I been away for a few days (vacation). Seems like things are moving along just fine.
</strong>
<strong>26 QUARTZ LANE, Mission Viejo, CA92694
Bank Owned
Asking 425000
Sold 587000
Loss of 162000 not counting commision
Bedrooms: 2 
Full Baths: 2 
Partial Baths: 1 
Square Feet: 1,600 
Year Built: 2003 
Listing Date: 08/13/07 
On Market: 1 day 
Type: CONDO/TH 
Status: ACTIVE 
MLS #: S501342
 
Description
Spectacular design featuring dual master bedrooms on separate levels. Gourmet kitchen with island. Cozy family room with fireplace. Balcony off one bedroom. Bank owned.

Hey IMPAC was the "on-site" lender for REDC.  They’re only doing agency originations going forward?
Maybe I should attend the next auction after all.  Think the rich will be showing up with fat wallets to bid everything up anyway?

Here’s a pretty good article on banks using auctions for foreclosures.

Nice article.
As the market gets flooded with repos, the banks have to say, `OK, we’re getting too much (liability) on the books here."’ Adams said. "With auctions, we can have the market tell us where the value of the property is by the bidding. That way they get all of their inventory (sold) in one whack rather than in a slow, painful bleed."
I’m salivating.  Is there a major lender using REDC?  I’m wondering why this is the only auction firm that we’re hearing about.

oc,
Go to the http://ushomeauction.com/ site and check out some of the properties. They have the preliminary title report available for some of the properties. I checked out the Irvine condo on Chula Vista. On page 12 it has attention Countrywide REO and a description of the trustee Wells Fargo for IMH assets corp. (Impac). Wells is just the trustee/servicer for the MBS pool, Impac is the one who sold it and Countrywide is processing their REOs. Confused? Countrywide and Impac have had business relationships since the beginning. The AE we had for Impac used to say they are CW’s sister company.
The property on Avondale has Bear Stearns holding the bag. The use an REO/loss mit company Green River. They have a bunch of homes in Michigan like the one at 12834 Camden in Detroit for $13,900 (not a typo) but even they have dreamers. Look at the price graph.

You might enjoy the Countrywide Foreclosure Blog.  (H/T LA Times)

Eva….great link.   We win, we win !!!!  We crushed the competition.    On a side note, one of the other blogs on the right margin had a link titled "Countrywide Tapped Out".  I had no idea they attempted to convert to a S&L to avoid Fed regulation in 2006.  Wow !

Paper Money - A US Real Estate Bubble Blog: Countrywide Tapped Out!   

Um that is a great blog but he doesn’t have the story straight on the access to capital.

Not a good sign of things to come for the first 5 business days of August 367 NODs have been filed. The scary part is that is 100 more than the first 5 business days in July. July averaged 56 per business day with 53 per day in the first 5 days. August is averaging almost 74 per day with 23 business days in August that would be 1702 for the month a 46% increase. If this holds for the rest of the year NODs will be above 95’s number and if the increases continue the 96 record could be broken.

That is unbelievable….but wait, isn’t it contained ?  Yun said so….. 
I’m still skeptical that enough buyers will have 20% cash to put down on any decent property in order to qualify for a non-conforming mortgage.  Not many folks (I know, I know…excluding move up buyers that were lucky enough to have sold already and those on this blog) have 100K liquid to do such a thing, especially on a depreciating asset..   Jumbo’s seem non-existent….or the interest rate is so high, and manadatory 20% down…it’s stupid.   So the property listing prices would then have to drop to near conforming mortgage levels (417K).... or slightly higher figuring in the 10% down that will most likely also become mandatory….so 460K sales prices.   
The 90’s crash probably didn’t have an issue with the conforming level because the prices were so low.  But what happens now ?  300-400K haircuts ?  I’ve got to admit, it’s hard to visualize.  I suppose one of the barometers will be to see what the banks do with their mounting REO’s.

Honestly we are entering uncharted waters. If you take all the excuses I mean reasons for the housing problems from 90-96 excluding the job market we are witnessing all of them right now. If the job market does start to become a lot weaker than it already is and I hate to say it but we could be headed for a serious recession. I hate being a bear and I can’t wait to dust off my bull suit. I honestly thought it would slow in 2002 because people would remember what the 90s were like. Yep it is different this time just without the job losses, yet.
Is the high end immune? I think not when a mansion like this is headed for the foreclosure auction.

Trooper,
*bah, you edited your orginal post.

Like I said we are in uncharted waters. There was a time when home prices made it stupid to rent but people wouldn’t touch housing. Think CSCO in 2003 at $10. It was a no brainer with no debt and a highly desirable product. The forclosure problem is not contained and unfortunately it continues to get worse. The REDC auctions have Impac as their preferred lender because they are the main lender holding the bag on those homes. That’s like eating your own vomit.

 
     
        >NIKKEI 225 (Osaka:^N225)
        http://us.i1.yimg.com/us.yimg.com/i/us/fi/03rd/edit.gifM4KpGncTDVwssL67T0kWVjUlSkgSJsqytypography_img_src_end /]
     
 

 
     
       
       
         
             
               
               
                 
                     
                        Index Value:
                        <big height=“15” alt=“Edit” width=“28” border=“0” [/img]15,273.68</big>
                     
                     
                        Trade Time:
                        3:00AM ET
                     
                     
                        Change:
                        <strong #c00”>874.81</strong> <strong #c00”>(5.42%)</strong>
                     
                     
                        Prev Close:
                        16,148.49
                     
                     
                        Open:
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                        15,513.90 - 18,300.40
                     
                 
               
               
             
         
       
       
       
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Nikkei down 874.81 in one session…..the worst drop since 9/11.

In the latest newsletter from my local REALTOR(TM) we have the following: "In the last 3 weeks, there has been more an avalanche of Bank-Owned properties that have entered the market in Irvine.  We are seeing these foreclosed properties placing future downward pressure on prices."

hi

just drop by Richmond American’s development in Costa Mesa, originally selling from 900’s last year, dropped to 800’s by May of this year, and now they are clearing out at 690’s

please see this link, they are down to their last 4 homes:

http://www.richmondamerican.com/Shop+and+Buy/View+Community.htm?mr=Orange County&cm=1190&=ID=1190&Type=Community

The sales lady even was hinting if we are serious she will try to discount more

wow, that is more than 300K drop in 1 year

[reforming?] Permabull Vince Bindi has some impressive stats in a recent blog post.  19.3% of homes (edit: on the market) under $450k in his target area are distressed! 

I went to an open house today and the realtor said it fell out of escrow because of the change in lending standards.  "You need full doc these days," he said with sigh.

Graphrix -

If it’s not too difficult, I was wondering if I could borrow a favor.  I’m looking at RealtyTrac (via Yahoo) and see a place on Flower St in the 92706 (i.e., Floral Park).  It was supposed to have been up for auction July 27th, but I can’t figure out the address or what home it is.  Any chance you could help?  Is there any other info that you might need?  Even if you can’t find out any info, thanks in advance.

I found this one on the Fidelity site postponed to 9/20 NTS $453k. If you are looking at the auction section of RealtyTrac 3bd/3ba for $444.5k then I think that is the same one.

That’s it.  Thank you so much! 

I found the grand kool-aid drinking champion. Grab what looks like concrete at the top left and bring the monster to the center. Now read what the zestimate is and what the owner’s estimate is. Yep well you can have it for a starting bid of $1.37mil tomorrow.

That has got to be a typo….or a smart-ass answer to an unsolicited offer to list the house. REO auction?