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VVance
6599 Posts |
 Posted - 11/14/2007 : 3:20:35 PM
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| http://www.knx1070.com/I-E--Foreclosure-Boom/1211272 |
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rudeness
5405 Posts |
Posted - 11/14/2007 : 3:26:23 PM
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quote:
Originally posted by VVance
http://www.knx1070.com/I-E--Foreclosure-Boom/1211272
LOS ANGELES (KNX 1070 NEWSRADIO/AP) -- The Riverside-San Bernardino area accounted for the most foreclosure filings in the U.S. this quarter, according to Realty Trac. The L.A.-Long Beach metropolitan area took second place. Riverside-San Bernardino had 31,661 filings on 20,664 properties, a jump of more than 267% from a year ago
I might be a little slow...but how do they get 31,661 filings on 20,664 properties? Do they file a foreclosure and a half on each one to make sure it goes? |
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kleonavalley
146 Posts |
Posted - 11/14/2007 : 3:30:02 PM
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quote:
Originally posted by rudeness
quote:
Originally posted by VVance
http://www.knx1070.com/I-E--Foreclosure-Boom/1211272
LOS ANGELES (KNX 1070 NEWSRADIO/AP) -- The Riverside-San Bernardino area accounted for the most foreclosure filings in the U.S. this quarter, according to Realty Trac. The L.A.-Long Beach metropolitan area took second place. Riverside-San Bernardino had 31,661 filings on 20,664 properties, a jump of more than 267% from a year ago
I might be a little slow...but how do they get 31,661 filings on 20,664 properties? Do they file a foreclosure and a half on each one to make sure it goes?
They file on main house and dog house. |
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privatecash
2103 Posts |
Posted - 11/14/2007 : 3:32:10 PM
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| Realty Trac counts each filing, so in a quarter there could be a max of 3 filings per unit: 1. NOD recorded 2. NOS (Sale) recorded 3. Trustee's Deed recorded. |
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VVance
6599 Posts |
Posted - 11/14/2007 : 3:33:01 PM
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| LOL |
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hertz
1546 Posts |
Posted - 11/14/2007 : 3:33:19 PM
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| Condos? Multiple foreclosures on the same property? Just taking a guess. |
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kleonavalley
146 Posts |
Posted - 11/14/2007 : 3:34:20 PM
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quote:
Originally posted by privatecash
Realty Trac counts each filing, so in a quarter there could be a max of 3 filings per unit: 1. NOD recorded 2. NOS (Sale) recorded 3. Trustee's Deed recorded.
I like my answer better Tim. BTW waiting on appraisal still on that construction deal. |
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williamspeaking
4060 Posts |
Posted - 11/14/2007 : 3:35:14 PM
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all of those awesome subprime 80/20's that are being foreclosed upon probably have both lenders reporting their NOD's??
my best guess. |
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crbutleriii@hotm
15 Posts |
Posted - 11/14/2007 : 3:36:38 PM
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| I read somewhere pertaining to the % that includs 1sts,2nds and HELOC's. Might explain high %s |
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rudeness
5405 Posts |
Posted - 11/14/2007 : 3:41:44 PM
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quote:
Originally posted by crbutleriii@hotmail.com
I read somewhere pertaining to the % that includs 1sts,2nds and HELOC's. Might explain high %s
That sounds like a reasonable explanation, but you would think that in order to get a true figure you would only count each property once. And only after it was actually foreclosed upon. |
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dkendall1979
13278 Posts |
Posted - 11/14/2007 : 3:48:25 PM
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The numbers aren't even close to the real default ratios, Countrywide (along with others) is about 3 months behind in their loss mitigation department so they might not even file the F/C for 6+ months of delinquent payments.
My dry cleaner hasn't made a payment in 9+ months and he hasn't even been filed on. He lives in Mission Viejo and can't be the only one in that situation. Side note: he's been collecting $3k/mo rent on the property for the last 4 months. |
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kleonavalley
146 Posts |
Posted - 11/14/2007 : 3:52:09 PM
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quote:
Originally posted by dkendall1979
The numbers aren't even close to the real default ratios, Countrywide (along with others) is about 3 months behind in their loss mitigation department so they might not even file the F/C for 6+ months of delinquent payments.
