Foreclosure and distressed property topics

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Graphrix,



Maybe you have an answer on this:



Do the Dataquick county and zip sales numbers include both sales via Grant Deeds and Trustee Deeds (foreclosure auction that results in REO)?



If so, that means resale to foreclosure last month was almost 1:1.
 
cdm,





The answer to your question is no, DQ does not count trustee sales as sales. Also, they do not include multi-unit properties in their sales or foreclosure numbers. Only SFRs and condos. I was told this, via third hand, by John Karevoll himself.
 
Wal-Mart draws huge crowd - of applicants

<strong>Some say 6,000 job hunters a reflection on economy </strong>



<p><a href="http://www.cleveland.com/news/plaindealer/index.ssf?/base/business-4/119606989156620.xml&coll=2&thispage=1">http://www.cleveland.com/news/plaindealer/index.ssf?/base/business-4/119606989156620.xml&coll=2&thispage=1</a></p>

<p>Those 6,000 people were competing for some 300 positions. That means for every one person hired, 19 people walked away empty-handed. </p>

<p>It could have been worse. In Illinois recently, Masten said, 25,000 and 15,000 people applied at two Wal-Mart stores in the Chicago area, and neither of those is a large Supercenter. </p>
 
It looks like REDC isn't the only auction company around. Check out the <a href="http://tinyurl.com/374v6z">"quickreo" in Irvine</a>.
 
<a href="http://www.zillow.com/HomeDetails.htm?zprop=63120214">8 Palladium Way in 92694</a> went back to the bank today for $349k. IIRC, this is below what the builder sold these for.





<a href="http://www.zillow.com/HomeDetails.htm?zprop=64731174">47 Orange Blossom in 92694</a> went back to the bank today $459k. According to Zillow, it sold for $655k in 6/06.





<a href="http://www.zillow.com/HomeDetails.htm?zprop=63115873">19 Fairhaven in 92694</a> went back to the bank today for $635k. The Zestimate is $872k, it's, er was for sale for$749k.





<a href="http://www.zillow.com/HomeDetails.htm?zprop=25519354">3 Green Hollow 92620</a> went back to the bank for $909k. It sold for $520k in 2000, and has a Zestimate of $835k.
 
5065 BALSAWOOD, Irvine, CA 92612

List Price: $514,900

Last Sale: 08/08/06

Sales Price: $577,000

Bedrooms: 2

Full Baths: 2

Partial Baths: 0

Square Feet: 1,185

Lot Size: 2,940 Sq. Ft.

Year Built: 1974

Listing Date: 11/23/07

On Market: 0 day

Type: CONDO/TH

Status: ACTIVE

MLS #: P611279
 
<p>Further stories from REO land. I was telling an appraiser about the REO whose roof collapsed because GMAC disappeared to Pa, and ignored the fact that they owned and had a contract on an REO. After the house was ruined, naturally the buyer didn't want it anymore. (Posted by me somewhere, I know not where.)</p>

<p>Anyway, he told me of a house he had just appraised. The REO, was terribly neglected, frogs in the stinky pool, small roof leaks, etc, etc. Buyer had a contract for about $450,000. I thought he was going to tell me that the Buyer wanted to get out of it because of the neglect. But, no. The lender didn't realize how much the house was worth, until after they signed a contract. Then they tried to renig. Even after all the destruction, he appraised it in the middle 700,000s. The buyer hired an atty, who rightly, forced the lender to honor the contract. The stupid lender just sent them a letter saying they changed their minds, and the contract was cancelled--Not.</p>

<p>You talk about stupid realtors, but to my mind, the stupidity of lenders and the harm they can do and have done is just so, so much greater than realtors. And these people are in charge of our money!!!</p>

<p>It's worse than the govt being in charge of our money.</p>

<p>A proposed regulation. Nobody under 50 should be in charge of determining loan standards, and they must have been in the business for more than 20 years--long enough to see a cycle or 2. Maybe under 55. Young Turks never think it will happen to them until it does. Oh, the whining that would happen in the next boom cycle!!!</p>
 
<p><img alt="" src="http://www.ziprealty.com/images_mls/SOCALMLS/S/49/87/44/_P/S498744_P00.jpg" /></p>

<p>2204 LADRILLO AISLE #72, Irvine, CA 92606</p>

<p>Price Increased: 09/02/07 -- $469,900 to $479,900


Price Reduced: 10/30/07 -- $479,900 to $458,000


Price Reduced: 11/14/07 -- $458,000 to $428,800


Price Reduced: 11/27/07 -- $428,800 to $418,000</p>

<p>Bedrooms: 2


Full Baths: 2


Partial Baths: 0


Square Feet: 1,200


Lot Size: N/A


Year Built: 1994


Listing Date: 07/25/07


On Market: 126 days


Type: CONDO/TH


Status: ACTIVE


MLS #: S498744 </p>

<p>This is about $120k off peak pricing for this plan and $55k off the early 2005 purchase price. It first appeared under a different listing for $499k with this comment: "Seller is very motivated to sell". Uh, no they're not.</p>

<p> </p>
 
From <a href="http://calculatedrisk.blogspot.com/2007/11/house-prices-and-foreclosures.html">Calculated Risk</a>:





In the '90s, as prices fell in California, foreclosure activity (using Notice of Defaults NODs) increased. Prices bottomed in 1996, as foreclosure activity peaked.





Now imagine what will happen over the next few years as house prices fall. Foreclosure activity is already at record levels (2007 estimated on graph). Yet, as prices fall, foreclosure activity will probably continue to increase - the activity will be literally off the chart!





