Thursday, April 26, 2007

Redondo Beach preforeclosure and foreclosure activity

I am trying to get my brain back in gear for posting to this blog, and thought I'd present a listing of properties whose owners have been undergoing financial distress this year. This does not include properties in some sort of tax default, as I have not had time to do those lookups.

This list is derived in part from Realtytrac (via email) and in part from The Cortez Group, a Diamond Bar realty (Southland area foreclosures link on the sidebar).

I only recently started forming this list, and don't have an easy way to compare the financial distress activity now to what was going on a year ago, so although I might say in my heart of hearts that I think real estate activity due to financial distress is up considerably, I really don't have a way of quantifying that.

The address number and street names are reversed to protect the innocent and the guilty. The first date is the reporting date, which might be the date a mortgage loan went delinquent or a notice of default was recorded. The second date, if provided, is the date a property went on or will go on the foreclosure auction block.

Not all properties in preforeclosure go into foreclosure, or even get listed for sale, for that matter. Most people want to keep their houses. Apparently, lenders out there are still lending bailout money. Out of this list of 30 properties, I can find six that are showing up in current MLS listings. That's 20%.

8122      Swehtham Avenue     2007-04-21      2007-05-02
5142      Rellefekcor Lane    2007-04-21
1081      Notlef  Lane        2007-04-21
3361      Senyah  Lane        2007-04-21                    (6)     
6021      Egdnir  Lane        2007-04-06                    (1)
6002      Dnalhur Avenue      2007-03-29
1172      Dn281   Place       2007-03-21                    (2)
3142      Tnarg   Avenue      2007-03-21                    
5152      Eigenrac Lane       2007-03-16
8122      Seehroov Avenue     2007-03-16
6082      Naibcm  Avenue      2007-03-05                    (3)
6072      Noslen  Avenue      2007-03-05      2007-03-14    (5)
1291      Aisetra Boulevard   2007-03-05      2007-03-14
7181      Drofnats Avenue     2007-03-01
5021   S. Anilatac Avenue     2007-03-01      2007-04-05
6071      Enroh Nav Lane      2007-02-24
8042      Rellefekcor Lane    2007-02-23
3252      Tlibrednav Lane     2007-02-15
0152      Ruomra  Lane        2007-02-07
2022      Notgnitnuh Lane     2007-02-05      2007-02-23
3142      Namirrah Lane       2007-02-05      2007-02-14
3152      Swehtham Avenue     2007-01-29      2007-02-08
81581     Eladsgnik Avenue    2007-01-29      2007-02-08    (4)
2112      Kralc Lane          2007-01-28      2007-04-05
308       Relgalf Lane        2007-01-28
9062      Sitruc Avenue       2007-01-28
206       Nalehp Lane         2007-01-22      2007-02-06
32581     Nirub Avenue        2007-01-16
042 N.    Atinauj Avenue      2007-01-03      2007-05-09
4142      Noslen Avenue       2007-01-02      2007-01-11

The property marked (1) is 2,804 square feet with 5 bedrooms and 4 baths. It was sold for $1,165,000 in July 2005, and is currently listed for sale at $1,275,000.

(2) is currently listed for sale for $679,000. I am unable to find any prior sale history.

(3) is currently listed for sale at $655,000. It sold previously on 10/28/2005 for $709,000.

(4) is currently listed for sale at $719,000. There is a recent sale on this property on 02/28/2007 for $595,853 (possibly an auction). Apparently it is a hot potato, and somebody is trying to make out like a bandit here.

(5) is currently listed for sale at $599,900. It is currently bank owned. There is a sale recorded on 03/23/2007 for $558,000, another hot potato. This is probably located in one of the worst parts of north Redondo.

(6) is currently listed for sale at $619,950. The listing says it has been remodeled. The only recent sales information I can find says it sold 06/16/2005 for $650,000, and prior to that, 09/07/2004 for $520,000. If this is a real remodel, the remodeler must have gotten this property somehow at a steep discount that doesn't show up in the sale records. I can't figure out how you profit when you buy a property at $650K, remodel it, then try unloading it at less than $620K.

By the way, if we housing bears believe that people with bad credit histories are going to be blocked from buying a home in the future, we may need to rethink that assumption. Did you know that those holding bad credit can now purchase a good credit record? I am not joking. Apparently, those with excellent credit ratings can rent out their credit card account for a cut of a rental fee. The renter does not get access to the account or card, but just the credit score. It's amazing what tricks they keep coming up with to continue kicking this can up the road, isn't it? You can read about it in this Star Tribune article.


Blogger bearmaster said...

The cure for a hangover is to dump more alcohol into the system, according to WAMU. Yep.

WaMu mortgage will combine fixed, adjustable features

8:09 AM, April 26, 2007  

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