ForeclosureRadar Data

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25inirvine

New member
Not sure how much you guys actually looked at this at the old board, but I will post anyways. When I first started doing this in July P's were about 48% of the data, while A's were around 38%. Now they are flipped.

From the amount of homes I've been watching, things seem to be picking up at auction. The ones that I have seen be postponed month after month are starting to go through the system.

While there is usually a trend, check out Ladera. Usually when A's go up, P's go down as they are moving through the system. Or when A's go down it is because they finally got auctioned off to a 3rd Party or went back to the bank. Not true in Ladera! While they had 30 new properties go from the first stage to the second stage. They still had 47 more properties with NOD's filed. Not to mention their REO's also went up.

sgtpxi.jpg




I'm going to start doing the number changes too next month rather than just % change.

Hey Graph, did you see that North Tustin REO on Mira Vista finally sold?
 
P = PREFORECLOSURE which means Notice of Default (NOD) filed. Usually filed after missing 3 payments, although I have read in reports that the median is now after 5 missed payments before they file a NOD

A = AUCTION = scheduled for auction aka Notice of Trustee Sale (NTS). This seems to be where everything is getting held up. I have seen properties have an auction date then once we hit that date it gets postponed, then this happens month after month after month. It usually gives a reason such as "beneficiary request" "mutual agreement" "bankruptcy"

B = BANK OWNED = It went to auction, no one bid on it and it therefore went back to the bank. One thing to note about foreclosure radar is that the B's don't go away based upon a sale from the bank to the new owner. But instead they just stay on their for 120 days because FR estimates that is how long it takes the bank to put the home back on the market. So basically, (A) just because a B disappears after 120 days, it doesn't mean it has or has not sold and (B) just because it is on there within the 120 days, doesn't mean it hasn't sold yet. Although, I'm guessing scenario A is way more likely than B.

3 = 3RD PARTY = It went to auction and a 3rd party bid on it at auction is now the owner of the property. Same rule as the Bank Owned homes, they stay on for 120 days. Seems to be more and more of these each month and from the few I have watched, they get them on the market faster than the banks. Last stat I read, 3rd party used to bid on 5% of homes at auction and are now bidding on 19% of homes at auction.

That's how I interpret the letters, anyone can feel free to correct me if I'm wrong.
 
I think properties listed as "A" still technically belong to the homedebtors. They have been notified that they are in default and an auction has been scheduled. But the bank won't own the home until the auction takes place and there are no other bidders. In theory, the homedebtor could still bring the mortgage current, or modify the loan, or refinance, or short sell the property, or even sell for a profit if there was equity, and the house was in Irvine!

"B" properties have been through either an auction, or the homedebtors just sent in the keys so the bank really does own those.
 
[quote author="irvinehomeowner"]So when a property is A... is it actually owned by the bank?

I don't think I was ever clear on that.[/quote]

A is the notice that they are going to auction off your house. It is still owned by the debtors.

Here is a quote I grabbed from http://www.foreclosureuniversity.com/studycenter/foreclosurelaws/california.php

"A Notice of Trustee's Sale is prepared and published in an adjudicated paper of general circulation in the city in which the property is located. The Notice of Trustee's Sale is published one time per week for three weeks. The actual Sale is established by adding at least 20 days to the date that the Notice of Trustee's Sale was first published in the newspaper. The Notice of Trustee's Sale is posted on the property and in a public place. At least 14 days period to Sale date the Notice of Trustee's Sale must be recorded in the county in which the property is located."

I wonder if you are still living at that house, do you get in trouble if you take down the posting?
 
This is why I think the Ps and As are part of what we call Shadow Inventory. What is the % rate of those P/A homes becoming Bs or 3rd party owned?
 
Anyone know if the cure rate has risen lately? Last I saw it was running at about 6.6% that was up to August.
 
[quote author="irvinehomeowner"]This is why I think the Ps and As are part of what we call Shadow Inventory. What is the % rate of those P/A homes becoming Bs or 3rd party owned?[/quote]

I'm trying to figure out the best way to show this. It is a little difficult due to the B's and 3's staying on there 120 days while the P's and A's are on there based on when they are actually filed and active.

I'm thinking the best way is to have a 120 day lag. Or just show the change every 120 days because then you know those are all new REO's that happened in the past 120 days. Any ideas?
 
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