Calm Before the Storm?

[beachFool]

http://www.pnj.com/article/20110619...-set-flare?odyssey=tab|topnews|text|FRONTPAGE

"Banks basically put the word out late last year to stop processing foreclosures until they found out what was going to come of the robo-signing scandal," said Al Muller, president of Metro Market Trends.

Meanwhile, foreclosure actions, far from slowing down, were just piling up in a log jam.

Now, banks and lenders are starting to ease open the foreclosure gates again.
"It's obvious banks and lenders have been holding back foreclosures, and it's also obvious they've got to get back to dealing with their foreclosed properties," Muller said.
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[30ashopper]

A major pop in filings isn't showing up in county records - the pig is well within this snake at this point. Although I have no idea how many homes are still owned by the banks - my observations here in my neck of the woods (SD) indicate foreclosures are getting sold off at a pretty fast clip.

 

[Kurt]

the pig is well within this snake at this point.

Can you tell me what this means? That the majority of foreclosures have been processed?

And what is SD?

 

[30ashopper]

Can you tell me what this means? That the majority of foreclosures have been processed?

And what is SD?

http://en.wikipedia.org/wiki/Lis_pendens

It's a graph of the number of Lis Pen (attempt to foreclose) filings at the court. These generally represent the start of the overall foreclosure process on property. It doesn't represent the real number of properties because these filings are often filed multiple times. But it does give a very accurate representation of foreclosure activity in Walton County. (SD -> Sandestin)

 

[scooterbug44]

Dunno about foreclosure rates, but there are some RIDICULOUS deals out there and inventory keeps decreasing.

Sure wish I had a couple hundred thousand dollars. I could be buying Gulfview or half of a house next to the Red Bar (advertised at $426,900 - bet I could earn the property taxes just by renting out parking under the house)!

 

[30ashopper]

Dunno about foreclosure rates, but there are some RIDICULOUS deals out there and inventory keeps decreasing.

Sure wish I had a couple hundred thousand dollars. I could be buying Gulfview or half of a house next to the Red Bar (advertised at $426,900 - bet I could earn the property taxes just by renting out parking under the house)!

I'm not convinced we've reached a bottom on pricing, and I'm concerned about a sharp run-up in inflation that could destroy real value. I still poke through the listings though looking big high and dry lots or big lots with nice homes, but generally I'm still in a 'wait and see what happens next' mode.

 

[Kurt]

http://en.wikipedia.org/wiki/Lis_pendens

It's a graph of the number of Lis Pen (attempt to foreclose) filings at the court. These generally represent the start of the overall foreclosure process on property. It doesn't represent the real number of properties because these filings are often filed multiple times. But it does give a very accurate representation of foreclosure activity in Walton County. (SD -> Sandestin)

lol thanks - I meant "... the pig is well within this snake at this point."

 

[scooterbug44]

I'm not convinced we've reached a bottom on pricing, and I'm concerned about a sharp run-up in inflation that could destroy real value. I still poke through the listings though looking big high and dry lots or big lots with nice homes, but generally I'm still in a 'wait and see what happens next' mode.

I would be more worried about speculators artificially inflating prices (again) than the possible effect of inflation on housing values.

 

[30ashopper]

lol thanks - I meant "... the pig is well within this snake at this point."

Ha, sorry. The chart just looks like a snake that swallowed a pig.

 

[30ashopper]

I would be more worried about speculators artificially inflating prices (again) than the possible effect of inflation on housing values.

No easy money, no major problem with speculators. I have seen some cash rich flippers move in, they are buying up distressed sales, cleaning them up, and flipping them for small percentages. I don't see that having a big impact on price though, they are walking down the slope tossing rocks up the hill a few feet.