No_Such_Reality_IHB
New member
Since I see Slade's house has another price reduction listed in another thread, I'm assuming he got it off the auction list, again??
Foreclosure and distressed property topics
- Thread starter graphrix_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
graphrix_IHB
New member
Slade was able to get it postponed again for another month, Monday 2/11.
I didn't see it on Zip, so does anyone know the status? Could it be in escrow?
I didn't see it on Zip, so does anyone know the status? Could it be in escrow?
CalGal_IHB
New member
<p>It's not listed on his realtor's website either (Jeana Keough):</p>
<p><a href="http://www.jeanakeough.com/Default.aspx?Page=5&sortby=ListingStatus,%20Listdate%20DESC%20,ListPrice99&pgnum=1">http://www.jeanakeough.com/Default.aspx?Page=5</a><a href="http://www.jeanakeough.com/Default.aspx?Page=5&sortby=ListingStatus,%20Listdate%20DESC%20,ListPrice99&pgnum=1"></a></p>
<p><a href="http://www.jeanakeough.com/Default.aspx?Page=5&sortby=ListingStatus,%20Listdate%20DESC%20,ListPrice99&pgnum=1">http://www.jeanakeough.com/Default.aspx?Page=5</a><a href="http://www.jeanakeough.com/Default.aspx?Page=5&sortby=ListingStatus,%20Listdate%20DESC%20,ListPrice99&pgnum=1"></a></p>
Anonymous_IHB
New member
<p>http://mortgage.freedomblogging.com/2008/01/21/more-on-that-anaheim-auction-of-lender-owned-homes/</p>
<p><a title="Permanent Link: More on that Anaheim auction of lender-owned homes" rel="bookmark" href="http://mortgage.freedomblogging.com/2008/01/21/more-on-that-anaheim-auction-of-lender-owned-homes/">More on that Anaheim auction of lender-owned homes</a></p>
<p>The Irvine house, built in 2002, appeared to be in good condition, but it had soiled carpets and dirty bathrooms. Soap scum streaked the wall of a shower in the master bathroom. One woman who was touring the house opened a refrigerator and then slammed it shut in revulsion: it was filthy inside.</p>
<p>The Buena Park house could fairly be described as a dump. Part of the drywall was missing in one bathroom, revealing the interior studs. A toilet bowl was filled with urine. There were cobwebs in a doorframe, phone numbers inked on the kitchen wall, dandelions in the dessicated front yard, and a stove sitting in the driveway. One man touring the house estimated it needed $70,000 to $80,000 worth of work.</p>
<p> </p>
<p><a href="http://www.ocregister.com/money/auction-house-bidders-1962907-homes-company">http://www.ocregister.com/money/auction-house-bidders-1962907-homes-company</a></p>
<p>Foreclosed homes go on view before auction</p>
<p>The house at 27 Oroville in Irvine attracted brisk interest Sunday morning, with couples and families walking through.</p>
<p><a title="Permanent Link: More on that Anaheim auction of lender-owned homes" rel="bookmark" href="http://mortgage.freedomblogging.com/2008/01/21/more-on-that-anaheim-auction-of-lender-owned-homes/">More on that Anaheim auction of lender-owned homes</a></p>
<p>The Irvine house, built in 2002, appeared to be in good condition, but it had soiled carpets and dirty bathrooms. Soap scum streaked the wall of a shower in the master bathroom. One woman who was touring the house opened a refrigerator and then slammed it shut in revulsion: it was filthy inside.</p>
<p>The Buena Park house could fairly be described as a dump. Part of the drywall was missing in one bathroom, revealing the interior studs. A toilet bowl was filled with urine. There were cobwebs in a doorframe, phone numbers inked on the kitchen wall, dandelions in the dessicated front yard, and a stove sitting in the driveway. One man touring the house estimated it needed $70,000 to $80,000 worth of work.</p>
<p> </p>
<p><a href="http://www.ocregister.com/money/auction-house-bidders-1962907-homes-company">http://www.ocregister.com/money/auction-house-bidders-1962907-homes-company</a></p>
<p>Foreclosed homes go on view before auction</p>
<p>The house at 27 Oroville in Irvine attracted brisk interest Sunday morning, with couples and families walking through.</p>
southoctracker_IHB
New member
<a href="http://www.latimes.com/business/la-fi-foreclosures23jan23,0,5559243.story?coll=la-home-center">Record 31,676 foreclosures in California last quarter</a>
LA Times: "A record 31,676 Californians lost their homes to foreclosure in the three months ended Dec. 31, the third-straight quarter of record-breaking foreclosures, records released today show.
