11833 Delavan Cir Rancho Cordova, CA 95742 |
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10240 Sheldon Rd Elk Grove, CA 95624 |
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11890 Delavan Cir Rancho Cordova, CA 95742 |
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3027 Palmate Way Sacramento, CA 95834 |
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1600 Baines Ave Sacramento, CA 95835 |
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8557 Spring Azure Way Elk Grove, CA 95624 |
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10620 Sheldon Park Way Elk Grove, CA 95624 |
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6418 Valenda Ct Elk Grove, CA 95757 |
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7717 Victory Ave Sacramento, CA 95828 |
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10224 Jenny Lynn Way Elk Grove, CA 95757 |
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7148 Mariposa Ave Citrus Heights, CA 95610 |
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8651 Cordoniz Ct Orangevale, CA 95662 |
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8011 Pony Ct Sacramento, CA 95830 |
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1933 Bastona Dr Elk Grove, CA 95758 |
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9308 Engleside Ct Elk Grove, CA 95758 |
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2434 57th Ave Sacramento, CA 95822 |
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1939 Richfield Way Sacramento, CA 95832 |
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9809 Summer Glen Way Elk Grove, CA 95757 |
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521 Alcantar Cir Sacramento, CA 95834 |
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3517 19th Ave Sacramento, CA 95820 |
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9351 Lufkin Way Elk Grove, CA 95758 |
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141 Briggs Ranch Dr Folsom, CA 95630 |
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7489 24th St Sacramento, CA 95822 |
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950 Ranch Rd Galt, CA 95632 |
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8756 Rubystone Ct Elk Grove, CA 95624 |
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9419 Misty River Way Elk Grove, CA 95624 |
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9649 Darley Way Elk Grove, CA 95757 |
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8873 Boreal Way Elk Grove, CA 95758 |
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5140 LOCUST Ave Carmichael, CA 95608 |
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7447 Prosperity Ct Sacramento, CA 95828 |
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9629 Country Falls Ln Elk Grove, CA 95757 |
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2057 Danvers Way Sacramento, CA 95832 |
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4201 Sunmeadow Dr Sacramento, CA 95823 |
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8243 Scarlet Oak Cir Citrus Heights, CA 95610 |
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9416 RED SPRUCE Way Elk Grove, CA 95624 |
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153 Biscayne Way Folsom, CA 95630 |
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2106 Red Robin Ln Sacramento, CA 95821 |
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8617 Golden Sage Dr Elk Grove, CA 95624 |
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5760 Tres Piezas Dr Sacramento, CA 95835 |
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305 LEXINGTON Dr Folsom, CA 95630 |
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11930 Hobday Rd Wilton, CA 95693 |
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8237 Summerplace Dr Citrus Heights, CA 95621 |
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3409 Virgo St Sacramento, CA 95827 |
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7961 53rd Ave Sacramento, CA 95828 |
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3517 10th Ave Sacramento, CA 95817 |
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70 Nutwood Cir Sacramento, CA 95833 |
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261 Anjou Cir Sacramento, CA 95835 |
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3412 San Carlos Way Sacramento, CA 95817 |
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210 Eastbrook Cir Sacramento, CA 95835 |
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5004 Lent Ct Elk Grove, CA 95758 |
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7 comments :
714 FIT's what a bunch of losers. I mean dang, they must of had shxx for brains to buy in this market. What in the hell were they thinking, did they just not see the cliff coming. Oh my god this is going to end very badly.
Oh well what are you going do.
Got popcorn?
The 714 FITs total is for Sacramento County, up from 665 last week. That is an increase of 7.3% for the week.
The four county total for FITs is 946, up from 891 last week. That is a 6.2% increase.
It just keeps escalating at a very high rate. I thought you were joking when you said we would see 1200 FITs by mid summer, but at a 5% weekly increase, we will see 1200 FITs by mid April.
This is not good.
If it hits 3000 in a year I would not be suprised. Look at all the real estate jobs that are going to tank and you have 80% of your FIT's. If sells drop to half and subprime is destroyed that is a lot of jobs. They weren't worth anything to society in the first place. Carnival barkers carry more salt.
JFTHOI, I was looking at the Locust Ave FIT. It is already a repo.
You may be already reporting a combination of FITs and REPOs.
Why is that important? cause that means that the FIT numbers here are not just investors, but also buyers who got in trouble and already lost their homes to the bank - people who didn't intend to flip, just got caught in the economy or the payment overwhelmed them.
Is this a fluke or is the data mixed?
Is this a fluke or is the data mixed?
It's just related to how I define a "flipper". I have no way of knowing what the true problems were behind the loss, so I define a flipper house as one that is being sold now for less than it was bought within the last two years.
You are correct in pointing out that REO might begin showing up here if the repos are recorded as "sales" in the county records and then listed in the MLS. I know some counties record repos differently, so I'm not sure how this scenario will play out.
Max and Sippin,
I've been seeing Bank-Owned prices already way over comps. Until the banks finally swallow the pill and price accordingly, that standing inventory is going to hurt - or they'll just find another way to book it as "profit" on the balance sheet.
There is some irony for you: A bank forecloses for the loan amount, and when the agent recommends a listed price, it is already below the foreclosure price.
By way of example, take 5140 Locust Ave. Countrywide lend a $565,000 sub prime 100% loan (80/20) in August of 2005 (18 months ago). The Bank of NY is the bag holder (or possibly the servicer or trustee) and took back the asset.
The listing is held by Lyon Real Estate and the agent feels the listing price should be $459,000 for this 2200 SF house. That is a $106,000 reduction or 18.7% in 18 months. A 1% reduction per month in value seems about right to me. Another 24 months and I might buy at a 42% discount. And who knows at what price this house will really bring? And the bank will net much less.
It seems to be getting a bit difficult out there, considering the financing that allowed the FB to buy this house no longer exists. Whoever buys the house this time will need some cash to put down. That indicates the buyer will require a little self-discipline and ...a budget.
A budget....that says it all. The end.
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