Profile picture for ajjacktech

How many foreclosures are in your zip code?

According to http://www.realtytrac.com there are 555 properties in my zip in foreclosure :( 107 are in my neighborhood :( Like it or not, us sellers will have to compete with these.

 

http://biz.yahoo.com/ap/080114/oh_cleveland_foreclosures.html?.v=1&.pf='real-estate'

CLEVELAND (AP) -- Banks have been selling foreclosed homes in Cleveland at less than one-third of their previous value, harming property values in an area that has been an epicenter for the nation's mortgage crisis, a new study said Monday.

 

Areas like mine with many foreclosures will be facing similar problems unfortunately. While Ohio may be an extreme case now, it may become the norm for hard hit areas in the near future.

 

 

 

 

  • January 15 2008 - US
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Answers (47)

Profile picture for KD in Texas

940 in my ZIP. 

  • January 15 2008
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Profile picture for onthefence

18 bank owned

8 in auction

8 in pre-foreclosure

  • January 15 2008
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Profile picture for Coconutcream

5 in pre-foreclosure. None in any other category.

  • January 15 2008
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Profile picture for dagaleaa

571 in foreclosure....52 in auction.....138 bank owned----Paradise in Naples, FL

  • January 15 2008
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Profile picture for lakeview10550

1,092 in my zip code, can anyone top that?

Why do buyers perceive foreclosures to be such great values?  Especially in this market when it indicates the owner likely bought in the peak or got a HELOC in the peak.  Is it really a bargain?  With all that bad karma. . . .

  • January 15 2008
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Profile picture for ajjacktech

lakeview-

agreed, not all foreclosures are bargains. In areas flooded with foreclosures the banks will eventually "dump" the homes below value and in doing so lower the value of every home in the area. When they do that for hundreds of homes in your area, your home value will be affected.

  • January 15 2008
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Profile picture for troy33064

Sorry lakeview, topped,

1,173 Pre-Foreclosure

164 Auction

294 Bank Owned

Zip Code 33064, Pompano Beach, FL

Looks like South Florida is a hot spot!!!!!!

  • January 15 2008
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Profile picture for KD in Texas

We purchased an owner-occupied home over the many available foreclosures because there was no comparison in the quality of the property.  Last purchase, we took the fixer-upper route.  This time, we wanted something nicer. 

 

And homebuilders are still building!  They want 30% more for the same square footage that I just purchased my 2000 home for.  That's nearly 50-60% more than what the forclosures are being listed at.  I don't see how the new homebuilders will stay in business much longer.

  • January 15 2008
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Profile picture for another_dustbunny

In our zip, North Scottsdale, there are 2 pre-foreclosures, 172 auctions, and 115 bank-owned properties.  I swear every time I've looked at RealtyTrac it's said 2 pre-foreclosures.  I'm not sure how accurate the site it as I thought there'd be more than that.

There's a property just down the street from us that's being auctioned off tomorrow.  It'll be interesting to see what it goes for or if it sells at all because it was last purchased at the height of the bubble here for 1.4 mil, and they're projecting 1mil.

  • January 15 2008
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Profile picture for 2 Big 2 Fail

I looked at the sheriff's website (RealtyTrac is NOT accurate since they count each foreclosed house multiple times) and there are 6 foreclosures in my zip code (5 of which are condos) and 250 in the entire county, which comes out to 3.5 foreclosures since there are 70 towns in Bergen County. 

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Profile picture for 2 Big 2 Fail

3.5

  • January 15 2008
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Profile picture for TWB
  • TWB
  • 1812 contributions

1,208

  • January 15 2008
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3 and 2 bank owned..

  • January 15 2008
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460 forcs, 356 pre-forc.  Our county (Riverside, CA) leads the nation in foreclosures, sadly.  Not the best way to be "number one."  :(

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Profile picture for mckylie

Too many to mention!  :(

  • January 15 2008
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Top this:

1600 in Riverside, CA (my rental area) and climbing.

Can you say Epicentre?

  • January 15 2008
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Profile picture for mckylie

Okay - 51 pre, 5211 Auction, 3319 Bank owned......

  • January 15 2008
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Ooooh, Phoenix is scary!

  • January 15 2008
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Profile picture for mckylie

I know!!!!!!!!!!!!!!

  • January 15 2008
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Sacramento Ca, 1005,...geeze I thought I would be at least near the top.  Good god look at Pheonix though!  It's not even all that big comparatively...spooky

  • January 15 2008
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1100 here. It stinks.

  • January 15 2008
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Profile picture for another_dustbunny

Mckylie, I thought you were in Paradise Valley.  The numbers there are much less frightening: 1 pre, 17 auctions, and 13 foreclosures.  Phoenix itself is off the charts.  Ugh.

  • January 15 2008
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Profile picture for mckylie

We really aren't in Paradise Valley - I don't know why Zillow says we are?  We are very very close - less than 5 minutes from the mall there.  But we are just a little East of PV.  The 51 and Thunderbird.

  • January 15 2008
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Profile picture for caballosnegros

Well- that was interesting- they listed quite a few but when I did the map search- they are all in Fx Lake not Spring Grove, just put it in a Spring Grove address- and not a desirable area of Fox Lake. I think that they fudge a bit- it's two totally different zip codes , emographics and counties even. Uhmmmmmm....

If buyers see that and don't check it out, they may be mislead. I checked on their maps, moved all around this area- not a one flag I could find for here.... I don't know...

  • January 15 2008
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Profile picture for Coniston

Only four in my zip code, but sixty four in the suburb I live in.  Two are valued at over $900K.

  • January 15 2008
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Profile picture for PJ Sassifras

In my city, 68 foreclosures and approx another 60 in pre.  That seems like a lot considering our population is only 84K.  However, I'm still priced below what the bank owned properties are listed for.  Now, I feel stupid for agreeing to the inspection contingency. 

  • January 15 2008
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Those numbers would be more helpful if accompanied by the total number of houses on the MLS, and maybe also how many people live in that zip code.

 

My zip: 95010

population 8000

77 houses on the MLS (last week it it was under 70)

3 foreclosures according to Realtytrac

 

One is a tiny condo, I would say $400k,

one townhouse in a not-so-nice complex- maybe 450-500k,

and one SFR. The SFR started out at $799k and now they are at $649k listing price. I have been following that one closely and always wondered why they want to sell now. I guess they HAVE to.

 

-Peter

  • January 15 2008
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Profile picture for PJ Sassifras

574 on our MLS

  • January 15 2008
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  • January 15 2008
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Pittsburg 1,136 listed   823 foreclosures=  72.4%
Sacramento 9,097 listed   6,518 foreclosures=   71.6%

 

Looks like Marci beats me too...but just barely.

  • January 15 2008
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