Foreclosure and distressed property topics
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IrvineRenter_IHB
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Do you think 65% CLTVs would make refinancing difficult?
JPMorgan Chase: Max 65% CLTV in Nevada
Talk about tighter lending standards! From The Canadian Press: Borrowing requirements tightening and changing regularly in U.S.
Tom Kelly, a spokesman for JPMorgan Chase & Co. said within the past eight months, Chase has focused on combined loan-to-value ratio (CLTV), documentation and credit scores to improve loan quality, and raised minimum requirements for each. Chase also no longer offers 100 per cent CLTV loans anywhere, with restrictions as tight as a maximum 65 per cent CLTV in Nevada because of rising delinquencies.Hmmm. Why not just sell the loans to Freddie and Fannie? Both are still accepting higher CLTV loans.
JPMorgan Chase: Max 65% CLTV in Nevada
Talk about tighter lending standards! From The Canadian Press: Borrowing requirements tightening and changing regularly in U.S.
Tom Kelly, a spokesman for JPMorgan Chase & Co. said within the past eight months, Chase has focused on combined loan-to-value ratio (CLTV), documentation and credit scores to improve loan quality, and raised minimum requirements for each. Chase also no longer offers 100 per cent CLTV loans anywhere, with restrictions as tight as a maximum 65 per cent CLTV in Nevada because of rising delinquencies.Hmmm. Why not just sell the loans to Freddie and Fannie? Both are still accepting higher CLTV loans.
lawyerliz_IHB
New member
In Miami, there are so many foreclosees that the sheriff doesn't have time to kick out the normal non-paying renters. It used to be that foreclosure defendants would get out long before the summary final judgment in favor of the lender (to be followed by the sale on the courthouse steps (which is no longer on the steps). Now, they're staying until the last moment. Making it clear that they are more like bad renters than the distressed owners of yore.
A poster at Calculated Risk said that prices are off 40% here. I dunno. What %age can you say the mkt is down, when there is no mkt?
A poster at Calculated Risk said that prices are off 40% here. I dunno. What %age can you say the mkt is down, when there is no mkt?
IrvineRenter_IHB
New member
DataQuick: SoCal Home Sales "UItra-Low"
From DataQuick: Southland home sales still ultra-low; median price slips again
Southern California home sales limped along last month at the slowest pace ever for a February, the result of a market crippled by uncertainty and credit constraints. The median sale price dropped by a record 17.6 percent from a year ago, a real estate information service reported.
A total of 10,777 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in February. That was up 8 percent from 9,983 the previous month but down 39 percent from 17,680 in February last year, according to DataQuick Information Systems.
Last month's sales total was the second-lowest for any month in DataQuick's statistics, which go back to 1988. The prior month's total of 9,983 was the lowest ever. Since September, sales each month have been a record low for that particular month.
Of the homes that resold in February, about one-third, 33.5 percent, had been foreclosed on at some point since January 2007. A year earlier the figure was 3.5 percent. At the county level, the percent of homes resold in February that had been foreclosed on since January 2007 ranged from 25.3 percent in Orange County to 48.1 percent in Riverside County.
"Sales remained extraordinarily low, and a significant portion of what did sell was in areas beset by foreclosure activity. That's where sellers are the most motivated and price cuts are largest. Mainly it's in the inland markets, often in newer suburbs, where prices got pumped up artificially with the sort of crazy loans that no longer exist," said Marshall Prentice, DataQuick president.
...
The median price paid for a Southland home was $408,000 last month, the lowest since $402,500 in October 2004. Last month's median was down 1.7 percent from January's $415,000, and down a record 17.6 percent from $495,000 in February 2007.
Last month's median fell 19.2 percent shy of the $505,000 peak reached last spring and summer. ...
Foreclosure activity is at record levels... If it wasn't for foreclosures, the sales number would really be awful.
From DataQuick: Southland home sales still ultra-low; median price slips again
Southern California home sales limped along last month at the slowest pace ever for a February, the result of a market crippled by uncertainty and credit constraints. The median sale price dropped by a record 17.6 percent from a year ago, a real estate information service reported.
A total of 10,777 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in February. That was up 8 percent from 9,983 the previous month but down 39 percent from 17,680 in February last year, according to DataQuick Information Systems.
