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Luxury Home Foreclosures Soar – Up 61% Versus Last Year

Tyler Durden's picture





 

Submitted by Michael Krieger of Liberty Blitzkrieg blog,

I’ve always wondered what would happen once private equity players decided enough was enough and foreign oligarchs finished their real estate money laundering transactions. Well, we might be about to find out.

According to RealtyTrac, foreclosures for homes worth $5 million or more are up 61% this year despite the fact that overall foreclosures are down 23%. The question is, does this merely represent holdouts from the prior housing bubble, or is it a sign of things to come? Only time will tell. From CBS:

Foreclosures in the ultra-high-end housing market — homes worth $5 million or more — have skyrocketed 61 percent over last year.

 

That growth bucks the trend: Overall foreclosures are down 23 percent, according to a new report from Irvine, Calif.-based real estate information site RealtyTrac.

 

Until lately, that is. “Recently, we’ve been hearing from agents that they’re starting to see the high-end properties go to foreclosure and there turned out to be some data to support this notion that high-end holdouts are finally moving through the foreclosure process,” he said.

 

It may be a sign that lenders are now financially stable enough to start moving on ultra-high-end delinquencies and take the substantial losses these multi-million dollar homes represent.

 

Florida and California account for more than half the total number of multi-million dollar foreclosures . The Miami-Fort Lauderdale area had the largest number of foreclosures at 47, followed by the Los Angeles-Long Beach area with 35, but the trends are very different. Miami saw a 488 percent increase in foreclosures, while L.A. only saw a 3 percent increase.

 

Those two cities are followed by Atlanta, Orlando and the New York City and northern New Jersey area.

Top markets with ultra high end foreclosures:

Full article here.

 


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Sat, 12/07/2013 - 18:39 | Link to Comment kaiserhoff
kaiserhoff's picture

You didn't pay that mortgage by yourself...,

well, looks like no one did.

Sat, 12/07/2013 - 18:47 | Link to Comment knukles
knukles's picture

Wha hoppend ta da Bluth house?

Sat, 12/07/2013 - 19:06 | Link to Comment fonestar
fonestar's picture

Here in Canada houses are already being bought and sold for Bitcoin.  It's sad to see Americans languish behind in the past but as the prophet said, "my pain is self chosen".

 

http://news.nationalpost.com/2013/12/04/alberta-woman-willing-to-trade-1...

Sat, 12/07/2013 - 19:10 | Link to Comment Skateboarder
Skateboarder's picture

That woman is playing with fire!

Bitcoin burned down half her house in one fell swoop! Oh look, it built it back up ag- fuck there it's burni- oh look, the kitchen's back honey.

Sat, 12/07/2013 - 19:14 | Link to Comment kaiserhoff
kaiserhoff's picture

Bitcoin as a store of value?

Jeesus H Christ.

Hey Tylers.  Spell check doesn't think bitcoin is a word.  Machines going Freudian?

Sat, 12/07/2013 - 19:57 | Link to Comment disabledvet
disabledvet's picture

I just find it absolutely hilarious that bitcoin is money. "if bitcoin is money what is debt?"

Sat, 12/07/2013 - 22:26 | Link to Comment markmotive
markmotive's picture

Try paying your taxes in bitcoin.

BTW - Canadian real estate is in a massive bubble...so not exactly a shining beacon.

Million Dollar Crack Shacks in Vancouver
http://www.planbeconomics.com/2013/05/the-million-dollar-crack-shack-man...

Sat, 12/07/2013 - 19:10 | Link to Comment Bay of Pigs
Bay of Pigs's picture

So, you don't see a massive bubble in Canadian RE either? What about the horrendous consumer debt levels in Canada (higher than the US)?

You really sound like a shill and a tool these days.

Sat, 12/07/2013 - 19:19 | Link to Comment fonestar
fonestar's picture

There is a massive bubble in Canadian RE right now.  When the metals crew is done SHTFing I will probably buy some of it up for a few satoshi and become a rentmeister.  Canadians are just a different flavour of mind control than Americans.

Sat, 12/07/2013 - 20:02 | Link to Comment disabledvet
disabledvet's picture

I don't know why you're being down arrowed for that. if a real estate bubble is bursting and what I own might wind up being worth a dollar anyways...why not bitcoins? "give me 25,000 in bitcoins instead." if the Canadian dollar crashes to say 1.40...you might want to have some "bitcoins" on hand to trade currencies back and forth.

