Home › Forums › Other › OT:Carmel Valley: Foreclosure inventory and banks trickling them on the market
- This topic has 20 replies, 6 voices, and was last updated 11 years, 8 months ago by sdrealtor.
-
AuthorPosts
-
July 15, 2012 at 6:18 PM #19973July 15, 2012 at 6:25 PM #748077spdrunParticipant
Is “the East” a code-word for “DC” here? Got to keep the ex-soldiers off the streets and out of trouble, I guess.
As far as foreclosures trickling out, what’s new?
July 15, 2012 at 6:29 PM #748079CoronitaParticipant[quote=spdrun]Is “the East” a code-word for “DC” here? Got to keep the ex-soldiers off the streets and out of trouble, I guess.
As far as foreclosures trickling out, what’s new?[/quote]
Maryland/Virginia, not necessarily DC. Though he also explained why folks in the defense business on the west coast are getting slaughtered. Preferential treatments to companies with HQ and work around the D.C. area…Not necessarily the most competent work. I guess another data point of what happens when government ends up being a larger and larger employer.
Well, two things.
1) Folks wondered how large the FC inventory supposedly is in CV.
2) Folks wondered how can the banks possibly hold on to inventory and trickle them out.
Seems like they can and they will, just to keep the prices “stable”.
July 15, 2012 at 6:32 PM #748080spdrunParticipantWhen government/defense gets cut back, or has the threat of cutbacks, it tends to pull work back into the DC area.
July 15, 2012 at 6:37 PM #748081CoronitaParticipant[quote=spdrun]When government/defense gets cut back, or has the threat of cutbacks, it tends to pull work back into the DC area.[/quote]
For what my friend describes. His hiring pick is really bad. People with no college /no formal experience/ yet demanding and getting placed into senior level positions…Backassward as it sounds.
July 15, 2012 at 6:40 PM #748082zkParticipantSeems highly unlikely to me. What does “1 year’s supply of foreclosures” mean, anyway?
What is the status of these alleged foreclosures? Are they vacant? Are the people still living there but rent free? I’m not aware of any of the former. And if it’s the latter, they’re really not foreclosures yet (and I haven’t heard of any of those, either).
Like you said, a grain of salt. Or maybe a truckload.
July 15, 2012 at 6:48 PM #748084ocrenterParticipant[quote=zk]Seems highly unlikely to me. What does “1 year’s supply of foreclosures” mean, anyway?
What is the status of these alleged foreclosures? Are they vacant? Are the people still living there but rent free? I’m not aware of any of the former. And if it’s the latter, they’re really not foreclosures yet (and I haven’t heard of any of those, either).
Like you said, a grain of salt. Or maybe a truckload.[/quote]
Uh, as in if there’s 5 foreclosures per month in CV, then the banks are holding off 5 x 12 foreclosures to dribble out? If this is the case, they can probably release them all at the same time and sell every single one of them.
July 15, 2012 at 6:51 PM #748083spdrunParticipantFor what my friend describes. His hiring pick is really bad. People with no college /no formal experience/ yet demanding and getting placed into senior level positions…Backassward as it sounds.
More defense contractor/military parasitism. Business as usual. I say cut the defense budget by 50% and watch them squeal like the f**kin’ pigs that they are.
“Defense” has become a bloated virus of a corporate welfare program since 9/11.
July 15, 2012 at 6:57 PM #748085zkParticipantOk, as opposed to x number of houses sell in carmel valley per month and there are 12x foreclosures.
If the numbers are that small (5/month), and they probably are that small or smaller (unless you count the parts of CV that are in the Poway school district), then, like you said, they could sell them all no problem. And hence this alleged trickling story really makes no sense at all.
July 16, 2012 at 12:42 AM #748100CA renterParticipantFWIW, not related to CV specifically, but I’ve also heard the same story WRT banks keeping houses off the market. This was from someone who works with a higher-up in one of the largest banks in the US. This was a few years ago, too.
From what he said, the banks said they were going to board up houses and pay someone to maintain them “indefinitely,” until prices rise again. Also heard that they were renting some of these houses back to the FBs while still in the FB’s names. There are still many people who haven’t made a mortgage payment *in years,* but are still living in “their” homes without being foreclosed on.
There is no doubt that the housing market is being manipulated in ways we’ve never seen before, and it’s not over yet.
July 16, 2012 at 9:07 PM #748174zkParticipant[quote=CA renter]FWIW, not related to CV specifically, but I’ve also heard the same story WRT banks keeping houses off the market. This was from someone who works with a higher-up in one of the largest banks in the US. This was a few years ago, too.
From what he said, the banks said they were going to board up houses and pay someone to maintain them “indefinitely,” until prices rise again. Also heard that they were renting some of these houses back to the FBs while still in the FB’s names. There are still many people who haven’t made a mortgage payment *in years,* but are still living in “their” homes without being foreclosed on.
There is no doubt that the housing market is being manipulated in ways we’ve never seen before, and it’s not over yet.[/quote]
Oh, dear. Now that I’ve heard from somebody who’s heard from somebody who “works with” (but isn’t actually) a “higher up” at a large bank (a few years ago, no less) that banks are withholding foreclosures, I’m really scared.
July 16, 2012 at 10:07 PM #748181CA renterParticipantzk,
This was from someone who works on REO dispositions for banks.
July 16, 2012 at 10:38 PM #748188sdrealtorParticipantzk, Consider the source and read this thread
http://piggington.com/summer_2012_sd_housing_price_top?page=1
One of my good friends was the #1 agent in the world (yes the world) in the last foreclosure cycle in SD. His sources in the top 3 banks are far beyond some anonomous Internet poster aka CAR. He tells me the banks have no clue whats going on and one person cant be trusted from the next. Naive people like CAR beleive in conspiracy and that one person working in a bank actually knows what is going on.
Here’s the truth. The person you talk to at a bank doesnt talk to the person sitting at the desk next to them for the last 10 years let alone do they know the global foreclosure policy for the bank. They couldnt tell you their cubemates dogs name let alone what the super secret REO disposition policy is. No one knows…not a single person yet CAR fires up her tinfoil hat and cooks up all kinds of conspiracies.
July 16, 2012 at 10:43 PM #748189spdrunParticipantsdrealtor – for once we agree, at least about the large banks. The larger the organization, the less “organization” there is.
July 17, 2012 at 4:46 AM #748203CA renterParticipantsdr,
Not talking about someone sitting in a cubicle at the local branch. You are naive to think that the downturn is over.
-
AuthorPosts
- You must be logged in to reply to this topic.