Foreclosure and distressed property topics

NEW -> Contingent Buyer Assistance Program
<p>LM, </p>

<p>From redfin, <a target="_blank" href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1061960">414 Quail Ridge</a> </p>
 
The best part, IMHO, is it doesn't take much to turn that low FICO tranche into a pretty decent performing portfolio with minimal effort. Look at the following chart with lower FICO ranges, but with skin in the game and income verification:





[sorry I can't figure out how to paste from CR, bu tthe default rates for corresponding period are approximately 2/3 less]





Also, REDC has home listings for upcoming SoCal auctions here:





<img alt="" src="file:///C:/DOCUME~1/JMCCAR~1/LOCALS~1/Temp/moz-screenshot-22.jpg" /><img alt="" src="file:///C:/DOCUME~1/JMCCAR~1/LOCALS~1/Temp/moz-screenshot-23.jpg" /><img alt="" src="file:///C:/DOCUME~1/JMCCAR~1/LOCALS~1/Temp/moz-screenshot-24.jpg" /><img alt="" src="file:///C:/DOCUME~1/JMCCAR~1/LOCALS~1/Temp/moz-screenshot-25.jpg" /><img alt="" src="file:///C:/DOCUME~1/JMCCAR~1/LOCALS~1/Temp/moz-screenshot-26.jpg" /><img alt="" src="file:///C:/DOCUME~1/JMCCAR~1/LOCALS~1/Temp/moz-screenshot-27.jpg" /><img alt="" src="file:///C:/DOCUME~1/JMCCAR~1/LOCALS~1/Temp/moz-screenshot-28.jpg" />http://www.ushomeauction.com/auction_details.php?auctionID=H-009





Of note are the dropping reserves. Last time I checked a REDC list, the reserves were much higher as a % of last sale price.





<img alt="" src="file:///C:/DOCUME~1/JMCCAR~1/LOCALS~1/Temp/moz-screenshot-8.jpg" /><img alt="" src="file:///C:/DOCUME~1/JMCCAR~1/LOCALS~1/Temp/moz-screenshot-9.jpg" /><img alt="" src="file:///C:/DOCUME~1/JMCCAR~1/LOCALS~1/Temp/moz-screenshot-10.jpg" /><img alt="" src="file:///C:/DOCUME~1/JMCCAR~1/LOCALS~1/Temp/moz-screenshot-11.jpg" /><img alt="" src="file:///C:/DOCUME~1/JMCCAR~1/LOCALS~1/Temp/moz-screenshot-12.jpg" /><img alt="" src="file:///C:/DOCUME~1/JMCCAR~1/LOCALS~1/Temp/moz-screenshot-13.jpg" /><img alt="" src="file:///C:/DOCUME~1/JMCCAR~1/LOCALS~1/Temp/moz-screenshot-14.jpg" /><img alt="" src="file:///C:/DOCUME~1/JMCCAR~1/LOCALS~1/Temp/moz-screenshot-15.jpg" /><img alt="" src="file:///C:/DOCUME~1/JMCCAR~1/LOCALS~1/Temp/moz-screenshot-16.jpg" /><img alt="" src="file:///C:/DOCUME~1/JMCCAR~1/LOCALS~1/Temp/moz-screenshot-17.jpg" /><img alt="" src="file:///C:/DOCUME~1/JMCCAR~1/LOCALS~1/Temp/moz-screenshot-18.jpg" /><img alt="" src="file:///C:/DOCUME~1/JMCCAR~1/LOCALS~1/Temp/moz-screenshot-19.jpg" /><img alt="" src="file:///C:/DOCUME~1/JMCCAR~1/LOCALS~1/Temp/moz-screenshot-20.jpg" /><img alt="" src="file:///C:/DOCUME~1/JMCCAR~1/LOCALS~1/Temp/moz-screenshot-21.jpg" />
 
<p>I happened to pick up on this little ditty on Padilla's blog... LOL ! Hey, Great ! I'm a homeowner too ! Neener.</p>

<p>Great Says:


><a title="" href="http://mortgage.freedomblogging.com/2007/10/10/few-buyers-for-foreclosures-in-oc/#comment-5110">October 10th, 2007 at 8:23 am</a>

<p>It’s nice to see a blog with useful information as opposed to the hate spewed on Irvine Housing Blog. That site is run by and published for..bitter renters.</p>

<p> </p>
 
<p>$635/ sq. foot in the Ranch.? Listed for $200K more than it was bought in 2004? Git yer Kool-Aid here!</p>

<p>http://www.redfin.com/stingray/do/printable-listing?listing-id=828553</p>
 
68 OAK TREE LANE, Irvine, CA 92612**


Last Sale: 09/01/06


Sales Price: $830,000


List Price: $674,900


Bedrooms: 3


Full Baths: 2


Partial Baths: 1


Square Feet: 2,194


Lot Size: 3,000 Sq. Ft.