My dry cleaner hasn't made a payment in 9+ months and he hasn't even been filed on. He lives in Mission Viejo and can't be the only one in that situation. Side note: he's been collecting $3k/mo rent on the property for the last 4 months.
I feel sorry for his renters. I wouldn't want to be a renter right now. You have no way of knowing if your landlord is paying the mortgage. I have been checking title for NODs for renters I know lately. |
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dkendall1979
13278 Posts |
Posted - 11/14/2007 : 3:55:11 PM
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quote:
Originally posted by kleonavalley
quote:
Originally posted by dkendall1979
The numbers aren't even close to the real default ratios, Countrywide (along with others) is about 3 months behind in their loss mitigation department so they might not even file the F/C for 6+ months of delinquent payments.
My dry cleaner hasn't made a payment in 9+ months and he hasn't even been filed on. He lives in Mission Viejo and can't be the only one in that situation. Side note: he's been collecting $3k/mo rent on the property for the last 4 months.
I feel sorry for his renters. I wouldn't want to be a renter right now. You have no way of knowing if your landlord is paying the mortgage. I have been checking title for NODs for renters I know lately.
Actually, they're aware of it. It's a $1.5M house and they're renting for a fraction of market rent, plus he rented it furnished :) |
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kleonavalley
146 Posts |
Posted - 11/14/2007 : 3:59:53 PM
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quote:
Originally posted by dkendall1979
quote:
Originally posted by kleonavalley
quote:
Originally posted by dkendall1979
The numbers aren't even close to the real default ratios, Countrywide (along with others) is about 3 months behind in their loss mitigation department so they might not even file the F/C for 6+ months of delinquent payments.
My dry cleaner hasn't made a payment in 9+ months and he hasn't even been filed on. He lives in Mission Viejo and can't be the only one in that situation. Side note: he's been collecting $3k/mo rent on the property for the last 4 months.
I feel sorry for his renters. I wouldn't want to be a renter right now. You have no way of knowing if your landlord is paying the mortgage. I have been checking title for NODs for renters I know lately.
Actually, they're aware of it. It's a $1.5M house and they're renting for a fraction of market rent, plus he rented it furnished :)
Most landlords won't tell their tenants. They just hang them out to dry. |
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velecico
5311 Posts |
Posted - 11/14/2007 : 5:48:06 PM
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I think that would be the last concern , telling the tenant you are a **** up and cant pay the mortgage , might as well get as much $$$ as possible when it does finally foreclose you will get a hefty tax bill on the bank loss |
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homebroker@sbcgl
7370 Posts |
Posted - 11/14/2007 : 7:12:57 PM
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| I am seeing whole areas in foreclosure, neighborhoods built in 2005-2006 with half the homes foreclosed on and the worst is ahead. OC will be next with all the options ARM they did on $800,000 2 bedroom condos! The good new, homes are "crashing" so rapidly we are now able to finance with FHA in Southern California again and conforming. It is pretty crazy I do REO's and we get multiple offers now, with client in Southern CA now going FULL DOC and Conforming, who would have thought that could ever happen, even FHA! You can get a gorgeous 3 Bedroom 1600 SF home in some parts of Southern CA (good area) for under $300k!!! This market is going to be great once all the dust settles! |
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VVance
6599 Posts |
Posted - 11/14/2007 : 7:19:56 PM
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quote:
Originally posted by homebroker@sbcglobal.net
I am seeing whole areas in foreclosure, neighborhoods built in 2005-2006 with half the homes foreclosed on and the worst is ahead. OC will be next with all the options ARM they did on $800,000 2 bedroom condos! The good new, homes are "crashing" so rapidly we are now able to finance with FHA in Southern California again and conforming. It is pretty crazy I do REO's and we get multiple offers now, with client in Southern CA now going FULL DOC and Conforming, who would have thought that could ever happen, even FHA! You can get a gorgeous 3 Bedroom 1600 SF home in some parts of Southern CA (good area) for under $300k!!! This market is going to be great once all the dust settles!
