Today's Ventura County Star has more than seven pages of NOTS (Notice of Trustee's Sale). The prices at roughly $5 million dollars per page. $35m worth of foreclosures in the paper toady alone. Let's look at some:1291 Newman St Simi Valley CA 93065
4 beds, 2.0 baths, 1,740 sq ft
06/16/2005: $495,000
NOTS: $719,416.33
1676 Glider Ct Thousand Oaks CA 91320
4 beds, 3.5 baths, 2,742 sq ft
04/10/2002: $472,000
NOTS: $806,195.30
5083 Dodson St Somis CA 93066
4 beds, 2.0 baths, 2,362 sq ft
12/23/2002: $393,000
NOTS: $766,737.25
All these last sold at prices much lower than the foreclosure price. You have to wonder how many have seconds, HELOCs, thirds, etc. that aren't even counted having already been written off to zero.
19 comments:
But Congressman Frank said the banks possibly, could be perhaps would be forced to recognize HELOC and 2nd mortgage losses soon??? first.
First, in the event that the other first fails for some reason.
Not the best face, but a very nice body. Excellent shade of red too...
Oh, ya wanted a comment on the houses? Well, that's pretty easy, the banks holding these are going to have some small "restatements" in the next few quarters. Banks have been trying to feed out REOs a bit at a time to keep the market from dropping further, but there is only so long they can keep that up. It's going to get ugly... and it'll get ugly about November by my guess.
I'm staying on the sidelines, but have cash ready - early in 2011, I may be looking for rentals.
Prime Ventura County real estate. Won't be making much more of that.
Whatever we think of the borrowers, anyone associated with making those loans should be put in prison.
I'm staying on the sidelines, but have cash ready - early in 2011, I may be looking for rentals.
Yup. Haven't I been saying that for a long time? The exact timing seems to be dependent upon when the banks start aggressively dealing with their problem. Maybe Nov '10, maybe Mar '11. The knifecatchers are going to be so pissed.
They've held out longer than I expected... I honestly didn't think they'd be able to hold this much inventory for this long. I guess I underestimated the "if I bury my head in the sand..." mentality.
When it hits, it's going to be ugly. Once one of the major players starts to capitulate, the others will have to follow - or get stuck holding a bunch of over priced garbage (even more over priced than it is today).
Well, you have the I'll bury my head mentality, but you also have the 0% interest rates. When carrying costs are 0, there's literally no incentive to reduce inventory.
Unless you consider the physical and financial deterioration of the actual property, but that's where the burying your head comes in.
Why should the big mortgage players sweat it? They already grabbed cash bailouts "paid back" after they managed to offload the worst of their MBS on to the fed, and have a compliant administration propping up house prices with tax credits. Federal subsidies to underwater unemployed homeowners are on the way. If all else fails expect rolling state moratoria (sp?) on mortgage foreclosures, if not an outright federal foreclosure holiday. It's good to be the king.
Not to worry .. Magic Jesus Lincoln will find a solution.
I'll be officially ready to buy when Casey Serin is executed.
teh fed will buy them.
I don't think this is going any lower. The Messiah is going to use tax money to write all the deadbeats' mortgages down to the point at which they feel like paying.
Goddamned Greenspan and Barney Frank created a bubble so big that it destroyed freedom and capitalism.
Casey did not kill anybody. As obsessed with money as it is, the USA won't execute its citizens and immigrants for money, even for stealing lots of money. Communist countries would do that although in Romania, Ceausescu used to commute the sentence of people sentenced to death for economic crimes and only one ended up actually executed.
I don't think this is going any lower.
Whereas I think the biggest declines are still ahead of us. Why? Because IMHO the government is going to lose their already tenuous control over everything.
Speaking of going lower...
I hate to bring Murseboy into any conversation, but this is just far too mock-worty:
http://tinyurl.com/yev5h3x
What exactly is that picture supposed to mean? Where is Casey, and what's that funny look? Where did you get the picture, anyway? Is it one of Casey's real pictures, maybe from Facebook or Flickr? Or is it just some fake picture made up by Haterz?
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