Last month's sales total was the second-lowest for any month in DataQuick's statistics, which go back to 1988. The prior month's total of 9,983 was the lowest ever. Since September, sales each month have been a record low for that particular month.
Of the homes that resold in February, about one-third, 33.5 percent, had been foreclosed on at some point since January 2007. A year earlier the figure was 3.5 percent. At the county level, the percent of homes resold in February that had been foreclosed on since January 2007 ranged from 25.3 percent in Orange County to 48.1 percent in Riverside County.
"Sales remained extraordinarily low, and a significant portion of what did sell was in areas beset by foreclosure activity. That's where sellers are the most motivated and price cuts are largest. Mainly it's in the inland markets, often in newer suburbs, where prices got pumped up artificially with the sort of crazy loans that no longer exist," said Marshall Prentice, DataQuick president.
...
The median price paid for a Southland home was $408,000 last month, the lowest since $402,500 in October 2004. Last month's median was down 1.7 percent from January's $415,000, and down a record 17.6 percent from $495,000 in February 2007.
Last month's median fell 19.2 percent shy of the $505,000 peak reached last spring and summer. ...
Foreclosure activity is at record levels... If it wasn't for foreclosures, the sales number would really be awful.
IrvineRenter_IHB
New member
SoCal House Prices off 19%, Sales Decline
From Peter Hong at the LA Times: Southern California home prices still dropping at record rate
The median price for a Southland home last month was $408,000, down 17.6% from a year ago, according to DataQuick Information Systems. Area home prices have now fallen 19% on average from their peaks last year.
...
About one-third of Southern California homes sold in February had been foreclosed since January 2007, according to DataQuick. A year earlier, previously foreclosed homes accounted for 3.5% of sales.
Since September, each month's sales totals have been the lowest for comparable months since 1988, DataQuick said.And from Jon Lansner at the O.C. Register: O.C. home-sales slump hits 29 months in Feb. O.C. homebuying has started 2008 at half 2007’s pace, according to DataQuick’s February report. Last month marks the 29th straight month that O.C. homes sales failed to beat the year-ago level. I'll have more as soon as the DataQuick data is available online.
From Peter Hong at the LA Times: Southern California home prices still dropping at record rate
The median price for a Southland home last month was $408,000, down 17.6% from a year ago, according to DataQuick Information Systems. Area home prices have now fallen 19% on average from their peaks last year.
...
About one-third of Southern California homes sold in February had been foreclosed since January 2007, according to DataQuick. A year earlier, previously foreclosed homes accounted for 3.5% of sales.
Since September, each month's sales totals have been the lowest for comparable months since 1988, DataQuick said.And from Jon Lansner at the O.C. Register: O.C. home-sales slump hits 29 months in Feb. O.C. homebuying has started 2008 at half 2007’s pace, according to DataQuick’s February report. Last month marks the 29th straight month that O.C. homes sales failed to beat the year-ago level. I'll have more as soon as the DataQuick data is available online.
southoctracker_IHB
New member
In case anyone's interested in a sample of some recent South OC foreclosure activity...
Aliso Viejo
23506 El Reposa - sold for $230k
Coto
8 Mackenzie Lane - sold for $891k
Ladera Ranch
18 Galaxy Isle - bank to bank for $1.3 million
46 Amy Way - bank for $569k
Laguna Beach
374 Radcliff Court - bank for $1 million
Laguna Hills
25171 Stageline drive - bank for $1.35 million
Lake Forest
22108 Pheasant Street - bank for $581k
Mission Viejo
26265 Buscador - bank for $637k
21912 Jinetes - bank for $434k
RSM
37 GAVIOTA - bank for $148k
14 Via Ulmaria - bank for $401k
6 Calle Passiflora - bank for $598k
San Clemente
916 Avenida Presidio - bank for $837k
Coming up...
