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How bad is Real Estate in your area?
Old 06-08-2008, 03:04 PM   #1
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How bad is Real Estate in your area?

A website of foreclosure listings:

Foreclosures Real Estate Foreclosure Listings and Homes at RealtyTrac
  • The nation’s #1 source of foreclosure listings.
  • Over 1 million properties – updated daily – including pre-foreclosure, bank foreclosures, for sale by owner (FSBO), foreclosed homes via auction, new homes and MLS listings
========================
Dayton OH is serious messed up.
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Old 06-08-2008, 03:58 PM   #2
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Yikes! Of 1415 homes in my zip code:

37 pre-foreclosure
257 auction
505 bank owned
5 government owned
14 FSBO
597 resales

So---if I'm interpreting this correctly---are there more homes involved in some degree of foreclosure than being sold as ordinary resales? I'm assuming the ones that are auctioned or bank-owned or government-owned have been foreclosed or are one step away?
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Old 06-08-2008, 05:14 PM   #3
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I just looked at my Zip code and they listed 846 houses. Looking at the list of addresses tells a different story. Many of the streets listed aren't in my zipcode.
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Old 06-08-2008, 05:21 PM   #4
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11,124 in the city itself, and 1,603 in my zip code. I guess when the median price of a home here is well over $300,000 most people quickly find out they really can't afford it.
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Old 06-08-2008, 05:37 PM   #5
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Houses are not selling around me - neighbor says he will rent it for a while until he gets his price which is well below what he paid and put into it - we're staying put so no worries - the latest zillow estimate is twice what we paid - read stories of luxury condos not selling and developer just renting them at bargain rate - the owners are P.O. 'd...
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Old 06-08-2008, 06:02 PM   #6
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915 properties in my zipcode:

109 Pre-foreclosure
76 Auction
398 Bank-owned
1 Govt. owned
8 FSBO
323 Resales

I'm not so concerned with the FSBOs and the Resales, but 398 owned by the banks and 76 up for auction are very disturbing stats.

We were planning on listing our home for sale this spring, but after seeing the glut on the market and how low the selling prices are (when the buyer can get financing, that is), we've decided to stay put for now.
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Old 06-08-2008, 06:09 PM   #7
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Houses are taking longer to sell here in Dallas and I think the prices have dropped a few percentage points, but still not bad....my county just raised the appraisal on my house about $11,000. I thought that was out of line until I found out that another house on my street that is the same model as mine sold for my appraised value (within a few $100) within the last 2 weeks. Dallas never had the big price run up over the last 10 years like the hot housing markets and now this market is pretty much holding it's own rather than tanking.
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Old 06-08-2008, 07:45 PM   #8
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Odd - it shows none for my zip code, also city & state, which cannot possibly be true. DW and I just toured the neighborhood today and saw three with waist-high grass and one with a shoulder-high "lawn". Not sure if the tree on that one was planted or is a volunteer. The good news is that one with waist-high grass has an "under contract" sign out front.
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Old 06-08-2008, 08:18 PM   #9
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Odd - it shows none for my zip code, also city & state, which cannot possibly be true. DW and I just toured the neighborhood today and saw three with waist-high grass and one with a shoulder-high "lawn". Not sure if the tree on that one was planted or is a volunteer. The good news is that one with waist-high grass has an "under contract" sign out front.

We have three bank owned homes in the neighborhood that have not seen a lawnmower in months. We decided to cut the lawns and then sent bills to the bank. We will put liens on the properties if not paid in 60 days. Hows that?

Can we do that?
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Old 06-08-2008, 08:25 PM   #10
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We have three bank owned homes in the neighborhood that have not seen a lawnmower in months. We decided to cut the lawns and then sent bills to the bank. We will put liens on the properties if not paid in 60 days. Hows that?

Can we do that?
What the hey - it's worth a shot. Maybe they'll give 'em to you to get rid of them!
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Old 06-08-2008, 08:46 PM   #11
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I think we need to distinguish between two different metrics:

(1) What are housing prices doing in your area?

