We tend to spend a lot of time on short sales and foreclosures, what percentage of the market are distressed sales in the North San Diego County Coastal region (La Jolla to Carlsbad)?
The REO and short-sale MLS detached listings that have closed escrow equal 19% of the overall market, year-to-date.
The 2011 year-to-date breakdown of closed sales, and avg. cost-per-sf:
| 2011 | REOs | Shorts | Others |
| Jan | 17/$270 | 18/$311 | 114/$389 |
| Feb | 19/$285 | 23/$307 | 124/$403 |
| Mar | 20/$293 | 29/$307 | 189/$389 |
| Apr | 16/$284 | 19/$277 | 199/$389 |
| May | 26/$292 | 17/$269 | 200/$404 |
| Jun | 15/$343 | 16/$304 | 218/$382 |
| Jul | 16/$272 | 26/$310 | 171/$392 |
| Totals | 129/$291 | 148/$299 | 1,215/$392 |
Four out of five this year have been regular sales.
The cost-per-sf is also influenced by location – 64% of the SS/REO closings were in Carlsbad/Encinitas.
I think we’ll see an increase of short sales over the next 24 months, unless lenders dig in over SB 458 and reject more of them. If they decide on a case-by-case basis, they’ll probably be inclined to deny those with bigger loan amounts, and take their chances that a collection agency will be able get more after the foreclosure than the a couple of thousand dollars they’d get out of a short-sale.
Your last point about lenders rejecting short sales and trying to get money with a collection agency after foreclosure assumes that the seller refi-ed.
Is there a way for buyers to tell how much owed on a property is purchase money and how much is refi? This may saves buyers the hassle of bidding on short sales that are likely to be rejected.
Yes, agreed Matt, that all purchase money, whether a first or second mortgage is non-recourse.
Only the refinances have recourse.
I have it easy because the tax rolls are included with our MLS service, so I can check the actual dates of when the trust deeds were recorded.
I haven’t heard of a website that allows for full public access on-line to assessor’s records….yet.
I thought you could get that information if you join Property Shark. I believe the counties should scan all that stuff and put it online.
Grantee and Grantor deeds are available from the San Diego County Assessor but you have to pay for them.
http://arcc.co.san-diego.ca.us/online_services.aspx