<img src="http://www.irvinehousingblog.com/wp-content/uploads/2007/11/housepricesforeclosures.jpg" alt="" />
 
i am sorry .. about my ignorance,



but where or how can i go about possibly purchasing a foreclosure home. I'm looking for a reliable realtor who can possibly guide me thru the process.

my fiance and I are looking to buy something in 2008...with such high prices in south OC area, we even considered moving out to Corona/Riverside where we can buy 3200 sq ft brand new home for $475k with half the melloroos of Irvine. Don't get me wrong...the homes are beautiful, but after living in Irvine for 3 years, we are now spoiled with the safety and lifestyle of irvine.



So, we are considering buying a used home in South OC area.. RSM, Mission Viejo, Aliso, or even Irvine will work for us. We are looking for something under $500k with 3 or 4 bedrooms..and a home that is not older than 10 years old.



Let me know..thanks in advance.
 
lawyerliz,





Did you see <a href="http://calculatedrisk.blogspot.com/2007/11/florida-reo-priced-below-2002-new-home.html">this one over at Calculated Risk</a>:





The asking price for this <a href="http://www.leepa.org/Scripts/PropertyQuery.asp?FolioID=10074341" linkindex="411">foreclosed property</a> in Florida is below the price the home sold for <em>new</em> in 2002. (hat tip John)





Here are the details:





Feb 15, 2002: $122,300 (New)





Mar 15, 2006: $259,600





Oct 23, 2007: Foreclosed.





Current <a href="http://homes.realtor.com/search/listingdetail.aspx?ctid=10263&mxp=16&bd=4&bth=4&typ=1&sid=c73d25841e6f4fb0839a306086fc1d58&pg=2&lid=1092556718&lsn=12&srcnt=17#Detail" linkindex="412">Asking Price</a>: $99,900





There are probably some special circumstances with this house, but ... yikes!





<img border="0" src="http://bp1.blogger.com/_pMscxxELHEg/R09CtFcE0RI/AAAAAAAABRo/OMyhsaFGW7A/s320/TaxMapImage.jpg" alt="Florida REO" style="border: 1px solid rgb(0, 0, 0); margin: 2px; float: right;" /> According to the public tax records, the larger house on the <a href="http://www.leepa.org/Scripts/PropertyQuery.asp?FolioID=10074343#">2nd lot away</a> sold for $185,300 new in 2004, and for $370,000 in 2006.





This raises some interesting questions: How far have prices really fallen?





How will the neighbors react when they discover their homes are worth far less than they paid in recent years?





As OFHEO <a href="http://calculatedrisk.blogspot.com/2007/11/house-prices-and-foreclosures.html" linkindex="413">noted</a> today: Declines in home prices will increase the frequency with which homeowners find themselves with no equity and thus may be motivated to “walk away” from the property and the mortgage.No kidding - this has to be depressing for the neighbors. Note: I rarely mention Florida, but this is worth noting.
 
60 DUET, Irvine, CA 92603**

List Price: $674,900

Last Sale: 08/23/05

Sales Price: $735,000

Bedrooms: 3

Full Baths: 2

Partial Baths: 1

Square Feet: 1,500

Lot Size: N/A

Year Built: 2004

Listing Date: 11/30/07

On Market: 0 day

Type: CONDO/TH

Status: ACTIVE

MLS #: S514164
 
<p>Hmmm, IR, sorry I didn't respond earlier, but our monitor died and we were out buying a new one. Where is that property?</p>

<p>From the size of the lot, it is probably over on the West Coast, Cape Coral/Ft Meyers areas. That area was even more overbuilt than elsewhere, and unlike the east coast, which will eventually recover, there is nothing over there.</p>

<p>An atty over there who was trying to collect on a client who walked away from a house he was building (he filed bankruptcy), told me that there was at least one local west coast builder who killed himself, and any number who had gone out of business. This was in August or September, so I suppose that it is much worse now. I have heard many sad stories of that area, where Miami investers lost their life's savings chasing the market up. And then it crashed.</p>

<p>Meanwhile, the cheap dollar (and no hurricanes for 2 years straight) is causing Florida's tourist industry to really thrive, so I suppose that some of the condos will be transformed into hotel suites. </p>

<p>By the way, I've been in some malls, and up and down Miracle Mile in Coral Gables, and it doesn't look like Christmas season, except for the decorations. And there was a Houston's which always has people hanging out the doors, and on the street, and it was half empty.</p>

<p>When we went to buy the new monitor, the store was basically empty. So was Ofc Depot, next door. This is Brevard County, not Miami-Dade.</p>
 
Price: $600,000

6 Silvermaple

Irvine, CA 92618

Beds: 3

Baths: 3

Sq. Ft.: 1,600

$/Sq. Ft.: $375

Year Built: 2000

Stories: Three or More Levels

Area: Oak Creek

County: Orange

MLS#: L23942

Status: Active

On Redfin: 119 days

Unsold in 90+ days

Date Price Appreciation

03/07/2006 $700,000 12.2%/yr

11/26/2003 $538,000 14.7%/yr

04/23/2001 $377,000 --
 
<p>The Motley Fool at MSN Money has a interesting/depressing article about how Paulsen DOES want the taxpayer to pay. That is, at the local level.</p>

<p>Local officials are to issue bonds to bail the debtors out. That's right, some of those same officials who are so savy that they bought into the toxic mtg pools.</p>

<p>Never mind that the insurers of muni bonds may be going broke themselves, and so the triple As of days of yore (say, last summer) may fall down to B or whatever. This couldn't possibly be done in time anyway.</p>

<p>I think that things are even worse then IHB bloggers surmise, if such dumb suggestions are being made. Maybe the Reps are thinking that they can't possibly win this time, and are going to be way down in the congress, so WANT the dems to win, so they'll be blamed for the coming and present morass. </p>

<p>Rubini has this thing about counting how many times "recession" is used in the media as a prediction of recession. I wonder how many time "depression" is being used. . . . </p>
 
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