I checked the tax rolls by owner name to find the detached properties currently owned by lenders – there were only 1,991 of them, which is about how many detached properties sell every month.
Don’t be alarmed, the pushpins are the size of a city block until you zoom in – and you can select ‘satellite’ or ‘hybrid’ versions in the top-right corner. Scroll around and notice how few are in the North SD County Coastal region:
REO counts by lender:
596 – Fannie Mae
296 – Wells Fargo
160 – Freddie Mac
144 – U.S. Bank
143 – Aurora Loan Servicing
114 – Bank of New York
107 – Deutsche
85 – Bank of America
69 – JP Morgan or Chase
64 – HSBC
53 – Indymac
U.S. Bank, the Bank of NY, Deutsche Bank, and HSBC were four big buyers of Countrywide’s private-label paper.
With two secure incomes and money in the bank, Victoria and Stuart Glick have been shopping for a larger home since April, looking at more than 30 houses and making offers on three of them.
The process has proved frustrating: The Glicks, who live in Dana Point and want to buy in Laguna Niguel, have lost out to other bidders all three times. And now, rising mortgage rates have left Victoria feeling less sure that they will find the ideal trade-up from the 850-square-foot cottage where they live with their 9-year-old daughter, Sarah.
“It makes us nervous,” Victoria said. “I don’t know if we’re going to wind up with that perfect house.”
“There aren’t that many great homes out there at bargain prices,” said Anthony Hsieh, chief executive of Irvine mortgage lender LoanDepot.
That has been the experience of the Glicks, whose real estate agent, Steve Sacshe, has been counseling them to stay patient, saying there is little reason for home prices to change much next year in south Orange County.
As for the increase in interest rates, Sacshe said: “It would have been better to buy something a month ago, but you can’t turn time back.”
The Glicks still hope they’ll find a home that they can and want to buy. But the rising rates have created a sense of urgency that wasn’t there when they began their search.
“We were being pretty picky,” Victoria Glick said. “Maybe we need to broaden our parameters a little.”
http://www.latimes.com/business/la-fi-mortgage-rates-20101222%2C0%2C2240866.story
Saw all the rain on the news tonight. Hope everyone is safe out there.
The stadium where the Chargers play looks a mess.
How about the one on 7243 Encelia in La Jolla?
13,626 SQFT?!
Check that one out!
Sorry Joe, that is NOT a foreclosure, it’s Bill Bennett’s house. He has it in a trust with WFB on it too, so it showed up on my list.
Check it out up close, quite a pad!
Although the marker is off – it’s the house about 200 yards to the northeast, the one with the tennis court.
Ya, that is quite a house. It’s curious though….look at the houses across the street!
Quite a difference there….I wondered if that factored into his mind when building that. I know it would if I could (enthusiastically) own a house there.
We are deleting a few others that got included by mistake.
I went through 50+ REOs to cull the names of lenders to check, so the bigger lenders are included.
A house that isn’t on the map is the latest Ranch REO video. It is owned by:
L M T 2006-3 Trust Fund
who it looks like picked it up from Citibank after they foreclosed 1.5 years ago.
What’s the latest with Nantucket? I live right around the corner, so I see it every day. That Tyvek wrapping getting blown off and it’s not pretty. I hear from the pipeline that the people are considering/want to tear it all down. Seems like a good plan.
Also, that lot to the left of Nantucket fell out of escrow right at the last minute…from what I hear.
Thanks for this information JTR! No REO listings currently in north mission hills but there a few contingent short sales that could turn into REOs next year and I am sure there are more in the default stage.
Are we remotely close to having the weak hands cleared out in some of the prime areas?
Not much west of 5 is there? The REO party is over.