A new escrow thread for a new housing market...

ipoplaya_IHB

ipoplaya_IHB

New member
I<a href="http://www.ipoplaya.com"> just updated 27 new properties</a> that hit escrow over the past 5 days or so. That's about as brisk a stretch that I have seen... I have 123 places I am tracking in escrow with backup offer status. There are at least another 15-20 indicated as pending.



There are around 150 less units on the market right now vs. the same time last year and a great many more already in the sales process vs. a year ago. Listed inventory has been trending down during March (not normal) as sales volumes have outpaced new listings.
 
[quote author="ipoplaya" date=1238682765]I<a href="http://www.ipoplaya.com"> just updated 27 new properties</a> that hit escrow over the past 5 days or so. That's about as brisk a stretch that I have seen... I have 123 places I am tracking in escrow with backup offer status. There are at least another 15-20 indicated as pending.



There are around 150 less units on the market right now vs. the same time last year and a great many more already in the sales process vs. a year ago. <strong>Listed inventory has been trending down during March (not normal) as sales volumes have outpaced new listings.</strong></blockquote>


Foreclosure moratoriums. The backlog is horrendous. April, May, and June will shatter records.



<a href="http://www.zillow.com/homedetails/132-Spring-Vly-Irvine-CA-92602/54972265_zpid/">This one went back to the bank today for $700k</a> (2003 pricing), and there were three more in Irvine today.



Just like the old thread, you post the escrows, and I will post about the future and cheaper escrows. :coolgrin:
 
Buyers are out in incredible numbers. I looked at three places yesterday and one, an REO, had nonstop traffic through it. That one will have an offer on it within days, if it doesn't already. Looks to me like plenty of people think prices in Irvine have gone down far enough. I agree with ipop, I would not at all be surprised if prices rise this summer.
 
[quote author="graphrix" date=1238684757][quote author="ipoplaya" date=1238682765]I<a href="http://www.ipoplaya.com"> just updated 27 new properties</a> that hit escrow over the past 5 days or so. That's about as brisk a stretch that I have seen... I have 123 places I am tracking in escrow with backup offer status. There are at least another 15-20 indicated as pending.



There are around 150 less units on the market right now vs. the same time last year and a great many more already in the sales process vs. a year ago. <strong>Listed inventory has been trending down during March (not normal) as sales volumes have outpaced new listings.</strong></blockquote>


Foreclosure moratoriums. The backlog is horrendous. April, May, and June will shatter records.



<a href="http://www.zillow.com/homedetails/132-Spring-Vly-Irvine-CA-92602/54972265_zpid/">This one went back to the bank today for $700k</a> (2003 pricing), and there were three more in Irvine today.



Just like the old thread, you post the escrows, and I will post about the future and cheaper escrows. :coolgrin:</blockquote>
Preach on brotha man. You are the voice of reason and bad NCAA basketball picker in my book. haha
 
[quote author="nefron" date=1238712975]Buyers are out in incredible numbers. I looked at three places yesterday and one, an REO, had nonstop traffic through it. That one will have an offer on it within days, if it doesn't already. Looks to me like plenty of people think prices in Irvine have gone down far enough. I agree with ipop, I would not at all be surprised if prices rise this summer.</blockquote>


That would be one more good reason to keep renting for a longer time!
 
[quote author="nefron" date=1238712975]Buyers are out in incredible numbers. I looked at three places yesterday and one, an REO, had nonstop traffic through it. That one will have an offer on it within days, if it doesn't already. Looks to me like plenty of people think prices in Irvine have gone down far enough. I agree with ipop, I would not at all be surprised if prices rise this summer.</blockquote>
Just proof that there are still a lot of sheep out there that have no idea of that light that they see coming in the tunnel is not the end but rather of a freight train. Yet they are ready to start bidding up home prices because they'll be priced out again. Honestly, this may be the housing's version of a short squeeze to bring the last suckers in (super low rates, banks are not profitable, the world is great again).
 
[quote author="graphrix" date=1238684757]



<a href="http://www.zillow.com/homedetails/132-Spring-Vly-Irvine-CA-92602/54972265_zpid/">This one went back to the bank today for $700k</a> (2003 pricing), and there were three more in Irvine today.



</blockquote>


Three more went to backup while I was sleeping to offset those three that went back to the bank... That makes 30 in five days. I'm going to have to quit my job just to keep up with site updates!



Cakes, you've been talking about a tidal wave of foreclosures swamping the market for as long as I have known you. Take a look at the Irvine housing inventory graph brutha and tell me what you see:



<img src="http://www.ipoplaya.com/invtrend.jpg" alt="" />



Looks like nothing but downward trend since July of 2007. When are all these REOs going to show up in standing inventory? Are we even going to see 900 units on the market this summer in Irvine?
 