Sat, 12/07/2013 - 20:18 | Link to Comment Bay of Pigs
Bay of Pigs's picture

If you bothered to follow the thread, you would see above he was chirping about Canadians buying RE with BTC right now, and making it sound like a great idea.

Edit: I read the story. Someone wanted to trade the house for BTC. If you're sitting on millions in BTC, then it might be a good idea to cash some out.

Sat, 12/07/2013 - 22:42 | Link to Comment willwork4food
willwork4food's picture

Hey Fone, what area in Canada are you in?

Sat, 12/07/2013 - 23:16 | Link to Comment fonestar
fonestar's picture

I am currently in the land of the Klondike, where hundreds of thousands of people from all around the world decended upon in 1898 in the search for Bitcoin.  Many would receive their GPUs late, others would settle for crappy altcoins and many more would meet an early, frozen grave.

Sun, 12/08/2013 - 12:03 | Link to Comment Bindar Dundat
Bindar Dundat's picture

FONESTAR for President!   

 

 

Sun, 12/08/2013 - 14:50 | Link to Comment Diogenes
Diogenes's picture

Where are these real estate bubbles when I have something to sell? Like new, 1400 sq ft 3 bed 1 bath house with big garage, 2 acre waterfront property for $235000. Been on the market since last May and no offers.

http://www.quinterealestate.ca/listing/1592907/281-sherry-road/

Some bubble.

Sun, 12/08/2013 - 15:16 | Link to Comment Winston Churchill
Winston Churchill's picture

Definite bubble down here in South Florida.

If you drive around residential areas at night however most roads have four or

five foreclosed houses on(no lights,slightly unkempt)them.Held off the market

by the banks.Without that constrained supply,prolly no rea price increase.

Suckers market.

Sun, 12/08/2013 - 01:23 | Link to Comment Northern Lights
Northern Lights's picture

The Canadian situation is not much different from the States.  I live in Toronto, Ontario.  There is an RE bubble, although credit card debt is lower on average compared to the States, however mortgage, student, and auto loan debt is staggeringly high.  Student unemployment is high too.  

The condos being built in Toronto are pieces of shit and people are lining up to pay $350,000 for 600 sq feet.  Developers decided years ago to build on the cheap by erecting floor to ceiling glass towers.  These things don't do too well in our Northern climate.  Already condos built 10 years ago are starting to show wear and tear, there are water leaks in the glass during rain storms, piping is bursting behind the walls, and people are just trying to get the hell out of these things.  Someone called all these buildings "Glass Ghetto's" because pretty soon, the only inhabitants till be low wage renters and they'll be falling apart.  Will prices fall?  Yes, but who wants to buy a lemon?

 

 

Sat, 12/07/2013 - 20:34 | Link to Comment fxrxexexdxoxmx
fxrxexexdxoxmx's picture

Here in Bitcoin world we have sex with unicorns who have orgasims that produce skittles.

I did know until today that you were a Canadian. That information has finally made me understand you.

Canada is nice place. Canadians are fucking retarded.

Sat, 12/07/2013 - 20:45 | Link to Comment 57-71
57-71's picture

Please explain why Canadians are retarded in the context of being retarded separate and distinct of all other retards.

Thanks in advance.

Sat, 12/07/2013 - 20:50 | Link to Comment fonestar
fonestar's picture

My only hope is that I am held to account for the douchetardliness of my own postings and Canadians and Americans do not suffer some type of bacon and beer trade war as a result.

Sat, 12/07/2013 - 23:07 | Link to Comment Theosebes Goodfellow
Theosebes Goodfellow's picture

I have to admit it fonestar, you tend to grow on a person, kind of like a fungus. +1 for "douchetardliness". And bite your tongue about anything involving a war betwixt the North Americans over bacon or beer. For those two are, my friend, the very glue of our shared cultures.

Sat, 12/07/2013 - 23:48 | Link to Comment fxrxexexdxoxmx
fxrxexexdxoxmx's picture

I am lost on the being gay and bacon thing. Can you help me understand? Most of the gays I know would never do a fatty.

