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#295298 - 06/17/09 08:38 PM
Re: Let's Compare Stories on the TIDAL Wave of REOs Coming...
[Re: CanDo]
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Major Contributor
Registered: 11/03/07
Posts: 2335
Loc: Northern Colorado
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I was thinking about this today. Especially if you mention your property preservation companies saying there are many in pre status. If there were that many in pre status don't you think they would be assigned to listing agents as well? Who's doing the weekly checks? I do agree though that there are many REOs in the process but just having the actual foreclosure sale delayed. I watch my counties foreclosures and see many many in the elections and demand reports (NOD). But relatively few actually end up to auction compared to even 6 months ago in my area.
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#295299 - 06/17/09 08:39 PM
Re: Let's Compare Stories on the TIDAL Wave of REOs Coming...
[Re: CanDo]
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Junior Member
Registered: 06/15/09
Posts: 9
Loc: Florida US
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I just got CMA today from Ocwen, usually a good sign as that is us doing an appraisal for the listing agent's assignment.
We also did 2 this past weekend that were vacant lockbox, BPO's, so definitely going to be listings.
Just do the math---there was a foreclosure freeze starting in December until April,at least here in Fl.
So now you're going to see the evictions happen, and all the failed short sales get listed. IMO.
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#295313 - 06/17/09 10:12 PM
Re: Let's Compare Stories on the TIDAL Wave of REOs Coming...
[Re: NiNi]
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Member
Registered: 11/04/06
Posts: 81
Loc: California
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I'm just curious what the REO list agents are hearing around the country from their AMs and Clients regarding the upcoming flood which we have been told would hit in April, then May, then June for sure... I've had on my life-jacket for three months now. I've been told by some of my clients are staffing-up, the property preservation companies I work with have said there are thousands of properties in pre status right now. The moratoriums have expired and the new Calif moratorium (90 days starting in June) was only for banks that did not already have a loan-mod program in place so what's the story you have been hearing?
Foreclosures are ramping up not a lot has been flowing into the market and the market could definitely use the supply. I dont subscribe to the shadow inventory theory though of masses of foreclosures already foreclosed but sitting off market. Sure there are some, there are always some, but not in the numbers I think people are hoping. Where the shadow inventory lies is in the huge number of NTS that are filed in CA but lenders holding off foreclosing. Once they do foreclose the property gets put into the servicers system and processed normally in my observation. Here is a LA County specific snapshot of trustee sales. For June it is current up to the end of business day on the 15th. REOs for June are on pace to almost match last September. Click for the graphic: http://img195.imageshack.us/img195/2315/fclaxmidjune2.jpgEDIT: Here is the foreclosure radar California report, you can see the large NTS filings, many of those are being delayed so the NTS backlog is quite large and isn't accurately represented in the graph : http://img32.imageshack.us/img32/6937/foreclosureradarmay09.jpgSo a wave is coming, how big it is is anyones guess at this point. The lenders are really holding off foreclosing, they are only taking back 15% of scheduled sales any one day. Last year at this time it was around 50%. NTS continue to build.
Edited by REchaser (06/17/09 10:25 PM)
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#295332 - 06/18/09 12:52 AM
Re: Let's Compare Stories on the TIDAL Wave of REOs Coming...
[Re: REchaser]
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Member
Registered: 01/22/08
Posts: 105
Loc: La-La Land
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I'm just curious what the REO list agents are hearing around the country from their AMs and Clients regarding the upcoming flood which we have been told would hit in April, then May, then June for sure... I've had on my life-jacket for three months now. I've been told by some of my clients are staffing-up, the property preservation companies I work with have said there are thousands of properties in pre status right now. The moratoriums have expired and the new Calif moratorium (90 days starting in June) was only for banks that did not already have a loan-mod program in place so what's the story you have been hearing?
Foreclosures are ramping up not a lot has been flowing into the market and the market could definitely use the supply. I dont subscribe to the shadow inventory theory though of masses of foreclosures already foreclosed but sitting off market. Sure there are some, there are always some, but not in the numbers I think people are hoping. Where the shadow inventory lies is in the huge number of NTS that are filed in CA but lenders holding off foreclosing. Once they do foreclose the property gets put into the servicers system and processed normally in my observation. Here is a LA County specific snapshot of trustee sales. For June it is current up to the end of business day on the 15th. REOs for June are on pace to almost match last September. Click for the graphic: http://img195.imageshack.us/img195/2315/fclaxmidjune2.jpgEDIT: Here is the foreclosure radar California report, you can see the large NTS filings, many of those are being delayed so the NTS backlog is quite large and isn't accurately represented in the graph : http://img32.imageshack.us/img32/6937/foreclosureradarmay09.jpgSo a wave is coming, how big it is is anyones guess at this point. The lenders are really holding off foreclosing, they are only taking back 15% of scheduled sales any one day. Last year at this time it was around 50%. NTS continue to build. Great informative post! Thanks for the links.
