With the MSM still peppering us about the size of the shadow inventory, Ed asked today for a summary of the local SFR backlog of defaulters.

Included on the right side is the total number of detached MLS sales over the last 12 months so you can gauge how many years it might take to clear out the shadow:

Town or Area Zip Code NOD NOT MLS sales, last 12 months
Cardiff 92007 6 19
Carlsbad NW 92008 24 42
Carlsbad SE 92009 60 94
Carlsbad 92010 22 32
Carlsbad SW 92011 21 34
Del Mar 92014 19 26
Encinitas 92024 56 72
La Jolla 92037 29 39
RSF 67+91 16 37
Solana Bch 92075 13 26
Carmel Vly 92130 33 60
Totals NSDCC 299 481

We’ll expect that a couple of these folks will get their loan mod, a few others will get their yearly bonus, gift or inheritance to get current, and some will get gifts from the FedGov – see below.

P.S. For comparison, during the previous 12 months, there were 2,541 SFR sales on the MLS, while the tax credit was in full swing.

From HW:

The Federal Reserve’s policy of keeping interest rates low to spur lending hit a barrier in the recovery with home prices falling and underwriting guidelines keeping borrowers from refinancing, said Eric Rosengren, president of the Federal Reserve Bank of Boston.

With that in mind, the Fed Bank CEO said he supports policies that would allow homeowners who are underwater on their mortgages to refinance their loans. “Clearly getting more money into the hands of homeowners who spend it could help to fuel GDP growth,” he said. “This would reduce one of the impediments to a more significant effect from the monetary policy actions taken to date.”

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