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Foreclosure watch

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posted on Sep, 15 2008 @ 02:21 AM
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Acording to Realty Trac there are 1,576,587 houses in some state of foreclosure, in the U.S., at this moment in time. However, we are finding that there are more foreclosures out there than we first thought.

For some reason not all foreclosures are showing up in the data. We drove past 10 foreclosures, listed in the MLS, today and 5 of them are not listed on realtytrac. For comparison purposes we drove past 10 foreclosures that were listed in Realtytrac and 10 of them were listed.

So it really makes you wonder how many foreclosures are there really?

www.realtytrac.com...


Aug. 31--Some North County homeowners have gone months without paying their mortgages and have yet to receive a foreclosure notice, a development that suggests banks are overloaded ... Several homeowners interviewed last week said that they stopped paying their mortgages six to eight months ago and still have not received a notice of default, which typically comes by the fourth month of nonpayment.

www.knowledgeplex.org...


How many banks are not filing Notice of Defaults and how many county assessors offices are not recording Notice of Defaults?

[edit on 15-9-2008 by In nothing we trust]




posted on Sep, 15 2008 @ 06:33 AM
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This has been going on for over a year now.

One note, it is the County Clerks Office where the foreclosures are filed, and if they aren't there it's the banks that haven't put them there. Many of you can go to your County Clerks site online and look up document filings. foreclosure filings are in "Lis Pendens". In my county we surpassed last years total half way through this year, but it's still no where near the truth.

It's part of the problem that is keeping us in the dark about how serious this phenomenon is, and how cooked the books are. You simply cannot tell what a Banks exposure or balance sheet really looks like if they aren't foreclosing on bad debt. It's only another thing in a long list of "keep the public eyes out of it".



posted on Oct, 11 2008 @ 12:30 AM
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Originally posted by In nothing we trust
Acording to Realty Trac there are 1,576,587 houses in some state of foreclosure, in the U.S., at this moment in time.


Updated figure
1,634,435

+ 57,848 from 30 days ago

+ 3.5%

[edit on 11-10-2008 by In nothing we trust]



posted on Oct, 11 2008 @ 01:00 AM
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Foreclosed homes don't look good on the bank's balance sheets. Foreclosed homes don't generate any income and the banks still have to pay city fees and taxes. It isn't a surprise that banks are under-reporting.

To add to it, banks aren't too enthusiastic in seizing homes from non-payers either. This is a much bigger number. The amount of homes that should be on books should be considerably larger.



posted on Oct, 31 2008 @ 10:15 PM
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Originally posted by In nothing we trust

Originally posted by In nothing we trust

Posted 9/14/08

Acording to Realty Trac there are 1,576,587 houses in some state of foreclosure, in the U.S., at this moment in time.


Posted 10/10/08

Updated figure
1,634,435

+ 57,848 from 30 days ago

+ 3.5%


Posted 10/31/08

Well the foreclosure rate seems to be gaining steam quickly.

Updated figure
1,706,163

+71,728 from 3 weeks ago

+ 4.4%

It appears that my post on 8/21/08 has come true

U.S. housing prices will plummet another 10% -20% within 60 days
www.abovetopsecret.com...

I'm seeing some dramatic price declines in the last 30 days. (10% - 30% price declines)

As long as the foreclosure rate increases home prices will continue to decline.

[edit on 31-10-2008 by In nothing we trust]



posted on Oct, 31 2008 @ 10:20 PM
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I heard this evening on talk radio (700 WLW) that Cleveland, Ohio is filing for Bankruptcy.

WOW

?Does this mean the city will be forclosed on?

I already made a thread about this so yeh .. if it needs to be removed go ahead mods.

Cleveland, Oh - Broke as a joke!

