DataQuick reported the foreclosure numbers today. Hat tip to Matt Padilla for the numbers.
My guesstimate numbers, from Friday, were pretty close. It seems my math is coming in low for the NODs, but it is still within a 10% error margin. I will experiment with a new calculation for this month, and see if it comes closer to the real numbers. Also, my number for foreclosures will always be higher than DQ’s numbers, because I include the homes that are bought by someone, other than the bank, at the auction.
One quibble I have, is Matt stated “To be sure, foreclosures account for a small percentage of total housing stock in O.C., which has increased by tens of thousands of homes since the last downturn of the 1990s.” This is not true when you do the math. The owner occupied (keep in mind, DQ’s foreclosure numbers are for owner occupied housing) housing stock at the end of 1996 was 560,753, and in 2007 it was 614,815. The record foreclosure month was October 1996, with 674, and now the record is 802.
1 foreclosure for every 832 homes in 1996.
1 foreclosure for every 767 homes in 2008.
Any way you look at it, it is bad, it is really, really bad.
And, for the first five days in February there has been 580 NODs recorded (116 per day), 229 NTSs recorded (45.8 per day), and 189 trustee deeds recorded (37.8 per day). Keep in mind, February has 19 business days compared to January’s 21 business days. So, while the monthly numbers may not be higher, or the same, they are still increasing.
Today, 40 homes went back to the bank at the Santa Ana court house, and 2 sold. Here are the 5 homes in Irvine that went back to the bank…
51 Momento for $1.52mil.
70 Oak Tree Ln. for $565k.
2253 martin street #114, for $350k.
115 remington #327, for $304k.
305 Streamwood, for $258k.
And… the big news of the day, (insert awgee snickering here), Slade’s home went back to the bank for $1,282,500. It looks like the zestimate of $3.15mil is a bit high. I guess Jo’s singing career is not going so well. And, for those who think we at IHB are completely heartless, and kill a puppy for every home sale, I sincerely hope his kid it doing well. Just remember… don’t buy stuff you can’t afford. You never know what life will throw at you.
Oh… and, Brian Martinez, of the OCR, did a blog post on the WTF house of Irvine. I wonder if he knew, that IrvineRenter did a post on it already? It would have been nice to be mentioned for breaking the story first.