San Diego RE inventory has stabilized and begun to shrink = have we arrived at the bottom????

[5yearwaiter]

As long as you think that you didn’t buy home as an quick investiment and this for standard living for a while with which that you can aford then you are not able to worry about this forum comments. It’s like something you invest like a stock and worried about all for immediate returns:-)

[CMcG]

5yearwaiter, I didn’t. I’m here till I die and I’m a Boomer. Thanks for your comments. I could not have gotten in except I bought before the crash became MSM and I have family who did not want this house to go out of the family. I am simply asking that we treat the newbs not as trolls but as people who found the board and are interested in our viewpoints. I do not like the idea that NO ONE should buy right now. For some people–not many–that is bad advice. BTW, not in NCC. Old close-in suburb that is south of I-8. Very happy here.

[CMcG]

5yearwaiter, I didn’t. I’m here till I die and I’m a Boomer. Thanks for your comments. I could not have gotten in except I bought before the crash became MSM and I have family who did not want this house to go out of the family. I am simply asking that we treat the newbs not as trolls but as people who found the board and are interested in our viewpoints. I do not like the idea that NO ONE should buy right now. For some people–not many–that is bad advice. BTW, not in NCC. Old close-in suburb that is south of I-8. Very happy here.

[Anonymous]

That is such a good point “no such reality”. It is truly a new horizon in the recent Real estate history that so many people could get into a trust deed so underwater.

It still shocks me when I keep reading how many people bought this way.

[Anonymous]

That is such a good point “no such reality”. It is truly a new horizon in the recent Real estate history that so many people could get into a trust deed so underwater.

It still shocks me when I keep reading how many people bought this way.

[p-dude]

p-dude

I really don’t get the “V” shape analogy that “schizo2buyORnot” is talking about. In order for a fast recovery to occur prices have to move up dramatically for few months in a row. IMHO people have different ideas and wishes regarding real-state recovery. Some in this web side believe a “V” or “U” shape will be there after 50% reduction in prices. Some like me a 25% drop in price would be enough to jump in the market and hope for recovery. But calling it bottom this early is wishful thinking at best. If you can find a V shape recovery in below graph please let me know!

http://housing-watch.com/regionview.aspx?city=San-Diego&pct=50&g=m

[p-dude]

p-dude

I really don’t get the “V” shape analogy that “schizo2buyORnot” is talking about. In order for a fast recovery to occur prices have to move up dramatically for few months in a row. IMHO people have different ideas and wishes regarding real-state recovery. Some in this web side believe a “V” or “U” shape will be there after 50% reduction in prices. Some like me a 25% drop in price would be enough to jump in the market and hope for recovery. But calling it bottom this early is wishful thinking at best. If you can find a V shape recovery in below graph please let me know!

http://housing-watch.com/regionview.aspx?city=San-Diego&pct=50&g=m

[temeculaguy]

I won’t call anyone a troll and I don’t think Schizo is a newbie.

Even if you were looking for a reason to buy the NOD/NOT graph that is curently on the home page of this site has been reposted three times for three months with updated data and the picture only worsens. That is not a U or a V it is a straight line. You can look at that graph going back a decade or two and it trends up or down but it is always a jagged line. I sent that graph to my broker of 20 years but I only sent him the graph, none of the text or numbers. I wanted him to think it was a stock because for twenty years he always says “stocks don’t go up or down in a straight line.” His first thought “Did that company cure cancer.” The I told him it was the NOD/NOT graph for S.D. and then he said words that would make a sailor blush. Try it for yourself with your broker.

That graph has a lag time of 3-9 months before those nods and nots hit the market and the effects are seen, so the answer is: This is not the time to buy but if you need to unload some property, get very agressive with your price and have the sign out before dawn.

[temeculaguy]

I won’t call anyone a troll and I don’t think Schizo is a newbie.

Even if you were looking for a reason to buy the NOD/NOT graph that is curently on the home page of this site has been reposted three times for three months with updated data and the picture only worsens. That is not a U or a V it is a straight line. You can look at that graph going back a decade or two and it trends up or down but it is always a jagged line. I sent that graph to my broker of 20 years but I only sent him the graph, none of the text or numbers. I wanted him to think it was a stock because for twenty years he always says “stocks don’t go up or down in a straight line.” His first thought “Did that company cure cancer.” The I told him it was the NOD/NOT graph for S.D. and then he said words that would make a sailor blush. Try it for yourself with your broker.

That graph has a lag time of 3-9 months before those nods and nots hit the market and the effects are seen, so the answer is: This is not the time to buy but if you need to unload some property, get very agressive with your price and have the sign out before dawn.

[PD]

I bet your broker is thinking really hard about his real estate holdings today. 🙂

[PD]

I bet your broker is thinking really hard about his real estate holdings today. 🙂

[DaCounselor]

“Why bother listing if you did 100% financing and are already 20% underwater and can’t afford the short sale?”
_______________________

nsr – what do mean by “can’t afford the short sale?” Can’t someone submit a deal to the lender where there is little if any $$ out of pocket from the seller?

the scenario where someone is already 20% underwater on a 100% financing deal (80/20) is pretty interesting, since 2nd position is already wiped out and has no incentive to approve a short sale. if it’s an original non-recourse purchase money loan, i wonder what would happen if the owner just stopped paying the 2nd but kept paying the 1st. what is the 2nd going to do, start the expensive foreclosure process when they already know they’re going to come out with nothing? or will they simply sit in 2nd position, hope that the owner stays current on the 1st and wait it out until the property appreciates before taking some action? hmmmmm….hadn’t thought of this scenario – very interesting.

[DaCounselor]

“Why bother listing if you did 100% financing and are already 20% underwater and can’t afford the short sale?”
_______________________

nsr – what do mean by “can’t afford the short sale?” Can’t someone submit a deal to the lender where there is little if any $$ out of pocket from the seller?

the scenario where someone is already 20% underwater on a 100% financing deal (80/20) is pretty interesting, since 2nd position is already wiped out and has no incentive to approve a short sale. if it’s an original non-recourse purchase money loan, i wonder what would happen if the owner just stopped paying the 2nd but kept paying the 1st. what is the 2nd going to do, start the expensive foreclosure process when they already know they’re going to come out with nothing? or will they simply sit in 2nd position, hope that the owner stays current on the 1st and wait it out until the property appreciates before taking some action? hmmmmm….hadn’t thought of this scenario – very interesting.

[Bugs]

The largest loss I’ve seen a lender agree to on a short sale is about $50,000. There probably are some that are higher but I haven’t seen any yet.

[Bugs]

The largest loss I’ve seen a lender agree to on a short sale is about $50,000. There probably are some that are higher but I haven’t seen any yet.

[Author]

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