(2) What do property tax appraisers *claim* housing prices are doing in your area?
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Old 06-08-2008, 09:28 PM   #12
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Quote:
Originally Posted by tangomonster View Post
Yikes! Of 1415 homes in my zip code:

37 pre-foreclosure
257 auction
505 bank owned
5 government owned
14 FSBO
597 resales
I think we may be interpreting this data erroneously. 1415 homes in your zip code, (this is an awfully small #!- then add up the categories of for sales and it comes out to 1415. Is your home for sale or in foreclosure?

If not, it seems much more likely that this # of 1415 is the total number in one or another of their categories- for sale, or auction, or bank owned or whatever.

I looked at my zip code, and the "number of homes" is ridiculously small. My take-away is that it is not the toal # of homes, which is many times larger, but the total number for sale or in distress.

Ha
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Old 06-08-2008, 09:31 PM   #13
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I looked at my zip code, and the "number of homes" is ridiculously small. My take-away is that it is not the toal # of homes, which is many times larger, but the total number for sale or in distress.
Yep. My zip code "number of homes" totals 6.
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Old 06-08-2008, 09:56 PM   #14
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personal house

within town (all zips) 68,500 households*
preforeclosures 1648
auctions 418
reo 1073
distress ratio (distressed units divided by total households) 0.045

within my zip 9400 households
preforeclosures 398 units
auctions 72 units
reo 21 units
distress ratio 0.052

within my immediate area (5 mile radius) 6,000 households
preforeclosures 97 total units (of that 55 single family)
auctions 38 units (of that 31 single family)
reo 6 units (of that 4 single family)
distress ratio 0.023


inherited house

within town (all zips) 32,000 households
preforeclosures 1049
auctions 89
reo 294
distress ratio 0.044

within zip code 9700 households
preforeclosures 671
auctions 58
reo 205
distress ratio 0.096

within immediate area i.e. all deepwater houses within entire town (guestimating about 1,000 single family units)
preforeclosures 6
auctions 0
reo 1 existing & 1 sold
distress ratio: not a problem, apparently, but only if you’re not selling.

*households #s from 2000 census, much construction since then.
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Old 06-08-2008, 10:28 PM   #15
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Zillow has my house down 20% in the last year. Just got my real estate assessment and county says value went up 20% in that same timeframe. Wonder how many appeals they will get this year.
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Old 06-08-2008, 10:42 PM   #16
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Quote:
Originally Posted by Thisissogreat View Post
We have three bank owned homes in the neighborhood that have not seen a lawnmower in months. We decided to cut the lawns and then sent bills to the bank. We will put liens on the properties if not paid in 60 days. Hows that?

Can we do that?
without the owner's permission, i think that would be trespassing. our city has budgeted funds to care for unkempt properties. the city can apply liens based on city code though i don't know that there is any real power to enforce them. money well spent just the same.
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Old 06-08-2008, 11:56 PM   #17
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I'll be darned-- over 40 foreclosure candidates in our ZIP code's bedroom community of 14,000 people.

Seems a bit high considering another 80 properties are for sale, but maybe the market has finally been hollowed out...
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Old 06-09-2008, 01:26 AM   #18
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1,669 Properties in my area:

931 Pre-foreclosure
315 Auction
410 Bank-owned
3 FSBO
10 Resale

The numbers are somewhat questionable, though: e.g. of the 931 pre-foreclosure homes, I noticed that one condo complex nearby has every single one of the 200+ units listed, all with the same ~300K owed on the mortgage. I'm almost positive that's not correct. There are also far more than 10 homes for sale in the area.
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Old 06-09-2008, 08:00 AM   #19
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0 pre-foreclosure
18 aucion
7 bank-owned
0 fsbo
5 resale

I'll look up some of the bad towns later
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Old 06-09-2008, 08:26 AM   #20
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For a look at ground zero see the attached link. Be sure and click to enlarge the map. Looks like a disaster in the making.

The Columbus Dispatch : Vacant houses plague Linden
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