by Calculated Risk on 1/12/2011 08:32:00 PM

Here is an REO tour in San Diego from Jim the Realtor. Jim makes an interesting point that there were no postponements for some of these - and that appears to be a change in procedures.

The one at 6:22 is interesting. The owner paid $384,000 in 1988, and quitclaimed it to a relative in 2003 and the property was free and clear. Then "the refi parade started". The amount owed on the first was over $1.1 million - and there several other loans.