The amount of properties being foreclosed is still lower than the last two summers:
| Jun-Aug | Back-to-Bene | 3rd-Party Buys | Total # of SD properties foreclosed |
| 2008 | |||
| 2009 | |||
| 2010 |
But at least the recent trend is heading in the right direction – fewer trustee-sale cancellations:
Will servicers consider that selling more properties when rates are 4.25% might be a good idea?
Jim Klinge
Klinge Realty Group
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
Trustindex verifies that the original source of the review is Google. We sold a home with Jim and Donna and from beginning to end they were consummate professionals. Their initial walk through the property resulted in a list of items to be repaired or updated. They supplied a list of vendors and job quotes to do the repairs and updates. We originally wanted to sell ‘as is’ and just get it over with. They gave us a selling price for ‘as is’ and options for doing a few updates/repairs to doing it all with the selling price for each option. We agreed to do all they suggested and we sold for the exact price they predicted. For every dollar spent we got back more than $2 back in the selling price. And they got that price in a rising interest rate environment! Donna and Jim are extremely detailed and guide you through ever aspect of the sale. There were no surprises thanks to their guidance. We couldn’t be more pleased with their representation. Thank you Donna and Jim, Jerry and MaryTrustindex verifies that the original source of the review is Google. 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.Trustindex verifies that the original source of the review is Google. WeI had the pleasure of working with Klinge Realty Group to sell our home in Carmel Valley, and I cannot recommend them highly enough! Jim and Donna demonstrated exceptional professionalism, offering expert guidance on market conditions and pricing strategy, which resulted in a quick and successful sale. Communication was prompt and we were well-informed throughout the entire process. For anyone looking for a dedicated and knowledgeable real estate team, look no further! ---Trustindex verifies that the original source of the review is Google. Donna and Jim Klinge of Klinge Realty Group have our highest possible recommendation. From Donna and Jim’s first visit to our house through closing their advice and counsel was candid and honest in all dealings. They kept us fully informed throughout the process. The house sold less than three days after listing with a two-week closing. My wife and I have sold several houses during our lives. This was by far the best experience. Klinge Reality is a premium service realtor. You can’t make a better choice for someone to sell your home fast and for top dollar.Trustindex verifies that the original source of the review is Google. Donna and Jim provided exceptional support and professionalism throughout the entire process. We couldn't have been happier with their efforts. They made our house shine, and thanks to their expertise, it sold above the listing price in the very first weekend! Truly a fantastic experience from start to finish.Trustindex verifies that the original source of the review is Google. This year has been difficult on our family, mainly due to having to sell our home. Thankfully we knew God had a plan for us and working with the Klinge team was a key part of it. It was an obvious decision to work with them again after such an amazing experience when purchasing the same home we needed to sell. The challenge was, how will we do this in so little time with so much going on? Jim and Donna held our hand every step of the way. Whenever an unexpected issue arose they found and provided a solution. Never once did we feel pressured to make a decision and the Klinges were always reassuring after providing the information that the decision was ours to make. Despite the curve balls, they never panicked and exemplified the “can do” attitude, making us feel optimistic and taken care of. Their expertise and professionalism was superb. But of all the reasons to work with the Klinges, the most impactful and valuable is their compassion and genuine care for their clients. We pray that we can one day purchase our forever home and you better believe that Jim and Donna will be representing us - as long as they will have us of course. Thank you again Klinge team! Your execution, experience, and care are unmatched.Trustindex verifies that the original source of the review is Google. Jim and Donna were fantastic! Jim understanding my needs, recommending potential places, pointing out the pros and cons of each property was invaluable. Then when the offer was accepted Donna’s organized guidance through the inspections, paperwork etc made the whole process seem effortless. So grateful that I had them on my side!Trustindex verifies that the original source of the review is Google. We first found Jim through his blog at bubbleinfo.com, which really showcased his knowledge of SoCal real estate. Since then we've done three transactions with Jim and Donna, and they are an incredible full service agency, with Jim's deep market insight and