RealtyTrac Reports Foreclosure Activity Over 300,000 For 15th Straight Month As REOs Set New Monthly Record

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Thu, 06/10/2010 - 00:48 | 405269 The Rock
The Rock's picture

"existing artificially propped up supply levels"

you meant artificially suppressed supply levels right?

Thu, 06/10/2010 - 07:50 | 405545 I need more asshats
I need more asshats's picture

F'ing A right. Just in the last week I have noticed a large surge in reo listing. It's time for the mid-range and upper-end home values to visit the dark side of the moon. Gentlemen, hang on to your hats...

Thu, 06/10/2010 - 01:07 | 405279 carbonmutant
carbonmutant's picture

"California alone accounted for more than 22 percent of the national total in May, with 72,030 properties receiving a foreclosure notice during the month..."

But the best is yet to come with 24,699 NODs. That's the highest in the country.

Thu, 06/10/2010 - 03:01 | 405388 Problem Is
Problem Is's picture

Hey California! We're #1!
Eat shit Florida, Las Vegas and Arizona!

Thu, 06/10/2010 - 01:05 | 405282 Nolsgrad
Nolsgrad's picture

no link?

Thu, 06/10/2010 - 01:09 | 405289 mcguire
mcguire's picture

gulf real estate, indeed anything on the east coast, is going to suffer from the bp mega-disaster....  we still have not yet had the first storm, and hence not had the first test case of how much oil and corexit will precipitate onto land... and any day now, the spill may get caught up in the gulf stream and track up the east coast..  yikes!!

Thu, 06/10/2010 - 01:23 | 405304 mcguire
mcguire's picture

According to a forecast by real estate research site Housing Predictor, property values could drop at least 30 percent in the areas affected by the spill in Louisiana and Mississippi. This is in addition to an average 65 percent fall in values for properties in the area since the real estate boom, the site said.

Florida Appraisers Ask to Cut Value of Gulf Property Hit by Oil

Thu, 06/10/2010 - 02:26 | 405356 Catullus
Catullus's picture

Hardly anyone lives in those areas of the gulf. Biloxi may be the hardest hit with mobile. The panhandle of Florida is either NAS Pensacola or air force with rental condos from Santa Rosa to panama city.

Given that a hurricane hits something along this area every 4-5 years, I don't think the impact to the oil spill will be that siginificant.

Thu, 06/10/2010 - 05:38 | 405467 chumbawamba
chumbawamba's picture

I think you are severely down-playing what may well become the trigger point for the downfall of America: a Category 5 hurricane pushing oil plumes deep inland, and spreads the creeping death further, all across the southeastern states and up along the east coast.

I know it's a total doomer thing to say, but not only is it possible, it's likely.

This is so going to suck.

I am Chumbawamba.

Thu, 06/10/2010 - 06:38 | 405499 LeBalance
LeBalance's picture

This is also a concern that I have. Not just "icky" oil sites from South Beach to Kennebunkport, ME, but government restricted clean-up areas.  Eminent domain, etc.  As in "high value real estate transfer can any one connect the dots."

Thu, 06/10/2010 - 01:10 | 405290 carbonmutant
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“For every borrower who avoided foreclosure through HAMP last year, another 10 families lost their homes. It now seems clear that government programs will not reach the overwhelming majority of homeowners in trouble,” said Trulia’s co-founder and CEO Pete Flint.  “Combined with decreased consumer interest around purchasing a foreclosure it may take even longer than anticipated to see true health return to the real estate market.”

Thu, 06/10/2010 - 01:12 | 405293 Gold...Bitches
Gold...Bitches's picture

RIP residential market.

Thu, 06/10/2010 - 01:33 | 405311 Crab Cake
Crab Cake's picture

Hey speaking of foreclosures. 

I'm sure some of you have read about the BAC Countrywide settlement regarding exorbinant foreclosure fees?

They're STILL doing it, just under the BAC label.  I, have a good friend, who told me he takes calls everyday regarding these fees.  It's sickening.  Too big too care, and too big to be held accountable.  This same guy, my friend, said he had a manager say that, "We care for 360 seconds." 

Thu, 06/10/2010 - 02:32 | 405364 huckman
huckman's picture

Gimmy some of that Alt-A paper at say $.30 on the dollar.  Some prime paper too. 

Thu, 06/10/2010 - 02:52 | 405378 qualia
qualia's picture

Um... the spill is still leaking last I checked and the environmental damage is unknown.  Given what I have read about the dispersants, I think the Gulf ecosystem will collapse.  The oil itself would have fouled beaches, but eventually have been consumed by bacteria, but in areas where they've used lots of dispersants, even decades later the system hasn't recovered.

If caught in the loop current, goodbye Keys...

Thu, 06/10/2010 - 09:15 | 405667 Sniper
Thu, 06/10/2010 - 03:24 | 405401 Rick Blaine
Rick Blaine's picture

As I've discussed here before (again, nothing I'm proud of), I stopped paying my mortgage in July '09.  I'm between $250K and $300K under water on it.

I've been "trying" to get a reasonable modification from my bank (one of the TBTFs) - although I knew it was unlikely and I would eventually just let the house go.

The most recent mod offer did nothing but roll the payment that I have not made over the past year into the principle and lower the rate a bit.  It would have reduced a c. $4000 payment to a c. $3800 payment.

Well, the gig is probably up.  A sale date has been set for next month.  I guess there is a CHANCE it will get postponed, but by the time I find out, I'll probably be out of here anyway.

In a way, I'm glad this will be over soon.

Again, nothing I'm proud of.

