IrvineRenter_IHB
New member
Is that a joke or spam?
Foreclosure and distressed property topics
- Thread starter graphrix_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
Trooper_IHB
New member
ok, you all are talking about some sort of link directly after my post about Laguna Beach foreclosures....did something embed that I don't see ? If so, sorry.
graphrix_IHB
New member
[quote author="cdm" date=1208418953]Hey Graphrix,
DataQuick noted a drop in completed foreclosures for the month of March (Month over Month), but that was noted with the dreaded "*" ("Permission to Revise and Extend").
What are your thoughts on the numbers, and what do you think DataQuick is looking at as a cause to the discrepency.</blockquote>
The foreclosure numbers seem like they will not be revised, but the NOD numbers seem like they will. I think there may be an issue with the county. They have been stuck on 4/10/08 for the last four days, and there hasn't been a holiday to explain it.
<blockquote>Also, do you see a trend to hold up trustee sales to attempt a short sale as an preferable alternative?</blockquote>
Not really. I still think the lenders are stalling because they can't handle the ever increasing volume.
<blockquote>Do the DataQuick numbers include "Deed in Lieu"?</blockquote>
That is an excellent question. I am not 100% positive, but this would seem to be a normal grant deed. I mean, they are just granting the house to the bank. I could be wrong, and maybe EvaL or someone else can chime in on what a deed in lieu is recorded as. Now, the question is what category does this fall in? A sale? A foreclosure? It is a transaction and the home "changed" owners. I know! Sunday is bug the crap out of Matt Padilla day over at the OCR. If we bug him enough, he will call John Karevoll of DataQuick at home, just to shut us up. Well... that is if he doesn't have to shut Thoughtless/Truthi up more than us.
DataQuick noted a drop in completed foreclosures for the month of March (Month over Month), but that was noted with the dreaded "*" ("Permission to Revise and Extend").
What are your thoughts on the numbers, and what do you think DataQuick is looking at as a cause to the discrepency.</blockquote>
The foreclosure numbers seem like they will not be revised, but the NOD numbers seem like they will. I think there may be an issue with the county. They have been stuck on 4/10/08 for the last four days, and there hasn't been a holiday to explain it.
<blockquote>Also, do you see a trend to hold up trustee sales to attempt a short sale as an preferable alternative?</blockquote>
Not really. I still think the lenders are stalling because they can't handle the ever increasing volume.
<blockquote>Do the DataQuick numbers include "Deed in Lieu"?</blockquote>
That is an excellent question. I am not 100% positive, but this would seem to be a normal grant deed. I mean, they are just granting the house to the bank. I could be wrong, and maybe EvaL or someone else can chime in on what a deed in lieu is recorded as. Now, the question is what category does this fall in? A sale? A foreclosure? It is a transaction and the home "changed" owners. I know! Sunday is bug the crap out of Matt Padilla day over at the OCR. If we bug him enough, he will call John Karevoll of DataQuick at home, just to shut us up. Well... that is if he doesn't have to shut Thoughtless/Truthi up more than us.
EvaLSeraphim_IHB
New member
<a href="http://en.wikipedia.org/wiki/Deed_in_lieu_of_foreclosure">Deed in lieu of foreclosure definition.</a>
The sample form I found has this description:
<blockquote>______________________________________, a[n] __________________ ______________
("Grantor"), for and in consideration of the sum of Ten and No/100 Dollars ($10.00) and other good and valuable
consideration in hand paid to the undersigned by ____________________________ ("Grantee"), whose mailing
address is _____________________________, the receipt and sufficiency of such consideration being hereby
acknowledged, Grantor does hereby GRANT, SELL, AND CONVEY unto Grantee that certain real property
being more particularly described in Exhibit 1 attached hereto and made a part hereof for all purposes, together
with all improvements and fixtures situated thereon (collectively, the "Property") . . . </blockquote>
Given the "grant, sell, and convey" language, my guess is that it is probably recorded as a sale. Only the DataQuick people can tell you how they count them.
The sample form I found has this description:
<blockquote>______________________________________, a[n] __________________ ______________
("Grantor"), for and in consideration of the sum of Ten and No/100 Dollars ($10.00) and other good and valuable
consideration in hand paid to the undersigned by ____________________________ ("Grantee"), whose mailing
address is _____________________________, the receipt and sufficiency of such consideration being hereby
acknowledged, Grantor does hereby GRANT, SELL, AND CONVEY unto Grantee that certain real property
being more particularly described in Exhibit 1 attached hereto and made a part hereof for all purposes, together
with all improvements and fixtures situated thereon (collectively, the "Property") . . . </blockquote>
Given the "grant, sell, and convey" language, my guess is that it is probably recorded as a sale. Only the DataQuick people can tell you how they count them.
graphrix_IHB
New member
The thank you button is being worked on as I type this, but thank you EvaLSeraphim.