[quote author="ipoplaya" date=1238718688][quote author="graphrix" date=1238684757]



<a href="http://www.zillow.com/homedetails/132-Spring-Vly-Irvine-CA-92602/54972265_zpid/">This one went back to the bank today for $700k</a> (2003 pricing), and there were three more in Irvine today.



</blockquote>


Three more went to backup while I was sleeping to offset those three that went back to the bank... That makes 30 in five days. I'm going to have to quit my job just to keep up with site updates!



Cakes, you've been talking about a tidal wave of foreclosures swamping the market for as long as I have known you. Take a look at the Irvine housing inventory graph brutha and tell me what you see:



<img src="http://www.ipoplaya.com/invtrend.jpg" alt="" />



Looks like nothing but downward trend since July of 2007. When are all these REOs going to show up in standing inventory? Are we even going to see 900 units on the market this summer in Irvine?</blockquote>
That chart is a bit misleading...what have prices done since the inventory levels have been dropping in 2007? That's right, they've also been declining. So there is a lot more going on behind the scenes that the graph of the inventory levels isn't picking up (like homes that are and will be getting foreclosed on). I will say that the drop in inventory has spared Irvine from some of the large price drops that other OC cities have experienced. It's only a matter of time IPO, Irvine will be one of the last nuts that cracks just like Newport and CDM.
 
[quote author="usctrojanman29" date=1238720355]

That chart is a bit misleading...what have prices done since the inventory levels have been dropping in 2007? That's right, they've also been declining. So there is a lot more going on behind the scenes that the graph of the inventory levels isn't picking up (like homes that are and will be getting foreclosed on). I will say that the drop in inventory has spared Irvine from some of the large price drops that other OC cities have experienced. It's only a matter of time IPO, Irvine will be one of the last nuts that cracks just like Newport and CDM.</blockquote>


What?! Sale prices and discounts have reduced inventory glut?! Someone alert the car makers and retailers of this dynamic. A new fangled strategy such as this could be useful to them!



:)
 
[quote author="graphrix" date=1238726122]For every house that goes into escrow, a new green pin pops up on the map. Sorry, but I am missing the cluster of pins up at the top there in West Irvine.



http://i39.tinypic.com/349cw08.jpg</blockquote>
So pretty, just can't get enough of this kind of chartpporn. Btw Graph, you are the one that helped to open my eyes so take a bow.
 
[quote author="graphrix" date=1238726122]For every house that goes into escrow, a new green pin pops up on the map. Sorry, but I am missing the cluster of pins up at the top there in West Irvine.



http://i39.tinypic.com/349cw08.jpg</blockquote>


This is UNREAL!



Two questions please:



1) Do the P's stand for Pre-Foreclosures?



2) Where did you generate this from?



Thanks again for posting some very interesting material!
 
[quote author="graphrix" date=1238726122]For every house that goes into escrow, a new green pin pops up on the map. Sorry, but I am missing the cluster of pins up at the top there in West Irvine.



http://i39.tinypic.com/349cw08.jpg</blockquote>


so are the green pins all is escrow? Does this maps include ALL the properties on the map? why so many pins in irvine?
 
[quote author="LoudRoar" date=1238729743][quote author="graphrix" date=1238726122]For every house that goes into escrow, a new green pin pops up on the map. Sorry, but I am missing the cluster of pins up at the top there in West Irvine.



http://i39.tinypic.com/349cw08.jpg</blockquote>


so are the green pins all is escrow? Does this maps include ALL the properties on the map? why so many pins in irvine?</blockquote>


Because there are so many EVERYWHERE.
 
<span style="color: green;"><strong>P</strong></span>reforeclosure

<span style="color: blue;"><strong>A</strong></span>uction

<span style="color: red;"><strong>B</strong></span>ank-owned
 
[quote author="SoCal78" date=1238729913]<span style="color: green;"><strong>P</strong></span>reforeclosure

<span style="color: blue;"><strong>A</strong></span>uction

<span style="color: red;"><strong>B</strong></span>ank-owned</blockquote>


Thank you!
 
holy shit this is serious!



So the P is pre-forclosure meaning they received a notice of default? Wow, thanks for the map/info.



Heart breaking.
 
[quote author="LoudRoar" date=1238730302]holy shit this is serious!



So the P is pre-forclosure meaning they received a notice of default? Wow, thanks for the map/info.



Heart breaking.</blockquote>


And voila! The IHB has another convert. :p
 
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