Previous Purchase: 8/19/03 - $2,650,000
The short sale listing started in October 2009 at a price that was way too high before being cut down to $3.15mm and then expiring.
The foreclosure auction kept getting pushed back but finally, on 7/13/10 JP Morgan foreclosed for $3mm.
REO Listing: 9/19/11 - $3,360,000
So here we've got another real foreclosure in the once "immune" 90402. Why does it take banks so long to foreclose and then once they've done so, why does it take so long to put the damn inventory on the market? Stupid.
why does it take so long to put the damn inventory on the market?
ReplyDeleteIt's not that difficult to figure out. Who looks bad if the housing market clears out and prices tank in a short time period. Hint: Politicians really really like their jobs.
Hint2: The banks have had it made known to them in no uncertain terms that the only people between them and the pitchforks are the politicians.
I can't speak for other areas but at least in our own little microcosm it seems like REOs and short sales have had much less of an impact than I expected. And the bears keep talking about the pipeline of REOs to come but they just slowly trickle out at a pace that doesn't really make a difference around here. But seeing cases where someone is in default for a long time and then seeing the bank take 12+ months for a property to get just listed on market makes me wonder if maybe there is more distressed supply to come.
ReplyDelete