Zombie foreclosures

Here’s a weird scene from the aftermath of the US housing bubble…

You’ve all heard of underwater mortgages, but have you ever heard of a zombie foreclosure?

There are more than 300,000 properties in the US where the owner has abandoned the property but the bank never completed a foreclosure.

What does this mean?

Reuters revealed the plight of people who walked away from their homes not realizing that their names remained on the deed and that they were financially liable for taxes and other bills related to the abandoned property.

In some cases, homeowners vacated after receiving a notice from the bank of a planned foreclosure sale, only to find out later the bank never followed through.

Zombie properties can be easy to spot as they deteriorate into neighborhood eyesores and havens for criminal activity.

Read the full article here.

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C Junta
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C Junta

Surprisingly decent issue of Vancouver Sun on April 1st.

Opinion: The immigration questions we dare not ask
“Some (not all) immigrants regard Canada as a motel where they can check in and enjoy the services, without having to abide by the rules”
By Robert Sibley – http://bit.ly/128tAqD

Whites to become minority in Metro Vancouver by 2031
“Segregated neighbourhoods predicted as balance of population changes”
By Douglas Todd – http://bit.ly/Xy0xKp

I have an impression that Kenney and the gang read proper blogs sometimes. I hope so anyways.

patriotz
Member

A Slice of London So Exclusive Even the Owners Are Visitors

Well it seems like Vancouver is “world class” at least in this respect.

Call of Duty
Guest

facing off against each other as their creators stay safe and unconflicted, and in the process grow ever softer.

Anonymous
Guest
Anonymous

“Some (not all) immigrants regard Canada as a motel where they can check in and enjoy the services, without having to abide by the rules”

Canadians are naive and clueless. White liberals who want to show everone how progressive they are jump to defend any crook who crosses a border and championship their cause. Tax evasion and empty condos have nothing to do with racism.

Meanwhile people who follow the rules are left out in the cold and real racism is ignored. I came to this country in the 70s.

Many Franks
Guest
Many Franks

CIBC’s Pablo Martinez demonstrates his incredible ability to hold opposite opinions simultaneously:

“House prices are edging down around the country,” and he suggests some markets may currently be in a bubble.

“The problem with housing is it’s not a sector that slowly accelerates or degrades,” says Martinez. “It either booms or busts, and the Canadian housing sector is overpriced.”

He adds these inflated prices will remain stable or fall slightly despite the lack of strong growth in 2013.

Anonymous
Guest
Anonymous

Let’s have Mandarin only signs in Vancouver and Richmond. It’s bound to eventually happen.

Same goes for punjabi in Surrey.

The day I’m waiting for is when the first elected ethnic municipal council comes to power. I predict in 2 election cycles.

Crikey
Guest
Crikey

Does anybody have thoughts on how prices should decline in Victoria compared to Vancouver, as the bubble deflates? A friend of mine has sold in Vancouver, and within the next couple of years will either buy again in Vancouver or buy in Victoria.

Given that the aging population is so much more prominent in Victoria, should Victoria price declines be expected to be faster and farther (in % terms) within the next couple of years?

mac
Member
mac

Here’s a zombie assignment in the OV. The owner is very enthusiastic for a member of the walking dead:

http://vancouver.en.craigslist.ca/van/reo/3683423038.html

Democrass
Guest
Democrass

“Same goes for punjabi in Surrey”

There will never be Punjabi only signs in Surrey. If you have been to Punjab or other states in India, you don’t even see Punjabi only (or Hindi or whatever other indian language is spoken in the particular region) signs. In India, the vast majority (like 90%) of commercial signs are in English, or are bilingual.

That’s why, in my view, immigrants from India integrate better than immigrants from elsewhere in asia. Their English is usually very good. Many Indian immigrants whom I’ve met speak better English than I do (and I was born in Canada).

Anonymous
Guest
Anonymous

>Same goes for punjabi in Surrey.

Why? English is the dominant language for signage at Indian businesses, so I’m not sure what motivates your sarcastic comment. Perhaps it’s simple ignorance.

bon jovi
Guest
bon jovi

@mac
i always lough when they use photos of clean kitchen and ready made sushi for marketing purposes 🙂

Pdub
Guest
Pdub

Vancouver has already had ethnic Councils. They just happened to be Scottish.

Anonymous
Guest
Anonymous

I’m not white. However, I feel strongly that Canada should favour whites in their immigration policy.

Non-whites are too competitive, and I’d rather compete against white people when it comes to business. And I want my children to compete against white students when it comes to getting into universities and possibly go to law school or medical school. White’s self absorbed sense of entiltment is annoying but also beneficial.

frank
Guest
frank

Don’t take the bait of the race baiters folks, on either side.

This is not a race isse. There are probably just as many white Russians and Israelis and Eastern Europeans using Vancover as a hiding place for their money as Chinese. However they aren’t visible.

The problem is allowing crooks to come here, hide their dough and then tie up the legal system for decades with their high priced lawyers to prevent extradition. London has become a haven for them which is why even the very rich cannot afford to buy downtown there, as they are competing with the bags of loot form the cartel and oligarchs.