<a href="http://www.unitedtitle.com/UT-LosAngeles-CA/Download_Files/Form_Library/886/Estoppel_-_Deed_In_Lieu_of_Foreclosure.pdf">I found a PDF of an estoppel affidavit (deed in lieu of foreclosure) form</a>. Now, it still has similar language as a regular grant deed, but being an affidavit I thought it might be recorded as such with the county. I searched about a months worth affidavits on the county site, but most were just the grantor without a grantee reference. There were a few that had a grantee reference, but none of them were a bank/lender/MBS pool.
Either there hasn't been any filed, or it is filed as a regular grant deed. If it is a regular grant deed, then it would be a biatch to find on the county's public website. Hopefully I get some info from DataQuick.
<a href="http://www.unitedtitle.com/UT-LosAngeles-CA/Download_Files/Form_Library/886/Estoppel_-_Deed_In_Lieu_of_Foreclosure.pdf">I found a PDF of an estoppel affidavit (deed in lieu of foreclosure) form</a>. Now, it still has similar language as a regular grant deed, but being an affidavit I thought it might be recorded as such with the county. I searched about a months worth affidavits on the county site, but most were just the grantor without a grantee reference. There were a few that had a grantee reference, but none of them were a bank/lender/MBS pool.
Either there hasn't been any filed, or it is filed as a regular grant deed. If it is a regular grant deed, then it would be a biatch to find on the county's public website. Hopefully I get some info from DataQuick.
southoctracker_IHB
New member
For anyone who's interested, <a href="http://www.southoctracker.com/2008/04/via-lomas-street-in-despair.html">here's a blog post</a> on the kind of devastation lower-end neighborhoods are seeing. The one I profiled is in Laguna Hills, but really the same can be said of multiple others in South OC.
lawyerliz_IHB
New member
I'm now seeing losses in house value of 40%.
Had my second "ruthless defaulter" come in. His condo is off one third.
Condo next door, identical plan, sold for 1/3 off what he paid for it 2 years
ago. Since he bought, he married and had a kid; and his mother in law is
staying there, as Cubans do, to help take care of the kid. 4 people in a
smallish one bedroom condo.
That's probably illegal too.
He plans to buy another house (which he qualifies for), and then let the previous
one go.
Couple of other foreclosees who estimate (and one is an appraiser) that their values
are off 40%. Since I think we have another 10% at least to falll, that takes us to
the fifty cents on the dollar range.
And it may be my imagination, but I think the stickiness in the descent of house
prices has gotten somewhat unstuck.
Had my second "ruthless defaulter" come in. His condo is off one third.
Condo next door, identical plan, sold for 1/3 off what he paid for it 2 years
ago. Since he bought, he married and had a kid; and his mother in law is
staying there, as Cubans do, to help take care of the kid. 4 people in a
smallish one bedroom condo.
That's probably illegal too.
He plans to buy another house (which he qualifies for), and then let the previous
one go.
Couple of other foreclosees who estimate (and one is an appraiser) that their values
are off 40%. Since I think we have another 10% at least to falll, that takes us to
the fifty cents on the dollar range.
And it may be my imagination, but I think the stickiness in the descent of house
prices has gotten somewhat unstuck.
graphrix_IHB
New member
I have to give everyone a slightly past mid-month April update on foreclosures. I wondered why the county was behind, and flooded their site with 5 and half days worth of stats, but the overall numbers are up over 10% in the first 13 business days of April compared to March. NODs are flat, NTSs are up 20%, and foreclosures are up 29%. This is really ugly, and if you need some extra work, I am sure the county recorder could use your help. There were more NTSs than resale home sales last month, and the way April is heading, it could be the same story this month.
graphrix_IHB
New member
You just miss the snarkitude, don't you? It's okay, come Sunday it will be back, maybe even Friday, as the reason for the lack of snark will be away for the weekend.
Nude_IHB
New member
[quote author="graphrix" date=1209045259]You just miss the snarkitude, don't you? It's okay, come Sunday it will be back, maybe even Friday, as the reason for the lack of snark will be away for the weekend.</blockquote>
He doesn't work weekends, huh?
<a href="http://ww1.prweb.com/prfiles/2006/06/01/393395/BigDPoolBoy.JPG">Click for fullsize image<img src="http://www.biographcompany.com/images/wireless/pool1.jpg" alt="" /></a>
He doesn't work weekends, huh?
<a href="http://ww1.prweb.com/prfiles/2006/06/01/393395/BigDPoolBoy.JPG">Click for fullsize image<img src="http://www.biographcompany.com/images/wireless/pool1.jpg" alt="" /></a>
graphrix_IHB
New member
Gawddamnit! This downhill spiral is spreading throughout the forums. Don't you ever, ever post another picture of yourself again in my thread, Ipop's thread fine, but not mine.
BTW, the Thank You button is soooo close to being a reality. And, she says to behave. :coolgrin:
BTW, the Thank You button is soooo close to being a reality. And, she says to behave. :coolgrin:
IrvineRealtor_IHB
New member
I was betting on wrist surgery rendering you "unavailable."
