Wednesday, May 06, 2009

Zip Code Analysis: 95670

Just for DJ, I ran the Foreclosure Radar foreclosure statistics for 95670, which includes Gold River. (Disclosure: Foreclosure Radar is an advertising partner on this site.) There has been a steady increase in the number of active foreclosure auctions taking place there. Activity is once again accelerating after the lifting of the foreclosure moratorium:

However, it doesn't look like Gold River itself has much in the way of foreclosure activity. Currently there are only five REOs in Gold River, and 15 NODs:

Since 2006, there have only ever been 21 REOs and 81 NODs in Gold River, so roughly 25% of NODs become REOs. Somehow I don't think 3-4 new REOs translates to a burrito. :)

There is a tendency for Realtors to inflate the geographic boundaries of Gold River to make a property seem more desirable. Perhaps that is what's happening here.


patient renter said...

Not bad, but still not the fortress that bloggers of the past hoped it would turn out to be (remember Real?)

Wadin' In said...

Now, even the Used House Sales People (UHSP must be capitalized, as it is trademarked <;-o}.) are peddling rentals in foreclosure.

Check this out: They want $4500/mon and a $4500 deposit!

and then go here: The property had a default notice issued in late March!

And to top it off, go here!!! The UHSP's firm, Intero Real Estate, had their web site turned off for lack of payment! Intero Real Estate sounds like a winner. Peddle foreclosed houses at an overpriced rental rate, but don't pay your own bills. Here is their opening line on the old web site: "Intero Real Estate Services has established itself as one of the premier real estate brokerages in the nation"

Not quite up to PREMIER standards today, if you know what I mean. But then they appear to have the ethics of an alley cat!

Max said...

Nice work, man. Posted!

smf said...

Good to hear about my neck of the woods.

I also wonder what happened to Real?

When we bought last year, we were told we got a great deal...only to lose $25K in equity so far. But I expect more losses in the future.

The high end is starting to crack, and I can see this from my front door.

Wadin' In said...

Yeah, SMF, we bought a house from Countrywide in Nov 07. It was a screaming deal at the time. $389,000, $125/SF. Now the lender says it is worth $310,000 on their CVA (computerized valuation analysis). This house as upgrades, views, large lot, etc., but in a declining market, all that is just so much flotsam & jetsam.

I probably should have waited a couple of years to Nov 09.