O.C. pre-foreclosure filings hit four-month high

NEW -> Contingent Buyer Assistance Program
I only follow Irvine NODs, but they have accelerated in December and even further in January. January NODs are up to over 4 per business day for Irvine so far. Peak NOD volume was probably around 5 per business day back last year.
 
ipoplaya said:
freedomCM said:
NOTs to follow, and REOs by the spring!
Click to expand...

There are a crapload of Irvine places scheduled for auction between now and the end of Feb. Something like 30-40...
Click to expand...
See IPO and you thought that prices wouldn't head lower in Irvine. Once these REOs hit the market in the Spring, Irvine prices will take a step down.
 
usctrojanman29 said:
ipoplaya said:
freedomCM said:
NOTs to follow, and REOs by the spring!
Click to expand...

There are a crapload of Irvine places scheduled for auction between now and the end of Feb. Something like 30-40...
Click to expand...
See IPO and you thought that prices wouldn't head lower in Irvine. Once these REOs hit the market in the Spring, Irvine prices will take a step down.
Click to expand...

Not necessarily. I think it more depends on the volume of discretionary sellers that elect to enter the market. In Irvine, prices didn't fall much during 2008 because inventory was relatively low as compared to 2007. Many discretionary sellers didn't elect to sell and compete with the REOs working through the system. Couple that with lowering mortgage rates and the sales that did occur were able to roughly sustain a flatish market for the last 8-9 months of the year.

There are 30% less homes on the market to start 2009 than there were to start 2008. That means all the REOs, and then some, from 2008 got absorbed by buyers. With an average of 114 sales in Irvine for November/December '08, there is perhaps six months of inventory on the market to begin the year, probably closer to five. As there is a significant glut at the high end, I think we may have only 4-5 months of inventory sitting right now. This would be a fairly "normal" figure for any locale so those REOs coming this spring will need to significantly outpace normal spring sales growth to produce a large drag on prices.
 
ipoplaya said:
freedomCM said:
NOTs to follow, and REOs by the spring!
Click to expand...

There are a crapload of Irvine places scheduled for auction between now and the end of Feb. Something like 30-40...
Click to expand...

Nah... way more than that. I checked for Irvine and counted up about a 140 scheduled for the SA, Org., and the Pla. locations. Even if 20% get canned, then you still have over 100 scheduled. There are some really good ones too. There are about 6 or so that I would think Ten and you would be interested in.

It looks like the commercial bust is happening rather quickly. I hope no one works at this office space on Von Karmon, because the bank was owed $13+mil and took it back for $9+mil. According to Google, TicketMaster leases space there. I hate ticketrapemaster. Or this one on Fitch, because the bank wants to be paid on their $5+mil loan or they will take it back on 1/22.
 
freedomCM said:
NOTs to follow, and REOs by the spring!
Click to expand...

It takes a minimum of 11 months from non-payment to foreclosure, and longer if there are postponements, and then another couple of months to get the property listed.
 
There are two foreclosures near my parents and one keeps getting postponed (at least three times) and one went immediately back to the bank. It's kind of shocking because I honestly felt their neighborhood was immune (don't laugh) because almost of their neighbors have lived there 15+ years.

I just noticed a Ticketmaster location while entering UCI on Bison.
 
awgee said:
freedomCM said:
NOTs to follow, and REOs by the spring!
Click to expand...

It takes a minimum of 11 months from non-payment to foreclosure, and longer if there are postponements, and then another couple of months to get the property listed.
Click to expand...

party pooper, damn you with the harsh reality infusion!
 
The immune thing is weird. I scanned all the homes in my neighborhood to see who bought in '05 and '06 and figured those were the ones most likely to go into foreclosure. Oddly enough, there were several that you would have never expected that have gone back to the bank due to HELOC. And the really odd thing is that neither of these people abused the system anywhere near as badly as they could have. They could have HELOC'd for hundreds of thousands more than they did.

Speaking of HELOC's... I had been wondering what some of these people who took out HUNDREDS of thousands of dollars actually did with the money. It occurred to me that they may have actually bought real estate, which is why you can't explain where the money went?
 
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