Eric at the North County Times mentioned the increase in Bank of America notices of trustee sale being sent out. Click here for link to full article.
The notices went to 230 homeowners in North San Diego County, a 69 percent increase from February.
Wow, will there will be more SFR short sales or REOs in North SD County Coastal?
There were 22 new notices sent out in February, and 23 in March to SFR borrowers from Carlsbad to La Jolla – not quite a meltdown yet. There are also some familiar faces on the lists as well, and we won’t count those as new meat.
Here are the lists:
February 2010 Recon NOTS NSDCC
We could all use some more inventory – keep ’em coming!
Added later, the chart from Effective Demand, click on it twice for clarity:
“Take Bank of America, who has the Countrywide portfolio which is almost entirely servicing loans without owning the actual mortgage paper. With the help of the federal governemnt they could put those properties aside as the “group to be dealt with later”, and rent them out, or ignore them.”
Jim the Realtor | April 13th, 2010 at 9:40
It looks like they are going to foreclose on them and not ignore them.
I’ll believe it when I see it.
Recon has 120 active NODs, and 226 active NOTS on SFRs in North SD County Coastal. Let’s check back in a few months and see how they did.
reposted from pigged item:
“An underlying concern for all, but I think we have to add to the list of possibilities that a number of borrowers are going to be allowed to live for free indefinitely. If that ends up being a larger group, the REOs could spread out over 5,10,20 years, ensuring a soft landing.”
I wonder how people considering buying in any neighborhood would feel if they knew that 1/10 of their neighbors (or is it 1/5?) were actually squatters?
Jim, do your buyers ask you to run a foreclosure radar, or somesuch, on the neighborhood that they are buying in to?
Well, one data point here:
A house that I had a SS offer on went REO last week. Did some digging around and it was BofA that put the hammer down. BofA was actually very friendly on the phone. I’m waiting for it to relist.
Freedom CM,
My buyers are bubbleinfo readers, so they know to ask, but they see the stats here and realize that there are few in the desirable areas.
I ran a check on Cardiff the other day for a buyer who asked, and this year there have been 6 trustee sales, and five of the six were purchased by 3rd parties. Not bad for 3.5 months.
Currently there are lots of buyers hovering, if there were 2-5 REO listings per month in each zip code they’d get gobbled up for retail prices. We are all wondering if it could get worse – if in one month there were 6-10 REO listings in one zip code, it could cause a freeze-up.
My two cents…my best friend is an high level boardroom executive within the mortgage division of a company that was a great movie! Haha! He is telling me the gates will open slowly in the next 6 mo….then the dam will break! Just what I have heard…take it with a grain of salt….or not!
“He is telling me the gates will open slowly in the next 6 mo….then the dam will break!”
Why? What’s the rationale? I’m just trying to understand.
My understanding is that his company is hiring back office staff like crazy to push these reo’s through their system and he won’t have the staff in place for approx 4-6 months!
Talking with a few other Bank of America listing agents we haven’t seen much in assignments lately but they are funny, no assignments for months then they give you 6 in one week, so who knows.
There is a lot of slack in the REO pipeline, lots of up to speed Asset managers and front line personal like Jim just chomping at the bit to get the inventory on market. There is no reason to wait 6 months unless that person’s company just wanted to handle disposition in house.
FYI, I also posted an updated recontrust graph on my blog today it includes San Diego.
The eventual 677-unit Vantage Pointe development on B Street in downtown San Diego has gone into default on its $210 million construction loan with more than $197.83 million due and owing as of March 9.
Jim – re: #12 we’re negotiating 2 AZ deals right now each with about $150mm of cost in them to-date so somewhat similar in scope to the Vantage point.
Deal A is negotiated to buy from the bank at $27mm.
Deal B is expected to be around $40mm.
I don’t know this Vantage project, however, my guess is that it will need to be resold/recapitalized around these figures to make it feasible for the new capital.
Its really ugly in the commercial world with a lot of extra hundreds of millions being lost in 1 quick transaction….ouch.
Speaking of Cardiff… 1428 Kings Cross, 92007. Jim, I’ve complained to you before about this one. The agent marked the listing as contingent immediately upon input. Yesterday he just dropped the price 50K! How does that work?
Their “buyer” probably offered 400k for it and they don’t want too big a mismatch in list price and sales price.
If it were to REALLY come on the market it would probably list for 650K. I sure hope the bank(s) realize they’re being duped on this one and deny the sale.
“1428 Kings Cross, 92007”
Two minutes on Redfin supports the idea that the house should be selling for quite a bit more than $400k based on the comps and the pictures of the house. Something we’re missing?
“In totally unrelated news, the new batch of hires at BoA have just finished training.”
Coincidence? I think not!
Captain Obvious here. There was always a backlog of cases, and it’s not like you can hire people off the street at minimum wage to process them. But give enough time and they’ll hire more people and get better at it.
It looks like about 210 have gone to auction in the past 2 weeks in Coastal North County. (I measured from just south of Del Mar to just east of the 15 and all the way North to include Vista and Oceanside. Of those, 83 are ReconTrust. FWIW.