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Did you notice your link on the Redfin page?
I think the uptick in short-term delinquencies is due to the overall declining economic prospects. Things were looking up, relatively speaking, in the early spring, and have since cooled dramatically. Someone could have been much more confident about their financial position in March than today. If they were thinking about defaulting & saving 6-12 months of payments, they would have been less likely to do it when things were looking up than now. A year ago home prices looked to be going back up (at least to non-readers-of-IHB). If you think your job situation is settling and you’re gaining equity, you keep paying. If your job situation gets shaky and you lose what little equity you had, you consider defaulting a lot more.
That is exactly the phenomenon banks are afraid of. By engineering a false rally in 2009, they managed to maintain borrower denial for another two years. If borrowers capitulate in large numbers, the market will finally clear, but the bank losses will mount as a result.
I haven’t tried it yet, but I wonder what the delinquency rate chart overlaid with the Credit Suisse ARM recast chart would look like. Is it possible that the two will be similar except the default chart will be about 1 and 1/2 years behind the recast chart?
That’s funny Awgee, right before I read your comment, I said that very thing to my wife.
ARM resets are peaking again. Wonder if people are getting these nastygrams (realitygrams) in the mail and just throwing up their hands.
Culverdale Wilderness Park…aka a small strip of grass and trees between you and one of the busiest freeways in the country.
I can only imagine the meeting when they were searching for names for this, there must have been loud laughter when someone mentioned the wilderness park!
Yes, the idea of a wilderness park conjures up images of large expanses of untouched nature. This park is not large, untouched, or wild. It must have been a joke to the planners, but the sales and marketing departments probably tied to feature this back in the day.
A “wilderness” park with a gigantic power structure in it directly behind the home. Yeah!
Why can’t they plant a few rows of tall trees to block noise?
Some of the houses have pyramidal cypresses near behind the walls.
Though, smog covers wide areas around highways, in other words, all Irvine.
Seriously, that house is a 1000 sf? Looks much bigger in that picture… I guess the lot allows for expansion, but that price seems excessive still.
IR, one suggestion on the link to Redfin: Can you have it open another window or tab? Hate that it takes me out of IHB into Redfin…
Hold shift when you click it.
U.S. May Back Refinance Plan for Mortgages
http://www.nytimes.com/2011/08/25/business/economy/us-may-back-mortgage-refinancing-for-millions.html?_r=1&hp;
Will we see more political support of attempts to stabilize/increase home prices? I think so, since you can’t win elections against 65% of the voters… I am not saying that more support would be fair, but most people think about themselves first when it comes to selecting their candidate. Since a lot of voter’s wealth is tied up in real estate you will see candidates propose ideas to turn around housing.
The support for this on liberal blogs is pretty firm , because it’s vote-buying Obama can easily sell as “helping ordinary families.”
Cough.
No idea how this would really help anything but (a) Obama’s reëlection and (b) our continued descent into the same hole Japan dug.
No matter who is in power, I suspect this will happen. It will not stop the descent of prices, but it will harm, not help, the “families” - I hate that frickin’ word! - getting the mods, since they will be locked more tightly into debt slavery.
The people proposing this stuff actually seem to think we’re near a bottom, and that this sort of activity will stabilize prices.
Meanwhile, renting “families” will be denied their rightful place as owners of the homes currently occupied by these losers.
As if US socialized mortgage market is not already an epic fail and folly.
So this property was foreclosed on twice?
Bought in 04 foreclosed in 07 then sold to someone in 08, then foreclosed on again in 2010 and now for sale as a second time as a REO?
Many more of these double rainbows, i mean foreclosures out there?
I have seen a couple of these in my part of NC. Definitely fixer-uppers, probably both times they got fc’d. Even for the savings on the ones I saw, I wouldn’t want to go after them.
Several years ago I was looked at a house about the same distance from the 405 on the opposite side (off Michelson so sort of diagonally across the freeway from this one.
Outside that house I literally had to yell at the person with me in order to have a converation. I didn’t even bother going inside - the noise around a house like this is no different from just standing in the middle of the freeway.
I have actually toured the place… the only good that I can take out from the tour is that you would get EXCELLENT reception in this house. Several cell phone radios are affixed to the massive powerline.
The Emergency Cash reserves or fix up and decorating cash shown in the computation to buy the home using a mortgage loan, are those cash items lender-required to be owned and proven these days to get a loan?
Any idea the general loan default rate levels in Irvine (30-60-90-)? Percent homes with no debt? Conversion trends?