Sun, 12/08/2013 - 15:10 | Link to Comment Theosebes Goodfellow
Theosebes Goodfellow's picture

Oh fxrxexexdxoxmx, how many times have I told you not to play where adults are having discussions? Let me sort this out for you.

1.) "Bacon" is smoked pork bellies. They're delicious, especially the world-famous Canadian variety.

2.) "Gay" is a word hijacked by homosexuals because they were trying to change their image in the public eye and have the rest of us think it was "normal". Ditto with the word "queer". If you need to test this out, start referring to "most of the gays" you know as what they are, (homosexuals), and sit back and gauge their reactions. I really do not care if homosexuals engage in homosexual behavior amongst themselves. What consenting adults do with each other isn't my business. But I don't buy into the intentional shifting of terminology.

As far as the homosexuals you purportedly know not "do(ing) a fatty", I can only surmise that your expertise is limited to "twinks" and not "bears". It's interesting you made no distinction between tops and bottoms, (arguably a much more "definitive" descriptor).

Lastly, having read the preceding posts I'm not sure where you got any connotation to homosexuality. Maybe you were trying for a stretch between "beer" and "queer"? If that is the case, please go to the top of this post and read the first sentence again.

Sat, 12/07/2013 - 23:33 | Link to Comment nightshiftsucks
nightshiftsucks's picture

That comment is so retarded that it's genius,so you my canadian friend deserve nothing but up arrows.

Sun, 12/08/2013 - 00:22 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

@fonestar, is that you Felice? Ex- Nortel?

Sun, 12/08/2013 - 02:03 | Link to Comment fonestar
fonestar's picture

This is the same fonestar who trolled CNBC blog.  The one and only fonestar.

Sun, 12/08/2013 - 00:26 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

Canadian beer joke: What does American beer and making love in a canoe have in common?

Both are fucking close to water.

Sat, 12/07/2013 - 23:45 | Link to Comment fxrxexexdxoxmx
fxrxexexdxoxmx's picture

You are right that was completely wrong of me to compare Canadians to retards.

Retards are generally happy with their lives and fucking Canadians are never happy unless they are working to change every other human being to their understanding what life should be.

Thank you for helping me make the difference clear.

Sun, 12/08/2013 - 14:26 | Link to Comment CaptainAmerica
CaptainAmerica's picture

...and that is why you are there in Canada and I am here in America .

Sat, 12/07/2013 - 18:44 | Link to Comment I am more equal...
I am more equal than others's picture

 

 

 

If you like your $5,000,000 home, you can keep it

 

 

......until you can't.

Sat, 12/07/2013 - 18:45 | Link to Comment Skateboarder
Skateboarder's picture

Wake me up when the rich SF Bay Areans and NYers start foreclosing. That will be a prime indicator of SHTF.

Sat, 12/07/2013 - 18:50 | Link to Comment knukles
knukles's picture

Hah ha ha
Yeah, yeah, like dem Pelousy's and Blankfiends.

Sat, 12/07/2013 - 19:01 | Link to Comment Skateboarder
Skateboarder's picture

Whoa, too rich! I'm thinking more along the lines of the directors, VPs, assistant VPs, etc. who are in the $2M range. There are a lot of those here.

Sat, 12/07/2013 - 21:17 | Link to Comment Missiondweller
Missiondweller's picture

Couldn't happen soon enough for this San Franciscan.

Sat, 12/07/2013 - 23:35 | Link to Comment nightshiftsucks
nightshiftsucks's picture

I live in the SF east Bay Area and houses only last about 15 minutes on the market before the sale pending sign goes up.

Sat, 12/07/2013 - 18:54 | Link to Comment I am Jobe
I am Jobe's picture

we bought it for the schools and the children . The Children. 

Sat, 12/07/2013 - 18:59 | Link to Comment kaiserhoff
kaiserhoff's picture

Yes, you always hear that shit.

Especially from the drugged out celebs, who can't remember if they have children.

Sat, 12/07/2013 - 18:57 | Link to Comment Seasmoke
Seasmoke's picture

5 years mortgage free in a 5 million house is a pretty nice deal.

Sat, 12/07/2013 - 19:08 | Link to Comment Caviar Emptor
Caviar Emptor's picture

Tylers: Just when it seemed all over....

"Austria weighs contagion as Hypo Alpe bonds plummet"

http://mobile.bloomberg.com/news/2013-12-06/austria-weighs-contagion-ris...