Foreclosures were more than double the level of the worst quarter of the last real estate downturn, when 15,418 homes were taken back by lenders in the third quarter of 1996, according to DataQuick Information Systems."
LA Times: "A record 31,676 Californians lost their homes to foreclosure in the three months ended Dec. 31, the third-straight quarter of record-breaking foreclosures, records released today show.
Foreclosures were more than double the level of the worst quarter of the last real estate downturn, when 15,418 homes were taken back by lenders in the third quarter of 1996, according to DataQuick Information Systems."
graphrix_IHB
New member
Since DataQuick tries to get only foreclosure numbers for what is supposedly owner occupied, then let's take a look at what that number would be when adjusting for owner occupied housing.
In 1996, it would equal 1 foreclosure for every 462 homes.
In 2007, it would equal 1 foreclosure for every 252 homes.
Well... of course all those homes are in places other than OC. It is different here, and that is most likely all out in the IE. I mean, everyone is rich here, lots of wealth, lots of equity. <em>
Those who think they are going to see foreclosures here and get a deal... that's just not going to happen. Gary Watts 12/2005.
</em>In Southern California, Riverside County saw the biggest jump in default notices, up 119% from a year ago. Orange County was a close second, with a 116% increase from the fourth quarter of 2006.
Ut roh...
In 1996, it would equal 1 foreclosure for every 462 homes.
In 2007, it would equal 1 foreclosure for every 252 homes.
Well... of course all those homes are in places other than OC. It is different here, and that is most likely all out in the IE. I mean, everyone is rich here, lots of wealth, lots of equity. <em>
Those who think they are going to see foreclosures here and get a deal... that's just not going to happen. Gary Watts 12/2005.
</em>In Southern California, Riverside County saw the biggest jump in default notices, up 119% from a year ago. Orange County was a close second, with a 116% increase from the fourth quarter of 2006.
Ut roh...
southoctracker_IHB
New member
Also, as Gary Watts said in 2004:
"These people have the income. They're rich," Watts said. "People in Orange County are rich.""
"These people have the income. They're rich," Watts said. "People in Orange County are rich.""
graphrix_IHB
New member
cdm,
When people are said to be walking away from their homes, it is just another way of saying screw it, the bank can have it, and here are the keys. It's still a foreclosure, but instead of trying to keep the home, trying to make partial payments, loan workout, etc., they just stop making payments and walk away.
BTW, I saw that on CR, it was the conference call from Wachovia, and they bought World Savings and their huge portfolio of Cali loans. Pretty scary if you ask me, especially after seeing the Cali foreclosure numbers. This is just going to get worse before it gets any better. I have a bad feeling, 2008 is going to make 1996 look like a good year.
When people are said to be walking away from their homes, it is just another way of saying screw it, the bank can have it, and here are the keys. It's still a foreclosure, but instead of trying to keep the home, trying to make partial payments, loan workout, etc., they just stop making payments and walk away.
BTW, I saw that on CR, it was the conference call from Wachovia, and they bought World Savings and their huge portfolio of Cali loans. Pretty scary if you ask me, especially after seeing the Cali foreclosure numbers. This is just going to get worse before it gets any better. I have a bad feeling, 2008 is going to make 1996 look like a good year.
springmom_IHB
New member
Hmm. Just got this in my email:
Up To Date
REO Information
Tuesday, January 29th
6-7:30 P.M.
2010 Main Street, Suite 250, Irvine, CA
Bring parking ticket for validation.
