Nice mashup between Google Maps and a Foreclosure directory: Foreclosure Radar
Here’s what tony La Jolla (a favorite West Coast haunt of TBP) looks like as an example of Foreclosure listings:
click for much bigger graphic: La_Jolla_foreclosures
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Hat Tip: California Housing Forecast
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Sources:
Foreclosure Radar
http://www.foreclosureradar.com/
So, the foreclosures are not regulated to only the poor. Hmmm. I wonder how long it will take for this growing epidemic to ooze up Pacific Coast Highway … say Laguna Beach, Newport Beach, Pacific Palisades, Malibu, Santa Barbara?
Those 90 people (or it may have been 9 but that sounds too low) who were foreclosed upon in 2004 (Ca) wished it was from that area…
For those who traded up to the next “McMansion” they will be learning a new vernacular as it will still be utilizing the prefix “Mc” but it won’t be from the standpoint of a customer.
Ciao
MS
As a former San Diego resident, I can say that’s bad, but not surprising. People were definitely reaching to pay property values, even at the high end.
Now they are burning for it. I still have family just north of downtown in Banker’s Hill; property values are out of whack there too. This phenomenon should spread to all of the greater SD area.
Will be interesting to see foreclosures in Del Mar Heights, though.
Interesting point to track would be whether or not these are secondary mortgage forclosures or primary ones…
Anyone else notice all the newer cars on the road the past few years? Whether it’s money from the house or a great 0% finance deal, does anyone else think that people purchased vehicles responsibly? I mean, I couldn’t afford that $50k car at 4.5% but I sure can try at 0%…
The big cluster next to I-5 is really University Town Center (UTC), not La Jolla. As an analogy, one might say
UTC:La Jolla as Queens:Manhattan.
I live in UTC which shares a zip code with La Jolla, but not much else.
Couldn’t get that thing to work; not sure if the site is hosed or if Firefox on a Mac is giving it fits.
as a former bay area resident (acknowledging the liberal use of zipcode assignment) who lives in SD I can tell you that there is a place called “East Los Gatos” but it exists as a freeway exit name only. It’s still San Jose….
Ciao
MS
East Los Gatos should be called West Campbell.
-MS
Allow me to be more explicit. The big cluster near I-5 is basically 400 to 500k condos and townhomes. While certainly overpriced for the student housing they are, this is not the “tony La Jolla” that friend Barry is referring to. The homes near the coast and further from the highway are the 1 million+ homes that Barry is interested in associating with foreclosures among high-end folks.
Why does this make me sick to my stomach?
Red is REO, blue is NTS, green is NOD
There are two $3 mil homes, one $ 5 mil home , and one $ 7 mil home.
The $7 mil home has a $6.5 mil loan, closed on 12/29/06, NOD filed 7/06, showing she only made 3 or 4 payments.
This crisis is not contained to lower income. It extends to all who stretched into adjustable loans to get more house than they could afford.
Another indicator of financial distress is late property taxes. I’ve seen dozens of $2 mil and up homes that did not pay property taxes for several years now.
https://www.sdctreastax.com/ebpp3/
Foreclosures are oozing your way. Check out the digs of one Vance Luedtke in Laguna Beach.
http://www.dreamhomesmagazine.com/Home130328.html
He’s desperately trying to sell before a foreclosure befalls him – and he was the CEO of the now-defunct Alpine Lending mortgage operation.
Don’t pay anywhere close to full price for this property. You can wait for a few months and most likely get this property for $1 million less than it is listed for on a short sale.
It’s worth about $1 million less than that if he let The Big Roofing Company work on the roof.
Where is this scum bag Vance Luedtke hiding now?
Don’t pay anywhere close to full price for this property. You can wait for a few months and most likely get this property for $1 million less than it is listed for on a short sale.
It is so great to see that people still rip on The Big Roofing Company, Vance and Anthony Delmedico.
It is important to realize that help is always available – it is never too late. But the sooner action is taken, the better. When it comes to foreclosures, time is your enemy.