Brian,
What areas are under the 300k mark now? |
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visionmtg
590 Posts |
Posted - 11/14/2007 : 7:26:55 PM
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quote:
Originally posted by homebroker@sbcglobal.net
I am seeing whole areas in foreclosure, neighborhoods built in 2005-2006 with half the homes foreclosed on and the worst is ahead. OC will be next with all the options ARM they did on $800,000 2 bedroom condos! The good new, homes are "crashing" so rapidly we are now able to finance with FHA in Southern California again and conforming. It is pretty crazy I do REO's and we get multiple offers now, with client in Southern CA now going FULL DOC and Conforming, who would have thought that could ever happen, even FHA! You can get a gorgeous 3 Bedroom 1600 SF home in some parts of Southern CA (good area) for under $300k!!! This market is going to be great once all the dust settles!
That's weird I just read a write up in OC Metro saying that Orange County will come away cleaner then Willie's p***r, especially South OC. Once again the "Orange Curtain" trying to paint themselves better than North OC & other counties further segregating themselves but I agree with you & think the Option Arm will get them too. |
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propertylender.c
1627 Posts |
Posted - 11/14/2007 : 7:51:24 PM
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I know a guy who purchased a house 3 years ago in Palmdale for $850,000 with 100% financing.
The rate is adjusting and he can't refinance.
He states are are houses about a mile away going for about $350,000.00.
I think he is going to buy one and let the current one go.
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homebroker@sbcgl
7370 Posts |
Posted - 11/14/2007 : 9:35:16 PM
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Elk Grove, Moreno Valley, Hemet, Murrieta, Temecula, Banning, to name a few. Nice newer location with great schools. Just sold a REO $224,000 built in 2005 with 2586/SF in Hemet right across the new center w/ Starbucks, all the shops. Sold another in a great area of Riverside for $318,000 gated community 1500/SF built in 1997, no need to move out of state for deals anymore! California is becoming affordable.
quote:
Originally posted by VVance
quote:
Originally posted by homebroker@sbcglobal.net
I am seeing whole areas in foreclosure, neighborhoods built in 2005-2006 with half the homes foreclosed on and the worst is ahead. OC will be next with all the options ARM they did on $800,000 2 bedroom condos! The good new, homes are "crashing" so rapidly we are now able to finance with FHA in Southern California again and conforming. It is pretty crazy I do REO's and we get multiple offers now, with client in Southern CA now going FULL DOC and Conforming, who would have thought that could ever happen, even FHA! You can get a gorgeous 3 Bedroom 1600 SF home in some parts of Southern CA (good area) for under $300k!!! This market is going to be great once all the dust settles!
Brian,
What areas are under the 300k mark now?
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homebroker@sbcgl
7370 Posts |
Posted - 11/14/2007 : 9:40:43 PM
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OC is in denial mode, they always talk about how they have not seen reduced pricing, then you go to Irvine Ranch sales center and the prices are down $300k, even $500k, did a loan for a client in Tustin Ranch, Lennar dropped the price right before funding $150,000 for all the buyers, they have dropped even more after that! The option ARMs have not even started to recast yet, and places like Ladera Ranch have 70% Option ARMs funded for the past 2 years on their $900k+ Mc Mansions. Coastal areas like Newport Beach will not be hit that much. Half the homes in the Irvine Michaelson Tower or for sale as they sold mostly to investors, soon they will put a huge for sale banner on the side of the building.
quote:
Originally posted by visionmtg
quote:
Originally posted by homebroker@sbcglobal.net
I am seeing whole areas in foreclosure, neighborhoods built in 2005-2006 with half the homes foreclosed on and the worst is ahead. OC will be next with all the options ARM they did on $800,000 2 bedroom condos! The good new, homes are "crashing" so rapidly we are now able to finance with FHA in Southern California again and conforming. It is pretty crazy I do REO's and we get multiple offers now, with client in Southern CA now going FULL DOC and Conforming, who would have thought that could ever happen, even FHA! You can get a gorgeous 3 Bedroom 1600 SF home in some parts of Southern CA (good area) for under $300k!!! This market is going to be great once all the dust settles!
