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Latest REOs
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WSJ grows more familiar with the “shadow inventory” concept.
How Large is the Shadow Inventory of Homes?
http://blogs.wsj.com/developments/2010/09/27/how-large-is-the-shadow-inventory-of-homes/
... according to a report released Monday by John Burns Real Estate Consulting of Irvine, Calif.
Seems lowball to me, based on this report:
http://www.marketwatch.com/story/housing-isnt-even-close-to-stabilizing-2010-09-22?pagenumber=1
But at least the discussion is becoming more mainstream.
From when the owners took on the $390k loan, to when they got the $900k loan, did their income go up 130%? The 0.7% lower rates don’t nearly make up that difference. Did they take on an ‘affordability’ product (rhetorical question)?
It is possible that their income went up by that much, but from what I saw in FL, people cranked up the DTI, and the interest-only/pay-option products. I doubt if they worked in tech that they saw significant income increases from the bubbly 99 to 07, but if they worked in RE/banking it wouldn’t have been hard. But is it a great idea to use business cycle dependent income to qualify a 30 year product?
They’ll get another chance, if they end up in another bubble market.
Probably not, but they did earn - cough, cough - an extra $50K per year in tax-free HELOC money, good at the Mercedes dealership, cruise line office, and any other bank, so they’re technically high earners.
Check your units of measure for squatting time.
Skepticism on the figure of 198 months is warranted.
I wonder how many non-paying homeowners have broken the 48-month squatting barrier? A year ago - perhaps in the comments to this blog - I saw mention of the existence of 3-year squatters, with the source claimed to be a BofA loan officer.
I’d actually be proud to meet someone who has pulled off a four-year squat.
I’m assuming IR meant 198 days… Mid February 2009 to end of August 2009, instead of 198 months, which would have been 16.5 years ago… But in California, nothing would shock me.
There are several Ashford Place homes up for sale in Oak Creek right now, three on Foxchase alone.
This one doesn’t have the 3rd car garage but it does have a 3rd floor (despite the erroneous listing description).
Will these get into the mid $700ks? I may bite if that happens.
I actually like the outside look of this house. I’ve never seen this part of Oak Creek. What’s on the 3rd floor? I see those 2 dormer windows. Is it just an attic?
Ashford Place had the option for a 3rd floor space (much like similar plans in West Irvine). I think it’s just a bonus room although I think there was an option for bath/room combo.
I always wondered why they built Oak Creek the way they did… they should have put these bigger homes on the interior away from the freeway.
Is there an issue with putting the park/school next to the freeway soundwall and building in from there?
Is there an issue with putting the park/school next to the freeway soundwall and building in from there?
other than poisoning the children 8 hours/day?
1. Hopefully children aren’t in school 8 hours per day.
2. Interior air filters for a school should be better than a home.
3. Grass and trees probably help with air quality more than rows of homes.
4. Doesn’t have to be the school… putting the park there would be just fine as a natural noise buffer (and there are many parks right next to freeways… even in Irvine).
Sometimes I wonder how master planned Irvine is… some of the things they are doing just doesn’t make sense and to change it would be nominal in cost and execution.
this house is ~420 feet from the 405! i lived in an villa coronado, IAC rental, and ours was the furthest possible unit at about 800 feet and the noise was still heard in our unit will windows closed. i know i am more sensitive than most but this house is in a terrible location. would be better if they planted tons of tall trees on the 405 side of the wall instead of leaving it open…
It’s good that you question the “master planned” community of Irvine. I’ll save you the hassle of going to Wiki.
“William Pereira, the University’s consulting architect, and The Irvine Company planners drew up master plans for a city of 50,000 people surrounding the new university. The plan called for industrial, residential and recreational areas, commercial centers and greenbelts. The new community was to be named Irvine; the old agricultural town of Irvine, where the railroad station and post office were located, was renamed East Irvine.[2] The villages of Turtle Rock, University Park, Culverdale, the Ranch and Walnut were completed by 1970.
On December 28, 1971, the residents of these communities voted to incorporate a substantially larger city than the one envisioned by the Pereira plan. By January 1999, Irvine had a population of 134,000 and a total area of 43 square miles.”
Designed for approx. 50,000, now home to what, almost 300,000?
$800k for the opportunity to live 420ft from the 405. What a bargain! This is sad.
The 3rd floor is a giant bonus room. It expands from one end of the house to the other. Its nice, even has its own separate A/C unit. I don’t remember the option for a bath/room combo though.
Personally, I think this house is sort of humdrum. The only thing it has going for it is its size, but large homes aren’t as desirable as they were in the bubble years.
At $247/ft. this isn’t bad for 3,238sq.ft.
The interior could use some cosmetic updating.
Changing the color on the kitchen walls.
Agree, the exterior looks nice.
By the pictures, it looks like they removed all the kitchen appliances. Makes me wonder what else is missing or damaged.
Yeah, I noticed that as well.
At that price point it makes sense to add all new appliances and fixtures.
In 1977, my mom had a refrigerator that was the same color as the color of the kitchen walls of that house.
“...The main parties who will be enriched by all this activity are the attorneys…”
I’ve read that Lehman Bros (the remains that are being dissolved) has spent $900B to date trying to unwind their positions and payback creditors. Some of this is to finance experts to figure-out Lehman’s positions, but the vast majority is to legal counsel.
IR-why do the owners have to still live in the house for the short sale to be approved? I don’t understand why you think this will definitely go to auction.
Irvine homebuilding up tenfold
http://lansner.ocregister.com/2010/09/28/homebuilding-soars-in-irvine-lags-elsewhere/82698/
Builder plans 169 luxury homes in Irvine
http://irvinehomes.ocregister.com/2010/09/28/builder-plans-169-more-homes-in-irvine/15106/
Check again. The price just changed from 800k to 950K. hoooollly crap.
Better buy now or you will never get the chance
to live this close to the the freeway again!!!!!
snicker
People should become part of class action lawsuits against the banks and financials. They must be made to pay. They will pay my profession and also the victims of their wrong doing.