Donna's deft contract and project management. We trust them implicitly in their analysis and strategy, which is based on years of experience. They're always available and on top of things, and we strongly recommend them to anyone.Trustindex verifies that the original source of the review is Google. The Good The Klinge Realty Group operates like a finely tuned machine, with a very personal touch. We contacted them on a Sunday and they were talking to us about our family and our needs on our living room couch the following day. They carefully listened to us and worked with us to identify the best and quickest path to listing within 2 weeks to take advantage of the low inventory conditions in our South Carlsbad neighborhood. They knew our tract specifically and had many previous sales there over the years - they came prepared with a thorough analysis of comparative sales and recommended a pricing strategy that they felt confident would yield offers the first weekend on the market. The Great Over the next two weeks Donna coordinated a range of vendors who she knew from experience could get the preparation to list work we needed done on time and with high quality. Our light tune-up involved excellent experiences with their stagers, landscapers, contractors, electricians, and plumbers. Throughout this period Donna's daily communication was clear, concise, and responsive. Any time we had questions Donna picked up the phone or texted immediately - but almost always, she answered our questions before we even knew we had them. The Outstanding We had a tricky situation with a shared fence that could have delayed our escrow. Donna used superb mediation skills to negotiate the terms of replacement and was personally on site with the fence contractor to make sure everything went smoothly. The fence looks great and escrow closed on time. The Truly Exceptional Our house came on the market on a Wednesday and between then and Monday morning Jim was personally at all three open houses. He was in constant communication explaining potential buyer reaction and strength. As he predicted offers began to come in on Saturday and each one was incrementally higher than the last. At the end we had 5 offers, 4 of which were over list, and the final accepted offer was $100,000 over list. In addition to being over list it included rent back terms that met our needs. The Recommendation For all of these reasons we would strongly recommend The Klinge Team to anyone wanting to sell in North County Coastal San Diego. I had been reading Jim's bubbleinfo.com blog for 15 years and knew when the time came to sell that he would be our first call. Jim Klinge is not your standard realtor. He is keenly aware of market conditions and sales strategies. And, works his tail off - though not as hard as Donna . At this point he's gone from realtor to friend and I plan to have him over to grill and chill at our new place to talk real estate, but also just about life and raising kids in San Diego. He's more interested in relationships than his sales numbers - and that's why his sales numbers are so high. We have already recommended the Klinge's to some close friends and another successful sale is on deck right around the corner...Trustindex verifies that the original source of the review is Google. We recently had the pleasure of working with Jim and Donna from Klinge Realty Group to sell our house, and we couldn't be more satisfied with the experience. From the initial meeting, they listened attentively to our needs and provided invaluable guidance on specific improvements to get our home market ready. Their responsiveness throughout the entire process was truly impressive. Anytime we had questions or concerns, they were quick to address them, ensuring we felt comfortable and informed every step of the way. What stood out the most was their team and extensive network of tradespeople, which made addressing any necessary repairs or updates seamless and stress-free. Thanks to their expertise and dedication, our house sold quickly and at a great price. We highly recommend Jim and Donna to anyone looking to buy or sell a home. They are a fantastic team who truly care about their clients and deliver exceptional results.Load more
The sooner the better, but selling foreclosures just isn’t their area of expertise and they don’t know who they can really trust to handle the task. That’s the real dilemma.
Also in play is they’d rather lose more money slowly in the long run than less money all at once. It actually looks better to their investors.
Encinitas house that went back to the bene in March. The six month dealy is obviously due to the care involved in taking the artisitic photos and writing the pithy, all CAPS description.
http://www.redfin.com/CA/Encinitas/407-Swamis-Ln-92024/home/6666973
It will be interesting to see what this ends up going for, as it looks like there haven’t been any sells in this community since the dead cat bounce.
Don’t you love the listings that are east of I-5 that start their remarks with,
“Walk to beach…”
selling foreclosures just isn’t their area of expertise and they don’t know who they can really trust to handle the task.
