Santa Clara County: preforeclosure activity spikes 234%
Report says foreclosures, defaults up in 2008
Santa Clara County saw the biggest jump in preforeclosure activity among the counties last year, up 234 percent to 18,610, according to Default Research. Los Angeles County experienced the highest number, 122,408.
In a word… Gilroyandmorganhill.
Ok… maybe 4 words then: Gilroy and Morgan Hill.
Maybe it’s time for a new term: Real Santa Clara!
January 11th, 2009 at 8:07 am
Housing downturn hits L.A.-area rents
Overbuilding and foreclosures add to supply of units as the recession limits what people can pay.
By Peter Hong and David Pierson
January 8, 2009
Christine Arce had been eyeing a loft in downtown Los Angeles for six months, but the $1,550 monthly listed rent was just out of reach.
The fashion sales representative called back recently on a whim and found the property managers were offering just enough to bring her in — a $100 monthly reduction and the first month free. “I was totally surprised,” said Arce, 32.
She may have been pleased, but for landlords her good fortune represents a grim new reality.
After rising for several years, rents in the Los Angeles area are declining because of the economic recession and depressed home prices, researchers, real estate agents and property managers say.
http://www.latimes.com/business/la-fi-rent8-2009jan08,0,5261091.story
January 11th, 2009 at 12:01 pm
Lionel, Los Angeles is a completely different market than the RBA. Do they have Google in Los Angeles? Or Facebook? Or billboards with in-your-face ads from Oracle harshing on Intuit? I don’t think so!
January 11th, 2009 at 4:30 pm
What are you trying to say burned, we all know economics and fundamentals have no place in the bay area, er “real bay area.”
January 11th, 2009 at 4:32 pm
oops, should read “burbed” (obviously).
January 11th, 2009 at 4:38 pm
Nope, it’s a joke of a place place hoist up by its own bootstraps.
And, if enough people believe the lie, it will continue.
January 11th, 2009 at 4:57 pm
Besides, 234%?
That’s not that much…
January 11th, 2009 at 6:35 pm
Has this been posted on burbed?
Cheapest house in Saratoga:
http://www.redfin.com/CA/Saratoga/15725-CANON-Dr-95030/home/12544403
Or this one, cheapest house in Cupertino:
http://www.redfin.com/CA/Cupertino/18730-TILSON-Ave-95014/home/1456283
There is another on Tilson Ave:
http://www.redfin.com/CA/Cupertino/18830-TILSON-Ave-95014/home/1764936
This time there is really a house (as-is), but it is really worth about 70k, the lot is all the value.
January 11th, 2009 at 7:01 pm
Re tilston #1:
LOL
“hurry this one will go fast”
…
On Redfin: 87 days
HURRY. Time to change the out of date description.
January 11th, 2009 at 7:19 pm
anon (#6), come to your senses, man! 234% isn’t that much when you’re going from 3 foreclosures to 7!
Foreclosures just don’t happen in the RBA! We don’t have any of those funny loans either.
January 11th, 2009 at 7:20 pm
rick, that “house” in Saratoga is a vacant lot. You have to build your own bridge over the creek to get to it too. What a sweet deal, eh?
January 11th, 2009 at 7:31 pm
“anon (#6), come to your senses, man! 234% isn’t that much when you’re going from 3 foreclosures to 7!”
Lol point taken.
“Foreclosures just don’t happen in the RBA! We don’t have any of those funny loans either.
”
Of course not! Nobody stretched even a little bit to get in on 7% appreciation per year on 1.5 mil instead of 1.0 mil…
After all, the difference is only 35k per year… Ask RE – that’s chump change to anyone in the RBA.
I’m sure.
January 11th, 2009 at 7:36 pm
Hell, you could find almost that much if you searched my sofa cushions. My car seats would give you the rest.
January 11th, 2009 at 9:06 pm
Hey, RE said the rich Wall Street guys all had their places paid off. They certainly couldn’t be angry renters…
The Wall Street stockbroker had used FlatRate Moving, a high-end moving service, a half-dozen times over the years. They moved him from a modest apartment on the Upper East Side to a grander one on the Upper West. He called when he moved to an even better building in Midtown. Most recently, FlatRate helped settle him and his wife and child into a 3,000-square-foot loft in Soho, one of Manhattan’s priciest neighborhoods.
FlatRate got another call two months ago. The client was packing up his family for a two-bedroom apartment in the less expensive Park Slope, Brooklyn. He had lost his job and was no longer in a position to pay the $3,000 to $5,000 a month he’d shelled out before.
“We did the move almost at cost”—for under $1,200, says Michael Kessler, FlatRate’s vice president of marketing and sales.
Now, FlatRate gets calls for “downgrade” moves about once a day, Kessler says, mostly from clients in the financial world, many of whom are leaving Manhattan for Brooklyn or Queens.
http://www.portfolio.com/culture-lifestyle/goods/style/2008/10/29/Luxury-Discounts?PMID=alsoin/Cheaper-Chic
(The article is from 10/08. The exodus started quickly after the big meltdown.)
January 11th, 2009 at 10:39 pm
In fairness, Gilroy was never RBA… No place where you can see a cow birthin’ in someone’s back yard should count as suburbia.
January 11th, 2009 at 10:46 pm
Renter4 – I do know of a backyard not far from 280 in San Jose that regularly births chicken. Wonder what the neighbors think of the rooster. No cows, though.
January 12th, 2009 at 8:29 am
Chickens? Yep – we got ‘em in Los Gatos too. The lady is meticulous about keeping things clean so the neighbors don’t complain. They’re in a regular neighborhood.
The people up the road with an acre or two have goats.
Renter4 is correct about Gilroy never being RBA though. Too dang far away.
January 12th, 2009 at 10:38 am
LMAO!
I have three friends now who all stupidly bought during the bubble times. All three are now sitting on properties that are underwater. One of them is now unemployed and is looking at a rate reset this year on his interest-only loan.
January 12th, 2009 at 10:55 am
But did they buy in the “real bay area?”
January 12th, 2009 at 11:00 am
rick, there have to be cheaper places in Cupertino than that vacant lot in Rancho Rinkydinky you posted in #7. Wasn’t there some street right up against Lawrence and Stevens Creek that had some real “winners”? At least the house I saw yesterday in Sunnyvale had an actual house on it. ($949K for a 2/1! In Sunnyvale! Ha!)
nomadic(k) and anon, you two never fail to crack me up. Thanks.
January 13th, 2009 at 11:59 pm
Based on Zillow, I’m seeing home values in my zip rising for the past couple of months.