From Foreclosuretruth.com (Foreclosureradar.com's blog)-There is no shadow inventory (and no politcal will to foreclose)

NEW -> Contingent Buyer Assistance Program
no_vaseline said:
RoLar_USC said:
*Nevermind, I don't want a list.
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chicken_baby_large.jpg
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I've already gone through a FR list and showed that most of the listings are incorrect. It takes a lot of time. Time that I don't have right now. Besides, even if I prove it again, it won't mean anything.
 
Foreclosure inventories continued their upward climb. The nation's September 2009 foreclosure rate stood at 3.12 percent - a month-over-month increase of 2.6 percent and a year-over-year increase of 88.9 percent. Among individual states, Florida posted the most troubling results with 10.4 percent of loans in foreclosure, and more than 22 percent of loans reported as non-current.

LPS' October Mortgage Monitor also cites large "shadow" foreclosure and REO inventories. The number of loans deteriorating further into delinquent status is now more than twice the number of foreclosure starts, indicating another major wave of troubled loans in an already clogged loan pipeline. Nearly one-third of foreclosures remain in pre-sale status after 12 months - twice as many as the year prior. The six-month average deterioration ratio has risen the past two months to 300 percent, showing that for every loan that improves in status, three more deteriorate further.

Shadow Inventory Dwarfs Loan Mods
 
IR posted this in today's blog comments:

Banks hold few foreclosures

Banks hold few foreclosures

November 7th, 2009, 1:00 am · 25 Comments · posted by Mathew Padilla

The latest foreclosure figures from First American CoreLogic show a growing divergence in what’s happening to problematic mortgages in Orange County.

The ratio of bank-owned houses and condos, known as REO, against all outstanding first mortgages declined for the 13th straight month to just 0.26% in September — the lowest in 26 months. That sounds like a good thing for the housing market and economy.

That is, there is (almost) no shadow inventory. Heck, most of that 0.26% is probably either on the market or being actively prepped for sale. Once the bank takes the property back, they almost always try to get rid of it as quickly as possible.

Of course, they are holding back on foreclosing a lot of properties. The pre-shadow inventory is high (but not all will be foreclosed upon). But the actual shadow inventory is very, very low.
 
Can someone please look up 18 Laurel Ln. Aliso Viejo 92656. The owner told me it's being forclosed and she just moved out, but this property is not showing up on FR...
 
IrvineRealtor, thanks for looking that up, it's very unusual. I did not think that she was lying to me about the forclosure... Our condo community is installing new garage doors (at no cost to residents) and I noticed that hers has not been installed yet. When I asked her when her garage door is being installed, she said that she didn't even schedule the installation because she is getting forclosed and won't be around... I'm puzzed as to what is really going on now. Sorry for hijacking the thread...
 
SoCalRealtor said:
Time will tell. Nobody knows what the future holds. We could recover a lot harder and faster than all of you think. I'm not pretending to be in LA LA land about the problems still in existence, but it seems like everyone is so fast to believe and buy into negativity VS the possibility that something good might actually happen. I do hope however that we get more property to sell, right now we're having a hard time finding homes for our buyers. It's a cut-throat bidding WAR out there. More inventory would be a Godsend.

PS. Follow me on twitter, TWEET TWEET www.twitter.com/brandonlocascio
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we could recover a lot harder and faster than all of you think

Less realtors would be a godsend
 
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