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Viewing 13 posts - 1 through 13 (of 13 total)
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  • March 13, 2007 at 8:49 PM #8592
    farbet
    Participant

    Where are the bargains? What will happen to the “liar loan Properties”.
    I have seen houses with Pending”for quite some time now.Will these go back on the Mkt if the loans don’t go thru.

    March 13, 2007 at 9:07 PM #47600
    Bugs
    Participant

    You really have to wonder how many of those pendings are contingent on financing terms that are no longer available. If the past is any indication it could be a majority of them.

    “Back on market” may become a real common opening line on some of these MLS listings in the near future.

    March 13, 2007 at 9:17 PM #47602
    farbet
    Participant

    Beware of the Ides of March Dear”fraudsters with “Liar Loans”. Bad boys, Bad boys, what you gonna do when they come get the keys????

    March 13, 2007 at 9:52 PM #47605
    Bob G
    Participant

    I’m in SoCal, but not in San Diego. I haven’t seen prices drop yet. I think my hood is sticky. There is a lot of foreign money used to buy homes, and some were bought with cash! I don’t think the party will start for me for a few more months.

    March 13, 2007 at 10:27 PM #47608
    latesummer2008
    Participant

    Westside RE has been sticky too but is now showing signs of cracking. It will drop quickly however. Wait till April when the traditional spring listings start and watch the market stop dead in its tracks. A world of hurt is coming to people who bought in the last 3 years first. Then the domino effect will take place. Check out these 15 – 22% drops in a little over 21 months at the following link :

    http://westsideremeltdown.blogspot.com

    March 13, 2007 at 11:25 PM #47612
    hipmatt
    Participant

    The bargains won’t be here for a few more years at least, so stop looking!

    March 13, 2007 at 11:42 PM #47614
    cashman
    Participant

    Remember the last downturn cycle. It peaked in 1989, bottomed in 1995. That’s six years. We have a few more to go, unfortunately. Patience is really a virtue.

    March 14, 2007 at 5:36 AM #47624
    latesummer2008
    Participant

    I beg to differ. Upturn started earlier than 1995. The worst pain and some of the best deals were people buying in 1991-1992 when things were the worst. It flattened out along the bottom and begain to upturn in 1995. Also we didn’t have nearly the appreciation rate as we did this time. This “perfect storm” is building steam fast and will crash the re market even faster. I’ll stick to late summer or early fall of 08′ when bottom fish start eating…..

    March 14, 2007 at 9:44 PM #47711
    cashman
    Participant

    I hope you’re right, ’cause I’m sick of renting. Late ’08 is doable. But it will really have to start picking up some steam to reach that target date. DataQuick just released data showing peak average price in LA county was last month! Can you believe that? Up 7 percent from a year ago.

    March 14, 2007 at 10:28 PM #47714
    Happy renter
    Participant

    Yes! Latesummer2008 you are right. I bought my 1st house in 1993 and it was pre-foreclosure, so I got a good deal. If I bought in 1996, I might not get a better deal. Adding the inflation and rents, I might actually lose money to wait until 1996. If anybody feels the price is comfortable and find a good deal, you can think about buying. Nobody knows exactly when is the bottom.

    Cashman, I am sick of renting also. But I still need to hold on it to wait for it to collapse. I didn’t believe that LA is still going up either, so I looked into it. I found that LA has very high pre-foreclosure rate, not foreclosed yet. The point is that people in LA can’t afford, but they take risk to buy. So, a lot of houses in LA may be foreclosed.

    We all hope the price will go back to normal. Hope our dream will come true soon.

    Good Luck to everybody!

    March 14, 2007 at 10:40 PM #47715
    latesummer2008
    Participant

    Just Wait! Market Psychology has changed dramatically and reality is just beginning to set in after sellers come out of denial. Add to it Mortgage Meltdowns, Credit Crunch, Bloated Inventories, Starving Realtors, Hungry MSM, and access to REAL NUMBERS and I say we will be back to 2002 prices at least, in 1 1/2 years. We are in UNCHARTERED TERRITORIES. You think the GREED was bad on the upside, wait until PANIC, NECESSITY and BANK FAILURES start to set in. Not gonna be pretty, but something had to give.

    March 14, 2007 at 11:05 PM #47717
    Happy renter
    Participant

    Talking about the Psychology, the sellers and real estate agents play the dirty game. The report shows the inventory is down, but I feel there are more sale signs. I found that a lot of houses could not sell for a long time in MLS. They took off from the MLS and advertise in Yahoo or Zillow instead. So, everybody feel that there are lesser inventory.

    Go the Yahoo Real Easte and click on the Real Easte Classifieds, you will find a lot of houses are not in MLS. But they were in MLS for long time but could not be sold.

    If adding these to the MLS, it should be at least 10-20% more inventory.

    March 15, 2007 at 1:12 AM #47720
    Cow_tipping
    Participant

    Interest rates should hit the 10 mark. That’s when the panic turns into suicidal thoughts.
    Cool.
    Cow_tipping.

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