Foreclosures Continue to Surge around Seattle

Let’s expand on our preview of foreclosure activity with a more detailed look at July’s stats in King, Snohomish, and Pierce counties. First up, the Notice of Trustee Sale summary:

July 2009
King: 1,413 NTS, up 13.2% YOY
Snohomish: 690 NTS, up 11.3% YOY
Pierce: 872 NTS, up 8.6% YOY

Here’s your interactive Tableau dashboard updated with the latest foreclosure data:

After a brief blip into negative year-over-year territory in June thanks to last year’s massive spike following a change in state law, foreclosures moved back into positive territory in July. Month-to-month, King and Pierce were up, but Snohomish fell slightly. King and Pierce both set new second-highest levels (only June of last year was higher).

The percentage of households in the chart above is determined using OFM population estimates and household sizes from the 2000 Census. King County came in at 1 NTS per 577 households, Snohomish County had 1 NTS per 391 households, and Pierce had 1 NTS for every 364 households (higher is better).

According to foreclosure tracking company RealtyTrac, Washington’s statewide foreclosure rate for June of one foreclosure for every 491 housing units was 14th worst among the 50 states and the District of Columbia (up from 25th in June). Note that RealtyTrac’s definition of “in foreclosure” is much broader than what we are using, and includes Notice of Default, Lis Pendens, Notice of Trustee Sale, and Real Estate Owned.

Hit the jump for a larger version of the chart that shows the percentage of households in each county receiving a foreclosure notice each month:

If the rate of growth we’ve seen in foreclosures since February keeps up for much longer, we’ll bust through the June 2009 highs well before the end of the year.

Every month I think maybe “the worst is over” with respect to foreclosures, and yet every month I am continually surprised to see the number continue to rise. This is one area where we are clearly not seeing any “recovery” as of yet.

Note: The graphs above are derived from monthly Notice of Trustee Sale counts gathered at King, Snohomish, and Pierce County records. For a longer-term picture of King County foreclosures back to 1979, hit this chart and drag the date slider to its full range. For the full legal definition of what a Notice of Trustee Sale is and how it fits into the foreclosure process, check out RCW 61.24.040. The short version is that it is the notice sent to delinquent borrowers that their home will be repossessed in 90 days.


About The Tim

Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer / internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market.

57 comments:

  1. 1
    ray pepper says:

    We are a pretty educated state. My comment that people will “only remain stupid for so long” should improve our ranking of 14th and put us in the TOP 10 next year.

    They are all coming back via short sale or foreclosure. Not a matter of if……just when…These bandaides of loan mods area complete joke if your not getting any principle reduction.

    I will say this again …………………don’t underestimate a MASSIVE FED program that will be sold to America in an effort to SAVE US ALL. This slow bleeding is a form of chinese water torture and watch what rolls out NEXT.

    I can hardly wait………

  2. 2

    The Tim wrote: “Every month I think maybe “the worst is over” with respect to foreclosures, and yet every month I am continually surprised to see the number continue to rise.”

    I think foreclosures will remain high as long as unemployment is high, because often it’s the time unemployed that determines likelihood of foreclosure, and when unemployment is high the duration of being unemployed would trend higher.

  3. 3
    bubblebuyer says:

    A lot of the increase is driven by our declining economic condition. When you lose your job and can’t find another one and you can’t sell your house without taking a huge loss you run out of options. Hold your hats as the double dip recession kicks in….we’re going down.

  4. 4

    RE: ray pepper @ 1

    And the Gasoline on the Foreclosure Fire [and the beat goes on]

    “….Stocks fell after the Labor Department reported that the number of people filing for unemployment benefits for the first time rose last week to 484,000. The gain was small at 2,000, but economists had expected the number to drop. The news pointed to continuing weakness in the labor market, yet another sign that the economic recovery is weakening….”

    http://finance.yahoo.com/news/Stocks-fall-after-Cisco-apf-4294131936.html?x=0&sec=topStories&pos=1&asset=&ccode=

    I’d like to know how many of those Short Contracts [maybe Kary can help us here], stipulate that the seller loses the home but still owes like $50-100K mortgage payments for the ghost house he just lost, plus will be paying rent now too.

  5. 5

    RE: bubblebuyer @ 3

    All the King’s “Low Mortgage Interest Rate” Horses and All the King’s “Fannie/Freddie Lax Mortgage Standards” Men

    Couldn’t put the “lipsticked pig economy” Humpty together again.

