Foreclosures

N

nomogy_IHB

New member
Hi All,



I just did map search for 92606 zipcode foreclosure on realtytrac.com and found out that there tons of

pre-foreclosure, auction and bank owned properties.

By looking at that picture it feels like the hell will break in real estate market for that area.

Is that information correct on realtytrac ?? it is so unbelievable that there are these many properties are

going through this. If this is true then it tells everyone who wants to purchase home to wait more and be patience

the market is not going anywhere but down.



Since I don't know if realtytrac is reliable site or not can anybody input to what I saw.



Thanks.



-Nomogy
 
Check out this blog post from IR at the end of May:



<a href="http://www.irvinehousingblog.com/blog/comments/irvines-future-reo-inventory/">http://www.irvinehousingblog.com/blog/comments/irvines-future-reo-inventory/</a>



Shows in detail certain communities of Irvine. I'm not sure where 92606 is, but I'm guessing its included.
 
everyone continues to wait for dooms day, but doesn't realize that when that happens, its dooms day...



if irvine house prices lose 50% of their value (lets just say thats dooms day) there won't be a bank in the land able to lend... and the train were on can't run on hope/change. unless you are paying all cash, you are better off securing a mortgage and the right to pay that mortgage over time. no not an ARM. thats called insecuring youself.
 
[quote author="LoudRoar" date=1247123418]everyone continues to wait for dooms day, but doesn't realize that when that happens, its dooms day...



if irvine house prices lose 50% of their value (lets just say thats dooms day) there won't be a bank in the land able to lend... and the train were on can't run on hope/change. unless you are paying all cash, you are better off securing a mortgage and the right to pay that mortgage over time. no not an ARM. thats called insecuring youself.</blockquote>


That sounds bad, but houses in many cities across the country have already fallen by 50%, and life goes on. None of the problems you describe have come to pass. When prices drop by 50% here, there will be a turnover of the housing stock as overleveraged homedebtors are removed in favor of those who can afford the homes. It has already happened in other areas.



Have you seen the prices in Phoenix or Las Vegas lately? Brutal.
 
[quote author="IrvineRenter" date=1247134704][quote author="LoudRoar" date=1247123418]everyone continues to wait for dooms day, but doesn't realize that when that happens, its dooms day...



if irvine house prices lose 50% of their value (lets just say thats dooms day) there won't be a bank in the land able to lend... and the train were on can't run on hope/change. unless you are paying all cash, you are better off securing a mortgage and the right to pay that mortgage over time. no not an ARM. thats called insecuring youself.</blockquote>


That sounds bad, but houses in many cities across the country have already fallen by 50%, and life goes on. None of the problems you describe have come to pass. When prices drop by 50% here, there will be a turnover of the housing stock as overleveraged homedebtors are removed in favor of those who can afford the homes. It has already happened in other areas.



Have you seen the prices in Phoenix or Las Vegas lately? Brutal.</blockquote>


The one part of his scenario that is true and will get truer is that folks with all cash offers have an advantage.
 
Okay...so here is a nice graphic I grabbed from <a href="http://www.the-marketpulse.com">http://www.the-marketpulse.com</a>.



<img src=""file:///C|/Documents and Settings/msheperd/Desktop/OC Foreclosure Rates.png" width="500" height="450" alt="OC Foreclosures Info" " alt="" />
<fieldset class="gc-fieldset">
<legend> Attached files </legend> <a href="http://www.talkirvine.com/converted_files/images/forum_attachments/353_gdWTgeRzbYZVU95T6iwM.png"><img src="http://www.talkirvine.com/converted_files/images/forum_attachments/353_gdWTgeRzbYZVU95T6iwM.png" class="gc-images" title="OC Foreclosure Rates.png" style="max-width:300px" /></a> </fieldset>
 
[quote author="Housing Data Guru" date=1247189403]Okay...so here is a nice graphic I grabbed from <a href="http://www.the-marketpulse.com">http://www.the-marketpulse.com</a>.



<img src=""file:///C|/Documents and Settings/msheperd/Desktop/OC Foreclosure Rates.png" width="500" height="450" alt="OC Foreclosures Info" " alt="" /></blockquote>


nice graph. so where is all the house? it can't be sitting on the bank's book can it?
 
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