[edit on 31-10-2008 by SGSPatriot]



posted on Oct, 31 2008 @ 10:46 PM
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reply to post by In nothing we trust
 


if I not mistaken, there are different levels of foreclosure.
MLS may contain more (at a given moment) that realtrytrac counts...

it's bad regardless, add to that that builders are still BUILDING
new homes....sure, that's gonna help.



posted on Nov, 5 2008 @ 02:09 AM
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Lots of the foreclosures are no listed so the house prices don't go down as fast. Right now people are still getting houses at overvalued prices even though they are much lower than the high. The banks are saving money by keeping the prices inflated. In Sacramento there were 15K houses on the MLS and I was told by a banker that 31K were in foreclosure. Imagine what it would do to prices if the MLS inventory were increased to that volume of supply. Things would really be lower.

If you have cash and you know of a house that is bank owned and not listed on the MLS with an agent. Go offer a super low price and you will probably get it. That is happening here in Sacramento. I know a guy that got 1200 sf house for 80K and 2 900sf condos for 35K each. That is way below what they are going for now. Wish I had some $$$$.



posted on Nov, 9 2008 @ 06:50 PM
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Originally posted by In nothing we trust

Originally posted by In nothing we trust

Originally posted by In nothing we trust

Posted 9/14/08

Acording to Realty Trac there are 1,576,587 houses in some state of foreclosure, in the U.S., at this moment in time.


Posted 10/10/08

Updated figure
1,634,435

+ 57,848 from 30 days ago

+ 3.5%


Posted 10/31/08

Well the foreclosure rate seems to be gaining steam quickly.

Updated figure
1,706,163

+71,728 from 3 weeks ago

+ 4.4%


Posted 11/9/08

Updated figure
1,729,084

+ 22,921 from last week

+1.3% increase over 1 week



posted on Nov, 9 2008 @ 06:51 PM
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Originally posted by Sillyfool
If you have cash and you know of a house that is bank owned and not listed on the MLS with an agent. Go offer a super low price and you will probably get it.


Thanks for the info sillyfool.



posted on Nov, 15 2008 @ 06:20 PM
link   

Originally posted by In nothing we trust

Originally posted by In nothing we trust

Originally posted by In nothing we trust

Originally posted by In nothing we trust

Posted 9/14/08

Acording to Realty Trac there are 1,576,587 houses in some state of foreclosure, in the U.S., at this moment in time.


Posted 10/10/08

Updated figure
1,634,435

+ 57,848 from 30 days ago

+ 3.5%


Posted 10/31/08

Well the foreclosure rate seems to be gaining steam quickly.

Updated figure
1,706,163

+71,728 from 3 weeks ago

+ 4.4%


Posted 11/9/08

Updated figure
1,729,084

+ 22,921 from last week

+1.3% increase over 1 week


Posted 11/15/08
1,744,332

+ 15,248 from last week

+1% increase over 1 week

The supply of unsold (Repossessed) homes is still rising.

The law of supply and demand says lower prices still.



posted on Nov, 22 2008 @ 06:32 PM
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Originally posted by In nothing we trust

Originally posted by In nothing we trust

Originally posted by In nothing we trust

Originally posted by In nothing we trust

Originally posted by In nothing we trust

Posted 9/14/08

Acording to Realty Trac there are 1,576,587 houses in some state of foreclosure, in the U.S., at this moment in time.


Posted 10/10/08

Updated figure
1,634,435

+ 57,848 from 30 days ago

+ 3.5%


Posted 10/31/08

Well the foreclosure rate seems to be gaining steam quickly.

Updated figure
1,706,163

+71,728 from 3 weeks ago

+ 4.4%


Posted 11/9/08

Updated figure
1,729,084

+ 22,921 from last week

+1.3% increase over 1 week


Posted 11/15/08
1,744,332

+ 15,248 from last week

+1% increase over 1 week

The supply of unsold (Repossessed) homes is still rising.

The law of supply and demand says lower prices still.


Posted 11/22/08
1,761,000

+16,668 from last week

+.09% increase over 1 week

Freddie Mac and Fannie Mae are suspending foreclosures through the holdidays, so I expect to see a decrease over the next few weeks and then a sharp increase immediatly after the beginning of the new year.