  6. 6
    Willy Nilly says:

    RE: ray pepper @ 1

    Ray, in the past you have held the position that being 100k upside down is a threshold where people seriously become candidates to walk away; what about chronologically? Does date of purchase in the Puget Sound area become a critical factor i.e. most loans from 2006-2008? If an area drops another 10-15% another layer of loan holders are exposed, creating a vicious cycle which feeds on itself.

    A gem bought today may turn into a spoiled good in 18 months. Pretty soon I am going to be able to build a nice 3br 2ba out of the barnacles forming on my butt from sitting on the sidelines so long.

  7. 7
    Matthew says:

    Imagine what the outlook will be once people realize that if you bought in Seattle in 2005 or later they are going to be underwater for 10+ years… People are still holding on for a glimmer of hope that this is the bottom. That thought is going to be annihilated in the next 6 months.

    Recovery summer!

  8. 8
    CalEngineer says:

    I’m going to go with my gut feeling on this, since I’ve felt like I’ve been correct for the last several months in this regard. I definitely see foreclosures starting to trend down, not backed up by any hard statistics, but by my own tracking of homes for sale in Downtown/North Seattle. I’ve really seen a decline in short sales cropping up on the market and this to me indicates a coming decline in foreclosures. Look for a decline to a little bit above the August-Feb numbers in the next couple months.

  9. 9

    RE: softwarengineer @ 4 – I don’t think there’s any way of knowing how many banks actually release the debt on a short sale, and how many don’t. Even an agent that does a lot of short sale listings (e.g. someone not me) wouldn’t know. They would only know their own transactions.

    In any case, it probably often doesn’t matter because a lot of short sale sellers probably do so planning on filing bankruptcy after the short sale to deal with their other debts.

  10. 10

    By Matthew @ 7:

    Imagine what the outlook will be once people realize that if you bought in Seattle in 2005 or later they are going to be underwater for 10+ years…

    LOL. You greatly overestimate your own ability to know the future.

  11. 11

    RE: Willy Nilly @ 6

    I’d Add Willy Nilly

    From the bank sale example next to me, which needed massive upside down remodeling costs added in to even make a 2009 sale, that you’ll need not only the upside down principle loan amount. You’ll need the most likely “money pit remodeling” cost added in to the original mortgage principle getting it to sell at even close to 2009 price expectations in 2010.

    This added upside loan factor could very well take it into loans in the mid 90s. The 2nd mortgaged loans of the 80s too. We’re screwed.

  12. 12

    RE: CalEngineer @ 8

    Tim Could Likely Help Here

    There’s been much on the SB website the last year about Shorts’ offers not being accepted. There’s also been much on this website about bank listed homes that can’t sell and either lay empty [look around your neighborhood for ones with glueboard nailed to the windows] or the lucky ones find qualified tennants to at least help with part of the losses.

    The bottom line is chart trending(s) has many multiple meanings, not all positive either.

  13. 13
    Sniglet says:

    The data about foreclosures is very interesting. Now, what would be even MORE interesting is an anlyses of the delinquency data for our region… Since such a high percentage of delinquent borrowers wind up going to foreclosure eventually, seeing how many delinquencies there are would be highly instructive as to the future foreclosure rates (and price pressure on the market from distressed sales).

  14. 14
    Matthew says:

    Kary,

    Not really, we are basically following the same playbook the Japanese have followed for the last 20 years.

  15. 15
    Anonymous Coward says:

    RE: Matthew @ 7 – You’re forgetting the fact that every month your August 2005 buyer is paying down a little bit of principal. And the fact that the longest term 2nds offered in 2005 had 15 year terms. So, let’s use a zero down buyer with 80% of the purchase price financed at 5% for 30 years and 20% financed for 15. (If you did anything more exotic you’ve lost, or will shortly lose, the house anyway and won’t be doing the calculation of a strategic default.) We’ll assume a $325k purchase which was about the median for Seattle at the time. 10+ years from today is 2020. In August 2020, our theoretical buyer will have paid off* the original 20% HELOC and will have ~$177k left on the first. And remember the peak wasn’t until mid 2007 when our theoretical house was worth ~$415k. In order for our theoretical buyer to be underwater in 10 years (2020) home prices will have to be at 57% of peak in nominal terms. Do you think that prices in Seattle will be down 57% from peak in nominal terms in 2020?

