Jeannie Niles Real Estate Investment
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Interesting Foreclosure Statistics
I am always frustrated how the media and other trade groups use statistical data to prove the point they want to make, thus I like to do my own statistical research. If you have read my web site previously, you are aware of how I “harp constantly” about UNDERSTANDING THE NUMBERS!!! Up to now, I have only charted inventory, new sales (pendings) and new listings.
Since I have so much time available due to advising my clients the past two years to hold their property and not purchase any new property, I decided to check out some foreclosure statistics. I obtained these stats from www.foreclosure.com which I subscribe to. These numbers will not be perfect. I have noticed some duplications as well as errors on this website, however this is the best I have to work with and nothing is perfect.
| Foreclosed Properties | Notices of Default | Ratio of NOD’s to F/C’s* | |
|---|---|---|---|
| 1226 | 5127 | 23.9 | Orange County |
| 2340 | 8736 | 26.8 | San Diego County |
| 3959 | 12,950 | 26 | Riverside County |
| 7 0 |
31 0 |
22.6 | La Jolla zip code 92037 Within 1/2 mile of ocean 92037 |
| 43 | 128 | 33.6 | Downtown San Diego Zip Code 92101 |
| 1 0 |
3 0 |
33.3 | Sixth Avenue, San Diego Sixth Avenue Near Balboa Park |
| 142 | 360 | 39.4 | Desert Hot Springs Zip Code 92240 |
| 19 | 91 | 20.9 | Palm Desert 92260 |
My ratio of actual foreclosures to notices of default filed tells me that about 75% of properties that go into foreclosure are “cured”. This means the loan was brought current or paid off curing the foreclosure period. After a notice of default is filed, the borrower has ninety (90) days in which to bring the payments current. Between the 90th day and the 120th Day, the borrower must pay the loan in full in order to save the property. After 120 days of being in foreclosure is when a trustee sale can be held on the courthouse steps.
The above demonstrates the more affluent the area, the lesser number of foreclosures. The more exclusive and limited supply of property area has zero foreclosures, even in the current market!! Note La Jolla 92037 as well as the Balboa Park Area 6th Avenue area. Additional note is there are four foreclosure activity properties on 6th Avenue. Three of these are in The Mills Building at 1643 6th Avenue. My personal opinion of this building is the design is not attractive and it is adjacent to Hwy. 163.
I hope you find this helpful and would appreciate all comments. My goal is to always do better!
Happy New Year!
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Jeannie Niles Real Estate Investment
P.O. Box 317
Palm Desert, CA 92261
P: (760) 360-4020
F: (760) 340-9069
E: jniles@realestate-investment.com
