Say what you will about a strengthening market, Zillow sees the writing on the wall

New division finds and reports on pre-foreclosure and foreclosure properties. interesting stuff.

UPDATE: Looks like it only searches one zip code at a time, so you must select each of the tow’s zip codes, one at a time, to get the whole picture. Here’s Riverside, for instance.

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10 responses to “Say what you will about a strengthening market, Zillow sees the writing on the wall

  1. Hemp4367

    Don’t believe any of it. Already found 2 houses in my neighborhood that closed over the last couple of months. One of them was on for a week and got full asking.

    • A lis pendens is simply notice of a pending law suit in which title to a property may be affected. It is often notice of a suit brought to foreclose on a loan, but it could be a divorce, or even a run-of-the mill creditor. Look for the identity of the plaintiff for a clue.
      And a sale, even at full price, doesn’t necessarily mean that there wasn’t a foreclosure pending – indeed, just as knowledge that he is to be hanged in a fortnight concentrates a man’s mind wonderfully, the initiation of foreclosure can stir a homeowner to put his house up for sale and price it at a level at which it will sell quickly. I wish we had more of them!

  2. D

    Once the Zillow map loads for the respective zip code, just click on the map outside the area and Zillow will load all ‘pre-foreclosure’ homes within the map area. Check out Port Chester and western Greenwich! Damn! Probably more divorces and lawsuits over there anyway… Very interesting. Tons of action in Stamford too.

  3. Anonymous

    If you create a zillow account and sign in, you can search by town – “Greenwich, CT”

    • Yes, but the result, unless you use a specific zip – Riverside, say, is too broad: only Greenwich proper, or too wide, in kidding Stamford and Port Chester. But as another commenter points out, it’s fun to see what’s going on outside our borders.

  4. cos cobber

    Zillow is fun, but its also losing whatever bit of quality they ever had. In Cos Cob, I see several house sales that zillow has tagged to the wrong house and several phantom sales that from what I know, have never occurred (same people living in the same house before and after the sale). Over the short life of zillow, the data has become sloppy. Beforwarned.

  5. Anonymous

    Very little action in foreclosures in Greenwich.

    Even if you use RealtyTrac, does not necessarily give you properties that you can call the owner and get a bargain. My conclusion – most of these properties will sell through a broker and will sell at market. Occasionally, there will be a deal, but only the very lucky few buyers will get a really good deal.

    There are foreclosures in town where the bank is sitting on the property, knowing fully well they will get more in the spring market and maybe even recover their loss if they hold 2 to 3 years. High end areas just do not have that many foreclosures and do not lack for buyers at market.

    Occasionally there is an auction that only a few people know about and there are bargains. I should be so lucky as to find out about one of them in my price range.

    Maybe over $3 million, there would be more of a bargain because there are fewer buyers out there.

    • It’s my belief that banks are carrying any number of non-performing (no payments in the debt for months) as “performing” so that they can keep them on their books as assets rather than liabilities.

  6. Anonymous

    If the real estate market returns the way the stock market has, the banks sitting on most Greenwich foreclosures will be whole. With an occupied house in a good area in good condition, a bank holding a foreclosed property is often better off keeping the owner in the house, taking a reasonable return on the loans (what the owner can afford to pay if it is at today’s rates) and holding for a few years. History tells us that real estate is cyclical and the market ALWAYS comes back. The only bet is on how soon.

  7. Ivan

    20 to 30 years. Baby boomers retiring & too many over priced houses. Add in growing unemployment. Yeah, things will get better. But not for a long time.