    *Ok, they’ll really still have 1 payment left…

  16. 16
    Matthew says:

    Anonymous,

    Yes I do.

  17. 17

    RE: Matthew @ 14 – Undoubtedly everything is the same in the US as it was in Japan 20 years ago, including undoubtedly the state of the global economy. Your arguments remind me of those people who thought Seattle was 18 months behind San Diego because the graphs looked similar if you overlaid them with an 18 month delay for SD.

    But I’ll counter your Japan argument with an argument that the US today is just like the US in the early 80s, and therefore everything that happened in the 80s and 90s will happen again, including a sequel to the movie Purple Rain.

  18. 18
    Scotsman says:

    RE: Kary L. Krismer @ 17

    “But I’ll counter your Japan argument with an argument that the US today is just like the US in the early 80s”

    But it’s not. From a national financial stand point it is much worse. Debt saturation is much higher, total debt as a percentage of revenue is much higher, interest rates are already about as low as they can go and. . . they are having very little to no stimulating effect. We’ve already rolled over the cliff, but having not hit the canyon floor yet people are able to continue the delusion that everything is OK. Again, math’s a b#tch. Show me a mathematical way out the carries into the future more than just one or two steps/consequences, and I’ll believe. I’m looking, haven’t seen it yet. That’s not crystal ball gazing, it’s cash flow reality.

    http://market-ticker.org/uploads/2010/Mar/Diminishing-Prod.jpg

  19. 19
    Matthew says:

    No it’s not the same, obviously. Japan is a nation of savers, has a high trade surplus, and has never been 14 trillion dollars in debt. They also don’t have the world reserve currency. They have however, followed a ZIRP for a long time, a very similar road to what we are now following. There are some striking similarities to our current situation and the United States of the 20’s and 30’s as well. I don’t think things will play out exactly the same this time as they did then, but there are many similarities we can definitely learn from. Ignore the past at your own peril.

  20. 20
    deejayoh says:

    hmmm. what were foreclosures like in Japan in the 80’s? wasn’t half of the japanese problem that banks didn’t write off their bad loans? how does the analogy pertain to this thread?

  21. 21
    Scotsman says:

    Foreclosures will continue to rise for some time. I would expect them to accelerate once it becomes obvious to the banks that the economy is not going to improve quickly enough to net them higher prices. The house I live in is currently 4+ months past due on any kind of payment and not a peep from anyone. How many others are out there, sitting, waiting? Waiting for what? Government rescue- the .gov is broke. Big turn around in the economy? Even lower interest rates? Will they give them away when the liability of keeping them exceeds the projected net recovery?

  22. 22

    RE: Scotsman @ 18 – I wasn’t serious with that comparison, which should have been apparent by my Purple Rain reference. Next time I’ll use a ;-)

  23. 23
    Matthew says:

    DJO,

    I can’t tell, are your questions serious?

  24. 24
    Matthew says:

    Dr. Housing Bubble did a great comparison of the U.S. vs. Japan and the two bubbles if anyone cares to take a look definitely worth a read:

    http://www.doctorhousingbubble.com/japan-iwato-and-heisei-boom-real-estate-bubble-stock-market-bubble/

  25. 25
    Scotsman says:

    RE: Kary L. Krismer @ 22

    You can’t joke about Purple Rain- it’s iconic.

    The Feds are coming to the rescue!

    http://www.cnbc.com/id/38658978

  26. 26
    deejayoh says:

    By Matthew @ 24:

    Dr. Housing Bubble did a great comparison of the U.S. vs. Japan and the two bubbles if anyone cares to take a look definitely worth a read:

    http://www.doctorhousingbubble.com/japan-iwato-and-heisei-boom-real-estate-bubble-stock-market-bubble/

    I wouldn’t call that a great write up, but I only got so far as his use of the factually incorrect chart from the economist circa 2005 that compares Japanese LAND prices to US home prices to stop reading. I did a post on this a while back that shows an apples to apples comparision of US and Japanese HOUSING prices to show the relative size of the two bubbles. The Japanese HOUSING bubble was quite a bit more extreme than the US example
    http://seattlebubble.com/blog/2008/11/03/comparing-the-us-and-japanese-housing-bubbles/

  27. 27
    ray pepper says:

    RE: Willy Nilly @ 6

    now that is funny….actually I would like to state that far less then 100k is initiative for people to stop their payments. 50k plus the cost to sell of another 10% does the job…

    keep looking and get those barnacles off…always look…

  28. 28
    ray pepper says:

    RE: Scotsman @ 21 – ” How many others are out there, sitting, waiting? Waiting for what? Government rescue”

    1000’s…………….the amount of people who have stopped paying or will stop paying in the next 12 months will astound us………………

    It can’t be just me that sees and hears this day after day. Your friends, relatives, and co-workers……………..Lets all watch this together as home owners pray to simply just RENT THEIR home from the bank after a deed in lieu or a foreclosure……………

    The banks should begin requesting “deed in lieu’s” with a guarantee of a 3-5 year rental period at a fair market rent from delinquent owners. Then the Buyer can have the opportunity to repurchase at a NEW fair market value and it will also stop the bleeding from the banks with foreclosures and they can get rental income.

    ………………………….It was just a passing thought…..I get ideas how to fix this everyday……..The millions of homeowners that would do this I’m afraid would just be too EPIC.

  29. 29
    cheapseats says:

    RE: Kary L. Krismer @ 22 – You may not have been serious, but now I must relook at the rest of the prediction.

    http://prince.org/msg/7/332576

  30. 30
    Anonymous Coward says:

    RE: deejayoh @ 26 – How hard would it be to update those charts? I’d be interested in seeing how the comparison has held or diverged over the last two years.

  31. 31
    Basement Dweller says:

    This is something I’ve been wondering about for awhile with the increasingly large numbers of foreclosures. Does anyone know if any of the banks rent out the foreclosed properties they are sitting on?

    It seems like a service that could rent them to qualified tenants could be a win-win for the bank (the house is lived in and kept up, at least to some extent) and the tenants (cheap rent in exchange for possibly having to move quickly). Or is it just too much of a headache for the banks to try to get into managing properties?

  32. 32
    deejayoh says:

    I just updated the comparison of US and Japanese Housing bubbles. It looks like the US bubble unwound much, much faster than the Japanese bubble. On an inflation adjusted basis – with an apples to apples comparison, the US bubble is now nearly completely deflated in about 4 years vs. the 10 years it took to deflate in Japan. For those expecting the slow Japan-style deflationary slide – I’m not sure you can use housing as an example. The US market has corrected much more quickly than Japan.

    http://img718.imageshack.us/f/japanvsusupdate.png/

  33. 33
    deejayoh says:

    By Anonymous Coward @ 30:

    RE: deejayoh @ 26 – How hard would it be to update those charts? I’d be interested in seeing how the comparison has held or diverged over the last two years.

    Done – but the link is a bit balky. Try this one

  34. 34
    Cheap South says:

    Over 50% of the new foreclosures are concentrated again in CA, FL, NV. If I sell today (here in FL) I would come out just about even (2001 prices).

  35. 35
    Ross Jordan says:

    By deejayoh @ 32:

    For those expecting the slow Japan-style deflationary slide – I’m not sure you can use housing as an example. The US market has corrected much more quickly than Japan.

    http://img718.imageshack.us/f/japanvsusupdate.png/

    RE: deejayoh @ 32

    Agree. There’s some similarities between Japan’s housing bubble and US’s housing bubble – but there’s also a lot of differences between the state of the economies, the cultures, and demographics (Japan’s population is ageing faster and birth rates are declining more than in the US).

    Pimco has a good article looking at the risk of “turning Japanese”:
    http://www.pimco.com/Pages/TurningJapaneseTheRiskofUSDeflation.aspx

    ‘Yet, there are important differences between the U.S. and Japan. Chronologically, the U.S. looks to be following a high-speed version of the Japanese scenario. The immediate economic crisis unfolded more quickly and was deeper in the U.S. than Japan. The U.S. experienced much larger loss of employment and developed a larger output gap than Japan did (Chart 4). On the optimistic side, the policy response in the U.S. (both fiscal and monetary) has occurred much more quickly and with greater force than it did in Japan.”

    “Longer term, it is likely the U.S. (and indeed much of the rest of the developed world) will be plagued with a muted rate of growth (PIMCO’s New Normal economic outlook) coupled with rising deflationary risks. “

  36. 36
    Sniglet says:

    RE: deejayoh @ 32

    The US market has corrected much more quickly than Japan

    You are presuming that the US market correction is “finished”. Another way to look at it is that if prices in the US have declined at a faster rate than they did when the Japanese bubble burst, that perhaps they have MUCH farther to fall. Moreover, who’s to say that the Japanese correction has finished?