They're talking bail-in and haircuts

Sat, 12/07/2013 - 20:00 | Link to Comment Winston Churchill
Winston Churchill's picture

You are not paying attention.

Co-Operative bank in the UK three months ago, got the Cypruss

treatment.Bondholders and depositors alike got bailed in.

We are just a black swan away from everybody everywher getting

crewe cuts.Louis the XV style ones

Sat, 12/07/2013 - 20:25 | Link to Comment kaiserhoff
kaiserhoff's picture

Must have been overwhelmed by football and the Kartrashians.

Do you know the level of deposits and the hair cut amount?

Sat, 12/07/2013 - 19:12 | Link to Comment sunnyside
sunnyside's picture

NBA had several retirements the past couple of years.

Sat, 12/07/2013 - 19:15 | Link to Comment Skateboarder
Skateboarder's picture

This duder just solved the mystery. Get this man a beer

Sat, 12/07/2013 - 19:17 | Link to Comment J Pancreas
J Pancreas's picture

What frivolity - and for what? To impress people you don't like with money you don't evidently even have? As a species we deserve every plague coming this way. The only positive to these poseurs foreclosing is it screws the banks and their poseur former neighbors.

Sat, 12/07/2013 - 19:25 | Link to Comment Dre4dwolf
Dre4dwolf's picture

These banks printed money out of thin air, "lent it out" and now they are getting free properties lol.

What a scam the American Banking system is.

Sure, just let me print money out of nothing and buy up all the land....i promise it will work out great for you.

This country is a joke.

The funniest part is, they are so stupid they think they are getting rich because they "work hard" or that "they are smarter".

If you work for a bank, your a thief, a fraudster, simple as that, there is nothing special about you, give anyone the ability to print money out of nothing to buy real property and they will quickly become rich too, esepcially when you are guaranteed bailouts on all your "bad bets".

 

  1. "If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered." - Thomas Jefferson
Sat, 12/07/2013 - 20:06 | Link to Comment OneTinSoldier66
OneTinSoldier66's picture

I am SO HAPPY that these properties are going to go onto the The Fed's balance sheet. The Fed and it's TBTF Banks deserve to OWN MOAR through the leverage of QEInfinities!

Sun, 12/08/2013 - 00:49 | Link to Comment Dre4dwolf
Dre4dwolf's picture

Is that Stefan Moluneux as your avatar? kinda looks like him, hard to tell.

Sun, 12/08/2013 - 05:21 | Link to Comment HulkHogan
HulkHogan's picture

It's him. He writes the same way Stefan talks as well.

 

Sun, 12/08/2013 - 14:22 | Link to Comment OneTinSoldier66
OneTinSoldier66's picture

Sorry I didn't come back and visit this thread again yesterday. But yes. It's Stefan Molyneux.

 

Cheers

Sat, 12/07/2013 - 19:22 | Link to Comment idontcare
idontcare's picture

Why am I not surprised that South FL is in the lead here.  This is the only place where the redneck who shows up to do minor handywork, the UPS & FDX drivers, cops,  retail workers, et al somehow live in a 4000 sq ft plus ambiguously architectured McMansions in supposed luxury gated communities.  I suspect that Palm Beach County will overtake Miami/Ft. Lauderdale for the honors within the next five years seeing that the county thrives on low paying service and medical technology jobs a/o/t tourism, finance, import/export to/from So. Amer and the Carribean, etc. like Miami Dade & So. Broward.  Palm Beach County (and all counties to the North) do not have economies which can possibly sustain the derth of luxury McMansion communities built and still being built in the area.  The bubble, this time, will burst in a messier fashion than the last bubble in the Sunshine State.

 

PS on the Miami/Ft Laud foreclosures..... is anyone surprised?   Look at the prices of even formerly ghetto houses (usually less than 1000 sq ft) in areas like the outskirts of Coral Gables, Coconut Grove, Midtown, North Miami Beach, and Wilton Manors/Victoria Park/Oakland Park/Pompano area.  What should cost 50K at best even improved usually garners 400K +/- 100K depending on the "cache of the area at the moment".  Yes, bubble bubble toil and trouble! ;-)

Sat, 12/07/2013 - 20:14 | Link to Comment disabledvet
disabledvet's picture

"hot money" problem. this is what happened in SE Asia in 1998. there were huge capital inflows into relatively illiquid property assets...huge boom, foreigners panicked and pulled their money out. went from "hero to zero" in a month. suddenly there was a "contagion" and debt defaults galore leading to no less than Russia completely defaulting on its debts. we'll see if the Fed's lost control or not. the spike in...ahem..."revolver debt"...has been quite spectacular.

