You only think its rediculously cheap because you’ve been conditioned to fork over way too much of your paycheck to bankers. Maybe something good can come out of this depression, maybe this is our chance to break that cycle of servitude and usury. Banks like you to think you are buying a house for $200k while you are really agreeing to pay them $500k over 30 years. We should try and make things better for us and not bankers.
Good reading some of these posts, this thread is getting fun.
Bob needs to run for office, he gets it.
How about an expert oppinion? Bruce Norris is about as expert as So Cal can offer:
Bruce is calling for an additioanl 20% drop in Riverside Co.
I think Temecula is the San Diego of Riverside. Meaning Temecula is the last hold out for stubborn high prices and has farther to fall than 20%.
This is not going to help either:
“Norris has already seen values stated on local home appraisals drop 20 percent in the past 3 1/2 weeks.”
Ouch!!
Now I know someone is going to come out and claim to have a better source than Norris or a realtor who knows better.
I know 2500 sq’ houses eventually will be $150k in TV all day long. Those looking for bargains will look for prices under that. When? If they let the REOs out then….tommorow. That probably won’t happen tommorow, so we’ll have to wait until the market is no longer grossly manipulated.
As for RealtyTrac. Yes you are correct it is inaccurate. It often shows “sold” for a house when it merely sold back to the bank at the courthouse. Tons and tons of REOs are not listed on RT. RT readily admits that there are 80k REOs hidden from veiw in CA. When an REO goes to retail auction it drops off RT after the auction date whether it sells or not.
I attended a Williams and Williams auction on a 3500 sq’ house on 5 acres in the wine area. It sold to an on-line bidder (probably fake) for something like $250k. Of course the bank refused to take it, but now it just sits as part of the shadow inv. So I think you are correct in critisizing RT but for the wrong reasons, they actually under-report.
If I had a link to Jesus Christ’s own REO figures you cheerleaders would say my souces are unreliable. The one thing you can’t escape is that ALL sources show an ugly, ugly picture THAT IS QUICKLY GETTING UGLIER and one thing you can’t provide is an alternative report that shows anything but lots more pain to come.
