Wednesday, October 8, 2008

Market Stress Update Oct 2008

Some interesting developments over the last month. Folsom foreclosures shot through the roof, and NODs are down. If I had to guess this is a direct result of the legislation recently passed which requires lenders in CA to contact the borrower (or something like that). Mr. Mortgage has a write up if you want more details.....and his observations mirror what is happening here.

If this is the case, then starting real soon, we should see a surge in NOD activity.

I also started tracking market stress in Auburn last month, and should have some sales statistics to pair up with the market stress data for next month's update (courtesy of MCB44).

8 comments:

sacramentia said...

BT -

I read the analysis of Mr Mortgage and I don't quite understand your point. After 9/8 I would have expected NOD to fall, not REO to spike prior. What am I missing.

sacramentia said...

Our lovely neighborhood....

Was picking up my Daughter today behind a Black E320 with a personalized license plate that said,
"Serrano HOA can kiss my ASS!"

Funny, but have a little class and get over it!

Buying Time said...

Not sure you are missing anything. My reasoning...the spike in REOs was way too large, and happened right when the legislation went into effect. This leads me to believe its more than just coincedence.

The drop in REOs is what was expected given the language.

Why I don't fit in with my Serrano neighbors....I had to look up what an E320 is.

I am actually having a really bad EDH month. Met way to many snobby/snotty parents lately, and it's starting to get to me. Problem is, I really love the area...unfortunately there is a large subset of folks I could do without.

Patient Renter said...

Met way to many snobby/snotty parents lately

I know this has nothing to do with housing, per se, but I sure enjoy hearing anecdotes about snotty neighbors/parents, and I'm particular interested in how one stays snotty in a bleak economic environment. :)

Buying Time said...

Sorry PR...maybe at the next meet and greet, but this is a small community, and I am trying to stay away in good graces.

Back on housing news, I double checked the foreclosure.com stats compared to my foreclosureradar.com stats today, and foreclosure.com stats are much higher.

Hard to say which is more correct, ForeclosureRadar doesn't have several homes listed that I know are REOs....but at the same time, I think foreclosure.com has more duplicates in it.

Cmyst said...

"I am actually having a really bad EDH month. Met way to many snobby/snotty parents lately, and it's starting to get to me. Problem is, I really love the area...unfortunately there is a large subset of folks I could do without."

I have always felt out of place here, but lately I am actually appreciating the area a lot more. My 2 year old grandkid was at the bank with her mom and I and we had 2 other little ones come over and introduce themselves with parents. One set of parents even happily jumped in place with the grandbaby when saying good-bye.
A very nice fellow caffeine addict at the coffee house warned me that my lid was not on securely.
A couple young mothers at the playground treated my stressed out daughter as if she were a wise woman, asking questions about her experiences with the grandbaby and her opinions on child development.
I've always felt that EDH was a very Stepfordesque place, and judged it pretty harshly. A lot of nice folks live here, it turns out -- especially if you have kids.

Deflationary Jane said...

BT,

I'm with you. The place gives me hives.

sacramentia said...

Most of the people I meet say that Serrano is too snobby, and I feel the same way. That makes me wonder if we are all part of the problem?

Maybe another year of recession and people will mellow out a bit more. It is a great value for the amenities and schools compared to other California cities.