Foreclosure and distressed property topics

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Maybe Graph can chime in here (because I may be wrong), but I noticed something recently. Foreclosure auctions used to take place at the Courthouse on Tuesdays or Thursdays. Then they started happening on both Tuesdays and Thursdays. Now there are auctions every weekday afternoon. On top of that, some companies are doing them every day at places other than the Courthouse (the flag pole at Placentia City Hall comes to mind). That is not a good sign.
 
[quote author="EvaLSeraphim" date=1214603536]Maybe Graph can chime in here (because I may be wrong), but I noticed something recently. Foreclosure auctions used to take place at the Courthouse on Tuesdays or Thursdays. Then they started happening on both Tuesdays and Thursdays. Now there are auctions every weekday afternoon. On top of that, some companies are doing them every day at places other than the Courthouse (the flag pole at Placentia City Hall comes to mind). That is not a good sign.</blockquote>


It is five days a week at Santa Ana, Placentia, and Orange now. The majority are happening at the SA courthouse. One thing I did notice the last time I was at the SA auction, was an announcement for the 3 o'clock auction. A girl came up on the other side of where the 2 o'clock auction was still happening, and started to make announcements on properties. I couldn't hear her all that well, but it sounded like most were canceled or postponed. Next time I am down there I will take note on what company she works for and why do it before the 2 o'clock auction is over.
 
[quote author="lawyerliz" date=1214625650]Doesn't Cali law require the foreclosures to be at a certain place?



How else would potential bidders (haha snort) know where to go to

bid?</blockquote>


They post the location in the NTS, and the foreclosure websites post the location too. Also, you can get the location from the companies processing the trustee sales, and a title company can get you a list as well. Although we do things here in a wacky way, we do have some sort of order, however illogical it may be.
 
[quote author="graphrix" date=1214630429][quote author="lawyerliz" date=1214625650]Doesn't Cali law require the foreclosures to be at a certain place?



How else would potential bidders (haha snort) know where to go to

bid?</blockquote>


They post the location in the NTS, and the foreclosure websites post the location too. Also, you can get the location from the companies processing the trustee sales, and a title company can get you a list as well. Although we do things here in a wacky way, we do have some sort of order, however illogical it may be.</blockquote>


Oh goodness, could you imagine the cacophony outside the courthouse if they did *all* of them there?!? Ok, so there aren't that many people who show up, but it would be all day every weekday.
 
<a href="http://www.foreclosurepoint.com/">Sign up for ForeclosurePoint to get the address of properties in foreclosure for free</a>.



I checked it out, and there are a lot, and I mean a lot of duplicates, because they repeat a NOD with a NTS, and some are already REO that I know for sure are. But, now there is a source for foreclosures for free with the actual address. They use Zillow for their data when you click on the address from a search. Like always, I used Skek's email in case they spam like crazy.
 
How about foreclosure stats for June?



I was on Miami Beach and Biscayne Blvd over the weekend and the number

of empty towers is simply staggering. I mean, I read about it, but until I

saw it with my own eyeballs I just didn't conceive how horrible it is.



Next door to where we stayed there were maybe 3 lighted apts, amongst hundreds.

Lots of future foreclosures.



I've been thru 2 or 3 eras of overbuilding, and I would say that this is at least 10 times

worse. In fact, it may be 100 times worse. And I keep hearing that the foreignors are

gonna save us.



Nope, I say, not enough rich foreigners in the world to save south Fla. Not to speak

of you out there.
 
Nah, the state is--property interested in restoring the everglades, and has

just bought a huge huge chunck in the center of the state to store water to

help restore the "river of grass".



Miami Beach and the other barrier islands are merely barrier islands, and ma

nature will have her way with them sooner or later.



There was a time, relatively recently by geological standards, say 8-9000 years

ago where Florida was a seriers of islands down the middle of the state, which

has a number of minor hills. Then the sea level fell. . .



Back then, nothing to do with global warming.



