Author Topic: Irvine Foreclosure Data  (Read 10574 times)

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Re: Irvine Foreclosure Data
« on: July 20, 2012, 05:46:46 PM »
I remember back in the IHB days... everyone made a big deal of shadow inventory and there were people on both sides arguing whether or not it existed. Some of the argument were based on the definition of shadow inventory and while it's obvious that we may not ever see that flood of foreclosed/REO homes hit the market, doesn't it perturb anyone that the banks are just sitting on these properties and not putting them out there for us to buy?

Take for example this one:

http://www.redfin.com/CA/Irvine/8-Blackbird-92618/home/4746443

This was foreclosed on end of April 2010. It was listed numerous times starting May 4, 2010 and I even saw it last year where the realtor kept telling me how it's an REO. Over two years later, it's no longer on the market and just sitting there... who do you think is paying for it?

And this doesn't take into account all the homes that are in preforeclosure, no one is paying for and the banks are not moving on. No wonder people are strategically defaulting... they can save tens of thousands by living rent free for a few years.

8 Blackbird is kind of special. It was second lien foreclosure. The loan was held by a small mortgage company. The mortgage company is not willing to take losses. It seems the house is rented out and the company is waiting for the price to recover.

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