Year Built: 1969


Listing Date: 10/11/07


On Market: 3 days


Type: SFR


Status: ACTIVE


MLS #: U7004382

 
September <a href="http://lansner.freedomblogging.com/2007/10/16/septemberslump/">sales</a> and <a href="http://mortgage.freedomblogging.com/2007/10/16/oc-foreclosures-drop-5-in-september/">foreclosure</a> numbers are out today.





Total sales there was 1.3 sales for 1 NOD.





For resale homes there was 1.1 sales for 1 NOD.





More number crunching to come.
 
<p>Minor nit on the Foreclosure numbers. Nominal value is down 5% from August. Per government business day the number is up 14.5% from August. August had 23 Government business days, September had 19.</p>

<p> </p>

<p>Wow, new residence sales are -30% from a year ago. That should tell everybody how soft the market really is. Those that can lower their price are moving it 30% off to make the sale.</p>

<p> </p>

<p> </p>
 
<p>100,000+ </p>

<p>51 APPLEGLEN DR, Irvine, CA 92602


List Price: $724,900


Last Sale: 01/31/06


Sales Price: $810,000


Bedrooms: 4


Full Baths: 3


Partial Baths: 0


Square Feet: N/A


Lot Size: N/A


Year Built: N/A


Listing Date: 10/15/07


Type: SFR


Status: ACTIVE


MLS #: K07150755


</p>
 
anyone here tried the new foreclosureradar.com. it seems like they keep track of all properties, all the way through to auction so we don't have to waste time and constantly call to find out that an auction has been postponed.
 
27 Vermillion

Irvine, CA 92603





Price: $540,900











Beds:

3





Baths:

3





Sq. Ft.:

1,600





$/Sq. Ft.:

$338





Lot Size:

-





Type:

High or Mid-Rise Condominium





Style:

Mediterranean





Year Built:

2004





Stories:

Three or More Levels





View(s):

Peek-A-Boo





Area:

Quail Hill





County:

Orange





MLS#:

S509836





Status:

Active





On Redfin:

1 day













<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1224571">http://www.redfin.com/stingray/do/printable-listing?listing-id=1224571</a>



"Elegant town home in Quaill Hill Neighborhood, two private balconys, direct access garage, spacious floor plan. Bank Owned Property, seller will clean the carpets and it's ready to move in! Priced to move, bring the bank an offer today!"



Sales History









<strong>Date</strong>

<strong>Price</strong>

<strong>Appreciation</strong>





09/25/2007

$546,079



-6.2%/yr







02/18/2005

$644,000



--












 
<p>100,000+</p>

<p>14712 SWEETAN STREET, Irvine, CA 92604


List Price: $625,000


Last Sale: 11/21/05


Sales Price: $729,500


Bedrooms: 4


Full Baths: 2


Partial Baths: 0


Square Feet: 1,480


Lot Size: 5,543 Sq. Ft.


Year Built: 1971


Listing Date: 10/18/07


On Market: 1 day


Type: SFR


Status: ACTIVE


MLS #: S509892


</p>
 
Some scary stats:





In Q3 there were 4.25 resales per foreclosure. The only Q3 since DQ has been around worse that that is 96 when it was 3.6.





My estimate for the Q3 foreclosures was very close and my estimate for Q4 is just under 2000. If I am correct this will be one of the top three worst quarters on record.





The total foreclosures for the year are increasing at a rate twice as fast as the 90s. To put it in perspective the 2007 foreclosures will have increased from 2006 what 1991 and 1992 added together increased from 1990. Even if I adjust for population or housing stock these numbers will still be worse. Factor in that the jobs are not being lost like they were in the 90s then these numbers look gawd awful.





This is just plain ugly.
 
Does anyone know when 347 Tall Oak is (92603) suppose to be auctioned off? He is a neighbor of ours. Another neighbor would like to go to it. Thanks for any info.
 
I want to checkout some of these homes before they go to court. How do I go and tour them ? Do I contact the agent, the bank, the owner ? Looking for a property to invest in.
 
<p>Another <a target="_blank" href="http://calculatedrisk.blogspot.com/2007/10/prime-loans-gone-bad.html">reset chart</a> on CR? (fixed jpg)</p>

<p><img alt="" src="http://www.smugmug.com/photos/212569532-L.jpg" /></p>
 
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