If the sea level rises again, are we gonna build dikes all around Florida,

and a lot of other areas, too, like, say Manhattan?
 
The June foreclosure guesstimates are in, and I repeat in ad nauseum, they are worse than last month and last year. June is special, because it is the first month that I used Excel to calculate the unique documents. You can thank one hot fish for another behind the scenes addition to forums. The numbers below on a per day basis, and the percentages are MOM first and YOY second.



NODs 2613, 17.8% and 147.8%.



NTSs 2084, N/A and -4.7%.



Foreclosures 1311, 4.7% and 37.8%.



Foreclosures and NODs will break a monthly and a quarterly record. In the first six months of 2008 the NODs have already surpassed the record for the entire year of 1996, and that was a record. Think about that... in just six months OC has already broken the yearly record. It is twice as bad as the 90s, and in fact it is actually worse than that. Nope, sorry... no bottom here, and with the increase in NODs it is still has long way to go.
 
Thanks for the June update Graph.



I saw many NODs hitting high end properties in the 92602 and 92782 ZIP codes, so the next question is the composition of the numbers that you just posted, something like the median defaulted debt amount can tell you if we're now moving towards high end properties with big mortages or 100% financing deals.
 
why do you think the NTSs are down this month?



Does it reflect some sort of trough between the sub-prime and alt-A loans going bad, as kindof seen on the credit-suisse charts?



great work!
 
[quote author="Rocker" date=1215657416]Thanks for the June update Graph.



I saw many NODs hitting high end properties in the 92602 and 92782 ZIP codes, so the next question is the composition of the numbers that you just posted, something like the median defaulted debt amount can tell you if we're now moving towards high end properties with big mortages or 100% financing deals.</blockquote>


I don't have easy access to that type of data, but I do have access to the loan amounts on a good chunk of the foreclosures, and yes... there are more high end properties going into and through foreclosure.
 
[quote author="freedomCM" date=1215668509]why do you think the NTSs are down this month?



Does it reflect some sort of trough between the sub-prime and alt-A loans going bad, as kindof seen on the credit-suisse charts?



great work!</blockquote>


It is just an anomaly for the month. I would imagine that next month they will be up again.
 
[quote author="Rocker" date=1215657416]I saw many NODs hitting high end properties in the 92602 and 92782 ZIP codes, so the next question is the composition of the numbers that you just posted, something like the median defaulted debt amount can tell you if we're now moving towards high end properties with big mortages or 100% financing deals.</blockquote>


Google North Hills Realty (the one in Tustin) and click through to the site. Then click on foreclosure properties and sort by highest price. There are a lot of $1MM+ properties on their list.
 
Oy vey. I had a client come in who had 3 properties in Orlando, hopelessly underwater,

and he was going to buy another property in a Fort Meyers tower this very day, except

his partner was out of town. Don't do this, I begged. Don't do this. He HELOC-ed his

house to buy those Orlando properties. Orlando is the best mkt in the state which means

it is horrible instead of horrendously horrible. He is 120k underwater on all the Orlando

properties.
 
One of my business partners has a vacation condo in Florida and he had been wanting to buy some more, but under an LLC. I've been directing him to information that suggested he should wait and just this week he told me how glad he is that he hasn't bought any more. A lot of the people that own in his builiding are foreigners (many from the UK) so he thought it was fairly immune. Some of them are on the board and they come over for the meetings. Apparently it is just blowing up suddenly.
 
One of my business partners has a vacation condo in Orlando, Florida and he had been wanting to buy some more, but under an LLC. I've been directing him to information that suggested he should wait and just this week he told me how glad he is that he hasn't bought any more. A lot of the people that own in his builiding are foreigners (many from the UK) so he thought it was fairly immune. Some of them are on the board and they come over for the meetings. Apparently it is just blowing up suddenly.
 
Lovely NOD filed on <a href="http://www.redfin.com/CA/Irvine/25-Blue-Heron-92603/home/5856096">this big bad boy.</a> Looks like they own $5M flat on the 1st TD...
 
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