Sean, our Los Angeles correspondent, files this report:
Jim,
Up here in LA it looks like BofA/Countrywide just threw the foreclosure machine switch back to the “on” position. The number of Recontrust properties with opening bids set for tomorrow’s trustee sale auctions just spiked, so it looks like whatever self imposed delays or moratoria they had put in place during the past few months just came to an end. Let’s cross our fingers and hope that maybe last year’s misbegotten prediction that they would crank out 65k foreclosures is about to come true a year later.
Sean
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Here are the San Diego County stats for Recontrust – hopefully this will mean something:
Trustee-sale results, YTD:
Foreclosed: 91
Cancelled: 76
Trustee-sales scheduled:
This week: 298
Next week: 270
1/31 – 2/4: 818
2/7 – 2/11: 884
2/14 – 2/18: 813
2/21 – 2/25: 327
Total: 3,410
Seven percent of the total are facing their first scheduled date.
Bold above – the rolling blob of loanmod-shadowinv ?
I suppose it depends on where the homes are.
Here is how it is going to go; more foreclosures, more of a relative dip in home sales prices being moved by the lower tier, more pessimism, market stalls in early spring. But the vast majority of homes are crap, still selling at higher prices than you would like. Where’s my ocean view 2005 million dollar home for $350K!?!
Meanwhile more people who are contemplating going loan mod begin to think twice and decide to stick it out. And, the economy improves as more renters will want to take the leap and buy a home.
Expect frustration. I think we’ll also see a continued & steady upswing in new home sales as people start to ignore the REO junk.
Do you mean that 93% of the sales were previously cancelled?
No, he means 93% of the scheduled upcoming sales were previously postponed.
Just a disappoint update. BofA/Recontrust only actually auctioned about 50 properties yesterday, just a fraction of what they posted opening bids for for yesterday, so the postponements en masse continue for another day. But I guess at least they’re back to selling some, which is better than none.
BofA/ReconTrust are not trying to sell any of the foreclosures and I have no idea why. Recon actually has a good website listing all the upcoming sales and “sold” properties. however, if you look at the “sales” about 95% are going back to the beneficiary BofA.
nice little nonsensical cycle which means the so-called “shadow inventory” keeps building and building. some woman the other day, top economist for S&P, said that listings were only 1/20 of shadow inventory so more homes than anyone really knows what to do with will ultimately be sold at some point. unfortunately they are keeping them off the market to keep prices artificially inflated.
regarding cancellations, if you have time to waste you can pour over foreclosure websites and find where virtually all these foreclosed properties have been scheduled for auction and then postponed. another cycle that typically finds most of these homes having auctions canceled repeatedly over the previous 12-18 months.
just another way to jerk people around who actually want to buy a home to live in… and pay for.
I agree with Ron’s comment also recon or whoever won’t post the opening bid till the morning of the sale or postpone it or just think you’ll just move on. Sounds like a shaddy way to get the average Joe to backoff and give the BIg Boys all the deals so they can line there deep pockets. Sounds like the American way