Comments on: Housing and Banking Deception: 23,000 to 28,000 Foreclosed Homes kept off the MLS or Public View in California each Month. http://www.mybudget360.com/housing-and-banking-deception-23000-to-28000-foreclosed-homes-kept-off-the-mls-or-public-view-in-california-each-month/ Investing ideas for preserving wealth in a fluctuating market. Sat, 13 Mar 2010 01:35:24 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Fred Reynolds http://www.mybudget360.com/housing-and-banking-deception-23000-to-28000-foreclosed-homes-kept-off-the-mls-or-public-view-in-california-each-month/comment-page-1/#comment-10653 Fred Reynolds Sat, 11 Jul 2009 17:19:57 +0000 http://www.mybudget360.com/?p=933#comment-10653 I am in the real estate listing business and can shed a little light on this subject. There is no requirement that banks list foreclosed properties on MLS. The Multiple Listing Service contains only properties that have been listed through a Realtor that pay for the MLS service through their broker. The Realtors receive commissions from the actual sale and closing of those properties, and banks hate paying commission to sell property they have already lost money on. Banks are typically not brokers or Realtors, therefore foreclosed homes aren't listed on MLS unless the bank has contracted with a Realtor to find a buyer for the property. For those wanting to see listings of foreclosed homes, there are a couple of Websites out there that list foreclosures exclusively - and the number of listings on those sites are growing very quickly. I am in the real estate listing business and can shed a little light on this subject. There is no requirement that banks list foreclosed properties on MLS. The Multiple Listing Service contains only properties that have been listed through a Realtor that pay for the MLS service through their broker. The Realtors receive commissions from the actual sale and closing of those properties, and banks hate paying commission to sell property they have already lost money on. Banks are typically not brokers or Realtors, therefore foreclosed homes aren’t listed on MLS unless the bank has contracted with a Realtor to find a buyer for the property. For those wanting to see listings of foreclosed homes, there are a couple of Websites out there that list foreclosures exclusively – and the number of listings on those sites are growing very quickly.

]]> By: jmac http://www.mybudget360.com/housing-and-banking-deception-23000-to-28000-foreclosed-homes-kept-off-the-mls-or-public-view-in-california-each-month/comment-page-1/#comment-10624 jmac Sat, 11 Jul 2009 01:18:36 +0000 http://www.mybudget360.com/?p=933#comment-10624 I have not seen much hard data on "shadow inventory" statistics. I like this article, since it has some data (although unverified). It would be nice to see the author's name and credentials though, and the source for the 4th table. I have suspected there is mounting "shadow inventory", but after reading this, the magnitude is still unclear to me. Here is an interesting table of SFR default rates for the top 25 banks, which you might find interesting: http://www.thehardmoneypros.com/Top25_Largest_Banks_Defaulted_Loans.shtm I have not seen much hard data on “shadow inventory” statistics. I like this article, since it has some data (although unverified). It would be nice to see the author’s name and credentials though, and the source for the 4th table. I have suspected there is mounting “shadow inventory”, but after reading this, the magnitude is still unclear to me.

Here is an interesting table of SFR default rates for the top 25 banks, which you might find interesting:

http://www.thehardmoneypros.com/Top25_Largest_Banks_Defaulted_Loans.shtm

]]> By: Qout http://www.mybudget360.com/housing-and-banking-deception-23000-to-28000-foreclosed-homes-kept-off-the-mls-or-public-view-in-california-each-month/comment-page-1/#comment-10623 Qout Sat, 11 Jul 2009 00:35:24 +0000 http://www.mybudget360.com/?p=933#comment-10623 Many Trustee's sales are canceled at the last moment. Therefore, a property may go through several notices of a trustee sale before it becomes REO. And even after a property becomes REO it is often not in a condition that is ready for market. A surprising number suffer from terminal neglect. I talked to someone today who is rehabbing a home where all of the copper water pipe was ripped out of the walls by the foreclosed homeowner. That's actually better than another case that I heard of where the power was cut off and the pipes froze in the winter, creating an ice rink on the first floor so heavy that the floor collapsed. Or stories of the thousands of homes in Florida where mold thrives after the A/C is shut off. Many Trustee’s sales are canceled at the last moment. Therefore, a property may go through several notices of a trustee sale before it becomes REO. And even after a property becomes REO it is often not in a condition that is ready for market. A surprising number suffer from terminal neglect. I talked to someone today who is rehabbing a home where all of the copper water pipe was ripped out of the walls by the foreclosed homeowner. That’s actually better than another case that I heard of where the power was cut off and the pipes froze in the winter, creating an ice rink on the first floor so heavy that the floor collapsed. Or stories of the thousands of homes in Florida where mold thrives after the A/C is shut off.

]]> By: CompaJD http://www.mybudget360.com/housing-and-banking-deception-23000-to-28000-foreclosed-homes-kept-off-the-mls-or-public-view-in-california-each-month/comment-page-1/#comment-10614 CompaJD Fri, 10 Jul 2009 20:39:49 +0000 http://www.mybudget360.com/?p=933#comment-10614 How long can the Banksters keep this up? How long can the Banksters keep this up?

]]> By: oscarmadison http://www.mybudget360.com/housing-and-banking-deception-23000-to-28000-foreclosed-homes-kept-off-the-mls-or-public-view-in-california-each-month/comment-page-1/#comment-10613 oscarmadison Fri, 10 Jul 2009 20:35:00 +0000 http://www.mybudget360.com/?p=933#comment-10613 can you get data on who pays the taxes? do banks list somewhere if they are paying the property taxes? do the mortgage foreclosers have to pay the property taxes or do they get relief through the moratorium schemes? can you get data on who pays the taxes?

do banks list somewhere if they are paying the property taxes?

do the mortgage foreclosers have to pay the property taxes or do they get relief through the moratorium schemes?

]]> By: Keith Howard http://www.mybudget360.com/housing-and-banking-deception-23000-to-28000-foreclosed-homes-kept-off-the-mls-or-public-view-in-california-each-month/comment-page-1/#comment-10606 Keith Howard Fri, 10 Jul 2009 16:26:46 +0000 http://www.mybudget360.com/?p=933#comment-10606 You may find your answers by finding out "why" lenders like countrywide have been sitting on homes they filed foreclosure on and have not executed the final trustee sale for up to 18 months plus on thousands of homes>>>>>?????? Feel free to contact me for a true insider viewpoint. You may find your answers by finding out “why” lenders like countrywide have been sitting on homes they filed foreclosure on and have not executed the final trustee sale for up to 18 months plus on thousands of homes>>>>>??????
Feel free to contact me for a true insider viewpoint.

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