It's all over the news - the housing double dip is here. They say that the DD is caused by an overload of foreclosures dragging down prices - but they are talking about the overall national market. Are the recent trustee sales building a backlog of REOs around San...
If my last two experiences exemplify their strategy these days, then Bofa has abandoned the idea of fixing them up to get top dollar:
This is 862sf on a 3,000sf lot - and it'll still be 30 days or so before this one hits the open market:
This house was foreclosed on February 4, 2008 when the previous owner owed $435,000. The bank re-sold it to this guy for $285,000, and he put 20% down on 7/10/08 - and by then borrowers had to qualify for their mortgage. Ten months later his NOD was filed, in May...
After no new assignments since June - boom, nine REO listings sent to JtR in 2011 - here's #9: Hopefully there might be a day where I get one that's right up your alley!
Bubbleinfo.com is always mellow around major disasters - our prayers go out to those in Japan. But the REO train keeps rolling to the 92119; the San Carlos area, north of the I-8 near La Mesa:
The flow of North San Diego County foreclosures has picked up nicely. Last year between January 1st and February 18th, there were 42 SFRs foreclosed, and this year there were 62, which is a 48% increase. Here's a look at a few:
These REOs are coming from two different sources so they don't all qualify for HomePath financing. But after seeing a few of them, I think we'll be able to draw one conclusion - Fannie Mae got stuck with the worst of the worst:
BofA now insists that someone from the listing office meets the locksmith, and take photos of the lockbox with the numbers set to the right code. It's a good time to get the first look at the interior, and size up any possible repairs. Then it's off to what is...