I don’t think we can say that anymore, with servicers having unloaded 13,000+ properties just in SD County alone over the last 2.7 years.
The pace has to be deliberate, and agreed, all to appease the investors.
This went pending today, after 1.5 years on market – they started at $24,500,000:
http://www.sdlookup.com/MLS-100005264-5490_Calumet_Ave_La_Jolla_CA_92037
It seems like more are going back to bene because more are priced too high at the steps. I’ve seen houses that are listed and active (not pending/contingent) and the trustee sale comes out with a price a LOT higher than the MLS price… if you can’t get a buyer traditionally – why would you expect someone to pay even more, all cash, at the steps?
Jim, sdlookup says that listing isn’t available to us common folk.
Here’s another link to the same place (which is pretty nice):
5490 Calumet, La Jolla
That link didn’t work for me either.
“This property is listed on the local MLS however due to industry rules and regulations the property’s listing currently may only be
shown to registered users.”
It worked for me – but I have an sdlookup account.
Try the redfin link
http://www.redfin.com/CA/La-Jolla/5490-Calumet-Ave-92037/home/4937705
Try it through redfin.
http://www.redfin.com/CA/La-Jolla/5490-Calumet-Ave-92037/home/4937705
Can you picture this?
The REALTOR powers-that-be are sitting around the table one day, discussing how to provide what the clients want.
It comes up, what do we do when a property goes pending, because that’s when it is one of the most vital pieces of relevant data to judge the market?
Ahhh, let’s cut off the transparency right there!!!! BLOCK THEM!!!
Try this link, from my own search engine in the top left corner of the blog – will probably get blocked at midnight. Make sure to see the theater room:
http://idx.diversesolutions.com/search/2142/11/#MinPrice=18000000&MaxPrice=26500000&ZipCodes=92037&PropertyTypes=335&PerformSearch&MinPrice=20000000&MaxPrice=21000000&ZipCodes=92037&PropertyTypes=335&PerformSearch
EDIT: yep, it got deleted at midnight
Everything is still 20% to 30% over priced! Wait till early 2011 to see a major collapse in prices.
“The pace has to be deliberate, and agreed, all to appease the investors.”
Thank You! Finally people are starting to acknowledge that banks are manipulating the market to their advantage.
Now that the numbers are starting to prove how banks are screwing everyone over it’s time for the SEC to file a RICO/Monopoly suit.
RC,
Welcome newcomer!
Veros, a Santa Ana-based real estate tracker, said its economic model forecasts Orange County homes appreciating 1.8% in the year to end June 2011 — part of an overall firming of much of the California housing market.
In the report, Veros’ Eric Fox says: “More coastal California markets are showing signs of improvement … California’s Inland Empire area is showing signs of modest appreciation, joining the state’s strongest metro region, San Diego.”
Both the IE and San Diego cracked Veros’ Top 5 for projected gains in the year to end next June:
1.Shreveport/Bossier City, La.: +4.2%
2.San Diego: +3.4%
3.Inland Empire: +3.2%
4.Amarillo, Tex.: +3.2%
5.Houston: +3.1%
At the other end of the spectrum, Veros’ Bottom 5 has a heavy Florida flavor:
1.Chico: -8.9%
2.Deltona/Daytona Beach, Fla.: -8.3%
3.Reno: -7.8%
4.Vero Beach, Fla.: -7.8%
5.Palm Bay/Melbourne, Fla.: -7.7%
Overall, Fox wrote: ”Although there aren’t any overwhelmingly strong appreciating forecasts in the near term, the depreciating ones are milder than they were a year ago.”
Estimate 1.2 mile straight line to the beach. So, the homeowner is assured of 2.5 mile walk round trip to the beach and back – a healthy daily routine.
Shadash #11- I believe we have similar views on the BS of the marketplace. However, the angst towards the banks is highly misplaced.
Banks are in business to maximise their shareholders/clients value, and very little else. Thus they should be applauded for their obviously successful attempts to maximize their overall values and implement their clients requests.
