278 of them actively engaged in trying to sell, it leaves roughly 622 houses in question (though there are probably short sale listings that aren’t in default yet).
Will they get a satisfactory loan modification? Or will they be the short-sale or foreclosure candidates over the next few months? Or live under the radar until forced to move?
There have been 252 closed MLS sales, year-to-date, so if all 622 went up for sale over the next few months, I think the market could absorb them.
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
