I hope the headline porn grabbed you! 😆
REO listings have increased lately around NSDCC, though they are still a small fraction of the overall marketplace (there have been 2,238 detached-home sales closed this year between Carlsbad and La Jolla).
The short-sale listings coming to market haven’t changed much all year, which would be the first place you would see the effect of mortgage servicers getting tougher with deadbeats:
| Type of Listing | ||
| REO | ||
| Short-sale | ||
| Non-Distressed | ||
| Total |
This guy borrowed $3.75 million to do a spectacular remodel on this Del Mar home (the house with the glass-bottom pool), but he wasn’t going to give it away. The original list price was $6,750,000 in October, 2013, and dropped to $5,950,000 before getting foreclosed in June. The bank promptly listed for $5,495,000, and sold it for $5,210,000 last month:
http://www.sdlookup.com/MLS-140036477-116_Nob_Ave_Del_Mar_CA_92014
There is some hope that lenders and servicers are increasing the flow now that prices are so much higher than before, and it would make sense that they would cherry-pick the properties on which they could make a profit.
But no flood of notices yet:
from 4 to 8 is 100%! some people I know out toward el cajon are still living rent free in a million dollar home since 2008.
100% in half the time = 4x, which if we can maintain that momentum…..,
Tom Stone sez people are walking on escrows up in NorCal; getting cold feet, thinking they were overpaying.
Last comment was me.
You need good agents on both sides and the price still needs to be attractive.
SS and REO == 26,
total for sale == 1388
More of a ripple than tsunami