Comments on: Banks cherry picking individual foreclosures that show up on the MLS in Culver City and Pasadena with proof: Southern California lenders pushing out properties in Culver City with an average price tag of $300,000. Median sale price for city is $600,000. Shadow inventory average price is $443,000 with loans at an average of $552,000. 141,000 homes in Southern California are distressed yet MLS only reflects 83,000 total properties. http://www.doctorhousingbubble.com/banks-foreclosing-mls-data-in-culver-city-and-pasadena-real-estate-cherry-picking-propertie/ How I Learned to Love Southern California and Forget the Housing Bubble Thu, 09 Feb 2012 03:22:22 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Foolio http://www.doctorhousingbubble.com/banks-foreclosing-mls-data-in-culver-city-and-pasadena-real-estate-cherry-picking-propertie/#comment-51477 Foolio Sat, 31 Jul 2010 00:59:50 +0000 http://www.doctorhousingbubble.com/?p=3492#comment-51477 Once again, the best blog around, housing or otherwise, and the best comments to boot! Almost all the responses are insightful, intelligent, and much appreciated and on top of that a bunch of them are hilarious. That said, the banks are certainly dumping the bottom of the barrel trash onto the market only, but also remember that some might be intentionally underpriced in order to generate a "bidding war". Most likely not that crappy 1 bed/1 bath condo (with granite countertops WOOHOO!) for $180K or whatever it was, but the banks have been notorious under and over pricers. And on the underpricers, it will get bid up to "market value" by the horde of suckers, errr I mean buyers. But fewer and fewer of those every day, as we run out of knife catchers. I've been running inventory reports daily, and sure enough, it's going up in the quality areas (although so are asking prices, my God these sellers are delusional). Fewer and fewer homes going into escrow, under contract, closing. Hang in there everyone... Once again, the best blog around, housing or otherwise, and the best comments to boot! Almost all the responses are insightful, intelligent, and much appreciated and on top of that a bunch of them are hilarious.

That said, the banks are certainly dumping the bottom of the barrel trash onto the market only, but also remember that some might be intentionally underpriced in order to generate a “bidding war”. Most likely not that crappy 1 bed/1 bath condo (with granite countertops WOOHOO!) for $180K or whatever it was, but the banks have been notorious under and over pricers. And on the underpricers, it will get bid up to “market value” by the horde of suckers, errr I mean buyers. But fewer and fewer of those every day, as we run out of knife catchers.

I’ve been running inventory reports daily, and sure enough, it’s going up in the quality areas (although so are asking prices, my God these sellers are delusional). Fewer and fewer homes going into escrow, under contract, closing. Hang in there everyone…

]]> By: Dark Ages http://www.doctorhousingbubble.com/banks-foreclosing-mls-data-in-culver-city-and-pasadena-real-estate-cherry-picking-propertie/#comment-51476 Dark Ages Sat, 31 Jul 2010 00:58:11 +0000 http://www.doctorhousingbubble.com/?p=3492#comment-51476 I tried that catfood on a stick. you know, a little allegro and it tastes just like chicken. I tried that catfood on a stick. you know, a little allegro and it tastes just like chicken.

]]> By: compass rose http://www.doctorhousingbubble.com/banks-foreclosing-mls-data-in-culver-city-and-pasadena-real-estate-cherry-picking-propertie/#comment-51467 compass rose Fri, 30 Jul 2010 18:09:30 +0000 http://www.doctorhousingbubble.com/?p=3492#comment-51467 Re: 7/27. You're saying, DHB, that banks are selectively putting only lower value distressed properties on the market. Which means that the banks themselves don't want to let the upper tier stuff on the market, so that that sector can adjust. But they can't sit on that inventory forever, so are just deferring the inevitable. ~ What else needs to be said about this whole mess? This is the single biggest, simplest, most profound and telling indicator in this entire flustercluck. ~ Add what PRCalDude said, and it's all really that simple. ~ sigh rose Re: 7/27. You’re saying, DHB, that banks are selectively putting only lower value distressed properties on the market. Which means that the banks themselves don’t want to let the upper tier stuff on the market, so that that sector can adjust. But they can’t sit on that inventory forever, so are just deferring the inevitable.
~
What else needs to be said about this whole mess? This is the single biggest, simplest, most profound and telling indicator in this entire flustercluck.
~
Add what PRCalDude said, and it’s all really that simple.
~
sigh
rose

]]> By: PRCalDude http://www.doctorhousingbubble.com/banks-foreclosing-mls-data-in-culver-city-and-pasadena-real-estate-cherry-picking-propertie/#comment-51462 PRCalDude Fri, 30 Jul 2010 16:27:47 +0000 http://www.doctorhousingbubble.com/?p=3492#comment-51462 "PRCalDude, the wealthy Chinese and Indians that I am referring to are obviously not average. Rich Taiwan Chinese come here to invest because the Peoples Republic threatens war and other nasty things. India is next to nuclear Pakistan who, on occasions, has committed acts of war(at least that is what they tell me). Don’t forget the South Koreans. Been getting some of that money coming here recently. California is safety to many rich people of the world." ~ California is starting to look like the first Mad Max movie. You know what they say about fools and their money.... “PRCalDude, the wealthy Chinese and Indians that I am referring to are obviously not average. Rich Taiwan Chinese come here to invest because the Peoples Republic threatens war and other nasty things. India is next to nuclear Pakistan who, on occasions, has committed acts of war(at least that is what they tell me). Don’t forget the South Koreans. Been getting some of that money coming here recently. California is safety to many rich people of the world.”
~
California is starting to look like the first Mad Max movie. You know what they say about fools and their money….

]]> By: Mike http://www.doctorhousingbubble.com/banks-foreclosing-mls-data-in-culver-city-and-pasadena-real-estate-cherry-picking-propertie/#comment-51450 Mike Fri, 30 Jul 2010 12:01:56 +0000 http://www.doctorhousingbubble.com/?p=3492#comment-51450 Back in late 1991 when I lived in San Diego, the housing market was in trouble but not to this extent. I knew of people who raffled their house because there were no buyers. Back in late 1991 when I lived in San Diego, the housing market was in trouble but not to this extent. I knew of people who raffled their house because there were no buyers.

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