Inventory

[DWCAP]

I know a few people who either just bought, or are activly looking at the low end. Well ok, 3 households to be precise. Not a huge number.

All three of them thinks we will be back at 2004-2005 pricing within the next 18 months or so, just as soon as this “window” (to borrow a phrase 🙂 ) closes with the end of the recession.

I also have met people who are constantly making blanket statements like “with prices so low, it is an increadable time to buy!”. No they are in no way linked to selling real estate.

I guess what I am trying to say is that the investment crazyness of 04 is alive and well, it just has alittle different reasoning than the tired old “RE never goes down” or “Everyone wants to live here”. Same beast, different name.

And that lack good inventory will not get better until a few of these Donald Trump wannabe’s get crushed.

[jpinpb]

Some of you may know I monitor most of central San Diego, but concentrate in PB. The inventory — not just the MLS inventory — is not moving. Places on the boardwalk continue to list and relist for the past 2 years at the same crazy prices. Some duplexes have been listed in the area for even longer. Not exaggerating, like 5 years, through the bubble.

Townhomes are languishing also. The places behind Henry’s are still for sale. The only thing really taking a beating are the condos. Some units in the Plaza have really taken a hit.

The NODs in PB accumulate and the banks have been dragging their feet taking them back. Meanwhile, there is no way the place is worth what they owe.

If the banks took back everything and listed it, there would be quite a bit more inventory. So far the prices have come down slightly, but nothing really drastic.

That’s just one micro area I monitor and know pretty well and feel comfortable speaking on.

[jpinpb]

Some of you may know I monitor most of central San Diego, but concentrate in PB. The inventory — not just the MLS inventory — is not moving. Places on the boardwalk continue to list and relist for the past 2 years at the same crazy prices. Some duplexes have been listed in the area for even longer. Not exaggerating, like 5 years, through the bubble.

Townhomes are languishing also. The places behind Henry’s are still for sale. The only thing really taking a beating are the condos. Some units in the Plaza have really taken a hit.

The NODs in PB accumulate and the banks have been dragging their feet taking them back. Meanwhile, there is no way the place is worth what they owe.

If the banks took back everything and listed it, there would be quite a bit more inventory. So far the prices have come down slightly, but nothing really drastic.

That’s just one micro area I monitor and know pretty well and feel comfortable speaking on.

[jpinpb]

Some of you may know I monitor most of central San Diego, but concentrate in PB. The inventory — not just the MLS inventory — is not moving. Places on the boardwalk continue to list and relist for the past 2 years at the same crazy prices. Some duplexes have been listed in the area for even longer. Not exaggerating, like 5 years, through the bubble.

Townhomes are languishing also. The places behind Henry’s are still for sale. The only thing really taking a beating are the condos. Some units in the Plaza have really taken a hit.

The NODs in PB accumulate and the banks have been dragging their feet taking them back. Meanwhile, there is no way the place is worth what they owe.

If the banks took back everything and listed it, there would be quite a bit more inventory. So far the prices have come down slightly, but nothing really drastic.

That’s just one micro area I monitor and know pretty well and feel comfortable speaking on.

[jpinpb]

Some of you may know I monitor most of central San Diego, but concentrate in PB. The inventory — not just the MLS inventory — is not moving. Places on the boardwalk continue to list and relist for the past 2 years at the same crazy prices. Some duplexes have been listed in the area for even longer. Not exaggerating, like 5 years, through the bubble.

Townhomes are languishing also. The places behind Henry’s are still for sale. The only thing really taking a beating are the condos. Some units in the Plaza have really taken a hit.

The NODs in PB accumulate and the banks have been dragging their feet taking them back. Meanwhile, there is no way the place is worth what they owe.

If the banks took back everything and listed it, there would be quite a bit more inventory. So far the prices have come down slightly, but nothing really drastic.

That’s just one micro area I monitor and know pretty well and feel comfortable speaking on.

[jpinpb]

Some of you may know I monitor most of central San Diego, but concentrate in PB. The inventory — not just the MLS inventory — is not moving. Places on the boardwalk continue to list and relist for the past 2 years at the same crazy prices. Some duplexes have been listed in the area for even longer. Not exaggerating, like 5 years, through the bubble.

Townhomes are languishing also. The places behind Henry’s are still for sale. The only thing really taking a beating are the condos. Some units in the Plaza have really taken a hit.

The NODs in PB accumulate and the banks have been dragging their feet taking them back. Meanwhile, there is no way the place is worth what they owe.