Please R.S.V.P to Kim Stephens 949-262-5181
Or e-mail her at kimberly_stephens@countrywide.com
Hosted by Ken Dixon
Jim Tyhurst
Kristin Shuler / Tanja Leyser
Up To Date
REO Information
Tuesday, January 29th
6-7:30 P.M.
2010 Main Street, Suite 250, Irvine, CA
Bring parking ticket for validation.
Please R.S.V.P to Kim Stephens 949-262-5181
Or e-mail her at kimberly_stephens@countrywide.com
Hosted by Ken Dixon
Jim Tyhurst
Kristin Shuler / Tanja Leyser
lawyerliz_IHB
New member
<p>Over at Calculated Risk, the Blogsters were talking about "Stated Income". You did however have to prove that you were self employed. How to do that without a CPA letter or other logical means?</p>
<p>Ah-hah--an IRS return!! </p>
<p>But the return has an income on it.</p>
<p>We aren't allowed to know that.</p>
<p>What to do? Black out the form. You heard me, black out the form. Apparently this is for real. If I were a peon, and asked to rely on something like that to do my work, I would start job hunting immediately.</p>
<p>Ah-hah--an IRS return!! </p>
<p>But the return has an income on it.</p>
<p>We aren't allowed to know that.</p>
<p>What to do? Black out the form. You heard me, black out the form. Apparently this is for real. If I were a peon, and asked to rely on something like that to do my work, I would start job hunting immediately.</p>
graphrix_IHB
New member
<em>What to do? Black out the form. You heard me, black out the form. Apparently this is for real. If I were a peon, and asked to rely on something like that to do my work, I would start job hunting immediately.
</em>Yup, the black sharpie comes in very handy for things like this. And, yup, it happened all the time. Hell... you would have an underwriter tell you... "We need the tax returns, but we don't need to see the income, just black it out." If you didn't know a tax return from a 1003, then you might have forgotten a key part to black out on the tax return, and the loan would be denied. Trust me, you learn very quickly what to black out on a tax return after that.
Nope... no problems here.
</em>Yup, the black sharpie comes in very handy for things like this. And, yup, it happened all the time. Hell... you would have an underwriter tell you... "We need the tax returns, but we don't need to see the income, just black it out." If you didn't know a tax return from a 1003, then you might have forgotten a key part to black out on the tax return, and the loan would be denied. Trust me, you learn very quickly what to black out on a tax return after that.
Nope... no problems here.
graphrix_IHB
New member
Okay... quiz time.
Will the NODs for January be...
A. The same or less than last month?
B. Greater than last month?
C. Greater than last month, and set a new record on a housing stock adjusted basis?
D. Mmmm... the Kool-Aid in OC is special, and everyone here is rich?
Will the foreclosures for January be...
A. The same or less than last month?
B. Greater than last month?
C. Greater than last month, and set a new record on a housing stock adjusted basis?
D. Mmmm... the Kool-Aid in OC is special, and everyone here is rich?
I would give away an IHB t-shirt for the winner, but I think everyone can C the answer. Maybe, next week, I will have a more challenging quiz to justify a free IHB t-shirt. Suggestions are more than welcome. Like, are there more homes in Irvine going through foreclosure/REO, than escrow? Or, will the foreclosures in OC be greater than resales? Oh... in what month will the NODs be double the resale home sales?
Records are meant to be broken, and 2008 is going to be a year of records being shattered.
Will the NODs for January be...
A. The same or less than last month?
B. Greater than last month?
C. Greater than last month, and set a new record on a housing stock adjusted basis?
D. Mmmm... the Kool-Aid in OC is special, and everyone here is rich?
Will the foreclosures for January be...
A. The same or less than last month?
B. Greater than last month?
C. Greater than last month, and set a new record on a housing stock adjusted basis?
D. Mmmm... the Kool-Aid in OC is special, and everyone here is rich?
I would give away an IHB t-shirt for the winner, but I think everyone can C the answer. Maybe, next week, I will have a more challenging quiz to justify a free IHB t-shirt. Suggestions are more than welcome. Like, are there more homes in Irvine going through foreclosure/REO, than escrow? Or, will the foreclosures in OC be greater than resales? Oh... in what month will the NODs be double the resale home sales?
