Here's the latest numbers from Data Quick for all of the O. C. Remember when the real estate pundits were saying how we hit the bottom when July's foreclosures dipped in comparison to May? Umm..not quite. And August's numbers don't look much better on the horizon. We are over 10 times the Foreclosure rate of 2006 with 5 months still to be tallied. Yikes!
Year 2008 2007 2006
Month Defaults Forec. Defaults Forec. Defaults Forec.
January 2,352 802 847 153 384 25
February 2254 732 811 164 316 14
March 2476 698 986 204 407 28
April 2598 898 855 234 374 22
May 2468 1131 1021 276 444 37
June 2282 1056 1108 311 462 13
July 2320 1351 1167 367 440 44
August 1476 469 498 59
September 1239 444 588 78
October 1448 530 599 104
November 933 364 665 102
December 1895 644 688 121
Total 16,750 6,668 13,786 4,160 5,865 647
Friday: Personal Income and Outlays
-
[image: Mortgage Rates] Note: Mortgage rates are from MortgageNewsDaily.com
and are for top tier scenarios.
Friday:
• At 8:30 AM ET, *Personal Income and O...
10 hours ago
2 comments:
You have some pretty interesting posts...slightly 'flamey', but they gave me a good chuckle none-the-less.
I see you don't seem to have a great audience (based on lack of comments on your posts)...but here goes (am I the only reader?):
What do _you_ see happening in the next four (4) months to the HB market? When would _you_ feel that the market has hit bottom and is a buyer's market? I have been watching it for at least two years and still will not commit.
Hello and Welcome,
I just started this blog less than a month ago and it's starting to grow. There are some good blogs out there by the way. I highly suggest Dr.housing bubble. Read his current post and especially this past one:
http://www.doctorhousingbubble.com/10-reasons-why-california-is-years-away-from-a-housing-bottom-rebuttal-to-those-calling-for-a-bottom-for-california-housing/
I'm ready by the way if I get "flamed". It'd probably be mostly realtors, mortgage brokers, etc..that are in denial still. That's okay, I welcome their opinions too.
In answer to your question in the next four months I see NOD's and foreclosures rising with a continual drop in prices. How fast will they drop is another question.
It depends on many factors: unemployment in CA, banks unloading their REO's, (if they start to dump them prices could plummet),all the ALT-A's (over 300million in CA)that will start to reset this fall and into the next couple of years. Want me continue?
I laugh when I read stories like in the OC Register touting the bottom because sales have picked up. Two years ago their were about 4% foreclosure sales. That figure is approx. 45% now. This is a turnaround?
We've been looking for the last year and I will commit if I get a great deal and I've low-balled a few. I never saw anything that points to a turnaround or bottom this year and I don't believe you will see it until 2010. Even then it will probably be flat. This is assuming the whole economy doesn't worsen from where it already is. An honest realtor friend that I've known for over 20 years has told me two years "at least".
That's my two cents.
Post a Comment