Get ready for inventory to plummet!!

[an]

[quote=sdrealtor]SD R,
Those two people….you……me…….no one else…

sdr[/quote]
I don’t remember what the specific thread SD R and you’re talking about, but if it was a few months ago, those of us who bought around that time, would also have agreed with you two as well. Those of us who were actively searching do see the dismal market condition. I personally was waiting for the flood gate to open, yet it still hasn’t come.

[SD Realtor]

sdr I know the “guy” you are talking about. He has a new and improved policy where you email everything in and he says he will get back to you in a day. I just sent an offer into him and guess what, 3 days and no response. Also if you look at his success rate of actual solds verses how many of those listings expire or get cancelled it is pretty weak.

One thing that all buyers should know when working with short sales is that ALOT depends on the listing agent.

********

Back to the main thread, as adverserial as we are, most of our threads are actually in the same vein. Your spring prediction was golden. I have been saying for years, yes literally years that my biggest fear of this depreciation cycle was the lengths that our government would go to suppress it. Some of those measures have been overt and direct, while others have been more indirect. This behavior will continue and perhaps increase.

I do believe that we need substantial catalysts to help buyers out and I just don’t see them in the short run. My hope is/was the inventory, hopefully an imminent burst in foreclosures, and at some point it will shift to interest rate hikes. I agree we will see them start to run up but I don’t think they will be the monster hikes. IMO those will not happen for awhile yet. I am not a bond market expert though so I don’t know.

[SD Realtor]

sdr I know the “guy” you are talking about. He has a new and improved policy where you email everything in and he says he will get back to you in a day. I just sent an offer into him and guess what, 3 days and no response. Also if you look at his success rate of actual solds verses how many of those listings expire or get cancelled it is pretty weak.

One thing that all buyers should know when working with short sales is that ALOT depends on the listing agent.

********

Back to the main thread, as adverserial as we are, most of our threads are actually in the same vein. Your spring prediction was golden. I have been saying for years, yes literally years that my biggest fear of this depreciation cycle was the lengths that our government would go to suppress it. Some of those measures have been overt and direct, while others have been more indirect. This behavior will continue and perhaps increase.

I do believe that we need substantial catalysts to help buyers out and I just don’t see them in the short run. My hope is/was the inventory, hopefully an imminent burst in foreclosures, and at some point it will shift to interest rate hikes. I agree we will see them start to run up but I don’t think they will be the monster hikes. IMO those will not happen for awhile yet. I am not a bond market expert though so I don’t know.

[SD Realtor]

sdr I know the “guy” you are talking about. He has a new and improved policy where you email everything in and he says he will get back to you in a day. I just sent an offer into him and guess what, 3 days and no response. Also if you look at his success rate of actual solds verses how many of those listings expire or get cancelled it is pretty weak.

One thing that all buyers should know when working with short sales is that ALOT depends on the listing agent.

********

Back to the main thread, as adverserial as we are, most of our threads are actually in the same vein. Your spring prediction was golden. I have been saying for years, yes literally years that my biggest fear of this depreciation cycle was the lengths that our government would go to suppress it. Some of those measures have been overt and direct, while others have been more indirect. This behavior will continue and perhaps increase.

I do believe that we need substantial catalysts to help buyers out and I just don’t see them in the short run. My hope is/was the inventory, hopefully an imminent burst in foreclosures, and at some point it will shift to interest rate hikes. I agree we will see them start to run up but I don’t think they will be the monster hikes. IMO those will not happen for awhile yet. I am not a bond market expert though so I don’t know.

[SD Realtor]

sdr I know the “guy” you are talking about. He has a new and improved policy where you email everything in and he says he will get back to you in a day. I just sent an offer into him and guess what, 3 days and no response. Also if you look at his success rate of actual solds verses how many of those listings expire or get cancelled it is pretty weak.

One thing that all buyers should know when working with short sales is that ALOT depends on the listing agent.

********

Back to the main thread, as adverserial as we are, most of our threads are actually in the same vein. Your spring prediction was golden. I have been saying for years, yes literally years that my biggest fear of this depreciation cycle was the lengths that our government would go to suppress it. Some of those measures have been overt and direct, while others have been more indirect. This behavior will continue and perhaps increase.

I do believe that we need substantial catalysts to help buyers out and I just don’t see them in the short run. My hope is/was the inventory, hopefully an imminent burst in foreclosures, and at some point it will shift to interest rate hikes. I agree we will see them start to run up but I don’t think they will be the monster hikes. IMO those will not happen for awhile yet. I am not a bond market expert though so I don’t know.

[SD Realtor]

sdr I know the “guy” you are talking about. He has a new and improved policy where you email everything in and he says he will get back to you in a day. I just sent an offer into him and guess what, 3 days and no response. Also if you look at his success rate of actual solds verses how many of those listings expire or get cancelled it is pretty weak.

One thing that all buyers should know when working with short sales is that ALOT depends on the listing agent.

