Tracking foreclosures in Los Angeles
If you enjoy real estate data, you should definitely bookmark OC Renter's Bubble Markets Inventory Tracking, which delivers exactly what its title promises. Over the weekend OC Renter posted a clip-and-save item tracking foreclosures and pre-foreclosures by county, based on stats from foreclosure.com. An L.A. snapshot:
Month Cumulative foreclosures Cumulative pre-foreclosures
6/06 698 13,712
6/07 5,791 15,110
5/08 14,149 36,372
Hat tip, and analysis, from CD via comments: "Armageddon."
Note: Stats from 5/06 are not available, so I chose the odd June-June-May timeline.
Your thoughts? Comments? E-mail story tips to peter.viles@latimes.com
they should just blanket everyone who is in forclosure or pre-forclosure, investigate them for fraud and put them in jail for fraud on home loan applications. i say let the wanna-be homeowners FRY!!!!!!!!!!!!!!!!!!!!!
Posted by: mike | June 02, 2008 at 11:51 AM
Mike, no need to fry them. Just put the fraudsters in jail or make them pay back taxes!
Let me add my prediction:
5/09 40,000 65,000
5/10 50,000 85,000
5/11 60,000 105,000
5/12 85,000 95,000
5/13 25,000 35,000
5/14 5,000 10,000
5/15 400 7,000
Posted by: Laker | June 02, 2008 at 11:59 AM
Let's just slooooow down and take our time.
According to Bo Diddley:
"If you take your time, you can get butter from a duck."
(seems more apt than Clinton's "can't tell how far a frog will jump until you punch it")
Posted by: Uncle Billy Climbs Mont Pelerin | June 02, 2008 at 12:13 PM
Laker - did you run some meaningful numbers for OC or are these off the top of your head? Not to imply total disagreement with the projection, but would like to hear your reasoning. Thanks.
Posted by: LA | June 02, 2008 at 02:54 PM
LA, I put these predictions for LA country as this is my main interest. My guess OC will be pretty much similar.
The numbers are based on Realtytrac figures, and ARM mortgage resets with emphasis on prime teaser rate resets during 2009-2011 (5 year teaser). Keep in mind many started at 1-3% and have 3-4% cap margins to suggest that even with prime at 2%, they will adjust upward from 1 to 5% or from 3 to 7%. Still not that bad, bad for those that used the teaser for affordability, 2% vs 6 or 7% will kill them.
Posted by: Laker | June 02, 2008 at 04:16 PM
Speaking of foreclosures, it is interesting to see that the banner ad for The Met Warner Center is back on top of the LA Times site.
They sold those condos for over $500k in 2006. Now the price is $280k. Talk about unhappy neighbors!
Posted by: Ace | June 02, 2008 at 04:38 PM
« On California's foreclosure front: Losing in La Quinta | Main
Tracking foreclosures in Los Angeles
If you enjoy real estate data, you should definitely bookmark OC Renter's Bubble Markets Inventory Tracking, which delivers exactly what its title promises. Over the weekend OC Renter posted a clip-and-save item tracking foreclosures and pre-foreclosures by county, based on stats from foreclosure.com. An L.A. snapshot:
Month Cumulative foreclosures Cumulative pre-foreclosures
6/06 698 13,712
6/07 5,791 15,110
5/08 14,149 36,372
Hat tip, and analysis, from CD via comments: "Armageddon."
Note: Stats from 5/06 are not available, so I chose the odd June-June-May timeline.
Your thoughts? Comments? E-mail story tips to peter.viles@latimes.com
Posted by LATimes on June 2, 2008 in Foreclosure | Permalink
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they should just blanket everyone who is in forclosure or pre-forclosure, investigate them for fraud and put them in jail for fraud on home loan applications. i say let the wanna-be homeowners FRY!!!!!!!!!!!!!!!!!!!!!
Posted by: mike | June 02, 2008 at 11:51 AM
Mike, no need to fry them. Just put the fraudsters in jail or make them pay back taxes!
Let me add my prediction:
5/09 40,000 65,000
5/10 50,000 85,000
5/11 60,000 105,000
5/12 85,000 95,000
5/13 25,000 35,000
5/14 5,000 10,000
5/15 400 7,000
Posted by: Laker | June 02, 2008 at 11:59 AM
Let's just slooooow down and take our time.
According to Bo Diddley:
"If you take your time, you can get butter from a duck."
(seems more apt than Clinton's "can't tell how far a frog will jump until you punch it")
"Posted by: Uncle Billy Climbs Mont Pelerin | June 02, 2008 at 12:13 PM
Laker - did you run some meaningful numbers for OC or are these off the top of your head? Not to imply total disagreement with the projection, but would like to hear your reasoning. Thanks."
Answer: Laker made the numbers up based on his hopes and dreams.
Posted by: shockg | June 02, 2008 at 04:46 PM
Latest housing data....median price down $3000 in the last week. This after a few weeks of near stagnant activity. Is it beginning again?
Posted by: Fred | June 02, 2008 at 05:55 PM
shockg has just showed us his great skills in copy and paste whole pages to his comment section. Thanks got blog space "real estate" is not expensive....
shockg needs to remember that even the most broken clock, the one that would seem impossible to work WILL indeed be correct not once, but twice a day (assuming it is 12hr clock)
Shockg is calling for a bottom and return to 30% home price appreciation for the last year an a half. taking about an invested speculator.
Sorry, but i do have spreadsheets with calculations and I based those on true data coming from sites like realty trac. Shockg, show us your sources of data? SHOW US SOME DATA TO PROVE YOUR POINT!
Stop trolling, and start producing.
Posted by: Laker | June 02, 2008 at 09:28 PM
Peter might have been a tad premature in calling bottom.
Posted by: dwr | June 03, 2008 at 06:54 AM
Laker - are you a RealtyTrac member? Because I have found the results of my guest queries to be unreliable. For example, when I look at a specific zip code for the numbers of REOs, NODs, etc., the results are not limited to the zip code I entered. This makes it impossible to get an accurate number for a given city, as least for a non-member.
Posted by: LA | June 03, 2008 at 09:09 AM