NSDCC detached-home sales between January 1 and February 15:
| Year | #Sales | Avg SF | Avg $$/SF | Median SP | Median DOM |
| 2010 | |||||
| 2011 | |||||
| 2012 | |||||
| 2013 |
Except for the elevated sales and reduced market time, these stats appear fairly range-bound.
It is the low inventory and practically-free money that is driving the frenzy. If anything changes with either, the frenzy would slow.
Thank you to Mr. Bernacki. Low interest & no inventory because of intentional restricted supply. I know some agents really crying the blues because so few homes are on the market – – at any price.
449 Pescado goes pending above peak prices after 11 days on market.
http://www.redfin.com/CA/Encinitas/449-Pescado-Pl-92024/home/4122689
Yep, and nobody wanted it for the same price in October.
ok I have a question for you all.
Someone got a home loan from countrywide.
Loan sold to wall street, packaged into a security, and sold by wall street to investors.
MBS then bought by FED as part of QE.
A Homeowner with house in the package of securities decides to stop paying their mortgage.
Servcing rights were sold to seperate entity.
Who actually owns the house, (benificary of house) if it is foreclosed on?
Is it all the owners of the MBS which that house was sold into? I guess the MBS would name a trustee to handle any issues with problems that arise.
Avg Joe – do you take us for a team of lawyers ? Cuz that’s what it takes to answer your question.
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Jim, I think you are right. The frenzy could very well turn to a reasonable market with some inventory.
And it isn’t really a non-stop frenzy. It’s more like fishing. You sit there and wait for a couple weeks, then there is a 2-day frenzy for the one new house, then nothing for another two weeks. It’s just wierd. Then there’s the houses that have been sitting there forever. There’s no frenzy there, either.
Also, even though the money is practically free, it isn’t all that easy to get. Lenders are making buyers work pretty hard to get a good loan – not that it matters because you can’t buy w/o all cash anyway.
And seriously – why haven’t you called about that pocket listing. It’s simple. 3 car garage. 2700 sq. ft. CVMS district. North of the 56. No HOA. Got it?
If the present trajectory continues with this market – and no one knows – prices will rise to the point where it makes sense to the banks to foreclose in earnest. The reason the banks don’t foreclose on those not paying on mortgages now is that they would have to book incredible losses. Instead they let people squat and not pay anything. (I know several people like this.)
So higher prices will bring more inventory and then lower prices.
Good theory, KeljaFirst. Gonna take time for that to happen. Couple of years, I’m starting to think.
And seriously – why haven’t you called about that pocket listing. It’s simple. 3 car garage. 2700 sq. ft. CVMS district. North of the 56. No HOA. Got it?
This was pretty close – how come you didn’t like this one?
http://www.sdlookup.com/MLS-130009017-12742_Chandon_Ct_San_Diego_CA_92130
People were throwing money at them during the open house – now pending, and probably at $900,000+
no I dont take you folks for lawyers but I think there are some smart people lurking around here. Just like to put some questions on the table to see what kind of answers show up.
It is the low inventory and practically-free money that is driving the frenzy.
Nailed it!
IMHO the macro-economy will interfere with the “few more years” plan.
Is it more expensive to buy the same house north of 56 or south of 56 in general?
Avg Joe:
The way Countrywide loans were securitized, they were generally set up that Countrywide would retain servicing rights under what is known as a “pooling and servicing agreement (PSA)in which the loans were pooled and placed into a trust, and interests in the trust were sold to certificate holders. In the case of Countrywide, the trustee of the trust was usually Bank of New York Mellon.
Does not matter whether the fed or anyone else bought up the certificates, the loans were maintained in a trust and as the payments came in, servicer and trustee would take their fees and distribute the proceeds to the certificate holders.
With non-payment, it is the trustee who would foreclose. The deed would then be issued to an entity named something like “Bank of New York Mellon as trustee for the Certificate Holders CWALT Alternative Trust 200x-yz Mortgage Pass Through Certificates, Series 200x-yz”
awesome kingside Now I and readers have a better idea of how all this securitization works. Thank you for your expertise.