I am seeing some pretty good price decreases on MLS listed homes. However, I expect to see property tax rates increase. Many of the local cities are struggling to balance thier budgets and many are in the red. Some cities are now announcing job layoffs.

We expect to see the number of bank owned homes increase well beyond present levels. Taxes in the outlying areas are higher than closer to the city center. This is also pressuring home prices lower. New home builders are dropping like flys now. They had scaled way back, but were still managing to build somehow.

Also I noticed an interesting twist just recently. Private investors are starting to release REO homes purchased in bulk onto the MLS priced well below the already dropping home price range. The banks still hoping for a miracle bailout are now competing with private investors purchasing in bulk and Fannie Mae and Freddie Mac (Government supported bailees, which are selling homes about 10% less than the competition) for a diminishing pool of eligable buyers. Incomes and the number of borrowers with good credit are shrinking. Apparently the Paulson / Bernanke bailout was a play to help bailout only government supported entities.

[edit on 22-11-2008 by In nothing we trust]



posted on Nov, 22 2008 @ 07:23 PM
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this is some serious shtf kind of news

keep us updated!




posted on Nov, 30 2008 @ 01:34 PM
link   

Originally posted by In nothing we trust

Originally posted by In nothing we trust

Originally posted by In nothing we trust

Originally posted by In nothing we trust

Originally posted by In nothing we trust

Originally posted by In nothing we trust

Posted 9/14/08

Acording to Realty Trac there are 1,576,587 houses in some state of foreclosure, in the U.S., at this moment in time.


Posted 10/10/08

Updated figure
1,634,435

+ 57,848 from 30 days ago

+ 3.5%


Posted 10/31/08

Well the foreclosure rate seems to be gaining steam quickly.

Updated figure
1,706,163

+71,728 from 3 weeks ago

+ 4.4%


Posted 11/9/08

Updated figure
1,729,084

+ 22,921 from last week

+1.3% increase over 1 week


Posted 11/15/08
1,744,332

+ 15,248 from last week

+1% increase over 1 week

The supply of unsold (Repossessed) homes is still rising.

The law of supply and demand says lower prices still.


Posted 11/22/08
1,761,000

+16,668 from last week

+.09% increase over 1 week

Freddie Mac and Fannie Mae are suspending foreclosures through the holdidays, so I expect to see a decrease over the next few weeks and then a sharp increase immediatly after the beginning of the new year.

I am seeing some pretty good price decreases on MLS listed homes. However, I expect to see property tax rates increase. Many of the local cities are struggling to balance thier budgets and many are in the red. Some cities are now announcing job layoffs.

We expect to see the number of bank owned homes increase well beyond present levels. Taxes in the outlying areas are higher than closer to the city center. This is also pressuring home prices lower. New home builders are dropping like flys now. They had scaled way back, but were still managing to build somehow.

Also I noticed an interesting twist just recently. Private investors are starting to release REO homes purchased in bulk onto the MLS priced well below the already dropping home price range. The banks still hoping for a miracle bailout are now competing with private investors purchasing in bulk and Fannie Mae and Freddie Mac (Government supported bailees, which are selling homes about 10% less than the competition) for a diminishing pool of eligable buyers. Incomes and the number of borrowers with good credit are shrinking. Apparently the Paulson / Bernanke bailout was a play to help bailout only government supported entities.



Posted 11/29/08
1,773,649

Increase of + 12,649 over last week

+ .07% increase over last week

The number of new MLS listings went down this week. Home sales always decline during the holidays.

Have you ever seen a realtor selling real estate out of his car before?

I did yesterday.




posted on Dec, 7 2008 @ 11:22 AM
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Originally posted by In nothing we trust

Originally posted by In nothing we trust

Originally posted by In nothing we trust

Originally posted by In nothing we trust

Originally posted by In nothing we trust

Originally posted by In nothing we trust

Originally posted by In nothing we trust

Posted 9/14/08

Acording to Realty Trac there are 1,576,587 houses in some state of foreclosure, in the U.S., at this moment in time.


