Increase in forclosures, is this real?

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stillConfused_IHB

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I often check this website of a realtor to find out number of homes being auctioned off by court and noticed a huge jump in the number of homes this past week. The size of this PDF file is almost double (76 pages vs. 36 pages previously) and there are more addresses in Irvine itself compared to 1 or 2 previously.





http:/ /www.nefcortez.com/home-files/Foreclosures/Foreclosures-home.htm





I am not very familiar with the process of purchasing home through foreclosure, so we are not going through that avenue, but I was wondering if this will have any effect on active listings or not. We are actively looking at buying a house in Irvine now, but we can wait a little bit.





Any observations or opinions by current active buyers?
 
Oooh... There's one on the list in North Park that I've walked by a couple of times that seems really nice. Opening bid is $859K. That would be tempting if we had the cash.
 
<p>Yes it is very real but many of those will get postponed. Rumor has it once it has been postponed realtytrac and foreclosure.com take these out of their numbers. I found this out from this <a href="http://bubbletracking.blogspot.com/2007/06/if-we-hit-bedrock-in-january-are-we.html">post on BMIT</a> from Schahrzad Berkland of <a href="http://www.californiahousingforecast.com/">http://www.californiahousingforecast.com/</a> and I trust this source. Once the lenders take back the property they will realize they need to get rid of it and drop the price.</p>

<p>Eval - Which property were you watching if you do not mind me asking? Is it one of our favorite? Just FYI the minimum bid from nefcortez isn't always correct. That info just adds the loan balance plus back interest and fees or the delinquent amount they show. At the auction it will actually and typically start at the original loan balance if not lower depending on what the bank now feels what is worth. I have seen several of the ones that actually sell and not bought back by the bank for a penny over the minimum.</p>
 
I believe Eva is talking about 2 Monrovia...





It may be a beautiful house, but backyard is on a busy street Culver. (My wife's cousin used to own 1 Monrovia, so I know). The lot is probably twice as big as 1 Monrovia and Zillow shows value of $1.3m, so it looks like bank can fetch more money from open market, but I guess banks are only looking for loan balance and nothing more..





Why can't seller sell the property and pay off the bank in this case?
 
stillconfused - maybe because zillow is just a website with estimations, but zillow is not a buyer with the bucks to buy it.
 
Yeah, it was 2 Monrovia. Yahoo Maps showed it on the inside of the tract, and not backing to Culver. I guess I'll have to take a walk around there again soon.
 
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