********

Back to the main thread, as adverserial as we are, most of our threads are actually in the same vein. Your spring prediction was golden. I have been saying for years, yes literally years that my biggest fear of this depreciation cycle was the lengths that our government would go to suppress it. Some of those measures have been overt and direct, while others have been more indirect. This behavior will continue and perhaps increase.

I do believe that we need substantial catalysts to help buyers out and I just don’t see them in the short run. My hope is/was the inventory, hopefully an imminent burst in foreclosures, and at some point it will shift to interest rate hikes. I agree we will see them start to run up but I don’t think they will be the monster hikes. IMO those will not happen for awhile yet. I am not a bond market expert though so I don’t know.

[Bob]

[quote=ralphfurley][quote=sdrealtor]
(snip)…This is the market we will be in for a few years to come…(/snip)[/quote]
Lord Jesus. I hope not.[/quote]

SD Realtor is spreading more gloom and doom tonight. Whereas I will give you some good news.

For the past three months or so, the banks have suppressed inventory all across America because they have been waiting on the federal government to announce and pass the various housing/foreclosure bills. It made no sense for banks to act before they knew exactly what type of assistance they would receive courtesy of Uncle Sam. In recent weeks the Obama administration made into law the $75B foreclosure assistance program. Banks now know exactly what type of modification programs the government stands behind, and how much in the way of federal subsidies they will receive for doing modifications rather than foreclosures. The Feds have stated they hope this latest program will curtail 50% of future foreclosures, but admit that is a best case scenario. The point is, there are more foreclosures to come…definately not as many as in 2008, but definately more than in Q1 2009.

That leads to the second piece of good news….for a variety of reasons, non distressed property has been in a holding pattern for a considerable period of time. At some point sellers will decide its time to sell…that will increase the supply as well.

But the most important thing to remember from this thread is the following….unemployment numbers will continue to deteriorate throughout 2009, while at the same time, mortgage rates will go up later in the year, and even more so in 2010. Higher rates will reduce demand across all price levels, and at the mid/upper levels, prices will drop significantly.

You can all sleep better now…

[Bob]

[quote=ralphfurley][quote=sdrealtor]
(snip)…This is the market we will be in for a few years to come…(/snip)[/quote]
Lord Jesus. I hope not.[/quote]

SD Realtor is spreading more gloom and doom tonight. Whereas I will give you some good news.

For the past three months or so, the banks have suppressed inventory all across America because they have been waiting on the federal government to announce and pass the various housing/foreclosure bills. It made no sense for banks to act before they knew exactly what type of assistance they would receive courtesy of Uncle Sam. In recent weeks the Obama administration made into law the $75B foreclosure assistance program. Banks now know exactly what type of modification programs the government stands behind, and how much in the way of federal subsidies they will receive for doing modifications rather than foreclosures. The Feds have stated they hope this latest program will curtail 50% of future foreclosures, but admit that is a best case scenario. The point is, there are more foreclosures to come…definately not as many as in 2008, but definately more than in Q1 2009.

That leads to the second piece of good news….for a variety of reasons, non distressed property has been in a holding pattern for a considerable period of time. At some point sellers will decide its time to sell…that will increase the supply as well.

But the most important thing to remember from this thread is the following….unemployment numbers will continue to deteriorate throughout 2009, while at the same time, mortgage rates will go up later in the year, and even more so in 2010. Higher rates will reduce demand across all price levels, and at the mid/upper levels, prices will drop significantly.

You can all sleep better now…

[Bob]

[quote=ralphfurley][quote=sdrealtor]
(snip)…This is the market we will be in for a few years to come…(/snip)[/quote]
Lord Jesus. I hope not.[/quote]

SD Realtor is spreading more gloom and doom tonight. Whereas I will give you some good news.

For the past three months or so, the banks have suppressed inventory all across America because they have been waiting on the federal government to announce and pass the various housing/foreclosure bills. It made no sense for banks to act before they knew exactly what type of assistance they would receive courtesy of Uncle Sam. In recent weeks the Obama administration made into law the $75B foreclosure assistance program. Banks now know exactly what type of modification programs the government stands behind, and how much in the way of federal subsidies they will receive for doing modifications rather than foreclosures. The Feds have stated they hope this latest program will curtail 50% of future foreclosures, but admit that is a best case scenario. The point is, there are more foreclosures to come…definately not as many as in 2008, but definately more than in Q1 2009.

That leads to the second piece of good news….for a variety of reasons, non distressed property has been in a holding pattern for a considerable period of time. At some point sellers will decide its time to sell…that will increase the supply as well.

But the most important thing to remember from this thread is the following….unemployment numbers will continue to deteriorate throughout 2009, while at the same time, mortgage rates will go up later in the year, and even more so in 2010. Higher rates will reduce demand across all price levels, and at the mid/upper levels, prices will drop significantly.