Posted 10/10/08

Updated figure
1,634,435

+ 57,848 from 30 days ago

+ 3.5%


Posted 10/31/08

Well the foreclosure rate seems to be gaining steam quickly.

Updated figure
1,706,163

+71,728 from 3 weeks ago

+ 4.4%


Posted 11/9/08

Updated figure
1,729,084

+ 22,921 from last week

+1.3% increase over 1 week


Posted 11/15/08
1,744,332

+ 15,248 from last week

+1% increase over 1 week


Posted 11/22/08
1,761,000

+16,668 from last week

+.09% increase over 1 week


Posted 11/29/08
1,773,649

Increase of + 12,649 over last week

+ .07% increase over last week


Posted 12/7/2008
1,786,757

Increase + 13,108 over last week

+ .07% increase over last week



posted on Dec, 7 2008 @ 12:36 PM
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Soon We will see door to door realtors.



posted on Dec, 14 2008 @ 01:19 PM
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Originally posted by In nothing we trust

Originally posted by In nothing we trust

Originally posted by In nothing we trust

Originally posted by In nothing we trust

Originally posted by In nothing we trust

Originally posted by In nothing we trust

Originally posted by In nothing we trust

Originally posted by In nothing we trust

Posted 9/14/08

Acording to Realty Trac there are 1,576,587 houses in some state of foreclosure, in the U.S., at this moment in time.


Posted 10/10/08

Updated figure
1,634,435

+ 57,848 from 30 days ago

+ 3.5%


Posted 10/31/08

Well the foreclosure rate seems to be gaining steam quickly.

Updated figure
1,706,163

+71,728 from 3 weeks ago

+ 4.4%


Posted 11/9/08

Updated figure
1,729,084

+ 22,921 from last week

+1.3% increase over 1 week


Posted 11/15/08
1,744,332

+ 15,248 from last week

+1% increase over 1 week


Posted 11/22/08
1,761,000

+16,668 from last week

+.09% increase over 1 week


Posted 11/29/08
1,773,649

Increase of + 12,649 over last week

+ .07% increase over last week


Posted 12/7/2008
1,786,757

Increase + 13,108 over last week

+ .07% increase over last week


Posted 12/14/2008
1,781,441

Decrease of - 5,316 over last week

- .03 decrease over last week

Fannie Mae and Freddie Mac hold over 1/3rd of the bad debt and they have a moritorium on forclosures until January. Expect massive layoffs after christmas and an increase in the foreclosure rate right after the new year.

Merry Christmas.

[edit on 14-12-2008 by In nothing we trust]



posted on Dec, 27 2008 @ 11:20 AM
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Posted 12/27/08
1,705,942

Decrease of -75,499 over two weeks ago

Decrease of -4.2% over 2 weeks ago

Maybe the problem is fixed. I guess we'll find out next month when the banks start foreclosing again.

[edit on 27-12-2008 by In nothing we trust]



posted on Jan, 3 2009 @ 08:30 PM
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Posted 1/3/09
1,695,243

Decrease of 10,699 over 1 week

Decrease of 0.6 over 1 week

Now the layoff announcements and tax hikes begin.



posted on Jan, 5 2009 @ 11:26 AM
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The decreases make sense. We're in a lull right now between the Subprime and Option Adjustable/ Alt-A loan resets. The good news is that when these loans reset, interest rates will be lower. The bad news is that for nearly all these loans, the owners will be upside down. So if the plan was to refinance to a 30-year fixed loan, they may find their home is 2/3 or 1/2 of the value of their mortgage. The coming wave of resets is as big as the Subprime implosion that caused the global meltdown. The Fed and Treasury are pushing for lower mortgage rates which should soften the coming implosion.





[edit on 5-1-2009 by Dbriefed]

[edit on 5-1-2009 by Dbriefed]




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