More Million Dollar Foreclosures Now [Housing Tracker]

Quote of the Day

“We work seven days a week. We see it getting worse. And worse. And worse.” - Christopher J. Fedor whose company, Florida Field Services, handles evictions for banks like HSBC. Since the company started doing evictions a year ago, business has doubled. (NY Times, June 4th)

Foreclosure Data

Ed McMahon May Lose Beverly Hills Home. “Ed McMahon, the longtime sidekick to television star Johnny Carson, faces the possible loss of his Beverly Hills home to foreclosure… ReconTrust, a unit of mortgage lender Countrywide Financial, on Feb. 28 filed a notice of default on a $4.8 million Countrywide loan backed by Mr. McMahon's home… Public records also show that McMahon had a separate home-equity line of credit from Countrywide of up to $300,000 secured by the same house… McMahon's home has been on the market for about two years [for] $5.75M, his real-estate agent Alex Davis said. Mr. Davis said the price had been reduced.” (Wall St. Journal, June 4th)

In South Florida, Eviction Spares Few. “Evictions are rising throughout South Florida, clogging county courts and spawning a boom in companies that specialize in “eviction services” like moving furniture to the curb. In Q1’08, Broward County tallied 3,043 eviction requests — more than it has received in the same period since at least 1999, and an increase of 54% over last year. In Miami-Dade, landlords filed for 4,726 evictions from January-April, up 1,157 from Jan.-Apr. 2007. Much of the rise comes from foreclosures, which in Miami-Dade County jumped to 311 in January 2008 from 38 in January 2007, but more renters and business owners are also finding themselves unable to pay the bills. In many cases, one failure leads to another.” (NY Times, June 4th)

Luxury Homes In Napa Valley Falling Into Foreclosure. “DataQuick Information Systems: As foreclosures multiply across California, they are spreading from the vast tracts of new houses in the deserts to luxurious homes in picturesque Napa Valley… Napa County saw 112 homes repossessed in Q1, up from 23 a year earlier. Most of those foreclosures have been in lower-priced areas, where new-home construction and sub-prime lending were widespread during the housing boom… ForeclosureRadar: In Napa, a 5,676-square-foot Mediterranean villa on a 35-acre lot was recently foreclosed on. It's now on the market for $5.255 million. Seven other houses in the city worth more than $1M each are in default or have been foreclosed on.” (LA Times, June 3rd)

Foreclosure Numbers Loom Over Early Positive Signs For Housing Market. “Missouri: A May 13 housing analysis by the St. Charles County Community Development Department shows foreclosures skyrocketed in 2007 across the country, affecting 875 properties. That’s twice the number of properties affected by foreclosures in 2006, and nearly three times the number of properties affected by foreclosure in 2004 and 2005. While foreclosure numbers show signs of weakness, the Home Builders Association of St. Louis & Eastern Missouri reported that the number of building permits issued rose consistently from January through April.” (St. Charles Journal, June 3rd)

Family Narrowly Skirts Foreclosure. California: “Plumas Association of Realtors: Chester, Calif. (Plumas County) Median home price: The median single-family home price during Q4’05 was $280,000, but fell to $245,000 during Q1’08. Inventory: There are currently 47 active listings in Chester with an average price of $315,000. Seventeen homes sold during Q4’05, but only three sold during Q1’08. Average days on the market: Homes took an average of 122 days to sell during Q4’05, but took an average of 361 days in Q1’08.” (Wall St. Journal, June 3rd)

Lull In Gwinnett Foreclosures Is Misleading. “Georgia: “Last month, Doug Hardegree helped the McCalla Raymer LLC legal firm foreclose on 327 properties. Tuesday on the courthouse steps in Lawrenceville, there were only 97… It's not that the tide of foreclosures has truly ebbed. A legal change forced lenders to file some paperwork differently before foreclosing. When a lender sells a loan to another institution, the change must be recorded at the courthouse before a foreclosure can happen. The change will push many of the June foreclosures into later months. Hardegree: "Next month will be horrendous. And the month after that will be worse." (Atlanta Journal Constitution, June 3rd)

