Irvine Inventory

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Gohabsgo_IHB

Gohabsgo_IHB

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On the main blog page, there's a link to <a href="http://www.irvinehousingblog.com/inventory/irvine.php">Irvine Inventory</a>.



It has a clear downward trend, which doesn't make sense based on everything else being said out there. Any idea why? Is this data accurate? IR, do you find it harder to profile properties (probably not given the mess so many of them created)?
 
Too many bought so they wouldn't be priced out forever. Now they're priced in forever because home prices have fallen 20%+



Those that bought years ago are waiting for the market to return so they don't give it away. Those that bought recently can't sell. It's foreclosure or short sale. Doing short sale as a seller is hard, miss the payments, keep it on the market and crush your credit anyway.



So you have a thin segment of market that has the ability to sell. A smaller segment of them want to sell and realize they need to sell.
 
[quote author="PadreBrian" date=1217847160]A few of the weaker borrowers were holding out for the rescue...banks were also holding onto the foreclosures until after, as well.</blockquote>
The decline in inventory levels could explain why Irvine prices haven't fallen as much as other cities in OC. As of 9:25pm today, there are 776 properties (homes and condos) active for sale in Irvine (looks like we are below the 2007 inventory low) on So Cal MLS.
 
There were two REOs in my complex of 64 homes. Neither appeared on the MLS. I am also aware of other areas where homes have gone back to the bank and those homes do not appear on the MLS. So I would suggest that the MLS is not reflective of the total available inventory.
 
[quote author="EvaLSeraphim" date=1217852585]There were two REOs in my complex of 64 homes. Neither appeared on the MLS. I am also aware of other areas where homes have gone back to the bank and those homes do not appear on the MLS. So I would suggest that the MLS is not reflective of the total available inventory.</blockquote>
Just because a property went back to the bank does not mean that should be reflected in MLS. MLS only captures active listings submitted by real estate agents/brokers. The REOs will eventually make it onto MLS once the banks enter into listing agreements with the bank, it just takes time.
 
Um . . . not exactly. Each of the REOs had "For Sale" signs in front of them with the name and phone number of the listing agent / broker. Now I will admit that I was pulling only from Redfin and Zip, but those places appeared on neither. I'm pretty sure that my searches were good because I was really curious to see how they would be priced.



Edit: I just did a new search on Zip. One of the two was listed 10 days ago. That said, the "For Sale" signs have been up for a couple of months and the trustee's sale was May 13th.
 
[quote author="EvaLSeraphim" date=1217855175]Um . . . not exactly. Each of the REOs had "For Sale" signs in front of them with the name and phone number of the listing agent / broker. Now I will admit that I was pulling only from Redfin and Zip, but those places appeared on neither. I'm pretty sure that my searches were good because I was really curious to see how they would be priced.



Edit: I just did a new search on Zip. One of the two was listed 10 days ago. That said, the "For Sale" signs have been up for a couple of months and the trustee's sale was May 13th.</blockquote>
If that's the case, then the listing agents/brokers are worthless (like a vast majority are). The chances of selling a property with throwing up a "for sale" sign versus listing it on MLS are like getting struck by lightening. Redfin, Zip, and realtor.com information is not always the most accurate and timely. The stats on MLS from now versus 2008 indicate inventory levels are down, people can infer what that means for themselves (I've venture to say that the expired/withdrawn number of listings have increased since 2007). Nor MLS, Refin, Zip, or realtor.com can capture listings if they are not properly listed.
 
I started tracking some of the foreclosures, about a month ago, to see how long it takes for them to hit the market, if they ever do. I have 10 that were either sold or back to the bene about a month ago. One is still listed on the MLS, someone please tell the Realturd the owner is no longer the owner, it is called the bank. <a href="http://www.redfin.com/CA/Tustin/12420-N-La-Coste-Dr-92782/home/5444559">One is now on the market in Tustin Ranch</a>. It took over 30 days for this investor to get this home to market, and his price is a bit high if you check the listing history. My target price on this home was $575k, since he bought it at the auction for $467k at the auction, but I wouldn't be greedy in this market and I would want to get it sold.



I will have some updates on more, once they finally make it onto the market. It might be a while, so don't forget to remind me if it has been a while.
 
Eva - There are many homes for sale which do not show up on Redfin. And it seems to be the REOs and distressed listings. I have no idea why and I have no idea how Redfin gets it's info. Redfin says it has all MLS listings, but that is not my experience.
 
A little O/T, but interesting (to me): Every now and then I will find a listing on Redfin where the address is undisclosed, but appears fully and completely on Zip. Go figure.
 
[quote author="Astute Observer" date=1217889942]Not in Irvine, but a neighbor's house that I thought "went back to the bank" has a For Lease sign out on the front. Is this property really foreclosured, or bank can lease property to wait out the down market?</blockquote>
Banks don't like being landlords.
 
[quote author="usctrojanman29" date=1217893121][quote author="Astute Observer" date=1217889942]Not in Irvine, but a neighbor's house that I thought "went back to the bank" has a For Lease sign out on the front. Is this property really foreclosured, or bank can lease property to wait out the down market?</blockquote>
Banks don't like being landlords.</blockquote>


It's a surging scam, post the rental on Craigslist, have everybody show up on the Saturday, collect the applications and deposits because they seem like really good people and you'll rent to them but you can't hold it for a check so could they get cash from the bank...



Walk away at the end of the day from the empty foreclosed house with a dozen people's credit information and a few hundred to a few thousand in deposits which you cash at the local check cashing place and away you go...
 
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