A new escrow thread for a new housing market...

NEW -> Contingent Buyer Assistance Program
[quote author="tenmagnet" date=1238817329][quote author="24inIrvine" date=1238815433][quote author="tenmagnet" date=1238804203]



You?ll have to check Obama and work our perimeter game.

While I handle and control the paint.

Maybe we can get Lacoste to sponsor our jerseys, I?ll work on it.</blockquote>


Okay, I got him...I'm already studying film



No right hand whatsoever. That is one tall chick though.



</blockquote>


Alright, it?s on.

Have Ipop meet us at Tustin Sports Park off Jamboree.

We?ll throw down outdoors.</blockquote>
Dem's ballin' words... I may be fat... but I'm quick. Don't just sing it... bring it!
 
It looks like bball might be on for real. So... Ipo, don't dust off your shorty shorts from 82, just go to Big 5 and get a new pair. Deuce knows CPR, so you will be okay until the ambulance arrives. Anyone else who is interested can shoot me a PM, just make sure you can shoot a ball as well as the PM.
 
Heh, I just noticed that <a href="http://www.redfin.com/CA/Irvine/78-Fringe-Tree-92606/home/12253241">78 Fringe Tree</a> was on its second escrow attempt. You're right on the taxes there, if it sells for the listed price the total property tax % is 1.9%, and more if it sells for less. I wonder if the seller and buyer of the last escrow couldn't agree on who would pay the $36,170 in back property taxes? I just makes me want to stress the importance of the <a href="http://tax.ocgov.com/tcweb/search_page.asp">oc tax collectors website</a> before you buy a property, from a real seller or at the foreclosure auction. Come on people... know what you are getting yourself into before you buy.
 
And... you really need to start tracking the escrow fall outs and what price they go into escrow at, and then what price they are relisted at. Take <a href="http://www.redfin.com/CA/Irvine/25-Grape-Arbor-92620/home/5931555">25 Grape Arbor</a> for example, you have it going into escrow at the first attempt price of $935k, and now it is in back up for $875k. Nevermind the fact that 27 and 29 Grape Arbor are scheduled for the auction, and gawd forbid the person in escrow for 25 reads the IHB forums, finds county records, or gets a free trail at ForeclosureRadar.com, foreclosure.com, foreclosures.com, RealtyTrac.com, or reads the <a href="http://www.irvinehousingblog.com/forums/viewthread/346/">foreclosure thread</a> for the various free sources of foreclosure info. If you were to go through the fall outs, I bet you would see further price declines in the future. Either you know this and choose not to point this out, or you are choosing to ignore this data point because it means more work for you. Come on man... you IHBers the real deal, do it right, you know what is really happening out there.
 
To back up a second... is there really ever any question of who pays back property taxes? I thought it would always be the responsibility of the seller. To expect a buyer to also come up with $36,170 in back taxes is insane. (Unless you discount the sales price by $37,000.) The taxes have to be taken care of before title can transfer, right? When a bank forecloses on a property, do the back taxes get paid by the bank, or is the county stuck trying to collect from the former owner? If the county is trying to collect from the former owner, I would think that would block clear title to the property.
 
[quote author="ipoplaya" date=1238718688][quote author="graphrix" date=1238684757]



<a href="http://www.zillow.com/homedetails/132-Spring-Vly-Irvine-CA-92602/54972265_zpid/">This one went back to the bank today for $700k</a> (2003 pricing), and there were three more in Irvine today.



</blockquote>


Three more went to backup while I was sleeping to offset those three that went back to the bank... That makes 30 in five days. I'm going to have to quit my job just to keep up with site updates!



Cakes, you've been talking about a tidal wave of foreclosures swamping the market for as long as I have known you. Take a look at the Irvine housing inventory graph brutha and tell me what you see:



<img src="http://www.ipoplaya.com/invtrend.jpg" alt="" />



Looks like nothing but downward trend since July of 2007. When are all these REOs going to show up in standing inventory? Are we even going to see 900 units on the market this summer in Irvine?</blockquote>




<a href="http://www.fieldcheckgroup.com/2009/04/07/4-7-ca-foreclosures-about-to-soar/">Mr. Mortgage on foreclosures</a>
 
[quote author="awgee" date=1239336787][quote author="ipoplaya" date=1238718688][quote author="graphrix" date=1238684757]



<a href="http://www.zillow.com/homedetails/132-Spring-Vly-Irvine-CA-92602/54972265_zpid/">This one went back to the bank today for $700k</a> (2003 pricing), and there were three more in Irvine today.



</blockquote>


Three more went to backup while I was sleeping to offset those three that went back to the bank... That makes 30 in five days. I'm going to have to quit my job just to keep up with site updates!