You can all sleep better now…

[Bob]

[quote=ralphfurley][quote=sdrealtor]
(snip)…This is the market we will be in for a few years to come…(/snip)[/quote]
Lord Jesus. I hope not.[/quote]

SD Realtor is spreading more gloom and doom tonight. Whereas I will give you some good news.

For the past three months or so, the banks have suppressed inventory all across America because they have been waiting on the federal government to announce and pass the various housing/foreclosure bills. It made no sense for banks to act before they knew exactly what type of assistance they would receive courtesy of Uncle Sam. In recent weeks the Obama administration made into law the $75B foreclosure assistance program. Banks now know exactly what type of modification programs the government stands behind, and how much in the way of federal subsidies they will receive for doing modifications rather than foreclosures. The Feds have stated they hope this latest program will curtail 50% of future foreclosures, but admit that is a best case scenario. The point is, there are more foreclosures to come…definately not as many as in 2008, but definately more than in Q1 2009.

That leads to the second piece of good news….for a variety of reasons, non distressed property has been in a holding pattern for a considerable period of time. At some point sellers will decide its time to sell…that will increase the supply as well.

But the most important thing to remember from this thread is the following….unemployment numbers will continue to deteriorate throughout 2009, while at the same time, mortgage rates will go up later in the year, and even more so in 2010. Higher rates will reduce demand across all price levels, and at the mid/upper levels, prices will drop significantly.

You can all sleep better now…

[Bob]

[quote=ralphfurley][quote=sdrealtor]
(snip)…This is the market we will be in for a few years to come…(/snip)[/quote]
Lord Jesus. I hope not.[/quote]

SD Realtor is spreading more gloom and doom tonight. Whereas I will give you some good news.

For the past three months or so, the banks have suppressed inventory all across America because they have been waiting on the federal government to announce and pass the various housing/foreclosure bills. It made no sense for banks to act before they knew exactly what type of assistance they would receive courtesy of Uncle Sam. In recent weeks the Obama administration made into law the $75B foreclosure assistance program. Banks now know exactly what type of modification programs the government stands behind, and how much in the way of federal subsidies they will receive for doing modifications rather than foreclosures. The Feds have stated they hope this latest program will curtail 50% of future foreclosures, but admit that is a best case scenario. The point is, there are more foreclosures to come…definately not as many as in 2008, but definately more than in Q1 2009.

That leads to the second piece of good news….for a variety of reasons, non distressed property has been in a holding pattern for a considerable period of time. At some point sellers will decide its time to sell…that will increase the supply as well.

But the most important thing to remember from this thread is the following….unemployment numbers will continue to deteriorate throughout 2009, while at the same time, mortgage rates will go up later in the year, and even more so in 2010. Higher rates will reduce demand across all price levels, and at the mid/upper levels, prices will drop significantly.

You can all sleep better now…

[CA renter]

***SDR or sdr or urban***

What the heck is this listing about?

http://www.sdlookup.com/MLS-090005587-146_S_Granados_Solana_Beach_Ca_92075

Price reduced 3/3/09 from $2,995,000 to $2,195,000

Price **increased** 5/16/09 from $2,195,000 to $2,950,000

This is not the first time I’ve seen stuff like this. What is going on????

This is feeling very 2003-2005 to me WRT fraud and “funny stuff” going on. Seeing more and more of it lately, and am NOT trusting “the market” at all right now.

[CA renter]

***SDR or sdr or urban***

What the heck is this listing about?

http://www.sdlookup.com/MLS-090005587-146_S_Granados_Solana_Beach_Ca_92075

Price reduced 3/3/09 from $2,995,000 to $2,195,000

Price **increased** 5/16/09 from $2,195,000 to $2,950,000

This is not the first time I’ve seen stuff like this. What is going on????

This is feeling very 2003-2005 to me WRT fraud and “funny stuff” going on. Seeing more and more of it lately, and am NOT trusting “the market” at all right now.

[CA renter]

***SDR or sdr or urban***

What the heck is this listing about?

http://www.sdlookup.com/MLS-090005587-146_S_Granados_Solana_Beach_Ca_92075

Price reduced 3/3/09 from $2,995,000 to $2,195,000

Price **increased** 5/16/09 from $2,195,000 to $2,950,000

This is not the first time I’ve seen stuff like this. What is going on????

This is feeling very 2003-2005 to me WRT fraud and “funny stuff” going on. Seeing more and more of it lately, and am NOT trusting “the market” at all right now.

[CA renter]

***SDR or sdr or urban***

What the heck is this listing about?

http://www.sdlookup.com/MLS-090005587-146_S_Granados_Solana_Beach_Ca_92075

Price reduced 3/3/09 from $2,995,000 to $2,195,000

Price **increased** 5/16/09 from $2,195,000 to $2,950,000

This is not the first time I’ve seen stuff like this. What is going on????

This is feeling very 2003-2005 to me WRT fraud and “funny stuff” going on. Seeing more and more of it lately, and am NOT trusting “the market” at all right now.

[Author]

Posts