Sat, 12/07/2013 - 19:35 | Link to Comment robertocarlos
robertocarlos's picture

What happened to Loki the Florida mansion squatter? Did his neighbours kill him yet?

Sun, 12/08/2013 - 10:16 | Link to Comment Jendrzejczyk
Sat, 12/07/2013 - 20:12 | Link to Comment 22winmag
22winmag's picture

You bring the spray paint, Bud Light, and condoms.

 

I'll bring the girls!

Sat, 12/07/2013 - 20:11 | Link to Comment Wile-E-Coyote
Wile-E-Coyote's picture

Yeah baby the cancer is spreading!!

Sat, 12/07/2013 - 20:21 | Link to Comment Crack Daddy
Crack Daddy's picture

Numbers will be a lot worse soon.  Miami and Miami Beach single family and condos  are filled with delayed foreclosures. 

Sat, 12/07/2013 - 20:32 | Link to Comment Bangin7GramRocks
Bangin7GramRocks's picture

I live in a 5 million dollar house. Surprised? Don't be, it says so right there on my balance sheet. And my Mazda is woth $400,000. It also says so on my balance sheet. I'd now like to lever my assets 20 times and buy treasuries with the $100 million. Hey, it works for the banks, why not me?

Sun, 12/08/2013 - 00:49 | Link to Comment TalkToLind
TalkToLind's picture

You're almost there...but don't forget to put some ethylene glycol in the pipes and toilets and let the grass grow shoulder high.  Now move away from the property and leave it vacant for at least 3 years.  There, you've just shadow inventoried that bitch like a MoFo.

Sat, 12/07/2013 - 20:41 | Link to Comment Caveman93
Caveman93's picture

That's a lot of zeros and ones to create on a program...sure is.

Sat, 12/07/2013 - 20:52 | Link to Comment assistedliving
assistedliving's picture

those $5M foreclosures must be ZH readers

Sat, 12/07/2013 - 23:18 | Link to Comment starman
starman's picture

Asset values, or is it ass- it values?
I do hope the Fed will end up holding the double edged falling knife this time!!!

Sun, 12/08/2013 - 00:30 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

Is this how the 0.1% buys homes from the 1%, really cheap?

Hey, how do you think old man Bush bought his Texas ranch? I'm pretty sure that the guy selling it, was in dire straights just before GHWB came along.

Sun, 12/08/2013 - 03:45 | Link to Comment Freddie
Freddie's picture

He probably got his mortgage from Old Skull and Bonz Al See Eye AA Dah Bank & Morgan Trust Company at -1% rates.  Collateralized by all sorts of drug smuggling profits his employer engages in worldwide.

Sun, 12/08/2013 - 09:56 | Link to Comment Stuck on Zero
Stuck on Zero's picture

I know a real estate agent in a very, very wealthy area,  Not one of the expensive homes in the area was purchased with a mortgage.  Most were purchased with cash from foreign accounts. 

 

Sun, 12/08/2013 - 10:31 | Link to Comment Kasperfx
Kasperfx's picture

thats nothing but a myth propagated by the Realtors and ADOPTED  BY GULLIBLE THE HOME OWNERS . I have yet to see any proof of this yet according to the home owners and reltorts their foreign buyers gobbling up our homes for top dollors. 

Sun, 12/08/2013 - 11:51 | Link to Comment Vendetta
Vendetta's picture

"I have yet to see any proof of this yet according to the home owners and reltorts their foreign buyers gobbling up our homes for top dollars. "

same here.  A tent city that popped up about 1/4 mile from the $300k to $1 million dollar homes area where I live was just forced to move again somewhere.  I don't own anything in the area I just rent a room for work from the people who do, I have no problem finding rooms to rent in nice homes.... took one day to find one for the last two places I've rented ... all in $300k plus homes.  One of the homeowners was working for labor ready cutting up fish heads as he tried to get by on a 20 year cop pension and find a better job but he had the home (a townhouse) for at least 10 years so it was perfectly logical for him to try to keep it as it is difficult to find even apartments for less than $1100 a month.

