Archive for the 'jumbo loans' Category

Shadow inventory grows in Southern California – Huntington Beach foreclosure with $1.4 million in loans and no payments made in a year. Auction scheduled for end of March in a mid-tier Southern California beach city.


Beverly Hills real estate selling for 1989 price levels – Southern California two bubbles. Home sold for $920,000 in June of 1989 and has a pending sale at $920,000 today. 1 MLS foreclosure versus 100 in the shadow inventory.


Foreclosure millionaire style – 5 Beverly Hills foreclosures listed on MLS but 149 homes in foreclosure process – 107 of those foreclosures have loan balances above $1 million. One in seven homeowners with loans over $1 million are seriously delinquent.


Santa Monica real estate enters correction mode – Prime California housing market enters correction phase. From $1 million to $865,000 and still in a bubble. 1 MLS listed foreclosure for Santa Monica yet 177 homes are in some stage of foreclosure.


Laundering real estate – How dirty loans have made data on distressed inventory look better. 1 out of 5 US mortgages impaired. Jumbo loan market has completely evaporated.


Revisiting option ARM data – Bank of America, Wells Fargo, and JP Morgan still have over $160 billion in option ARM loans outstanding. Over 250,000 option ARMs in California still active.


California home equity hangover – $649 billion in HELOC loans nationwide with most in California. June 2005 92,000 HELOCs in California compared to only 22 in March of 2010. The evaporation of an industry and three examples of refinancing gone wrong in Culver City and Pasadena.


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