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 Diego?
It looks like more of the same around here – just when the servicers get some momentum, they turn off the spigot. There have only been 14 successful trustee sales in NSDCC over the last two weeks, so we’re back to the 1+ foreclosure per day.
The threat of future foreclosures is always lingering – could the worst be yet to come? With the banks and servicers controlling the flow, there doesn’t seem to be much reason to expect a flood coming anytime soon – or ever.
How many REOs are floating around in the shadows?
Here are the San Diego County properties owned by each lender, the number of SFRs they own in North San Diego County Coastal, and the count of how many of those aren’t listed yet:
REO Owner
SD All Prop
NSDCC SFR
NSDCC SFR not listed yet
Fannie Mae
1,060
4
4
Wells Fargo
377
19
3
Freddie Mac
311
2
0
Bank of NY
272
17
5
Bank of America
235
8
6
JPMChase
124
12
5
Citi
88
5
2
Totals
2,467
67
25
In the depressed areas where REOs are abundant, there’s no surprise to see some can-kicking, but around North County Coastal it’s been quiet. A few of the shadows have just been foreclosed, so you know there is some lag for evictions, repairs, and processing. Others are involved in litigation too, so it doesn’t appear that they are purposely delaying the process much around North SD County Coastal.
The buyers around NSDCC will welcome the 25 well-priced SFR REOs when they hit the open market over the next couple of months – expect bidding wars!
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 the seventh new REO assignment in the last month, after getting none since June. Plus they threw Olive back at me, probably after the auctioneer didn’t want it either.