<em>IRdeuce braces for the pain</em>
<em>IRdeuce braces for the pain</em>
No_Such_Reality_IHB
New member
<blockquote>BTW, the Thank You button is soooo close to being a reality. And, she says to behave.
</blockquote>
Can I ask two more favors:
Enforce automatic scaling on photos so they compress to the size of a youtube link. Photos like the above wreck the formating for all posts in the thread when someone does them. Frankly, I'm cranky and snarky this morning the proliferation of photos is annoying.
The second is can we disable bulk quoting. Or maybe the posters can learn to trim the quote in their replies so we don't have to look at the entire note reposted repeatedly when people are replying to one line.
</blockquote>
Can I ask two more favors:
Enforce automatic scaling on photos so they compress to the size of a youtube link. Photos like the above wreck the formating for all posts in the thread when someone does them. Frankly, I'm cranky and snarky this morning the proliferation of photos is annoying.
The second is can we disable bulk quoting. Or maybe the posters can learn to trim the quote in their replies so we don't have to look at the entire note reposted repeatedly when people are replying to one line.
Nude_IHB
New member
[quote author="No_Such_Reality" date=1209075830]Can I ask two more favors:
Enforce automatic scaling on photos so they compress to the size of a youtube link. Photos like the above wreck the formating for all posts in the thread when someone does them. Frankly, I'm cranky and snarky this morning the proliferation of photos is annoying.
The second is can we disable bulk quoting. Or maybe the posters can learn to trim the quote in their replies so we don't have to look at the entire note reposted repeatedly when people are replying to one line.</blockquote>
Photo scaling isn't supported by the software in use at this time. It was one of the first things I looked for when was browsing the code. It is a feature request being considered by the software designers, but I wouldn't hold my breath. Most likely, it will have to be coded by one of the fine folks that call IHB 'home', much like the "Thank You" feature and the color changes.
Unfortunately, the quote feature has the same drawbacks and it is up to the one doing the quoting to edit out the extraneous text. I'll see if I can find a smaller version of the pic :red:
<em>Edited to add: all better now?</em>
Enforce automatic scaling on photos so they compress to the size of a youtube link. Photos like the above wreck the formating for all posts in the thread when someone does them. Frankly, I'm cranky and snarky this morning the proliferation of photos is annoying.
The second is can we disable bulk quoting. Or maybe the posters can learn to trim the quote in their replies so we don't have to look at the entire note reposted repeatedly when people are replying to one line.</blockquote>
Photo scaling isn't supported by the software in use at this time. It was one of the first things I looked for when was browsing the code. It is a feature request being considered by the software designers, but I wouldn't hold my breath. Most likely, it will have to be coded by one of the fine folks that call IHB 'home', much like the "Thank You" feature and the color changes.
Unfortunately, the quote feature has the same drawbacks and it is up to the one doing the quoting to edit out the extraneous text. I'll see if I can find a smaller version of the pic :red:
<em>Edited to add: all better now?</em>
freedomCM_IHB
New member
Have people checked out the forclosure by zip code tool at the LA Times site?
<a href="http://www.latimes.com/classified/realestate/la-foreclosures-county-search,0,3866081.htmlstory?COUNTY=ORANGE COUNTY&appSession=9665100882115&RecordID;=&PageID=2&PrevPageID=2&cpipage=1&CPISortType=desc&CPIorderBy=Q12008_DefaultsPerHH">http://www.latimes.com/classified/realestate/la-foreclosures-county-search,0,3866081.htmlstory?COUNTY=ORANGE COUNTY&appSession=9665100882115&RecordID;=&PageID=2&PrevPageID=2&cpipage=1&CPISortType=desc&CPIorderBy=Q12008_DefaultsPerHH</a>
interesting quick finds:
<strong>Highest foreclosure rate:</strong>
Ladera Ranch 92694 38 15.58
Third highest (between 5 Santa Ana zips)
<strong>Irvine 92602 13 170.08</strong>
<a href="http://www.latimes.com/classified/realestate/la-foreclosures-county-search,0,3866081.htmlstory?COUNTY=ORANGE COUNTY&appSession=9665100882115&RecordID;=&PageID=2&PrevPageID=2&cpipage=1&CPISortType=desc&CPIorderBy=Q12008_DefaultsPerHH">http://www.latimes.com/classified/realestate/la-foreclosures-county-search,0,3866081.htmlstory?COUNTY=ORANGE COUNTY&appSession=9665100882115&RecordID;=&PageID=2&PrevPageID=2&cpipage=1&CPISortType=desc&CPIorderBy=Q12008_DefaultsPerHH</a>
interesting quick finds:
<strong>Highest foreclosure rate:</strong>
Ladera Ranch 92694 38 15.58
Third highest (between 5 Santa Ana zips)
<strong>Irvine 92602 13 170.08</strong>