The angst needs to be directed at the government which set the table, defined the rules, and printed the money, and gave it to the banks which encouraged this strategy to occurr.
Thus, while the banks are culpable in this, it is only to a lesser degree than the government.
The government robbed the people, the banks simply drove the get away car.
Would the banks be operating the same way, relating to REO/foreclosure, if the government left them out on their own??? Doubtful.
90% gov – 10% banks….follow the money and it all leads back to the gov’s printing presses and accounting rules.
Clearfund – Depends on where you draw the line between banks and government, and on what side of that line you put the Federal Reserve. They’re all 100% guilty in my book; just because there were two shooters doesn’t mean each side only gets half of the blame for the murder.
Clearfund…
Last two heads of the Federal Reserve
Bernanke = Princeton, NYU, and Stanford
Geenspan = Columbia, and NYU
Last two heads of the Treasury
Geithner = Dartmoth, Hopkins. In October 2003 at age 42 he was named president of the Federal Reserve Bank of New York
Paulson = Harvard, Goldman Sachs
Your arguement that Government is the problem and not the banks is dubuious. More than anything The Federal Reserve (that printes the money) and the US Treasury (that tells government how to spend/allocate money) are an intertwined “old boys” club that work together.
Also…
The Federal Reserve = There are 12 Federal Reserve Banks which are located in the following cities: Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St Louis, Minneapolis, Kansas City, Dallas, and San Francisco. Each reserve Bank is responsible for member banks located in its district.
* Who’s interests to you think are being represented? You’s and mine or the banks?
black helicopters aside – I still place the bulk of the liability with the gov who, in your view, caved into the banks (thus the gov is spineless and thus at fault since they hold the $$$ and keys to the printer).
Regardless, the situation remains that if the gov didn’t give in to the banks, this would be turning out different (perhaps not better, but 100% different).
You cannot blame the banks for lobbying/arm-twisting for their own self interests. We all d that every day on our own behalf.
At home you cannot blame your child for eating too much candy just because they asked you 1,000x for it and you the parent gave in and didn’t say no…same as did big daddy government caved in.
These are pretty longshot and tenuous arguments at saying banks = government. You aren’t even trying, and you can do better.
Yeah Jim the banks sure do have the experience and practice of selling foreclosures, but I think their system of looking at foreclosures is dysfunctional. Not just because appeasing investors is even more important than turning a profit, but because of how they account for these homes on their books. Until the house is actually sold, the loss isn’t taken.
They need to look at this as loss mitigation on their books – use the market price to determine the loss they’ve already suffered and count the carrying cost of the loan as monthly losses. That’ll light a fire under their ass and fix the investor dilemma.
clearfund, it’s no use some guys here are one trick ponies and you’ve just seen it all. No matter what the blog post, it’s the same emotional appeal over logic argument every day. Sign of the times.
SDBRI – agreed. If the gov would tweak the accounting to incentivize the liquidation then it would happen. the gov is, unfortunately, and ever increasing puppet master.
Our trick in this world is to not fight the tide, just take a breath, try to figure out which way its is moving, then hop on and take a ride.
Fighting it, may work for a select few who enjoy the ’tilting at windmills’ challenge….and we’re all better off for that.
However, most of us would rather make a good living, enjoy time with the family/kids, put a few bucks away, all with as little stress as possible as we’ll all be taking a ‘dirt nap’ one day regardless of whether its the ‘banks’ or the ‘gov’.
Lobbyists don’t exist in this country.
Nobody from the Federal Reserve has ever held post in government.
The banks are unable to influence the government.
I’m beautiful.
What sucks is we all know what’s going on but there’s nothing you can do about it.
Shadash – here is one thing to do about it. Leverage up on some guaranteed Agency paper (fannie/freddie/etc) and collect your guaranteed income and protected principal.
pays better than treasuries and a CD. We know know that no one is going to let the Agency paper default regardless of the performance of the underlying mortgages.
Note: the paper is NOT the stock of the Agencies but rather various guaranteed mortagage pools which they guarantee.