Here is a video tour of a few houses in the shadow inventory – ones that are bank-owned, but not listed for sale, but presumably coming to market at some point.
Yes, you could consider the 412 SFRs on the NOD and NOT lists as part of the shadow, but who knows if they will ever get foreclosed. The same goes for those in default but not noticed – starting January 1st they can’t receive a notice until they have been through the entire loan-mod process.
As recently as the first half of 2010, there were 270 homes on average being foreclosed every week in San Diego County. Now it’s down to around 100 or so per week:
There are only 16 SFRs in our La Jolla-to-Carlsbad region that are bank-owned, but not on the market. Occupants were probably offered cash-for-keys, but those who prefer to pay lawyer fees instead can probably extend their stay for quite a while.
Here are five off-market REOs, and one listed for $699,900, well under it’s opening bid of $967,632: