OT:Carmel Valley: Foreclosure inventory and banks trickling them on the market

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Submitted by Coronita on July 15, 2012 - 6:18pm

...So I had a friend that use to live in SD that came and visited to take care of things. He was telling me that an acquaintance of his is a realtor that works with several banks dealing with foreclosures in Carmel Valley.

According to this acquaintance
1) There is about 1 year's supply forclosures in Carmel Valley

2) The banks have no intention of letting them all out on the market at once. In fact, they are intentionally only letting a few trickle onto the market at a time...Hence, no chance of a flood of FC with steeply discounted prices.

I don't know the reliability of his source.... He seems pretty sure the source is fairly accurate.,....But I'm hearing this second hand, with a grain of salt obviously.

(Not related) There was some other perspectives that he mentioned he found interesting. See, he was an ex-defense enginerd that went to the east coast. He was saying how funny it was there. Job market, it seems like a .defense bubble. Lot's of folks with bullcrap degrees but nevertheless security clearances gets started out as "senior software engineers" who never written a line of code with $120k+ base salaries. Literally, some folks he claims were previous folks with no college degrees, drove a tank in the middle east, but went to one of those night schools to get "life experience credits in a B.S."...And defense companies in the east hire those folks...Gee, makes me wonder how well our nations I.T. systems really are... Lol...

Submitted by spdrun on July 15, 2012 - 6:25pm.

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?

Submitted by Coronita on July 15, 2012 - 6:29pm.

spdrun wrote:
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?

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".

Submitted by spdrun on July 15, 2012 - 6:32pm.

When government/defense gets cut back, or has the threat of cutbacks, it tends to pull work back into the DC area.

Submitted by Coronita on July 15, 2012 - 6:37pm.

spdrun wrote:
When government/defense gets cut back, or has the threat of cutbacks, it tends to pull work back into the DC area.

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.

Submitted by zk on July 15, 2012 - 6:40pm.

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.

Submitted by spdrun on July 15, 2012 - 6:51pm.

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.

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.

Submitted by ocrenter on July 15, 2012 - 6:48pm.

zk wrote:
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.

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.

Submitted by zk on July 15, 2012 - 6:57pm.

Ok, 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.

Submitted by CA renter on July 16, 2012 - 12:42am.

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.

Submitted by zk on July 16, 2012 - 9:07pm.

CA renter wrote:
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.

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.

Submitted by CA renter on July 16, 2012 - 10:07pm.

zk,

This was from someone who works on REO dispositions for banks.

Submitted by sdrealtor on July 16, 2012 - 10:38pm.

zk, Consider the source and read this thread

http://piggington.com/summer_2012_sd_hou...

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.

Submitted by spdrun on July 16, 2012 - 10:43pm.

sdrealtor - for once we agree, at least about the large banks. The larger the organization, the less "organization" there is.

Submitted by CA renter on July 17, 2012 - 4:46am.

sdr,

Not talking about someone sitting in a cubicle at the local branch. You are naive to think that the downturn is over.

Submitted by zk on July 17, 2012 - 6:24am.

CA renter wrote:
zk,

This was from someone who works on REO dispositions for banks.

Well, CAR, I'd kinda been slow in agreeing with sdr's accusations that you're naive and conspiracy-minded. But if that's your response, I'm going to have to start agreeing with him. First of all, you entirely missed sdr's point here (which he makes after your post above but which you respond to similarly). Second, any post that starts with, "I heard from a guy who works with a guy who says," and contains no data or other evidence, can't really be taken seriously. You're grabbing on to the most insubstantial of nuggets to support your position, here, and it's not working.

Submitted by ocrenter on July 17, 2012 - 7:52am.

CA renter wrote:
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.

Agree with zk. The "I heard from xxx" thing is just awful. Another thing is where?

They are boarding up homes in Detroit, they are even tearing them down to create urban farms. (talk about ways to reduce inventory). We've also seen it done in Stockton and Florida. Maybe they re doing it in PHX. But the thread was on banks sitting on homes in CV. How is a story about boarding up homes in nonspecific locations worthy of even the time typing it out?

Submitted by sdrealtor on July 17, 2012 - 8:06am.

CA renter wrote:
sdr,

Not talking about someone sitting in a cubicle at the local branch. You are naive to think that the downturn is over.

Neither was I talking about low level employees. I was making an analogy.

As for thinking the downturn is over, I don't believe the conditions behind the downturn are over and never said so. However they have successfully manipulated their way around this thing and will continue doing so. The hardest work has been done.

Submitted by zk on July 17, 2012 - 8:09am.

CAR did start with "FWIW, not related to CV specifically." But still, as ocrenter said (paraprhasing), WIW=0.

Anyway, sounds like you got a good deal on your house, CAR. Congratulations on that.

Submitted by Coronita on July 17, 2012 - 11:08am.

Well, to be fair... CAR didn't start this thread, I did... And I went on saying that "my friend and I met. His friend is a realtor, and she said...."

So I'm guilty as charged. But I was just curious because I'm trying to figure out what does a realtor know that other realtors doesn't.. Either that, or that realtor friend was smoking something...That's why I found odd. So was just curious...

Submitted by sdrealtor on July 17, 2012 - 11:20am.

That realtor friend just heard something from a friend and was gullible enough to beleive it. Most realtors are.

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