If the banks took back everything and listed it, there would be quite a bit more inventory. So far the prices have come down slightly, but nothing really drastic.

That’s just one micro area I monitor and know pretty well and feel comfortable speaking on.

[peterb]

If everyone that’s upside down on a mortgage were to stop paying, this would put the banks in a very difficult position. The banks would lose this cash flow. BUT would they start issuing NODs and actually follow through to foreclosure? Actually following through on foreclosures would eventually force the banks to Mark these assets to market. So, look at the checkmate position the banks are facing. Cash flow coming down and assets are being marked to market. This will probably collapse the system as so many mortgages are upside down now and more are being created evey month.

This is an end-game situation. Now the only question is, how long will it take?

[peterb]

If everyone that’s upside down on a mortgage were to stop paying, this would put the banks in a very difficult position. The banks would lose this cash flow. BUT would they start issuing NODs and actually follow through to foreclosure? Actually following through on foreclosures would eventually force the banks to Mark these assets to market. So, look at the checkmate position the banks are facing. Cash flow coming down and assets are being marked to market. This will probably collapse the system as so many mortgages are upside down now and more are being created evey month.

This is an end-game situation. Now the only question is, how long will it take?

[peterb]

If everyone that’s upside down on a mortgage were to stop paying, this would put the banks in a very difficult position. The banks would lose this cash flow. BUT would they start issuing NODs and actually follow through to foreclosure? Actually following through on foreclosures would eventually force the banks to Mark these assets to market. So, look at the checkmate position the banks are facing. Cash flow coming down and assets are being marked to market. This will probably collapse the system as so many mortgages are upside down now and more are being created evey month.

This is an end-game situation. Now the only question is, how long will it take?

[peterb]

If everyone that’s upside down on a mortgage were to stop paying, this would put the banks in a very difficult position. The banks would lose this cash flow. BUT would they start issuing NODs and actually follow through to foreclosure? Actually following through on foreclosures would eventually force the banks to Mark these assets to market. So, look at the checkmate position the banks are facing. Cash flow coming down and assets are being marked to market. This will probably collapse the system as so many mortgages are upside down now and more are being created evey month.

This is an end-game situation. Now the only question is, how long will it take?

[peterb]

If everyone that’s upside down on a mortgage were to stop paying, this would put the banks in a very difficult position. The banks would lose this cash flow. BUT would they start issuing NODs and actually follow through to foreclosure? Actually following through on foreclosures would eventually force the banks to Mark these assets to market. So, look at the checkmate position the banks are facing. Cash flow coming down and assets are being marked to market. This will probably collapse the system as so many mortgages are upside down now and more are being created evey month.

This is an end-game situation. Now the only question is, how long will it take?

[Anonymous]

I put a offer on one in San Elijo the day it was listed it is a bank owned it had 8 offers in 1 day.
listed at 460,900 I offered 470 and asked for the bank to pay nothing at all.They told me they took a offer that was much much higher and I was second.
I really doubt the house will appraise for much more then my offer as comps for that model one just sold at 479 condition and upgrades about the same.in San Elijo a lot of the bank owned are going above list with many offers.
any experts on SEH hills can you share your thoughts of this area?

[Anonymous]

I put a offer on one in San Elijo the day it was listed it is a bank owned it had 8 offers in 1 day.
listed at 460,900 I offered 470 and asked for the bank to pay nothing at all.They told me they took a offer that was much much higher and I was second.
I really doubt the house will appraise for much more then my offer as comps for that model one just sold at 479 condition and upgrades about the same.in San Elijo a lot of the bank owned are going above list with many offers.
any experts on SEH hills can you share your thoughts of this area?

[Anonymous]

I put a offer on one in San Elijo the day it was listed it is a bank owned it had 8 offers in 1 day.
listed at 460,900 I offered 470 and asked for the bank to pay nothing at all.They told me they took a offer that was much much higher and I was second.
I really doubt the house will appraise for much more then my offer as comps for that model one just sold at 479 condition and upgrades about the same.in San Elijo a lot of the bank owned are going above list with many offers.
any experts on SEH hills can you share your thoughts of this area?

[Anonymous]

I put a offer on one in San Elijo the day it was listed it is a bank owned it had 8 offers in 1 day.
listed at 460,900 I offered 470 and asked for the bank to pay nothing at all.They told me they took a offer that was much much higher and I was second.
I really doubt the house will appraise for much more then my offer as comps for that model one just sold at 479 condition and upgrades about the same.in San Elijo a lot of the bank owned are going above list with many offers.
any experts on SEH hills can you share your thoughts of this area?

[Author]

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