  37. 37

    By cheapseats @ 29:

    RE: Kary L. Krismer @ 22 – You may not have been serious, but now I must relook at the rest of the prediction.

    http://prince.org/msg/7/332576

    Purple Pill?

  38. 38

    RE: Basement Dweller @ 31 – I’ve heard of them renting them, or in some cases even letting the owners stay rent free for a time. An occupied home is a benefit to them.

  39. 39
    Sniglet says:

    I’ve heard of them renting them, or in some cases even letting the owners stay rent free for a time

    I am sure this happens, but I just can’t understand the logic. Isn’t it best for banks to just sell foreclosed properties for the best price they can get rather than sitting around with a vague hope that prices MIGHT improve in the future? Banks aren’t in the business of property management and it seems barmy to start.

  40. 40
    Scotsman says:

    RE: Ross Jordan @ 35

    ” but there’s also a lot of differences between the state of the economies, the cultures, and demographics”

    So true, and very important. Japan’s government debt is at almost 200% of their GDP, but 93% of it is internally funded by Japan’s cultural propensity to save. In the U.S. as we approach debt equal to 80-100% of GDP (depending on how/what you count) we are already heavily reliant on outside purchasers- China, G.B., etc. The fact that the money has to come from outside sources- and the interest expense when paid lands outside our economy instead of staying home to fund capital growth makes a huge difference in the net calculation. When people say “but Japan has twice the debt we do, and look at them” they completely miss this point.

  41. 41
    Scotsman says:

    RE: Sniglet @ 39

    When they sell them they have to book the loss which affects not only the bottom line but their reserve requirements as their loss record deteriorates. it’s kind of a Catch-22 situation. You get rid of one problem but create a couple of new ones in the process. the stronger banks do seem to be moving through their foreclosures, the weaker ones not so much.

  42. 42
    DrShort says:

    RE: Scotsman @ 40

    I wouldn’t underestimate the impact of Japan’s aging and declining population. This creates a long term decline in demand for just about everything.

  43. 43
    David Losh says:

    RE: Sniglet @ 39

    Each bank as a department called asset management. Before WAMU crumbled I had a buddy who worked in that department who told me he was renting out properties while the market turned the corner. Well, as we all know, the market turned.

    Selling foreclosures sounds like a great idea if you have a buyer pool. At the beginning of the crisis there were a couple of groups encouraging people to buy foreclosures, and making hard money loans. They are, I’m sure, still around, but the margins were tight last year, this summer they picked up quite a bit, but I’m saying prices will crash in another two months.

    My reasoning is that banks will start dumping properties at the end of this tax year. It would also be my opinion that foreclosures are spiking so that banks can have more to dump. I don’t see any reason for banks to wait any longer. What they don’t sell this year they will dump next April, and May.

  44. 44
    David Losh says:

    Actually while I was checking the spelling on my comment, I realized that what I didn’t say was that there are pools of investors who buy bank owned properties in bulk. You see it mostly in housing developments, raw land development, and commercial properties, but there was a time when bulk property, spot purchases, were done directly with the bank.

    There were some hard feeling, and claims of favoritism, some stock holders got spooked, and there was some half assed legislation, like we are seeing now, but it died out as the Real Estate market improved.

    I don’t see the Real Estate market improving. I think we have a bunch of crappy housing units, and an ability to throw up as many as any one wants. That crap will be like buying a new car, while some properties will mature like a 1957 Chevrolet.

  45. 45
    Scotsman says:

    RE: DrShort @ 42

    Yup, you’re right. It also does a nice job of masking what would otherwise be higher unemployment and a weaker looking economy.

  46. 46
    deejayoh says:

    By Sniglet @ 36:

    RE: deejayoh @ 32

    The US market has corrected much more quickly than Japan

    You are presuming that the US market correction is “finished”. Another way to look at it is that if prices in the US have declined at a faster rate than they did when the Japanese bubble burst, that perhaps they have MUCH farther to fall. Moreover, who’s to say that the Japanese correction has finished?

    Yes, that might be the way you look at it. It might also explain why people avoid you at cocktail parties….