Makaya
Member
Makaya

We’re second! A bit more effort and sure enough we can beat those Aussies…

http://images.smh.com.au/2013/04/02/4157681/money_housing_729-420×0.jpg

Makaya
Member
Makaya

Interesting article by Larry at Yatter Matters.

Here is the list of the 10 most expensive sales in March in Vancouver:
http://www.yattermatters.com/2013/04/top-10-vancouver-sales-in-march/

The interesting thing is that the top of the list sold $2 million below ask price of $13.5 million (15% hair cut), and #4 on the list sold for 20% below ask price.

I wonder if these kind of price reductions in this segment of the market are common or not. Anyone care to comment?

N
Guest
N

Would anyone like to venture a guess as to what percentage of Vancouver properties are owned by foreign criminals? Would anyone go as high as 1%? Would anyone like to make an estimate of the percentage of recent overall price gains that can be attributed to price gains within that the portion of the market that super-rich foreign criminals represent?

If someone has a serious argument, including numbers (even totally made up numbers) to the effect that the impact of rich criminals on RE prices for ordinary citizens is non-negligible, I’d love to hear it.

Makaya
Member
Makaya

And here is a comment from I guess a realtor… we bears are so wrong, the market is already picking up and heading to new highs very soon…

Roland Leung Says:
April 1st, 2013 at 10:54 pm
Market definitely picking up especially on the West side. Month of Inventory drops below 6 for the west side in March.

If you check out those bear sites, they are still relishing the real estate down turn. They may not realize that this March already a turnaround point. Soon, they will realize that they have missed the bottom again, just like they did in 2009.

Short'em High
Guest
Short'em High
@Crikey Says: “…how prices should decline in Victoria compared to Vancouver…?” You can spend a lot of time pursuing various theories on price decline rate but the most recent decline in 2008 from Teranet from Victoria versus Vancouver can be looked up! http://www.housepriceindex.ca date Victoria Vancouver Jun-2008 143.930 150.490 Jul-2008 143.460 150.590 Apr-2009 129.880 132.920 May-2009 131.150 132.730 percent -9.8 -11.9 van/vic 1.21 vic/van 0.823 This tells me the more stupidly overpriced something is, the more painful the comeuppance will be. I think people that overpay for their home do, at some level, know they’ve overpaid and by how much comparatively. As for your friend, future price is not a good way to decide where to buy, or whether to buy or rent. The usefulness of the home relative present value of payment(s) is the best way to decide. If… Read more »
N
Guest
N

Nice graph, Short’em! It would be fun to see that as projected price change based on the MOI.

HFHC
Guest
HFHC

New Listings 89
Back On Market Listings 17
Price Changes 50
Sold Listings 19

Very Early but here we go.

As Of 10:50am
ALL LOWER MAINLAND up to Abby

spit
Guest
spit

N – re: rich criminals

Bottom line is, it doesn’t matter what the impact they’ve had on RE prices for the ordinary citizen, because the ordinary citizen here in Vancouver hasn’t got a clue as to what a realistic price for RE should be!

Why do you think we have a bubble? Biggest factor is deluded ordinary citizens.

Short'em High
Guest
Short'em High

@N, you can see @jesse’s pioneering work for cummulative impact on price vs MOI here:

https://docs.google.com/spreadsheet/oimg?key=0Aku6wWaKdvsQdGFyVGlPdDd4MGFCS3h2TWVkTE11YXc&oid=11&zx=r8v68fi7f8jt

Source: http://housing-analysis.blogspot.ca/

Based on a price/MOI relationship I am considering how best to calculate a nominal days PRICE projection graph but it’s still in the thinking phase.

@HFHC. Thank you for posting and wow! 19 sales from Thursday to Tuesday morning. No wonder Roland Leung from @Makaya’s quote is pooping his pants! As for his MOI “dropping”, it may drop but an expired listing doesn’t cover the underwater position. That listing will be back on the market with many others when prices fall a bit more.

Anonymous
Guest
Anonymous

A school friend of mine who is very well connected in his ethnic community revealed a scheme him and his business friends came up with. Its something called “block busting”. Their syndicate is expecting a housing collapse. When that happens they will buy a few houses in a Caucasian block possibly in the north shore or south surrey.

They will then rent out those houses to native families with school aged children. They expect the Caucasian to immediately put their homes up for sale to get away from “dem dirty injuns”. The syndicate will then buy the houses at below market prices, kick out the natives, and sell the houses at market prices to Caucasians.

Barb Rennie
Guest
Barb Rennie

Zombie foreclosures are so sad. We have here in Vancouver Zombie foreign ownership. These homes are purchased by visiting foreigners and left vacant. Most of the time, there is a property manager looking after the care of the lawn by hiring a professional gardener, so they are hard to detect when driving through the neighborhood. However, at night you can look up at condo buildings and see only a few units with lights, or homes somehow never turn on lights. Vancouver is Zombieland.

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