13 Via Conocido (San Clemente) - opening bid $1.7 million
1602 Vista Luna (San Clemente) - opening bid $1 million
72 Downfield Way (Trabuco Canyon) - opening bid $1 million
(all amounts are rounded)
Aliso Viejo
23506 El Reposa - sold for $230k
Coto
8 Mackenzie Lane - sold for $891k
Ladera Ranch
18 Galaxy Isle - bank to bank for $1.3 million
46 Amy Way - bank for $569k
Laguna Beach
374 Radcliff Court - bank for $1 million
Laguna Hills
25171 Stageline drive - bank for $1.35 million
Lake Forest
22108 Pheasant Street - bank for $581k
Mission Viejo
26265 Buscador - bank for $637k
21912 Jinetes - bank for $434k
RSM
37 GAVIOTA - bank for $148k
14 Via Ulmaria - bank for $401k
6 Calle Passiflora - bank for $598k
San Clemente
916 Avenida Presidio - bank for $837k
Coming up...
13 Via Conocido (San Clemente) - opening bid $1.7 million
1602 Vista Luna (San Clemente) - opening bid $1 million
72 Downfield Way (Trabuco Canyon) - opening bid $1 million
(all amounts are rounded)
ipoplaya_IHB
New member
NODs filed on 9 Irvine properties yesterday. Most of them older places in 620, 604, etc.
Couple of newer units, one in NW II, looks to be a Bella Rosa, the other a small condo in Oak Creek
Couple of newer units, one in NW II, looks to be a Bella Rosa, the other a small condo in Oak Creek
tenmagnet_IHB
New member
Thanks for sharing the info regarding NODs.
I find those numbers quite discouraging. More so with regards to older homes and neighborhoods where I don’t plan on buying.
With all the run foreclosures are getting in the media and talk of people living way beyond their means in Irvine, I thought it would be feeding time in the shark tank.
Yet the high-end continues to hold up.
I find those numbers quite discouraging. More so with regards to older homes and neighborhoods where I don’t plan on buying.
With all the run foreclosures are getting in the media and talk of people living way beyond their means in Irvine, I thought it would be feeding time in the shark tank.
Yet the high-end continues to hold up.
IrvineRenter_IHB
New member
"With all the run foreclosures are getting in the media and talk of people living way beyond their means in Irvine, I thought it would be feeding time in the shark tank.
Yet the high-end continues to hold up."
It is only a matter of time...
Yet the high-end continues to hold up."
It is only a matter of time...
tenmagnet_IHB
New member
I know, but the sooner the better.
ipoplaya_IHB
New member
16 NODs filed so far this week on Irvine properties. Among them, a decently located unit on Bamboo in NW II, a Quail Hill Cal Pac clustered place on Turn Leaf, and a paired home in Northpark on Visalia.
southoctracker_IHB
New member
ipo - Do you see the NODs starting to accelerate, or are they moving at about the same pace?
ipoplaya_IHB
New member
The pace appears to have ticked up cali. Looks like 64 in Irvine so far in March with only 12 business days. At an average of 5.33 per biz day, that would put it a smidge above February's run rate... I'm only looking at Irvine so I have no opinion on the county-wide pace. Graph will let us know that I'm sure...
graphrix_IHB
New member
There have been about 894 NODs filed in the first 7 business days of March, compared to 724 NODs filed in the first 7 business days of February. On a per day basis, that is up 23.5%. NTSs are up 35.7%. Foreclosures are up slightly, but I have a feeling we will have a few big days this month judging by the amount that are scheduled for later this month.
lawyerliz_IHB
New member
Are they all scheduled in bunches to be sold as we do here? Where are they sold? I guess not on the Courthouse steps.
graphrix_IHB
New member
Courthouse steps, we do it old school here in Cali. Three different courthouses in OC, and Santa Ana being the main courthouse for the foreclosures.
No offense Liz, and I apologize for recommending this large amount of reading, but check out this thread from the very beginning. There is a ton of info on our foreclosures in this thread.
No offense Liz, and I apologize for recommending this large amount of reading, but check out this thread from the very beginning. There is a ton of info on our foreclosures in this thread.
lawyerliz_IHB
New member
I started reading when I found the blog in October, I think. Then I found Calculated Risk. Can't go back and read much more or I will have to fire myself for never working!
We used to sell on the Courthouse steps, but not they do it inside. Since it's not judicial, I thought perhaps they made other arrangements.
We used to sell on the Courthouse steps, but not they do it inside. Since it's not judicial, I thought perhaps they made other arrangements.