patrick.net

Getting all the foreclosures sold equates to economic recovery.

shrekgrinch says

So, uh...you get any insider info on good deals to pick up then?

I think the good deals are being bought up by investors before they even hit the market.

Realtors get the first stab at the good deals.

Whatever is on the market currently is generally a rip off and not a good value.

Yep, much of CA sure seems like it has been spared the worst. Too many popular areas and the mediocre neighborhoods around them seem way overpriced.

Curious to see how many of those foreclosure blocks actually make it out into the general listing. Lots of insider trading and liquidation going on in private not to mention banks just holding onto to property.

Either-way, not too hip on CA. Real Estate is ridiculously priced, cost of living and labor is high, the state and local gov'ts are among the worst in the nation, super high taxes and insane amounts of regulation.

Make no sense to buy a house of start a business here. Rent if you like to visit much or stay part-time and HQ your business elsewhere.

I figure if it's the same BS by 2012 then they are just blowing smoke up my A$$ to keep me motivated on getting screwed in the short term. I would be stupid to buy into it 100%.
just passing on info from the boots on the ground

I am seeing more high end forclosers coming my way. so all i can think is the craps moving upscale.

BTW I just broke into a house today ( they left a window open) still occupied with all the persons stuff. they must have been at work or on vacation.
first time that has happened to me
at least leave a note on the door if your still in the property folks.
Like "yes we are still here call this number."

ptiemann says

About 10 months ago, I had insider information that all the banks were hiring additional asset manager (or similar title) to deal with the foreclosures effectively. I heard that from 3 different contacts in San Diego and Orange County, between October and December 2010.

The expectation was that the flood gates would open in spring 2011.

Did not happen.

Letting people squat for months does not help them either. Basically banks are screwed. Now just the waiting game for government to pull the plug on them. I can't imagine you don't know that the flood gates are not open due to heavy govt. intervention - at the cost of taxpayers. No wonder they lost the AAA rating.

ptiemann says

About 10 months ago, I had insider information that all the banks were hiring additional asset manager (or similar title) to deal with the foreclosures effectively. I heard that from 3 different contacts in San Diego and Orange County, between October and December 2010.

The expectation was that the flood gates would open in spring 2011.

Did not happen.

I'm seeing something similar. I've been watching the market in the east bay (only the so called desirable non-fortress areas). There is a steady stream of foreclosures but no balloon yet. Realtytrac and other sites indicate a huge shadow inventory, but it's not translating in to reality. If you talk to CAR realtors (R), they still swear that the market is flat and foreclosures will only drip through. I was one of those people that felt there would be yet another massive drop, but I'm converting to the belief of sideways/slow decline market over a very long period of time - especially in traditionally strong job markets like the Bay Area.