Thu, 06/10/2010 - 05:58 | 405475 chumbawamba
chumbawamba's picture

You fought the good fight, brother.

But now, it's time to do the only thing you can do.  And that's to bulldoze that mother fucker to the foundation, then walk away.

I am Chumbawamba.

Thu, 06/10/2010 - 18:40 | 407193 Rick Blaine
Rick Blaine's picture


Thanks, Chum.

That's the best laugh I've had all day.


Thu, 06/10/2010 - 08:24 | 405583 breezer1
breezer1's picture

nothing to be ashamed of rick. 'you're only as honest as you can afford to be' . lenny bruce.

Thu, 06/10/2010 - 09:31 | 405696 The Rock
The Rock's picture

I'm not necessarily suggesting that you don't not do this, but I heard from a friend of a friend that person X puts a house up for a short sale and gets a person Y to put a ridiculously low offer on it (of course it will get rejected). It will delay the process. Rinse and repeat as necessary.

Thu, 06/10/2010 - 04:42 | 405434 chumbawamba
chumbawamba's picture

Well, I'm two months late on my mortgage.  I have enough cash on hand to get current, but I'm trying to decide whether I should use that money to instead pay half of my delinquent property taxes or use it to catch up on warehouse rent with my landlord.

Decisions,, fuck it.  I'm buying more gold and silver.

I am Chumbawamba.

Thu, 06/10/2010 - 05:52 | 405474 poorold
poorold's picture

if you decide you are going to default, do not pay your property taxes.  Keep your money.  The bank will pay them.

Thu, 06/10/2010 - 06:08 | 405484 chumbawamba
chumbawamba's picture

That's the calculus I'm trying to work out.  I could have put the money down today when I was at the tax assessor's office as I had it in my pocket in a wad of Benji's, but when I found out I could wait until the end of the fiscal year (end of June), I would then be able to qualify to pay it off in installments, putting down 20% and paying the rest off with a 1.5% interest rate.  That's on top of the 10% late assessment already added.  The upshot is that I can put off paying it until later and buy more time until armegeddon arrives, at which point the State is bankrupt and chaos reigns.  Muhaha.

But I'm not ready to default.  I don't necessarily have to.  The money is there, if I chose to use it, and as long as the price of copper doesn't fall too fast too quickly then I can always sell enough scrap to ride it out another few months.  I also have fairly substantial (relatively) equity in the house, so it wouldn't be in my interest to default.

The object of the game is to outlast my mortgage provider, which is Wachovia.  They bit the dust and were absorbed by Wells Fargo.  Now I just need WF to eat shit and die and get transferred to a bigger consolidated TBTF which then ESAD as well, upon which my mortgage will be owned by the government, which will also EGGODSAD (<== Eat Great Gobs Of Dog Shit And Die), at which point I and everything I possess will be owned by the Rothchilds.

Long live Lord Rothchild!

I am Chumbawamba.

Thu, 06/10/2010 - 06:36 | 405498 Duuude
Duuude's picture

 Your mortgage has been sliced and diced. High probability that the paperwork has been eaten by the system. Might behoove you to ask a RE Attorney about your options...wonder who actually "owns" your mrtg...

Thu, 06/10/2010 - 06:40 | 405500 Ned Zeppelin
Ned Zeppelin's picture

Takes a long time to get to tax sale. Skip paying them until it is time for a tax sale, then decide what to do.

I'd say Wachovia mortgage/now Wells is the perfect vehicle for a long wait until actual foreclosure.

Why not try to sell? At some point, WF might accept a short sale, and agree not to chase you for the difference if you're in a full recourse state. And the very fact that you are "actively" trying to sell will no doubt be a factor allowing for additional forbearance, and help complicate things for the bank internally.  You might end up on the "in default, but trying to sell" list which is a "take no action" list.

Thu, 06/10/2010 - 06:56 | 405505 jkruffin
jkruffin's picture

I was going to say,  you better be buying more gold with it.  Use up that credit card balance too buying silver.

Thu, 06/10/2010 - 06:42 | 405501 Ned Zeppelin
Ned Zeppelin's picture

Keep in mind the effect of foreclosures on housing prices is local - a foreclosed home available for sale in a sand state does nothing to affect local prices in a tight, infill market in the Northeast, for instance.

Thu, 06/10/2010 - 06:55 | 405504 jkruffin
jkruffin's picture

The AP is at it again this morning with their lying articles, claiming Bankruptcies have leveled off.  Every story I read before today says they are going to break an old record from 2005.  Is the AP being paid by the government to release BS released by the government? LOL  It sure seems that way to me.

Thu, 06/10/2010 - 08:14 | 405571 I need more asshats
I need more asshats's picture

2 weeks ago The Partnership picked up a distressed 16 unit multifamily @ $7600 a door in SW Florida. All 2 bedrooms. Granted it needs some paint, etc. but she's a prime candidate for the section 8 gravy train. Sweet discounted asshats! Keep 'em coming.

Thu, 06/10/2010 - 09:03 | 405651 I need more asshats
I need more asshats's picture

If the realtor took another 20% off the list price and offered it for sale with a fulltime HAZMAT cleanup crew that island would sell. The cross currents from Atlantic to Gulf waters in that area are intense. That island will get soaked in crude once the underwater plumes start moving into the loop.

Thu, 06/10/2010 - 09:08 | 405656 mcguire
mcguire's picture

right... these stories have been circulating.  they are unverified, but they do present a scary situation:

Tue, 06/21/2011 - 16:08 | 1390029 spritch
spritch's picture

I feel bad for the people in those states. They probably don't know about any of this. And it's a shame cause the real estate market is not that bad in Eastern Pennsylvania.

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