Thursday, March 08, 2007

Downtown Foreclosure Boom?

If you read the financial news then you're probably aware of the meltdown of the various sub-prime lenders that is taking place in the equity markets. The blog entries on specific properties on this blog and the foreclosure trend are directly linked to the financial problems the mortgage industry are having are directly related.

Foreclosure.com has a large number of properties showing as newly foreclosed. There are also a handful of new pre-foreclosures listed as well. Enter to see more information enter the zip code on foreclosure.com and browse around. They offer a free trial which will show more detailed information.

6 comments:

Mark in San Diego said...

Did some county clerk sit on almost 800 new listings this week, and then file all of them?? If you look on foreclosure.com, and just look at SD county, there are over 30 pages of NEW listings. . .I got to page 31 or 800 new listings. . .is this some type of error, or just "batch filing?" Whatever, it is jaw-droping.

Mr. Brightside said...

mark,

Good question, I thought the same thing that perhaps a large batch of data was processed at once. Also I am thinking that the county might hold an official foreclosure proceeding where many properties are foreclosed on at once.

We do know based on the price action we've seeing and the financial news that indeed there are many problems in the marketplace. This could be the start of a "second leg" down in the market.

David said...

So, when they list a price on the foreclosure page, what is that? The bank already owns the property, is that what they hope to get? WANT to get? Skin in the game?

Anonymous said...

LA Times just had a story personalizing the problem:

http://www.latimes.com/business/
la-fi-subprime10mar10,0,5571712.story

Keith Lovgren said...

I believe the price listed is what the bank is owed on the property.

Anonymous said...

More morgage crash stuff:

http://www.nytimes.com/2007/03/11/
business/11mortgage.html