Foreclosures Taking Hamptons By Surprise. “The Hamptons, NY: Among the houses in… foreclosure is one… on the market for $19 million in very upscale Bridgehampton… John Brady of Coldwell Banker Prestigious Properties [is] currently handling 14 [short sales] in The Hamptons… PropertyShark data: From last October-March, the five towns on the East End reported 415 lis pendens… 30% [more than] six months prior to that… There were 42 foreclosure auctions scheduled in the October-to-March time period across the five East End towns… up 40% from the previous six months. RealtyTrac: Eight homes were taken back by banks in Jan.-Apr. 2008 in the five East End towns [vs.] none in Jan.-Apr. 2007.” (Newsday, June 3rd)

New Washington County Program Hopes To Keep Troubled Residents In Their Homes. Minnesota: “Washington County Housing and Redevelopment Authority Deputy Executive Director Rich Malloy: The Mortgage Foreclosure Prevention Program is part of a state initiative to combat… home foreclosures. Since [opening in] March, it has counseled 161 households. Malloy: "The foreclosure problem has… multiplied in recent years, particularly in the Twin Cities metro area. Counties around here are seeing four, five, six, seven times as many foreclosure as they saw four or five years ago. In 2004, there were 170 foreclosures in Washington County; in 2007, there were 878; and at the rate we're going, we're looking at around 1,200 in 2008.” (Stillwater Gazette, June 3rd)

Foreclosure Prevention Phone-a-thon On Wednesday. Kentucky: “More than 6,200 foreclosures were filed in Hamilton County in 2007 – a 54% increase from 2003. They were up 49% in the same period in Butler County; 45% in Clermont County; and 70% in Warren County… Butler County Commissioner Greg Jolivette was 100% behind the phoneathon as were the mayors of Cincinnati, Oxford and Hamilton in Ohio; plus Bellevue, Newport, Covington, Bromley and Ludlow in Northern Kentucky.” (KY Post, June 3rd)

Dear Readers: Read anything you liked on this subject and didn't see it here? Why not post a link or a quote from the article in our comments section. Share the wealth! - Ed.

Get Seeking Alpha's housing market coverage by email -- it's free and takes only seconds to sign up.

Comments

[Mark Dotzour:]

Thanks for the efforts that you make to gather this information regarding the housing market. Yours is the best location that I'm aware of to find this level of quality information. Keep up the good work!

2008 Jun 04 10:55 AM

[SA Editor J...:]

Thanks! I appreciate the nice feedback.

- Judy

2008 Jun 04 12:15 PM

[Jason Rines...:]

I also appreciate this information. Very factual.

2008 Jun 04 08:59 PM

[Eagle-Chief:]

Time to reduce the price, Ed McMahon. Your (Ed) McMansion is not "worth" what it was 3 years ago. Time to reduce the price to a more realistic level - that price that will bring in some offers. It's like fishing with no worm on the hook. Put on some bait (an appealing price) and maybe the fish will come. No worm, no fish. And if you reduce the price and still get no buyers, reduce it some more. Fish wont eat a rock either. You have to give them something they like.

2008 Jun 04 09:58 PM

[icandoitdon:]

ed mc mahon...an 85 year old man who spent his life in show business living in a beverly hills home he can't pay for. something doesn't add up....i'd like to know the reeeeessssstttt of the story...

2008 Jun 04 11:14 PM

[tommytwotimes:]

Don...Here is the reeeeesssstttt of the story Paul Harvey.......Ed McMahon was johnny's ninja. How much money can you make for saying two words (heres johnny) your whole career? You better have more lines than that to make it to 85 in BH. And that doesn't include trying to sell sweepstakes tickets or real estate with Eric Estrada.

2008 Jun 05 11:39 AM

[WAKEUP:]

I also appreciate your diligent work in keeping details of the housing market in front of readers. There is an ocean of generalities about the housing market out there, but detailed information is much more useful. I would not have time to track down this much useful, but scattered information, on my own. Thanks.

2008 Jun 05 09:30 PM

[icandoitdon:]

hahaha! thanks tommy....i think you put 2 and 2 together and came up with 4.

2008 Jun 05 10:48 PM