Health & Fitness
Patch Blog: Foreclosures Are Even in San Marino, But Very Few
Ever wonder, "What's up with that house, those roof clay tiles have been sitting on that home for months?" "How many times has that one sold?" Here is a simple update.
Yes, we all ask, but rarely know what's up with many homes that have either been foreclosed, owned by the bank REOs or up for auction. Many of us know of websites or web apps like "RealtyTrac" and "Foreclosure.com", etc. What many people don't know is that some banks have lists free online. Also bank trustees or Trend companies like Foreclosure Radar and many others charge a monthly fee or have a free trial. Here is a link to foreclosure listings from Foreclosure Radar:
http://www.foreclosureradar.com/california/los-angeles-county/91108-foreclosures/listings
I was able to look at the listings available from Core Logic courtesy of ITECH and CRMLS and found:
Find out what's happening in San Marinowith free, real-time updates from Patch.
- 3 Bank-Owned since last year (since 6/2010)
- 6 Pre-forelosure with NOD (Notice of Defaults filed)
- 5 Auctions scheduled for Trustee Sale
Notoriously the foreclosure process can be delayed by borrowers coming current or getting cancellations or extensions that are filed and the process can go months to over a year.
Many go and should try modification first through HUD.gov or http://www.makinghomeaffordable.gov. I found http://naca.com to be very effective--they are a non-profit advocate for making homes affordable.
Find out what's happening in San Marinowith free, real-time updates from Patch.
With many delayed or cancelled foreclosures nationwide, markets will vary and every neighborhood will have its unique character of how foreclosures affect them.
In San Marino, it's hardly noticeable:
- At 2226 Ashbourne Drive, the 2,000+ sq. ft. colonial single level home looks lovely, but the independent out-of-area "for sale" sign tells you it might be bank owned. It's currently in escrow.
- 415 Huntington Drive is real estate investor-owned, but not on the market, held by a private LLC.
- 1510 Waverly--sold back to the bank at the end of April--hasn't shown up on the market either.
So the REOs and pre-foreclosures show up in any part of town, but very few in a year.
According to Foreclosure Now, the trend has been for San Marino: Foreclosure filings down from 4 to 0 in the last 2 Months, while "notice of sale" status of homes has doubled since May, from 0 to 2 properties. However in a year's time, very little change and with more foreclosure cancellations.
It will be very interesting to see how markets like San Marino will be affected by banking changes as we head towards year 2012--so far pretty good.
