patrick.net

Which area are you in/looking in?

In the area I'm looking in, I searched for pending foreclosures. The database limited me to 1000 results and it had maxed it out :) So I really can't gauge what the real # is in the area I'm looking in.

I am subscribed to RealtyTrac (free) and they keep sending me emails with new foreclosures every other day here in the northwest suburbs of Chicago. So I think the foreclosures are going up pretty fast nowadays.

By using Realtytrac and Redfin, I developed a spreadsheet for my area and am amazed at the amount of homes in trouble. The REO's pop on the market for 4 days and disappear only to languish in the weeds for months thereafter with no recorded sale. There are homes w/acreage that have been on the market since '06. Most won't budge on their price. I can only conclude that the market is in complete disarray and will take quite a while to sort out.

You'll also see alot of weird things in there. Like Trustee Sales that go dirt cheap to companies named AZ Chemicals or something. Then they flip the homes and sell it at bubble prices. Supposedly that's the bank's Assett Manager. But it doesn't sound like AZ Chemicals is in this line of business?

How accurate is the google real estate foreclosures map compared to foreclosure radar and realtytrac?

The areas I am looking in are Alamo, Lafayette and Orinda. All have many red (REO) and blue (auction) dots on 3-4 pages of listings for each neighborhood.

Im just curious if/when these houses are going to come onto the market? Who is in charge of them if REO? The bank? Are they just holding them? I dont get it.

Also...I am seeing flips again here...where an agent snaps up a foreclosure then tries to resell it for bubble prices. As if the house doubled in price in less than a year. This market is really wacky and annoying.

Here is an excellent example of someone trying to flip a house...(an no there are not updates or anything...just an old fashioned flip)

http://www.redfin.com/CA/Lafayette/141-Peaceful-Ln-94549/home/1811528

Vain says

Which area are you in/looking in?
In the area I’m looking in, I searched for pending foreclosures. The database limited me to 1000 results and it had maxed it out So I really can’t gauge what the real # is in the area I’m looking in.

Hi Vain - We do only show 500 results at a time, but if you look at the toolbar you'll see the total result count for your search area. We limit the number of results returned per search to keep searches from being too slow given the high number of foreclosures in some areas. But you can easily break your search up into small chunks if you really want to go through thousands of results one at a time.
Samsmom says

I am trying to understand this insane housing market. We finally got our 20% down payment together after a few years, and it seems like we missed the boat. 6 months ago sales prices in my area, while still high, dropped to a semi-reasonable level. Now it seems like people are listing high again (10-15% higher) and things are selling within 5% or full price. I dont get it.

In September 2008 the federal and state government began intervening in the clearing of foreclosures in a big way. Foreclosure sales dropped by 50% and have never returned to the peak reached in July 2008 despite rising delinquencies. At the same they've stimulated housing demand through tax credits and low interest rates. This has created a whacky, artificial, market that has left buyers fighting over the little inventory remaining. But don't expect it to change. Our government officials at all levels are clearly committed to housing at any cost.
Best Regards,
Sean O'Toole
Founder/CEO
ForeclosureRadar.com

ForeclosureRadar.com

Are they part of Realtors Bandwagon

they cant hold indefinitely.

Here is an excellent example of someone trying to flip a house…(an no there are not updates or anything…just an old fashioned flip)
http://www.redfin.com/CA/Lafayette/141-Peaceful-Ln-94549/home/1811528
Oh, you mean the current owners. I thought you were talking about the previous owners, Team Feusier. Back in the day (2005), $5k down could get you a $1.5million home. Even more impressive, though, was their purchase of 40 Loma Vista Drive in Orinda for $785k in 2004. Countrywide first and seconds totaled over $916k.
And then there's dad(?), who appears to be in bankruptcy. Well, that should forestall the foreclosure of 2649 Russell St, Berkeley, CA. Don't worry, its only Countrywide. There's also another home in Livermore, CA with Countrywide financing.
And people wonder why housing in unaffordable.

Sorry for the ignorance....but can someone please explain the difference between a bank owned property and an auction?? I was looking at the list on foreclosureradar.com and don't understand why some properties go to auction and why some are just bank owned and sold through a real estate company. Thank you.

Someone on another blog recommended sawbuck.com. And wow! that place lists all the short sales/foreclosures in great detail (much more than Redfin or ziprealty).

I think that site is probably the best for looking at REOs/short sales.

Now it seems like people are listing high again (10-15% higher) and things are selling within 5% or full price.

12% increase less 8% government tax "rebate", doesnt leave much. Wait around, prices arent going anywhere.

Lectrician says

By using Realtytrac and Redfin, I developed a spreadsheet for my area and am amazed at the amount of homes in trouble.

From this morning CNBC, re-foreclosure are also increasing. Home which mortgages have been modified and other news indicate homes recently puchased are also going into foreclosures. So the more recent buyers, post-2008, are also being stung!

Since the WS meltdown, Dec 2008, we are only 18 months into this.. we have a long way off still.

Serious issues with this listing, if it went into foreclosure at $1.5M its sure to repeat being foreclosed at again at $1.4M. Its like a venus fly trap, waiting for the next victim(s). Jez, this joint is haunted.

Property History for 141 PEACEFUL Ln
Date Event Price Appreciation Source
May 10, 2010 Listed $1,399,000 -- EBRD #40465863
Sep 24, 2009 Sold (Public Records) $768,000 -14.2%/yr Public Records
Aug 26, 2009 Delisted -- -- Inactive EBRD #40418609
Aug 18, 2009 Price Changed ** -- Inactive EBRD #40418609
Aug 18, 2009 Relisted -- -- Inactive EBRD #40418609
Aug 07, 2009 Delisted -- -- Inactive EBRD #40418609
Jul 28, 2009 Price Changed ** -- Inactive EBRD #40418609
Jul 08, 2009 Listed ** -- Inactive EBRD #40418609
Jun 12, 2009 Delisted * -- Inactive EBRD #4
Mar 24, 2009 Price Changed * -- Inactive EBRD #4
Mar 24, 2009 Relisted * -- Inactive EBRD #4
Jan 09, 2009 Delisted * -- Inactive EBRD #4
Dec 05, 2008 Listed * -- Inactive EBRD #4
Aug 08, 2006 Delisted * -- Inactive EBRD #3
Jul 25, 2006 Listed * -- Inactive EBRD #3
Jul 25, 2006 Delisted * -- Inactive EBRD #2
Jun 19, 2006 Listed * -- Inactive EBRD #2
Jun 09, 2006 Delisted * -- Inactive EBRD #1
May 10, 2006 Listed * -- Inactive EBRD #1
Apr 15, 2005 Sold (Public Records) $1,517,000 18.7%/yr Public Records
Jul 20, 1999 Sold (Public Records) $568,500 -- Public Records