Drip, Drip, Drip

by | Jan 30, 2011 | North County Coastal, REOs Coming to Market | 1 comment

There are currently 11,750 properties in SD County on the trustee-sale list. Are you wondering if the pipeline is being closely managed?  Here are the numbers of foreclosed properties for January:

2008 – 1,621

2009 – 1,133

2010 – 1,285

2011 – 1,111 with one day to go

But the quality seems to be improving, here are a couple more that were recently foreclosed:

More F-Touring

by | Jan 28, 2011 | Bubbleinfo TV, Foreclosures/REOs, North County Coastal, REOs Coming to Market | 8 comments

I made a brief comment towards the end of this video about strategic defaults. 

I don’t know how many people are strategic-defaulting.  But when the servicers insist that you start missing payments to get their attention, then work you over during the loan-mod/short-sale process while getting you addicted to the free-rent program for a year or two, it wouldn’t surprise me that a large segment of the foreclosures are voluntary:

Drip Confirmation

by | Jan 21, 2011 | Market Conditions, REOs Coming to Market, Thinking of Buying? | 10 comments

In Bank of America’s 4th quarter report today (seen at Calculated Risk), they state their preference and commitment to the drip system:

Foreclosures

  • Resumed foreclosure sales in most non-judicial states in early December, starting with vacant and non-owner occupied properties; expect to resume sales in remaining states in 1Q11.
  • Maintaining a deliberate and phased approach.
  • Remain committed to ensure no property is taken to foreclosure improperly.
  • Review of our foreclosure process shows the basis for our decisions has been accurate.
  • Process areas identified for improvement.

Delinquency Statistics for Completed Foreclosure Sales

  • 78% of borrowers had not made a mortgage payment for more than one year.
  • Average of 585 days in delinquent status (approximately 19 months).
  • 50% of properties were vacant (excludes loans for which occupancy was unknown).
  • 54% of borrowers were unemployed or had their income reduced.

CV REOs Coming to Market

by | Jan 16, 2011 | REOs Coming to Market | 4 comments

According to city-data.com, there are 11,304 houses and condos in 92130. 

92130 Det. Att.
MLS sales ’09 380 265
Avg $/sf $338/sf $337/sf
MLS sales ’10 416 253
Avg. $/sf $340/sf $339/sf
NODs today 33 31
NOTs today 49 44
F/C 2010 37 65

If 2011 ends up being about the same as 2010, we’ll see about 3 houses foreclosed per month:

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