Forget escrows, here's what prices in Irvine are doing...

[quote author="graphrix" date=1250075597]Whoops... Looks like they waited too long for back up offers for <a href="http://www.redfin.com/CA/Irvine/42-Mount-Vernon-92620/home/4793182">42 Mount Vernon</a>, because it went back to the bank yesterday for $686,375. It will be about another 120 days plus before we see this home in Ipo's sales stats when the bank finally gets it to market and sells it to a real buyer.</blockquote>


Going to be lots of that happening.



<a href="http://www.irvinehousingblog.com/forums/viewthread/2171/P175/#121864">In another thread, IR2 said in July that Irvine had 188 sales.</a> In the same period, they had 142 NODs. More importantly, over the next 30 days, Irvine has <b>251</b> auctions scheduled.



Over the next 30 days, if sales pace the July rate, scheduled foreclosure auctions exceed the sales pace 4:3.



Even if 2/3rds of the foreclosures get delayed, it's still nearly half of the July sales pace.
 
This from Lansner's Blog:







<em>"Huntington Beach?s 92648 ZIP code ? which includes the downtown, Seacliff and Edwards Hill areas ? and Irvine?s 92603 ZIP code ? with Turtle Rock, Quail Hill and Shady Canyon ? had the highest rate of price cuts ? 42%."</em>



Ipo, you are looking in the wrong section of town.
 
Updated CS figures. The rally continues with the biggest move in the three-month since I added it...



<img src="http://www.ipoplaya.com/081909.jpg" alt="" />
 
What is that saying that Buffett has about fear and greed?



Mr. Mortgage, Mark Hanson, is saying that the reason inventory is down in some areas is that the potential organic sellers in those areas do not have enough equity to sell, so they are waiting.
 
[quote author="ipoplaya" date=1251437547]Interestingly...



<img src="http://www.ipoplaya.com/082709.jpg" alt="" /></blockquote>


Are you all ready for the ride? This is a roller-coaster and usually there's a few ups and down. At the end of the day, you end up at your starting point.



IPO, you'll need a lot of red ink in the next 8 months.
 
[quote author="Roo" date=1251509653][quote author="ipoplaya" date=1251437547]Interestingly...



<img src="http://www.ipoplaya.com/082709.jpg" alt="" /></blockquote>


Are you all ready for the ride? This is a roller-coaster and usually there's a few ups and down. At the end of the day, you end up at your starting point.



IPO, you'll need a lot of red ink in the next 8 months.</blockquote>
I am hoping that the area IPO is looking in stays sticky so that he considers buying in Coto.
 
<img src="http://www.ipoplaya.com/091109.jpg" alt="" />



Sample size is still pretty small. Closing volume has slowed to a crawl...
 
[quote author="ipoplaya" date=1252750415]<img src="http://www.ipoplaya.com/091109.jpg" alt="" />



Sample size is still pretty small. Closing volume has slowed to a crawl...</blockquote>
That's because inventory is down to around 570 properties in Irvine (around 450 excluding short sales).
 
<img src="http://www.ipoplaya.com/092409.jpg" alt="" />



Updated with closings through 9/22... Sample is over 50 properties for the month.
 
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