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.
Thank you Jim for providing updates on the foreclosure front lines.
This is really annoying/sad. There’s actual deadbeats not paying their mortgage and there’s intentional deadbeats scamming the system not paying their mortgage b/c they know gov is stupid and will give them what they want.
Using stupid logic I guess it’s temporarily good for the economy that money normally intended for mortgage payments is being spent on living expenses.
It won’t take long for the “free rent” program people to figure out that they can stay in the property much longer if they choose not to short sale and go the foreclosure route. Only thing that will change that group think is if the banks stop the 18 month process and turn it back into a 4-6 month process and of course will the states and current adminstration allow that.
What about Las Plan? Give us scoop!
Sounds like steady here too – they mention that 2Q09 in SD was 38%:
http://blogs.wsj.com/developments/2010/03/09/jp-morgan-foreclosure-sales-could-be-higher-in-three-years/
Efforts to modify loans and delay foreclosures may have helped hold down the stock of foreclosures for sale in the second half of 2009, fostering home-price stabilization. But that cure could require different medicine: an elevated level of foreclosures for sale over the next three years.
Analysts from J.P. Morgan Chase & Co. are forecasting that bank-owned sales as a share of total home sales will remain at current or even higher levels three years from now in more than half of the nation’s 10 largest housing markets, according to a recent investor presentation.
Bank-owned sales–or “REO,” real-estate owned, in industry parlance—are expected to account for between 39% and 50% of home sales in Phoenix in the fourth quarter of 2012, up from 37% at the end of last year. The REO share of sales in San Diego, where one-quarter of sales at the end of last year were REO, is projected between 24% and 31% three years out.
Is JimG an expert in something? Yes, I’m very curious about the Las Planideras house, as well.
It’s on the market, go look at it.
I looked at it back in November. It was JtR who was asking your thoughts on it.
“I’m checking the list everyday, and I haven’t gone down to the ’steps once this year!”
Similar challenge here in Phoenix. Prices at the trustee sale auction have risen so they are much closer to retail price. Thus it is much more difficult to find great deals.
Like you say Jim, everyone wants a bank deal.
JtR,
I have noticed a disturbing trend in the past few days – the % of scheduled sales being cancelled have increased by at least half. I suspect this coincides with the end of February deadline to fish or cut bait on pending modification applications. Personally, I hate the fact that mods are being given and keeping houses that should be inventory off the market (via the courthouse steps). But some of these will redefault, even with their ridiculously low new terms, so we’ll watch for the retreads 6-9 months from now.
Does this mean the banks/servicers will also now start ramping up the number of sales they actually conduct, instead of endlessly postpoing them? I haven’t seen that in the daily numbers yet.