Cakes, you've been talking about a tidal wave of foreclosures swamping the market for as long as I have known you. Take a look at the Irvine housing inventory graph brutha and tell me what you see:



<img src="http://www.ipoplaya.com/invtrend.jpg" alt="" />



Looks like nothing but downward trend since July of 2007. When are all these REOs going to show up in standing inventory? Are we even going to see 900 units on the market this summer in Irvine?</blockquote>




<a href="http://www.fieldcheckgroup.com/2009/04/07/4-7-ca-foreclosures-about-to-soar/">Mr. Mortgage on foreclosures</a></blockquote>
Nice find...it's good to have Mr. Mortgage back.
 
Haven't had time to update, but I've got 25 new escrows to add when I get a free hour... Seems like 5-6 per day are going under contract. By far, this is the most buying activity I have seen since I started watching/tracking. Those foreclosures can't come fast enough!
 
[quote author="ipoplaya" date=1239358234]Haven't had time to update, but I've got 25 new escrows to add when I get a free hour... Seems like 5-6 per day are going under contract. By far, this is the most buying activity I have seen since I started watching/tracking. Those foreclosures can't come fast enough!</blockquote>
Reason this is happening because of the false thought of the V-shape bottom recovery and rates being are where they are at (people have the "these are once-in-a-lifetime" rates and want to lock them in). You won't get much of a price increase in this little rally because unemployment is rising while incomes are falling. We can't just go down without a bear market rally or two in between.



By the fall, you'll see lower housing prices and interest rates will be closer to 4%.
 
<a href="http://www.ipoplaya.com">Monster escrow update just completed...</a>



Also had 4 cancels that went back active over the past week.
 
O.C. housing sales up 38.5 percent



<a href="http://lansner.freedomblogging.com/2009/04/10/oc-housing-sales-up-385-percent/18805/">http://lansner.freedomblogging.com/2009/04/10/oc-housing-sales-up-385-percent/18805/</a>
 
[quote author="asianinvasian" date=1239427613]O.C. housing sales up 38.5 percent



<a href="http://lansner.freedomblogging.com/2009/04/10/oc-housing-sales-up-385-percent/18805/">http://lansner.freedomblogging.com/2009/04/10/oc-housing-sales-up-385-percent/18805/</a></blockquote>


While it is interesting that you repost other people's data, I am interested in the data that Ipo is generating.



sales are up in the lowest quartile of houses in The OC...not really what I was asking, is it?



Ipo's numbers are for Irvine, and a subset of that.
 
[quote author="freedomCM" date=1239437946][quote author="asianinvasian" date=1239427613]O.C. housing sales up 38.5 percent



<a href="http://lansner.freedomblogging.com/2009/04/10/oc-housing-sales-up-385-percent/18805/">http://lansner.freedomblogging.com/2009/04/10/oc-housing-sales-up-385-percent/18805/</a></blockquote>


While it is interesting that you repost other people's data, I am interested in the data that Ipo is generating.



sales are up in the lowest quartile of houses in The OC...not really what I was asking, is it?



Ipo's numbers are for Irvine, and a subset of that.</blockquote>


There's a link in the article that breaks down the numbers by zip code. You can find Irvine in there.
 
The itch to buy is sure out there; just today on <a href="http://marketplace.publicradio.org/display/web/2009/04/10/pm_spring_homebuying/">Marketplace</a> my favorite daily radio program
 
[quote author="asianinvasian" date=1239439765][quote author="freedomCM" date=1239437946][quote author="asianinvasian" date=1239427613]O.C. housing sales up 38.5 percent



<a href="http://lansner.freedomblogging.com/2009/04/10/oc-housing-sales-up-385-percent/18805/">http://lansner.freedomblogging.com/2009/04/10/oc-housing-sales-up-385-percent/18805/</a></blockquote>


While it is interesting that you repost other people's data, I am interested in the data that Ipo is generating.



sales are up in the lowest quartile of houses in The OC...not really what I was asking, is it?



Ipo's numbers are for Irvine, and a subset of that.</blockquote>


There's a link in the article that breaks down the numbers by zip code. You can find Irvine in there.</blockquote>


Yup, and it shows only one zip code up, and most showing double digit declines. Glad you pointed that out. You look almost like a bear.
 
[quote author="nefron" date=1238712975]Buyers are out in incredible numbers. I looked at three places yesterday and one, an REO, had nonstop traffic through it. That one will have an offer on it within days, if it doesn't already. Looks to me like plenty of people think prices in Irvine have gone down far enough. I agree with ipop, I would not at all be surprised if prices rise this summer.</blockquote>


Sweet, another bubble forming we can pop on down the road, just like the suckers rally bubble pop today in the financials! I unloaded of ton of positions the last 2 trading days of last week. Gonna find my powder and reload.
 
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