Friday, September 05, 2008

Defaults and foreclosures continue to grow...no bottom in sight

From Bakersfield.com:

One thousand properties foreclosed in Kern County during August, county figures show, the most ever for records going back to 1995

Default notices also hit a new all-time high. Lenders recorded 1,326 last month, numbers from the Kern County Recorder’s office show, reversing slight declines in June and July.

Tony Ansolabehere, the county’s assistant assessor, estimates there are currently about 5,600 foreclosed properties still owned by lenders in the county. Most are homes, he said.

“There’s a lot of inventory out there that needs to be absorbed,” Ansolabehere said.


Details at the County website

15 comments:

Anonymous said...

Yeah, it would absorb if the prices actually came down. They drop from 249'999 to 229'999 and that's supposed to matter when nobody's wages have moved from the fabulous average of less than 50K a year. That doesn't go far after "Uncle Sam's" plundering ..

I wish they'd all just go under already. How much longer can these people keep the doors open? Is anyone in the business making any money?

Ichabod said...

"Nehemiah" / "Hart Program" and "AmeriDream" programs that allow FHA buyers to put zero down (through the sellers "gifting" the down payment to the buyer) is going away October 1st. I spoke to one REO agent- they said almost 90% of the offers they receive have one of these programs included. And there will another wave come January 1st. 1000 new REOs in one month alone, wow! Absolutely amazing.

Anonymous said...

It seems that many of the properties that I have looked at are now pending. Agents are telling me that multiple offers are expected.
I thought they were full of it, but the houses are going pending!
I was wondering if most of this action is in relation to the zero down deals coming to an end.

On a side note- I made an offer on an REO home that was going to auction. (public auction) The bank has it for low 300's and I offered $220k. (the listing is too high, should be $260k) So I heard back from the bank, their counter-offer was $350k! (cash buyer, close in 30 days, as-is purchase, etc.)
They counter at over $30,000 MORE than they have it listed for!!!
What a joke, I am getting tired of this.

Anonymous said...

I have a question: Does anyone have a count of all the vacant(empty/unoccupied) housing units out there in metro Bako?

Anonymous said...

I saw 3 auctions in today's paper with min bids of $50,000. They looked like nice houses. The streets were Knoll, Trabuco Canyon and Rotherfield.

Realestateslasher said...

3 % down is the way and if you don't have it get to the back of the line

myrtle beach rentals said...

we are seeing the same thing in our market. Some ocean front resorts have droped 50% since 2 years ago

Anonymous said...

So WaMu threw out their CEO today. I wonder what the $$$ of his severance package was...

Ichabod said...

Chicago Title and Fidelity Title are "joining forces!"

Part of the e-mail "press" release:

Happy Friday!

It is my great privilege to announce that two of the biggest names in title insurance are joining forces in Kern County. Chicago Title and Fidelity National Title are combining two of the most experienced groups of escrow and sales professionals to become the largest provider of title and escrow services in Kern County.

Beginning Monday, September 22, 2008, the employees of Fidelity National Title will join the Chicago Title family at 4015 Coffee Road, Suite 100 in Bakersfield.

~~~
Well, actually, since they are owned by the same parent company, this is more like downsizing. So we are down to 4 main title companies: Chicago, Placer, Ticor and Stewart.

Who's next???

Anonymous said...

Who's next? Apparently Downey Savings.

Bakonewbie said...

No one is next... now that the gov't is bailing out Fannie everything will be roses. (until the next report that upsets wall st!)
Barf!
I bet you'll see a lot of people. (agents) calling bottom now and the sheep will be snapping up "deals" on houses here in Bakersfield.
Maybe we can make this the largest as well as the LONGEST real estate crash in history!
I was hoping to buy our "real" house in fall 2009... with all this nonsense that might be 2010!

nddl04 said...

http://www.inman.com/news/2008/09/10/congress-weighs-reprieve-seller-funded-gifts

DPA's, the face of fraud and price inflation, will possibly continue. Backed by Barney Frank-D and his buddies as the pathway to ownership (for poor fo'k). We aren't even halfway through this mess and congress is already forgetting. How fitting the news should release just before Sep 11th, as a tribute to our short memory spans.

I realize we have a lot of folks here on both ends of the political spectrum, but this housing crisis is a Bipartisan Affair all the way around. There is no way to spin that in anyone's favor.

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Anonymous said...

So why does Kern Schools FCU have a high rate CD advertised today (Sunday). Are they in trouble and trying to attract deposits?

bob said...

a certain community organizer ( who is now famous ) worked closely with the ACORN group to harrass and intimidate mortgage companies in early 2000,2001 to relax their underwriting standards so more poor folk would qualify for home purchases....oh well ! !