2011

No_Such_Reality_IHB

No_Such_Reality_IHB

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Not the year, the number of Foreclosure Auction scheduled next week (9/14 - 9/18) in Orange County.



How many will go REO or get sold to a third party at the foreclosure auction?



Thursday and Friday this week, OC has 739 Auctions scheduled. And the last week of September, OC has only 1498 auctions scheduled from the 21st to the 25th. And a mere 943 scheduled for the last three days of the month.
 
I have no clue, but could they be waiting for this: <a href="http://www.housingwire.com/2009/09/10/federal-incentives-coming-for-short-sales-deeds-in-lieu/">Federal Incentives Coming for Short Sales, Deeds-in-Lieu </a>?
 
Update for Thursday evening.



Of the roughly 380 scheduled today, a mere 73 are listed as bank repo or vulture bought this evening. Not great, a mere 20% or so.



However, next week's auction volume has swelled to 2216 scheduled.
 
[quote author="No_Such_Reality" date=1252662940]Update for Thursday evening.



Of the roughly 380 scheduled today, a mere 73 are listed as bank repo or vulture bought this evening. Not great, a mere 20% or so.



However, next week's auction volume has swelled to 2216 scheduled.</blockquote>


73 is huge! We are back up to peak monthly foreclosure numbers if the daily numbers hold like that. I think this month will be in the top 5 all time high, and next month will be close to the monthly record, if not break the record.



It's 1993 all over again.
 
Just a quick update



For next week, we are down to 1660 Auctions



72 Auctions have been cancelled

627 have been postponed

1660 remain for auction Monday-Friday.



Those paying attention realize that adds up to 2359 homes. Quite an increase over the original 2011.



On Thursday and Friday a mere 105 homes were repo'd. Friday was a slow day at 29 repos. As an interesting note, 112 properties that were scheduled to auction last Thursday or Friday were cancelled.



Over the last 120 days, the banks have Repo'd 3032 properties and cancelled auctions on 2632 properties. The banks are cancelling as fast they repo.



Monday's auction block is 290 properties. A slow beginning to the week which kind of coasts along at the high 200s until Thursday & Friday to close the week our just short of 400/day.
 
You might want to keep an eye on few of the properties that get "canceled", because I have noticed quite a few are really only "postponed" 4-6 weeks later. FR doesn't always catch these "cancellations" until later or at all, but you can double check at the auction sites to see if they show up later. This happens more often now, and I think it is a misunderstanding of the terms when the trustee lets the auction service company know. Kinda like it is canceled, for that day, but they forgot to tell them it was rescheduled for another day.
 
[quote author="graphrix" date=1252929926]You might want to keep an eye on few of the properties that get "canceled", because I have noticed quite a few are really only "postponed" 4-6 weeks later. FR doesn't always catch these "cancellations" until later or at all, but you can double check at the auction sites to see if they show up later. This happens more often now, and I think it is a misunderstanding of the terms when the trustee lets the auction service company know. Kinda like it is canceled, for that day, but they forgot to tell them it was rescheduled for another day.</blockquote>
Like 27 Grape Arbor getting "canceled" last week? I'd bet that property will be back to the auction block before the year is out.
 
[quote author="autox" date=1252959233]Why do properties get cancelled or postponed?</blockquote>
I would suspect for the following few reasons:



- Lender has not communicated to the Trustee what the opening bid will be

- Lender attempting to workout a short sale with the owner

- Lender working on loan mod with the owner

- Owner files for bankruptcy

- Owner cured default (very, very rare)



I'm sure there are many other reasons but the ones listed above would be the most obvious and common.
 
[quote author="25inIrvine" date=1253064713]So we can update vs. the poll....



Do you we have a count for Monday yet?</blockquote>


I count 35 per foreclosure radar, but I will do a manual double check.



EDIT: 35 confirmed for Monday.
 
[quote author="USCTrojanCPA" date=1252964413][quote author="autox" date=1252959233]Why do properties get cancelled or postponed?</blockquote>
I would suspect for the following few reasons:



- Lender has not communicated to the Trustee what the opening bid will be

- Lender attempting to workout a short sale with the owner

- Lender working on loan mod with the owner

- Owner files for bankruptcy

- Owner cured default (very, very rare)



I'm sure there are many other reasons but the ones listed above would be the most obvious and common.</blockquote>


Or (and there are many <em>many</em> of these) ... owner filed motion for preliminary injunction to stop the sale claiming some failure to comply with federal or California lending, debt collection, and/or foreclosure laws.



These will postpone the auction, but very rarely will they stop them entirely.
 
[quote author="EvaLSeraphim" date=1253087828][quote author="USCTrojanCPA" date=1252964413][quote author="autox" date=1252959233]Why do properties get cancelled or postponed?</blockquote>
I would suspect for the following few reasons:



- Lender has not communicated to the Trustee what the opening bid will be

- Lender attempting to workout a short sale with the owner

- Lender working on loan mod with the owner

- Owner files for bankruptcy

- Owner cured default (very, very rare)



I'm sure there are many other reasons but the ones listed above would be the most obvious and common.</blockquote>


Or (and there are many <em>many</em> of these) ... owner filed motion for preliminary injunction to stop the sale claiming some failure to comply with federal or California lending, debt collection, and/or foreclosure laws.



These will postpone the auction, but very rarely will they stop them entirely.</blockquote>


Are you in the Orient now?
 
[quote author="bkshopr" date=1253089660]Are you in the Orient now?</blockquote>


We got back Monday night, before the typhoon hit HK, but not enough in advance of it to avoid big bumps on the way to Taipei. After spending time with business folk in HK, I think Karetz might want to re-think the importance of feng shui to certain populations.
 
[quote author="EvaLSeraphim" date=1253109529][quote author="bkshopr" date=1253089660]Are you in the Orient now?</blockquote>


We got back Monday night, before the typhoon hit HK, but not enough in advance of it to avoid big bumps on the way to Taipei. After spending time with business folk in HK, I think Karetz might want to re-think the importance of feng shui to certain populations.</blockquote>


The origin of the word Typhoon is a peng yin of Ty (large) phoon (wind).



Another word like Ketchup is a peng yin of Ket (tomato) chup (juice).
 
Okay just for an easy count:



Monday - 35

Tuesday - 34

Wednesday - 39



There are A LOT currently scheduled tomorrow. It is still possible to break the 200 mark for the week.
 
[quote author="graphrix" date=1253205716]Okay just for an easy count:



Monday - 35

Tuesday - 34

Wednesday - 39



There are A LOT currently scheduled tomorrow. It is still possible to break the 200 mark for the week.</blockquote>


Two hundred for the week isn't very much. We've had 500-1,500 a month for almost three years.
 
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