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#295333 - 06/18/09 12:57 AM
Re: Let's Compare Stories on the TIDAL Wave of REOs Coming...
[Re: CanDo]
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Member
Registered: 01/22/08
Posts: 105
Loc: La-La Land
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Four words, two phrases:
"shadow inventory" "market manipulation"
No tidal wave of LISTINGS. I've heard that Clients are holding off to control Supply/Demand to drive up values. Not sure if that is what you are referring to with "market manipulation" but in case that's not it can you elaborate? Thanks!
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#295465 - 06/19/09 11:21 AM
Re: Let's Compare Stories on the TIDAL Wave of REOs Coming...
[Re: NiNi]
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Veteran Member
Registered: 09/28/07
Posts: 1166
Loc: Land of fruits and nuts.
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I don't know if it's coincidence or the 'flood' coming but....I got more this week than I have in 4 months. But to be perfectly fair, i just closed the ones I had and did a kick [censored] job so it very well could be...I rock. I'm leaning toward...I rock;)
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Warning: Heavy Saracasm MAY be present. Proceed with caution.
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#295472 - 06/19/09 12:37 PM
Re: Let's Compare Stories on the TIDAL Wave of REOs Coming...
[Re: CanDo]
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Member
Registered: 03/16/09
Posts: 114
Loc: land of cheaper and cheaper bp...
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Four words, two phrases:
"shadow inventory" "market manipulation"
No tidal wave of LISTINGS. can do, i'm with you on this, but i sure hope were wrong...
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#295473 - 06/19/09 12:38 PM
Re: Let's Compare Stories on the TIDAL Wave of REOs Coming...
[Re: AliceInReoLand]
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Member
Registered: 12/26/07
Posts: 261
Loc: Riverside & San Bernardino Cou...
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I don't know if it's coincidence or the 'flood' coming but....I got more this week than I have in 4 months. But to be perfectly fair, i just closed the ones I had and did a kick [censored] job so it very well could be...I rock. I'm leaning toward...I rock;)
Well done! LOL
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#295512 - 06/19/09 09:07 PM
Re: Let's Compare Stories on the TIDAL Wave of REOs Coming...
[Re: The Beeson Group]
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Major Contributor
Registered: 01/26/09
Posts: 2961
Loc: Old Dominion
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I don't know if it's coincidence or the 'flood' coming but....I got more this week than I have in 4 months. But to be perfectly fair, i just closed the ones I had and did a kick [censored] job so it very well could be...I rock. I'm leaning toward...I rock;)
Well done! LOL Good for you Madhatter. Riding High. That is very cool. Wilshire sent out something today saying they were tossing out another 30 day bone to folks with foreclosure issues. They sounded like this was the last one they were gonna toss.
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Trust your Maker. Watch your manager.
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#295533 - 06/20/09 12:42 AM
Re: Let's Compare Stories on the TIDAL Wave of REOs Coming...
[Re: skatakia]
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Member
Registered: 07/22/07
Posts: 482
Loc: CA
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Four words, two phrases:
"shadow inventory" "market manipulation"
No tidal wave of LISTINGS. can do, i'm with you on this, but i sure hope were wrong... and I believe that some market manipulation is good. Why flood the market only to keep driving prices down into the ground? That hurts everyone.
Tidal Wave... is this what REO agents are really hoping for??? This would mean working 14 to 16+ hrs a day with an occassional day off (if you're lucky) and work under a stress load that could easily become unbearable. Some of us are already doing that, so can you imagine adding to that workload? We all think we're ready... but a "tidal wave" might be more than what we really want to tackle. What's wrong with spacing the inventory out so the market isn't flooded? I, for one, hope it's maniupulated to some degree to prevent a tidal wave. This would mean that REO inventory will continue to enter the market for a longer time period but with managable flow rather than an oversupply hitting the market in a short time period which would further deteriorate our values. I really do NOT want to see a Tidal Wave! I truly believe it hurts everyone... including the REO agents who are dying to get a good ride on this. (just my 2 cents)
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