Want the news summarized?
Subscribe to The Morning Report.

While I was working on the DataParty yesterday, I called Donna Sanfilippo, the broker and owner for San Diego REO Realtors. Sanfilippo is a veteran REO broker — she’s been selling bank-owned properties for lenders since the last downturn. (She runs a family shop; I rode along with her son, Robert Weichelt, for a story about the process of repossessing and selling foreclosed homes last March.)

I caught up with Sanfilippo late yesterday afternoon to chat about the foreclosure trends. She said they noticed an increase in activity in January that jived with the spike in activity RealtyTrac reported yesterday.

“There’s a lot of properties, that spike is probably there,” she said. “It certainly hasn’t slowed down.”

Sanfilippo said while foreclosures have so far tended to be most common in lower-priced homes and neighborhoods, she’s starting to see a few high-priced homes falling into foreclosure.

“I think some of these coming into the market are more A-paper (loans for good-credit borrowers),” she said. “We’ve been pretty much confined to entry-level type, but recently we’ve noticed a few of the higher-priced homes. That’s what we’re keeping an eye on.”

In that regard, Sanfilippo and the brokers for bank-owned properties join analysts like Mark Carrington at First American LoanPerformance, who shared some data on mortgage distress spreading beyond subprime earlier this month.

North County real estate broker Jim Klinge has a post up with half a dozen million-dollar REOs on his blog today, too.

KELLY BENNETT

Leave a comment

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.