Records are meant to be broken, and 2008 is going to be a year of records being shattered.
No_Such_Reality_IHB
New member
<p>Did we ever get a solid answer on whether recorded foreclosures going back to the bank appear as part of DQ's numbers?</p>
<p>My gut tells me January will be slow. Yes, slow. Too much speculation on some sort of stimulus package, the holidays in December left everybody further behind at the banks. Kind of like November, NODs/NOTs dropped and then resurged above trend line in December. February could be rough, particularly since it's a short month.</p>
<p>Maybe we could do a peak NODs count for Q1? I figure it'll top out around 50% of the sales volume about 30 months ago. What's that put it a 2250? I figure 50% since 50% is roughly 80% of 66% that used ARMs the bulk being Option_ARMs.</p>
<p> </p>
<p>My gut tells me January will be slow. Yes, slow. Too much speculation on some sort of stimulus package, the holidays in December left everybody further behind at the banks. Kind of like November, NODs/NOTs dropped and then resurged above trend line in December. February could be rough, particularly since it's a short month.</p>
<p>Maybe we could do a peak NODs count for Q1? I figure it'll top out around 50% of the sales volume about 30 months ago. What's that put it a 2250? I figure 50% since 50% is roughly 80% of 66% that used ARMs the bulk being Option_ARMs.</p>
<p> </p>
lawyerliz_IHB
New member
<p>If you want to see where the hurricane has hit, Calculated Risk has a list of counties that they are red orange and yellow lining.</p>
<p>Miami has been hit by a Cat 5 again, and didn't even know it.</p>
<p>Space Coast Brevard is merely a Cat 4.</p>
<p>Baltimore City is merely a yellow lined Cat 3.</p>
<p>Go check to see how awful YOUR county is!!</p>
<p>Miami has been hit by a Cat 5 again, and didn't even know it.</p>
<p>Space Coast Brevard is merely a Cat 4.</p>
<p>Baltimore City is merely a yellow lined Cat 3.</p>
<p>Go check to see how awful YOUR county is!!</p>
graphrix_IHB
New member
<em>Did we ever get a solid answer on whether recorded foreclosures going back to the bank appear as part of DQ's numbers?
</em>I assume you mean the sales numbers, and no they do not show up in the sales numbers. Yes, this is a solid answer, third hand, but from John Karevoll himself. Now, the question is... if the sales of homes that go to a buyer, not the bank are counted, and I need to find out, and I will.
<em>Maybe we could do a peak NODs count for Q1? I figure it'll top out around 50% of the sales volume about 30 months ago. What's that put it a 2250?
</em>Sorry, but I am a bit confused about this statement. Do you mean NODs or foreclosures? If you mean NODs, then they already exceed sales, and if you mean foreclosures, then we are close, but not there... yet. And, the foreclosures for Q1 should exceed sales by more than 50% of the sales. Seriously, Q1 is the slowest quarter, and it should shatter all records, and do so easily.
It is about to make 96 look like nothing, I am not being a chicken little bear here, it is about to get really, really nasty.
</em>I assume you mean the sales numbers, and no they do not show up in the sales numbers. Yes, this is a solid answer, third hand, but from John Karevoll himself. Now, the question is... if the sales of homes that go to a buyer, not the bank are counted, and I need to find out, and I will.
<em>Maybe we could do a peak NODs count for Q1? I figure it'll top out around 50% of the sales volume about 30 months ago. What's that put it a 2250?
</em>Sorry, but I am a bit confused about this statement. Do you mean NODs or foreclosures? If you mean NODs, then they already exceed sales, and if you mean foreclosures, then we are close, but not there... yet. And, the foreclosures for Q1 should exceed sales by more than 50% of the sales. Seriously, Q1 is the slowest quarter, and it should shatter all records, and do so easily.
It is about to make 96 look like nothing, I am not being a chicken little bear here, it is about to get really, really nasty.