Foreclosures in the NSD County Coastal SFR area have been fairly steady the last two years.
There was a 43% YOY-increase in homes foreclosed who had loan amounts over $1,000,000 – we’ll probably see that continue, figuring that those with bigger payments are more likely to bail.
But in 2010 there were 879 houses that closed over $1,000,000 on the MLS (an increase of 18% YOY), at an average of $483/sf (a decrease 13% YOY), so softer prices are fixing things:
| Loan Amounts | NODs | NOTs | F/C 2010 | F/C 2009 | Totals |
| 0-$499,999 | |||||
| $500-$749,999 | |||||
| $750-$999,999 | |||||
| $1,000,000+ | |||||
| Totals |
Many of the NODs/NOTs are waiting in the loan-mod/short-sale pipeline, so 2011 should be similar – that we’ll see around 30 houses per month get foreclosed in the La Jolla-to-Carlsbad region.
MERS not looking like a good thing, Let the party begin!
http://finance.yahoo.com/news/Top-Massachusetts-court-rules-rb-2289371191.html?x=0&sec=topStories&pos=2&asset=&ccode=
The ruling today was certainly not what the banks were looking for but it’s being treated a lot like subprime was in the initial stages. The attitude that it’s no big deal is running rampant today. The things that everybody dismisses are usually the ones that end up being the big deals.
The problem I see isn’t really the homeowners in these suits. It’s the well funded pension funds and their lawyers that will try to force put backs on the banks from the bad MBS deal they bought.
“Loans to borrowers with subprime credit scores as low as 550 were among categories that grew the most….Credit restrictions were the biggest reason people stopped buying new cars during the recession, but “that’s not a problem anymore,” said Marty Horn, sales manager at Nashville’s Crown Ford.”
So I imagine all the people doing short sales are going to get a do over soon?
I wouldn’t be surprised someone who did a Short sale buying another property within 3 years…and someone who foreclosed within 5.
Are there statistics on that kind of information?