It looks like Bank of America foreclosed on approximately $6 million in loans on the package deal offered for sale in Leucadia. The same agents who sold Magno-Bressy are on this case too, and it seems very casual and soft-sold. Are there dozens of buyers waiting in the wings after they saw how Magno-Bressy turned out? Take a look:
Barratt is the owner of the lot that’s designated for the low-income house. The reason it’s just sitting there is because they are in bankruptcy court, which has to wrap up sooner or later. Bank of America doesn’t have anything to do with the lot being highlighted, but they are actively soliciting offers for Nantucket 2.
We’ll have more on this story:
These have an auction date scheduled over the next few weeks – demonstrating what you can expect from the foreclosure list.
At the end of the video there’s a mention of stats for the Carmel Valley to Carlsbad regional market. During the first four months of 2010, there were 631 detached-home closings, and 113, or 18%, were marked as REO or short-sale listings.
It only takes one!
You’ve seen every house on the market, you think the new listings are pathetic, and you keep wondering about those bank deals on the court house steps.
Eventually JtR’s going to have some video showing that it can be done.
If I’m willing to risk it, what will roughly $700,000 get me?
Eric at the North County Times mentioned the increase in Bank of America notices of trustee sale being sent out. Click here for link to full article.
The notices went to 230 homeowners in North San Diego County, a 69 percent increase from February.
Wow, will there will be more SFR short sales or REOs in North SD County Coastal?
There were 22 new notices sent out in February, and 23 in March to SFR borrowers from Carlsbad to La Jolla – not quite a meltdown yet. There are also some familiar faces on the lists as well, and we won’t count those as new meat.
Here are the lists:
February 2010 Recon NOTS NSDCC
We could all use some more inventory – keep ’em coming!
Added later, the chart from Effective Demand, click on it twice for clarity:
This footage was taken in December when both houses were for sale. The agent had told me that he would submit our offers of $1.2 each, that is until a female agent said she’d submit the same, and he forgot all about me.
Later he raised the prices to $1.5 million each, and mentioned in the remarks that they were approved short sales. The house that owed $4,195,000 was foreclosed last week – the opening bid was $1.25 million, and no takers. WaMu has about the same amount out on the other house too:
A number of good things to report in this youtube video:
1. Bank of America knocking 50% off the balance owed for their opening bid!
2. Bank of America not settling for just any old short sale package that gets delivered (hopefully).
3. More decent-quality Covenant properties well under $2 million.
4. Our trustee-sale program is getting back on track!
The foreclosure activity around Carmel Valley, Del Mar, and Solana Beach has been sluggish, to say the least. The numbers of SFRs on the auction lists are low, and they’re filled with loan modders and current short sellers. With only a handful getting foreclosed each month, the overall inventory of attractively-priced quality homes is discouraging.
Here’s a brief youtube tour – the first house is scheduled for trustee sale on April 23, with an opening bid of $1,327,500, and the other one on the same street had an opening bid of $1,257,031. The other four bank-owned homes had opening bids of $967,816 (on Winstanley), $835,000, $610,000 (on Barbara), and $1,900,000:
We could use some good old-fashioned market clearing – maybe this is a start?
JimG brought it up, and our friend Effective Demand has charted the increase in Bank of America foreclosure activity for Southern California – recently their number of auctions has spiked:
More auctions, more short sales, more REOs, let’s GO!
Freddie Mac also announced today:
McLean, VA – Freddie Mac (NYSE:FRE) and New Vista today announced plans to auction hundreds of HomeSteps® REO homes to individual homebuyers in Las Vegas on April 24, 2010 and in California’s Inland Empire on April 25, 2010 in support of the federal Neighborhood Stabilization Program (NSP) and to help more first time homebuyers and owner occupants purchase these homes. HomeSteps is the real estate sales unit of Freddie Mac and markets a nationwide selection of Freddie Mac-owned homes.
Under the 2009 Neighborhood Stabilization Program, homebuyers are eligible for closing costs and down payment assistance when they buy foreclosed or abandoned homes in designated communities that were hit hard by the housing downturn. This federal assistance combined with the federal tax credit will provide the buyer with significant financial advantage in purchasing HomeSteps homes.
“Freddie Mac’s first-time homebuyer auctions in Las Vegas and in California’s Inland Empire builds on our long-standing effort to use our REO inventory to foster new opportunities for new homeowners and shows another way Freddie Mac is working to achieve the Obama Administration’s goals of stabilizing and reviving impacted communities,” said Ingrid Beckles, Senior Vice President, Default Asset Management at Freddie Mac.
“Together with today’s low mortgage rates, these April auctions will enable Las Vegas and Inland Empire families to take advantage of the unique convergence of opportunities that make HomeSteps homes exceptionally attractive values,” said Chris Bowden, vice president of HomeSteps. “Working with New Vista underscores Freddie Mac’s commitment to manage its REO inventory in a way that helps stabilize communities, fosters homeownership opportunities, and responsibly safeguards tax dollars.”
“Owner-occupants are the key to revitalizing and strengthening neighborhoods that have been hard hit by the economy,” said Jim Park, CEO of New Vista. “Working with Freddie Mac, New Vista has created a one day homebuyer event that gives first time and owner occupant buyers an exclusive opportunity to purchase HomeSteps homes. These unique events will help turn hundreds of foreclosed properties into homes for many deserving families.”
New Vista will hold open houses on April 10 and April 17 – 18 in Las Vegas and the Inland Empire so interested buyers can tour the HomeSteps homes before the April 24 and 25 auctions. Potential buyers can also find property descriptions at auction.com/.
Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
CA DRE #01527365, CA DRE #00873197
