ocerenter noted two posts ago – could the foreclosure crisis be turning a corner?
I join in his skepticism, due to the numerous ways the data can be manipulated – primarily, we’ll never know how many defaulters are not being foreclosed. The bankers can just let people live for free if they want, and the public won’t know.
In San Diego County, there are more REOs and short-sale closings, than properties being foreclosed (based on MLS vs foreclosureradar stats):
| Time Period | REO + | SS = | REO & SS Totals | Trustee sales | Diff |
| 2010 | 7,372 | 6,332 | +1,854 | 1H11 | 3,844 | 3,250 | +1,506 |
| 2Q11 | 1,999 | 1,710 | +1,138 | ||
| June | 672 | 570 | +473 |
If anything, the liquidation flow indicates that the bankers have become better at managing the pipeline – as long as they keep it around 1,000 properties per month. At least they are providing some inventory!
But what about the shadow inventory? Will the underwater folks provide an unmanageable event for servicers in the future? Not as long as selling about 1,000 properties per month is acceptable to the bankers and investors. Defaulters will just have to wait in line!
Contolling = new word for “con men manipulating all events so to appear calm and monotonous”
Just wondering when a vocal renters’ rights group is going to start a ruckus about defaulters getting to live for free.
I am renting in North County Coastal and our building has about 200 units and first time I have seen in years that it is 100% leased and the asking rents have gone up, on average, 10% from last December.
This is sickening. The scammers, cheaters, and deadbeats are all being rewarded. Average joes get to pay the bill.
“defaulters will just have to wait in line”
I love it!
It’s just so bizarro and it’s just so true. Strange days.
Have an asset right now Jim that was foreclosed on in 2009 and he’s still in there with no legal proceeding to evict. Also have a BAC that was assigned 1 year ago and they are just now getting around to the eviction. There is no rush to do anything and judging by the massive amounts of cancellations at the courthouse the best guess would be they are withholding inventory to force a bounce in values.