"San Diego Foreclosures Up 34% in January 2011"

[shmoov_groovzsd]

Originally Posted by earlyretirement

Yeah Shmoov! It's really great. Most people don't know you can find this information out. I've been buying Myfico.com property reports for a while and they are great. It's cheaper if you buy the option where you can buy multiple reports (5 reports is $14.95). You have I think 60 days to use them. Then once you buy them, you can download a PDF of it. They are super helpful when evaluating properties.

For example, on this property

14477 Caminito Lazanja, San Diego, CA 92127 | MLS# 110000828


You can see this report:

Last Sale
Recording Date 06/16/2006 Document # 2006-0428572
Price $1,070,000 Document Type Grant Deed
First TD $802,500 Type of Sale Full-Computed from Transfer Tax
Lender Name WASHINGTON MUTUAL BANK FA

So you can see this buyer put down a 25% down payment. (Unless they also took a 2nd and it's not listed here...I still don't know if these reports only list the primary or if the secondary is also listed). It wasn't a situation of someone buying no money or very low amount down. This person seemed to be responsible but just bought at the wrong time. The property has a low list price of $999,000 but I've seen many other properties in that area sitting on the market for a long time. Some as long as 1 year when you count the list/re-list/ de-list then re-list.

Prior Sale
Recording Date 11/24/2003 Document # 2003-1406813
Price $828,000 Document Type Grant Deed
First TD $662,063 Type of Sale Full-Computed from Transfer Tax
Lender Name GENESIS MORTGAGE CORP



Population
In ZIP code 92127 National
2000 16,928 281,411,751
2001 17,529 285,401,915
2006 20,011 302,182,821
Growth Rate 2.7% 0.7%
Growth Centile 89% 51.4%
Households
In ZIP code 92127 National
2000 5,902 105,475,618
2001 6,141 107,074,756
2006 7,097 113,732,265
Household Growth Rate 3% 0.9%
Average Household Size 2.8 3.0
Families
In ZIP code 92127 National
2000 4,430 71,784,668
2006 5,228 76,681,689
Household Growth Rate 2.7% 1.0%
Age Distribution
In ZIP code 92127 National
0-4 6.8% 6.1%
5-9 8.9% 6.8%
10-14 9.3% 7.5%
15-19 7% 7.3%
20-24 4.6% 6.2%
25-44 32.3% 28.0%
45-64 20.4% 24.4%
65-84 7.6% 12.1%
85+ 3.1% 1.6%

Median Age
In ZIP code 92127 National
2001 35.4 37.9
Male/Female Ratio 48.1%/51.9% 50.0%/50.0%



Median Household Income
In ZIP code 92127 National
2001 $82,750.00 $37,790.00
2006 $94,639.00 $42,589.00
Per Capita Income $37,289.00 $18,351.29
Household Income Centile
In ZIP code 92127 National
National 98.0% 50.0%
State 95.0% 50.1%

School district: POWAY UNIFIED
13626 Twin Peaks Rd.
Poway , CA 92064-3034
TEL: 858-679-2550

Grade Span KG-12
Pupil Teacher Ratio 21.5:1
Total Enrollment 32,754
Number of High School Graduates 2,230
Number of Teachers 458
Number of Teacher Aids 375
Number of Guidance Counselors 40
Number of School Administrators 54
Number of Schools 30

City Crime Stats - SAN DIEGO
Murder: 59
Rape: 296
Robbery: 2,095
Aggravated Assault: 3,882
Burglary: 7,679
Motor Vehicle Theft: 13,224
Larceny (Theft): 23,264
Arson: 200
Total Crimes: 50,699


On this property, 7674 Concerto Ln, San Diego, CA 92127 | MLS# 100065765


Physical Characteristics
Living Area 3,342 SQ. FT.
Year Built 2003
Bedrooms 4
Baths 3.5
Garage Yes
Cars 3

County Assessed Values
Land Value $512,000
Improvement $488,000
Total Assessed Value $1,000,000
Parcel Number (APN) 303-190-36-00
Property Type: Single Family Residential

Last Sale
Recording Date 09/07/2007 Document # 2007-0590885
Price $1,170,000 Document Type Grant Deed
First TD $936,000 Type of Sale Full-Computed from Transfer Tax
Lender Name WELLS FARGO BANK NA


Prior Sale
Recording Date 02/12/2003 Document # 2003-0163648
Price $693,500 Document Type Grant Deed
First TD $450,000 Type of Sale Full-Computed from Transfer Tax
Lender Name COUNTRYWIDE HOME LOANS INC


They also REALLY bought at the wrong time during the bubble years. Their realtor said "the first and the second have approved a short-sale at $882,000". So obviously it looks like they took a 2nd loan out or pulled equity out of the house.

Ah ok, I have pulled from myfico but never really looked specifically at that info, I did it to look at title changes and history etc.
As you pointed out there was a 25% difference between sold price and transfered $$$.
Tax records for that address show that it has been paid and is current.

Tough to really say if this was a cash out of pocket down payment or if a second loan was taken out....but if it was purchased during the boom, I am going to remain skeptical about the cash out of pocket downpayment.

[earlyretirement]

Yeah, it's hard to really get the specifics but it's helped me at least get an idea of the situation. I've seen other REALLY detailed information on sites like Dr. Housing Bubble but I don't know where he gets his information from.

I have a lot of real estate experience buying hundreds of properties but it's all been outside of the USA where I don't use mortgages and just buy with cash. So I don't have to worry about foreclosures, sub-prime, short sale, pre-short, sales, etc. I'm finding it's much different in the USA.

But there are some buys out there.... Some properties I'm looking at in Las Vegas and Miami sold a few years ago and now it's 60% to 70+% lower. An investor just sent me a condo that sold in Las Vegas at the height of the Bubble for $700,000 and now it's $140,000 furnished! In Miami Beach, I saw a property that sold in November 2006 for $475,000 and now it's $98,000. Seeing things like that makes you realize just how big the bubble was!

[hitman619]

Originally Posted by earlyretirement

But there are some buys out there.... Some properties I'm looking at in Las Vegas and Miami sold a few years ago and now it's 60% to 70+% lower. An investor just sent me a condo that sold in Las Vegas at the height of the Bubble for $700,000 and now it's $140,000 furnished! In Miami Beach, I saw a property that sold in November 2006 for $475,000 and now it's $98,000. Seeing things like that makes you realize just how big the bubble was!

WoW
That's just Nutz!