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Ok you guys - redfin needs to get with the program check this out
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norcalnative
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Posts: 389
Registered: 05-04-2009

norcalnative

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http://express.realquest.com

 

You need a membership for the details - but the basics you can still get. The number of foreclosures shown in even some of the "resistant" cities is shocking!

 

This changes my whole perspective on whats going on - Redfin you guys do a great job and have a fantastic layout - figure out how to pull in this data and you can charge membership fees for your site.

 

Truly eye opening!
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Kudos!
11-03-2009 10:09 PM
 

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Re: Ok you guys - redfin needs to get with the program check this out
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juss
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Registered: 10-26-2009

juss

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This site seems to feed the same data that is provided on other foreclosure sites such as foreclosureradar.com and realtytrac.com.   
Kudos!
11-03-2009 10:43 PM
 

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Re: Ok you guys - redfin needs to get with the program check this out
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Bay_Realist
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Bay_Realist

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wow!  truly eye opening.  now compare the distressed supply on realquest with what you have on the mls and you see that there is shadow inventory that is an order of magnitude higher than whats visible on the MLS.  good work!
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Kudos!
11-03-2009 10:57 PM
 

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Re: Ok you guys - redfin needs to get with the program check this out
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EBlady
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Registered: 11-04-2009

EBlady

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Yes, I have a realtytrac account and there are a TON of properties in some state of forclosure that are not on the MLS.  There are properties that have become bank-owned a year ago and are still not listed.  It's certainly helpful to know.  When I am interested in a particular property I always check realtytrac to see how many distressed properties are nearby.  Helps me know that the prices aren't going up any time soon and that the property that I am interested in could lose value in the next couple of years. 
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Kudos!
11-04-2009 09:56 AM
 

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Re: Ok you guys - redfin needs to get with the program check this out
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norcalnative
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Posts: 389
Registered: 05-04-2009

norcalnative

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Given this data - I would almost think that it should be required of the selling agent to provide a list of distressed properties within a certain distance to the property of interest - I suspect that this would alter some of the truly stupid bidding I've seen on various properties.
Kudos!
11-04-2009 10:19 AM
 

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Re: Ok you guys - redfin needs to get with the program check this out
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Matt
Redfin Staff
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Registered: 07-02-2007

Matt

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Thanks for the heads up, we'll check it out!
 

Matt

Director of Online Marketing
My Twitter | Redfin: Twitter, Blog | matt.goyer@redfin.com | 206-859-2843

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Kudos!
11-04-2009 10:26 AM
 

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Re: Ok you guys - redfin needs to get with the program check this out
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Hibryd
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Hibryd

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juss wrote:
This site seems to feed the same data that is provided on other foreclosure sites such as foreclosureradar.com and realtytrac.com.   

And isn't that data not entirely accurate? I seem to remember one poster here said her home was showing up on both sites as "Foreclosed" several months after she bought it from the bank.

 

As much as I'd love to confirm that there is a huge shadow inventory out there (that would certainly help me sleep better) I'm not sure if anyone has a reliable system to determine what is what out there.
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Kudos!
11-04-2009 02:22 PM
 

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Re: Ok you guys - redfin needs to get with the program check this out
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juss
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juss

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The numbers aren't accurate and can be misleading.  These sites only track loans that are in notice of default (NOD), trustee sales, and homes that revert back to the bank.  Keep in mind these sites also don't keep track of all the borrowers who are in default but haven't officially received a NOD.  Who knows what this number is?!  Also, homes that are going into trustee sale may be extended/postponed numerous times if the borrower elects to do a short sale.  I would only use these sites as a gauge to see the average number of distressed properties in your areas of interest, which may ultimately effective the long term recoverable appreciation rates.
Kudos!
11-04-2009 02:44 PM
 

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