On the radio the realtor talking bs'rs are announcing how "home prices are going up"  with some statistical tidbit added, and "home market inventories are very low"  .... yeah sure it is ....  like hell ... a coworker who got divorced last year had to get rid of their $460k cream of the crop place and it sold in short sale for $140k less than what was owed.  So... in my book...the real value of a $460k home is $320k maximum..... and that is assuming it wasn't bought by one of the private equity funds.


Sun, 12/08/2013 - 10:24 | Link to Comment Kasperfx
Kasperfx's picture

$1 million + homes are sittng on the market for years .  I see alot of them starting to decrees their asking but not by much the fact is very one on the water or with over 4000sf or over 1 acre seems to think their homes worth over 1million, it's insanity.. the rental market is crazy here to, everyone thinks their 3000sf home should get 5k a month for rent, crazy . and talking about the sf, most of the hoomes marketed as 4k + sf are more like 2.5 no way these homes are 4k sf .  when i ask anyone were thay think the buyes will come from they say oversease, yet have have yet to see one Asian except for in Asian  restaurants 

Sun, 12/08/2013 - 11:50 | Link to Comment Mediocritas
Mediocritas's picture

Foreclosures happening at the high end indicates that there's still a market at the high end. Properties aren't being parked as much as other segments of the market because cashed-up banksters are still interested in buying the high-end properties that are being lost by formerly rich non-banksters, you know, the sorts who actually need the real economy to be doing well in order to make money, rather than just getting it for free from the Fed.

Meanwhile, foreclosures at the low end remain down as banks continue to mothball properties off-market, waiting in vain for the bidders to return. Some demand does come from banksters paying cash only in their quest to become slum-lords, but that will soon die out as the peons continue to miss rent payments.

Sun, 12/08/2013 - 12:09 | Link to Comment chemystical
chemystical's picture

"It may be a sign that lenders are now financially stable enough to start moving on ultra-high-end delinquencies and take the substantial losses these multi-million dollar homes represent."

2% of US homes are valued at > $1MM.  I don't know the figure for > $5MM but in a normal distribution it would be far less than 2%.  Unless the lenders in question focused on high end homes, then the market cap of these > $5MM homes on their balance sheets would have to be miniscule in comparison to that of the other low-end homes that were already foreclosed in the previous rounds.  The loses in the previous rounds would dwarf these.

Sun, 12/08/2013 - 12:29 | Link to Comment Vendetta
Vendetta's picture

the last time I ever considered buying a $5 million plus dollar home I actually had $5 million plus sitting in a bank account to spend on it and actually spend it on it.  For whatever reason, I find it difficult to understand buying high end houses when you are not truly a high end buyer.

Being in the aviation business I am amazed at the jets and what not that 'rich' people purchased when they really weren't rich enough to play the game they were getting into.  A $23 miillion dollar aircraft can cost an estimated $1.5 million a year for fuel, pilots if you aren't certificated to fly it, maintenance, hangar space, runway fees, insurance and related costs. 

  On the other hand, I am also amazed at the jets that the truly rich actually buy or sometimes, more intelligently, charter for their little jaunts over to here or there ... absolutely beautiful aircraft that cost a buttload to charter ... for a little jaunt somewhere....they have multiple black (usually) high end vehicles lined up and ready to whistk them off to places on the island (or whereever) as soon as they step off the plane with their entourage.  I never realized how much money some not-so-well-known pro golfers actually get from their sponsors... I saw the same fantastic exhibition of wealth down in mexico city except the high end vehicles without exception had bullet proof windows and no doubt rest of the vehicle was armored to the nth degree.

 

 

Sun, 12/08/2013 - 13:55 | Link to Comment I Write Code
I Write Code's picture

Five million bucks may not be much of a house in these markets, could be 4,000 square feet on a 60x120 lot near shopping, or 2,000 square feet walk to the beach, or a half-acre lot at the top of the hill with a pup-tent for improvements.

But none of these were purchased by CRA loans, y'know.

If the banks are getting off their duffs and foreclosing now it could equally be they are throwing in the towel or because they see the market improving enough to yield something from the process.  Or both, just nibble away at the problem randomly.

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