We try to keep focused on the SFR foreclosure activity in the North SD County Coastal region, but it takes a keen eye to see the truth. There has been very few top quality homes foreclosed on, and offered by the bank as REO listings – but we’ll keep working on it!
Interesting on who the mortgage holder was.
I thought it went contingent and then to sale pending, then just saw it delisted. I wonder why they foreclosed???
“Ever think what these smart cars think of you?” (JtR)
OK, you owe me a new keyboard, Jim!
ca renter – I’ve seen several go from active->contingent->pending… and redfin will show it delisted when it goes pending.
The lack of FNM REO’s is unsurprising, given that conforming loan limits were too low for most of SD detached SFRs during the bubble. Any threat of a flood would have to come from BofA or WF.
UCGal,
Yes, I’ve seen that as well, and figured that was the case here; but Jim mentioned on the video that they actually foreclosed on it, which I thought was weird since it was a private lender and they appeared to have a pending sale.
It’s clear to me that the banks have decided that it’s a better deal for themselves to force a short sale than to foreclose. Which makes sense-there are lots of costs involved in foreclosing and preparing a house for an REO sale-why pay them if you don’t have to? Now, if the homeowner refuses to deal with the bank and goes down with the ship, they will foreclose in the end, but most make some sort of an attempt at a short sale before that happens, IMHO.
IMHO, of course: As long as the economy remains in the tank, you’re not going to get owner-occupiers lining up because no one’s secure enough in the job they might have this week to sign on to a 30-year commitment on a property that’s still priced more than it’s worth.