That's weird I just read a write up in OC Metro saying that Orange County will come away cleaner then Willie's p***r, especially South OC. Once again the "Orange Curtain" trying to paint themselves better than North OC & other counties further segregating themselves but I agree with you & think the Option Arm will get them too.
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Donald1955
6067 Posts |
Posted - 11/14/2007 : 9:44:59 PM
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| Does anyone have any data on how this will affect property along the beach in Venice or Santa Monica? |
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homebroker@sbcgl
7370 Posts |
Posted - 11/14/2007 : 9:46:50 PM
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I saw a REO town-home in Hermosa last month around $680k with a water View and 2000/sf, don't remember the address
quote:
Originally posted by Donald1955
Does anyone have any data on how this will affect property along the beach in Venice or Santa Monica?
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velecico
5311 Posts |
Posted - 11/14/2007 : 10:04:23 PM
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The silver lining |
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ritabradley01
4945 Posts |
Posted - 11/14/2007 : 10:29:36 PM
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quote:
Originally posted by homebroker@sbcglobal.net
Elk Grove, Moreno Valley, Hemet, Murrieta, Temecula, Banning, to name a few. Nice newer location with great schools. Just sold a REO $224,000 built in 2005 with 2586/SF in Hemet right across the new center w/ Starbucks, all the shops. Sold another in a great area of Riverside for $318,000 gated community 1500/SF built in 1997, no need to move out of state for deals anymore! California is becoming affordable.
quote:
Originally posted by VVance
quote:
Originally posted by homebroker@sbcglobal.net
I am seeing whole areas in foreclosure, neighborhoods built in 2005-2006 with half the homes foreclosed on and the worst is ahead. OC will be next with all the options ARM they did on $800,000 2 bedroom condos! The good new, homes are "crashing" so rapidly we are now able to finance with FHA in Southern California again and conforming. It is pretty crazy I do REO's and we get multiple offers now, with client in Southern CA now going FULL DOC and Conforming, who would have thought that could ever happen, even FHA! You can get a gorgeous 3 Bedroom 1600 SF home in some parts of Southern CA (good area) for under $300k!!! This market is going to be great once all the dust settles!
Brian,
What areas are under the 300k mark now?
I've noticed some pretty sweet deals in Riverside County too. There are a lot of areas over there there are very nice if you don't mind the heat. |
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MortgageGurl
669 Posts |
Posted - 11/14/2007 : 11:02:00 PM
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Don't forget Orange County calls it's self "the mortgage capital of the world". All the AE's, Loan Officers and Realtors who bought close to their work that are now out of work. When those foreclosures hit the market along with all the adjusting arms the OC will crash. I don't think it will take a beating like the Inland Empire because there was not such a huge increase in value. I believe it was 3 years in a row that the Inland Empire ranked most appreciating county in the nation. I don't see how, with all the lending companies closing who employed new home owners in Orange County that the county will not take a decent hit in values.
I am seeing more signs on the sides of the road for new home "selling for under the $200's, $300's, $400's so people will be able to buy full doc that is great news for us here in So Cal. |
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propertylender.c
1627 Posts |
Posted - 11/15/2007 : 12:39:25 AM
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quote:
Originally posted by privatecash
Realty Trac counts each filing, so in a quarter there could be a max of 3 filings per unit: 1. NOD recorded 2. NOS (Sale) recorded 3. Trustee's Deed recorded.
I thought they stopped doing that a couple of months ago. |
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propertylender.c
1627 Posts |
Posted - 11/15/2007 : 12:42:01 AM
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quote:
Originally posted by dkendall1979
The numbers aren't even close to the real default ratios, Countrywide (along with others) is about 3 months behind in their loss mitigation department so they might not even file the F/C for 6+ months of delinquent payments.
My dry cleaner hasn't made a payment in 9+ months and he hasn't even been filed on. He lives in Mission Viejo and can't be the only one in that situation. Side note: he's been collecting $3k/mo rent on the property for the last 4 months.
