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Old 02-24-2009, 09:40 PM
 
844 posts, read 1,774,059 times
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Realty Trac is a piece of junk.
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Old 02-24-2009, 10:02 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 32,583,249 times
Reputation: 2661
Quote:
Originally Posted by tony soprano View Post
Fannie, Freddie, Citi, JP Morgan, BofA, etc., have all extended or introduced foreclosure moratoriums until March 6 or March 12, depending on the lender. This is the second such moratorium extension. It's going to be interesting to see what the numbers do once the moratorium finally passes.
Nonsense. The banks own just over 12000 single family homes of which just over 9000 are on the market. That is opposed to the 30,000 or so Realytrac says exist.

Just a sloppy operation trying to pull money from the dumb.
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Old 02-25-2009, 05:58 AM
 
1,347 posts, read 2,117,774 times
Reputation: 483
Quote:
Originally Posted by tony soprano
Fannie, Freddie, Citi, JP Morgan, BofA, etc., have all extended or introduced foreclosure moratoriums until March 6 or March 12, depending on the lender. This is the second such moratorium extension. It's going to be interesting to see what the numbers do once the moratorium finally passes.
Quote:
Originally Posted by olecapt
Nonsense. The banks own just over 12000 single family homes of which just over 9000 are on the market. That is opposed to the 30,000 or so Realytrac says exist.

Just a sloppy operation trying to pull money from the dumb.
It's unclear to me why you're directing your Realtytrac comments towards me when I've made no reference to any Realtytrac data.

That said, if you don't think the foreclosure moratorium has been extended, you are misinformed. What is nonsense is asserting that a 2.5 month foreclosure moratorium is not going to distort the true number of foreclosures in the pipeline.
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Old 02-25-2009, 09:26 AM
 
Location: Here and there, you decide.
11,604 posts, read 22,753,049 times
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i believe that the moratorium's stop the foreclosure process temporarily.. those homes are not "owned" wholely by the bank yet... it may raise the pending number but not the one's currently on the market
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Old 02-25-2009, 11:08 AM
 
1,347 posts, read 2,117,774 times
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Yes, by pipeline I'm referring to "pending". And while foreclosures dropped in the month of January, there was no similar reduction in NODs.
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Old 02-25-2009, 11:24 AM
 
Location: Fort Worth and Las Vegas
255 posts, read 486,270 times
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Quote:
Originally Posted by olecapt View Post
Nonsense. The banks own just over 12000 single family homes of which just over 9000 are on the market. That is opposed to the 30,000 or so Realytrac says exist.

Just a sloppy operation trying to pull money from the dumb.
Your 12000 number is off the mark. 70% have yet to hit the market so 30,000 properties is accurate. My personal targeted list now exceeds 1000 properties which has gone up daily over the past year - I think the walkaways have begun in earnest. That seems the only logical explanation given the useless foreclosure moratoria. Also produce the note is nothing but hype. Nothing can slow this freight train down.

Rock Trueblood's Watchworld: Realty Trac Vice President Discloses 70% Of All Foreclosures Are Not Shown On MLS!
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Old 02-25-2009, 11:27 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 32,583,249 times
Reputation: 2661
Quote:
Originally Posted by tony soprano View Post
It's unclear to me why you're directing your Realtytrac comments towards me when I've made no reference to any Realtytrac data.

That said, if you don't think the foreclosure moratorium has been extended, you are misinformed. What is nonsense is asserting that a 2.5 month foreclosure moratorium is not going to distort the true number of foreclosures in the pipeline.
Sorry - Picked the wrong quote.

Actual foreclosures increased from November to December to January. February results may be down but too big a lag to tell until mid March. January however was clearly up from Dec...1956 versun 1845...This is SFRs only. Note that these are pretty close to the REO sales in each month.

REOs pricing continue to drop. Non Distressed however is flat to small increase. So the gap between distressed and non-distressed continues to widen. REOs continue to hang in there at 80% of the market.
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Old 02-25-2009, 11:34 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 32,583,249 times
Reputation: 2661
Quote:
Originally Posted by rpachigo View Post
Your 12000 number is off the mark. 70% have yet to hit the market so 30,000 properties is accurate. My personal targeted list now exceeds 1000 properties which has gone up daily over the past year - I think the walkaways have begun in earnest. That seems the only logical explanation given the useless foreclosure moratoria. Also produce the note is nothing but hype. Nothing can slow this freight train down.

Rock Trueblood's Watchworld: Realty Trac Vice President Discloses 70% Of All Foreclosures Are Not Shown On MLS!
Please. I am not quoting the MLS. In order to own the property they have to have it on their books. They only own 12000 plus single families. It is relatively easy to show that Realtytrac is berserk. Simply go to any of their older entrees for bank owned and check the ownership in the Tax data base. YOu will find they are no longer bank owned.
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Old 02-25-2009, 11:48 AM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,110,286 times
Reputation: 952
Quote:
Originally Posted by rpachigo View Post
Your 12000 number is off the mark. 70% have yet to hit the market so 30,000 properties is accurate. My personal targeted list now exceeds 1000 properties which has gone up daily over the past year - I think the walkaways have begun in earnest. That seems the only logical explanation given the useless foreclosure moratoria. Also produce the note is nothing but hype. Nothing can slow this freight train down.

Rock Trueblood's Watchworld: Realty Trac Vice President Discloses 70% Of All Foreclosures Are Not Shown On MLS!
I couldn't agree with you more. Why this is now making the rounds as the tool to save us all is beyond me. I watched a video bit about a woman who bought a home in 2000 or so for $39,000. She did multiple cash out refinances and now owes $145,000. That's alot of cheddar! Where did all of that money go? Needless to say she lost her job in the real estate industry in FL (go figure) and can no longer afford to pay for the home, so she filed a request for production of the note to try and stay in the home. You know, the one she can't afford. Perhaps if she would have done something wise with that $100K she could still afford the home.

The fact is that unless the original lender is out of business the note is readily available. Even then it is not hard to come by. I was involved in a refinance transaction recently where the buyer did not have their note (what buyer does not hold on to their closing package?). I simply called the title company he closed with and they were able to get it to me the next day. Many judges are now saying that the original note is not even necessary, that electronically stored notes are acceptable.

On another note, I would like to point out that a NOD does not a foreclosure make. Many lenders are not willing to mod loans unless the borrower misses 3 payments, so now that is the borrower's bargaining tool. Same goes for short sales. With that, I think that pre-foreclosure numbers are not an accurate guage of REO inventory coming on to the market. I do agree about the moratorium delaying some of the inventory coming on, but I believe I will leave it at that as I don't necessarily want to fully immerse myself in this discussion.
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Old 02-25-2009, 01:20 PM
 
1,347 posts, read 2,117,774 times
Reputation: 483
Quote:
Originally Posted by olecapt View Post
Actual foreclosures increased from November to December to January. February results may be down but too big a lag to tell until mid March. January however was clearly up from Dec...1956 versun 1845...This is SFRs only.
I'm not sure why you choose to include SFRs only. I haven't seen any other organization that aggregates foreclosure data arbatrarily decide that condo & townhome foreclosures don't count in the overall number. Secondly, I haven't seen a single media outlet, including local Vegas media, report an increase in December to January foreclosures. Do you have a link handy?
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