Sonoma Canary, Part 1In light of the recent articles about banks dragging their feet on foreclosures to avoid flooding the market, the NODs for August '10 are not forecasting a rosy picture for Sonoma. These are not healthy numbers.
And with 250,000 active Option ARM mortgages in California, this debacle has a long time to run its course. Here are 13 Charts from Dr. Housing Bubble on the weak housing market--use it wisely.
I thought this was interesting. Checking NODs and Foreclosures for September, the following name came up, repeatedly: CARINALLI. Doing a little search on the name gave me this article:
2009-09-30: Carinalli creditors respond to bankruptcy filing
One day after real estate financier Clem Carinalli declared bankruptcy, the longtime Sonoma County families whose investments helped him build a real estate empire for the most part remained either publicly supportive or silent.
- All totalled, there were about 5 foreclosures and approximately 20 NODs over the past several months for this family of investors.
43 Foreclosures to start September (through Sep 3) is a fast pace. That would yield about 301 for the month if it remains steady at that pace.
NODs:
. . '08 . '09 . '10
Jan 451 . 394 . 255
Feb 513 . 468 . 380
Mar 498 . 553 . 407
Apr 509 . 497 . 354
May 505 . 491 . 389
Jun 492 . 562 . 303
Jul 460 . 615*. 275
Aug 482 . 425 . 383
Sep 191 . 399 . 400 through Sep 29
Oct 178 . 379
Nov 241 . 320
Dec 500 . 319
* New Monthly Record
* Sep '08: CA Law SB 1137 takes effect
* Dec '08: CA Law SB 1137 FAILS
Trustees Deeds:
. . '08 . '09 . '10
Jan 164 . 166 . 181
Feb 238 . 151 . 155
Mar 221 . 121 . 209
Apr 236 . 123 . 215
May 280 . 149 . 184
Jun 324 . 271 . 169
Jul 341 . 202 . 179
Aug 372 . 231 . 188
Sep 303 . 183 . 224 through Sep 29
Oct 195 . 210
Nov 184 . 218
Dec 229 . 195
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