  47. 47
    Sniglet says:

    RE: deejayoh @ 46

    It might also explain why people avoid you at cocktail parties…

    And here I thought it was because of the discriminatory attitude towards Canadians…

    By the way, even “mainstream” pundits are drawing comparisons to Japan these days. Krugman just wrote a piece castigating the Fed for repeating the same mistakes as the Bank of Japan.

    http://www.nytimes.com/2010/08/13/opinion/13krugman.html?_r=1

  48. 48
    BillE says:

    By ray pepper @ 1:

    We are a pretty educated state. My comment that people will “only remain stupid for so long” should improve our ranking of 14th and put us in the TOP 10 next year.

    They are all coming back via short sale or foreclosure. Not a matter of if……just when…These bandaides of loan mods area complete joke if your not getting any principle reduction.

    I was just looking at some listings in Snohomish County and pulled up the county’s interactive map to see what neighboring homes sold for and when. It’s not pretty. Your line of “people will only remain stupid for so long” popped into my head.

  49. 49

    RE: Cheap South @ 34

    Speaking of Florida

    My friend’s sister just bought a $1.8M beachfront home in Florida for $400K….I believe it was on the Gulf side.

    Not to worry, the Gulf oil has now just mysteriosly all disappeared…LOL

  50. 50

    RE: ray pepper @ 28

    Great Idea Ray

    There’s a catch to it, that Kary helped me understand. A lot of the homes going into foreclosure are also going into bankruptcy for other bills.

    Can’t get rent blood from an unemployed turnip.

  51. 51

    RE: Ross Jordan @ 35

    There’s Similarities Between America and Japan Zombie Interest Rate Banks Pegged at Zero

    There’s a big difference also between our economic mess and their’s, besides savings rates. Japan has control of much of the world’s manufacturing engineering/management employment in automotive industries, much of their power taken from America the last few decades.

    We have Detroit, the post WWII Hiroshima torn Ground Zero of the repression.

  52. 52

    RE: Kary L. Krismer @ 38

    True Kary

    But a caveat, during President Johnson’s Great Society, he did the same sort of thing for the poor, gave them cheap low income homes…the poverty tennants ended up destroying them right away anyway.

  53. 53

    By softwarengineer @ 50:

    There’s a catch to it, that Kary helped me understand. A lot of the homes going into foreclosure are also going into bankruptcy for other bills. Can’t get rent blood from an unemployed turnip.

    It’s not just unemployment. With the possible exception of true strategic defaults (not just people claiming that’s what they’re doing), people who are behind on their house payments tend to also be carrying a lot of other debt. That’s why I’ve repeatedly said that the so-called Chapter 13 “cramdown” is the best answer for loan modifications. It deals with the total debt picture.

  54. 54

    RE: softwarengineer @ 52 – I suspect the banks look at how the existing owners take care of their places before letting them stay there longer.

    A lot of the foreclosure properties I see the prior owners were, for want of a better term, pigs. They didn’t intentionally damage the place, but instead their life style was simply tough on the property. I’m thinking filthy carpets and walls to an extreme.

    On the other hand, there are owners in financial trouble who take very good care of their property. I once had an agent walk into my roughly $500k bankruptcy listing and say: “If I could get my million dollar listing staged like this, it would sell.” I told her that it was just the way the owner lived. The only thing we had her do was remove a few family pictures.

    Anyway, the point being that if she had ended up in foreclosure, I suspect the bank would have had no problem allowing her to stay afterward, assuming the bank had such a need.

  55. 55
    BillE says:

    As another measure of foreclosure activity, today’s Everett Herald devoted a whole section to them. Pages F1 to F10 were all NTS.

  56. 56
    Basement Dweller says:

    Thanks Kary et. al. It sounds like from some of the comments that banks are indeed renting out some of these properties. Yet I have never seen one listed or heard of any of my friends (yes they are all filthy renters) renting one. Maybe they are listed on something besides craigslist/zillow, or else they just aren’t renting that many.

    My foreclosure story: I’ve been renting a house in Fremont for almost 3 years. There is a big vacant lot at the end of our block that had a large “Notice of Proposed Land Use” sign in it when we moved in to build townhomes. It sat there and the grass got long, and eventually foreclosure papers were taped to the fence. The place gradually became the default off-leash dog park of the neighborhood. Eventually someone showed up, cut the grass, and put a for sale sign out front. Now there is another “Proposed Land Use Sign” for, you guessed it, townhomes.

  57. 57
    CHoc DOnut says:

    This sucker’s going down – ah, GW, the unintentional honesty, the memories…

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