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OCForeclosures
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OCForeclosures
Joined: October 31, 2007
Last Sign In: 14 hours ago
Videos Watched: 880
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The housing crisis will cause the largest transfer of wealth in our nation's history over the next five years.

We track the daily foreclosure auction results for all the counties in Southern California and have noticed a new trend. The first liens are now routinely being discounted at trustee sale and if they don't receive any bids, the lenders often selling these homes for less afterwards. So we are not just talking about wiping out the surrounding neighbors 20% down payment if they bought at peak; we are talking about taking prices down more from there. The largest discounts of first mortgages we have seen have in none-distressed sections of Orange County been in excess of 40%.

FYI, this is how the lenders drove prices down to 2001 levels in certain parts of Stockton California where everybody had to sell or refinance. Most parts of Orange County do not share the same mortgage profile, but this is why Talega and Ladera Ranch prices came down so suddenly.

The real crisis has always been one of leadership, transparency, and sensible policies.

Bottomline is that we are seeing a real game changer unfold. We have already seem luxury foreclosures sell for 55% of peak prices.
Country: United States
Website: http://www.mysocal-realestate.com
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My Recent Comments
messin with a guitar sound (will be on my next CD)
Awesome! (1 month ago)

Mr Mortgage-CA Housing Crisis - Currently 4.25 Years Supply!
Here in Orange County foreclosures (NODs and NOTS) are surging. But the lenders are building a huge wave of disaster in by constantly delaying trustee sales for as long as one year. I am seeing similar patterns in LA, Riverside, and San Diego counties. So the 38% could have been higher. As the bank REOs bring prices down 20% or more, many homeowners will just walk away from their homes not willing to service a debt that will take years just to bring them to a break even point. (1 month ago)

Orange County Real Estate
When you add the new preforeclosures to your consideration (NODs and NOTS) you will see that there is a tidal wave of must sell inventory that is far in excess of current buyer demand. And most of these multiple offer properties mentioned in the piece are bank foreclosures brought to market at a discount for a quick sale. This is why the average time on market for these bank owned properties is about 2 months right now. (3 months ago)

Jim Grant - Fed's Balance Sheet an `Economist Nightmare'- P2
Bravo for bringing the truth about what our federal government is doing to cover up the mortgage mess Wall Street made. The "unexampled" line was classic! (3 months ago)

#2 The Crash of 2008 - What Did Goldman Sachs Know?
Very Nice explanation of what happened with Bear Sterns and the problems with these firms being too highly leveraged. I have been following the real estate market for sometime and knew the foreclosure problem was much bigger than subprime borrowers. At some point it should be obvious that you can't export jobs and import debt over the long-term and prosper. Obviously Goldman figured out how to trade this debt game for a profit. (4 months ago)

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The first of 3 parts on the real estate foreclosure situation in Orange County California. (more)
Added: 2 months ago
Views: 377
4.0
08:28
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Bank owned foreclosure properties sales are bringing positive cashflow back to Southern Ca (more)
Added: 3 months ago
Views: 280
no rating
04:17
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Lenders often discounted the Orange County California properties they foreclosed on in Mar (more)
Added: 3 months ago
Views: 136
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05:46
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Here is an over view of the foreclosure situation in Irvine. And I added an overview of wh (more)
Added: 4 months ago
Views: 84
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03:37
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We (www.mysocal-realestate.com) have been tracking foreclosures in Orange County since the (more)
Added: 5 months ago
Views: 1,337
5.0
05:30
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