I know a couple of people who are not making the higher increase in payments for the past few months.
They have tried to sell their houses with no luck.
The banks have not done much.
I think they do not want to add to the glut. |
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propertylender.c
1627 Posts |
Posted - 11/15/2007 : 12:45:32 AM
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quote:
Originally posted by homebroker@sbcglobal.net
I am seeing whole areas in foreclosure, neighborhoods built in 2005-2006 with half the homes foreclosed on and the worst is ahead. OC will be next with all the options ARM they did on $800,000 2 bedroom condos! The good new, homes are "crashing" so rapidly we are now able to finance with FHA in Southern California again and conforming. It is pretty crazy I do REO's and we get multiple offers now, with client in Southern CA now going FULL DOC and Conforming, who would have thought that could ever happen, even FHA! You can get a gorgeous 3 Bedroom 1600 SF home in some parts of Southern CA (good area) for under $300k!!! This market is going to be great once all the dust settles!
But I thought real estate prices never go down in Kalifornia (LOL).
I know what you mean. In Glendale & Burbank, sales in the lower priced homes have all but vanished. However, well priced million dollar homes (oxymoran) are still selling like they are giving them away. |
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propertylender.c
1627 Posts |
Posted - 11/15/2007 : 12:51:31 AM
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quote:
Originally posted by homebroker@sbcglobal.net
OC is in denial mode, they always talk about how they have not seen reduced pricing, then you go to Irvine Ranch sales center and the prices are down $300k, even $500k, did a loan for a client in Tustin Ranch, Lennar dropped the price right before funding $150,000 for all the buyers, they have dropped even more after that! The option ARMs have not even started to recast yet, and places like Ladera Ranch have 70% Option ARMs funded for the past 2 years on their $900k+ Mc Mansions. Coastal areas like Newport Beach will not be hit that much. Half the homes in the Irvine Michaelson Tower or for sale as they sold mostly to investors, soon they will put a huge for sale banner on the side of the building.
quote:
Originally posted by visionmtg
quote:
Originally posted by homebroker@sbcglobal.net
I am seeing whole areas in foreclosure, neighborhoods built in 2005-2006 with half the homes foreclosed on and the worst is ahead. OC will be next with all the options ARM they did on $800,000 2 bedroom condos! The good new, homes are "crashing" so rapidly we are now able to finance with FHA in Southern California again and conforming. It is pretty crazy I do REO's and we get multiple offers now, with client in Southern CA now going FULL DOC and Conforming, who would have thought that could ever happen, even FHA! You can get a gorgeous 3 Bedroom 1600 SF home in some parts of Southern CA (good area) for under $300k!!! This market is going to be great once all the dust settles!
That's weird I just read a write up in OC Metro saying that Orange County will come away cleaner then Willie's p***r, especially South OC. Once again the "Orange Curtain" trying to paint themselves better than North OC & other counties further segregating themselves but I agree with you & think the Option Arm will get them too.
I know someone who purchased a home on the water with a dock in front of it for $500,000.00 in New Port beach in 1995.
The previous owner had paid $1,500,000 for it.
Their are better stories in Beverly Hills.
There has always been wealth in there, but no place is immune. |
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propertylender.c
1627 Posts |
Posted - 11/15/2007 : 12:55:14 AM
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quote:
Originally posted by MortgageGurl
Don't forget Orange County calls it's self "the mortgage capital of the world". All the AE's, Loan Officers and Realtors who bought close to their work that are now out of work. When those foreclosures hit the market along with all the adjusting arms the OC will crash. I don't think it will take a beating like the Inland Empire because there was not such a huge increase in value. I believe it was 3 years in a row that the Inland Empire ranked most appreciating county in the nation. I don't see how, with all the lending companies closing who employed new home owners in Orange County that the county will not take a decent hit in values.
I am seeing more signs on the sides of the road for new home "selling for under the $200's, $300's, $400's so people will be able to buy full doc that is great news for us here in So Cal.
I was in the O.C. a couple of weeks ago and noticed still a lot of construction.
Most was commercial and some like condos.
I think they will slow construction until the market picks up. |
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