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Zeitgeist.
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May 9, 2009 at 10:06 PM #396496May 10, 2009 at 2:01 AM #395861
Eugene
ParticipantI’ve checked first five properties on the list … all five are current on their property taxes. Homeowner #5 appears to own some piece of property in Valley Center / Mountain Meadows area, something like a mobile home or a timeshare, not sure (APN# 185-487-26-31), and she’s late paying property taxes for that. Perhaps that’s the one that is really in default. Notice of default for the homeowner #3 has been rescinded.
May 10, 2009 at 2:01 AM #396112ParticipantI’ve checked first five properties on the list … all five are current on their property taxes. Homeowner #5 appears to own some piece of property in Valley Center / Mountain Meadows area, something like a mobile home or a timeshare, not sure (APN# 185-487-26-31), and she’s late paying property taxes for that. Perhaps that’s the one that is really in default. Notice of default for the homeowner #3 has been rescinded.
May 10, 2009 at 2:01 AM #396334ParticipantI’ve checked first five properties on the list … all five are current on their property taxes. Homeowner #5 appears to own some piece of property in Valley Center / Mountain Meadows area, something like a mobile home or a timeshare, not sure (APN# 185-487-26-31), and she’s late paying property taxes for that. Perhaps that’s the one that is really in default. Notice of default for the homeowner #3 has been rescinded.
May 10, 2009 at 2:01 AM #396388ParticipantI’ve checked first five properties on the list … all five are current on their property taxes. Homeowner #5 appears to own some piece of property in Valley Center / Mountain Meadows area, something like a mobile home or a timeshare, not sure (APN# 185-487-26-31), and she’s late paying property taxes for that. Perhaps that’s the one that is really in default. Notice of default for the homeowner #3 has been rescinded.
May 10, 2009 at 2:01 AM #396531ParticipantI’ve checked first five properties on the list … all five are current on their property taxes. Homeowner #5 appears to own some piece of property in Valley Center / Mountain Meadows area, something like a mobile home or a timeshare, not sure (APN# 185-487-26-31), and she’s late paying property taxes for that. Perhaps that’s the one that is really in default. Notice of default for the homeowner #3 has been rescinded.
May 10, 2009 at 2:10 AM #395866an
ParticipantSome area is definitely in need a the flood right about now. Mira Mesa in particular. Currently, there’s only 46 SFR and 63 condos on the market (who knows how many of those are SS w/ offers). SFR supply got chopped in 1/2 w/in 4 months (from 93 to 46), and we haven’t even gotten to the summer selling season yet. At this rate, we’ll be near 0 by the end of summer.
May 10, 2009 at 2:10 AM #396117ParticipantSome area is definitely in need a the flood right about now. Mira Mesa in particular. Currently, there’s only 46 SFR and 63 condos on the market (who knows how many of those are SS w/ offers). SFR supply got chopped in 1/2 w/in 4 months (from 93 to 46), and we haven’t even gotten to the summer selling season yet. At this rate, we’ll be near 0 by the end of summer.
May 10, 2009 at 2:10 AM #396339ParticipantSome area is definitely in need a the flood right about now. Mira Mesa in particular. Currently, there’s only 46 SFR and 63 condos on the market (who knows how many of those are SS w/ offers). SFR supply got chopped in 1/2 w/in 4 months (from 93 to 46), and we haven’t even gotten to the summer selling season yet. At this rate, we’ll be near 0 by the end of summer.
May 10, 2009 at 2:10 AM #396393ParticipantSome area is definitely in need a the flood right about now. Mira Mesa in particular. Currently, there’s only 46 SFR and 63 condos on the market (who knows how many of those are SS w/ offers). SFR supply got chopped in 1/2 w/in 4 months (from 93 to 46), and we haven’t even gotten to the summer selling season yet. At this rate, we’ll be near 0 by the end of summer.
May 10, 2009 at 2:10 AM #396536ParticipantSome area is definitely in need a the flood right about now. Mira Mesa in particular. Currently, there’s only 46 SFR and 63 condos on the market (who knows how many of those are SS w/ offers). SFR supply got chopped in 1/2 w/in 4 months (from 93 to 46), and we haven’t even gotten to the summer selling season yet. At this rate, we’ll be near 0 by the end of summer.
May 10, 2009 at 9:23 AM #395886no_such_reality
ParticipantShadow inventory is more a gut check than hard measure. It has two primary components: foreclosures held by the banks that aren’t actively listed and the amorphous legions of people that want to sell but are either already upside down or unwilling to give it away cause they still think a rebound to 2006 prices is only a couple years away.
There is a quazi third piece, the foreclosure pipeline however that is really just the 2nd piece not getting their rebound in time to prevent them from becoming the 1st piece.
I honestly can’t tell you about Mira Mesa or many specific areas of SD, but in OC, the heavy selling areas post 2003 (OC is at 2003 pricing) have subtantial shadow inventory. You see it in the lack of homes for sale and a comparison to the low values and foreclosures.
Can they afford it? Maybe. But how long will a person hold on to a $700,000 loan when they can’t sell it for $450,000?
Of course, it does beg the obvious question, can they afford it? I don’t think so since foreclosure looks like a Christmas tree with the bulbs of NODs, NOTs, and REOs.
In the past, if you got into financial stress, you sold the house and salvaged what equity you could. If you upside down like the many of the buyers what do you do? Grind a short sale? That requires admitting that you really can’t afford it and in OC and parts of SD, conspicious consumption was the rule of the day.
The biggest roadblock to declining prices is the denial that we aren’t as rich as we pretend to be.
May 10, 2009 at 9:23 AM #396137ParticipantShadow inventory is more a gut check than hard measure. It has two primary components: foreclosures held by the banks that aren’t actively listed and the amorphous legions of people that want to sell but are either already upside down or unwilling to give it away cause they still think a rebound to 2006 prices is only a couple years away.
There is a quazi third piece, the foreclosure pipeline however that is really just the 2nd piece not getting their rebound in time to prevent them from becoming the 1st piece.
I honestly can’t tell you about Mira Mesa or many specific areas of SD, but in OC, the heavy selling areas post 2003 (OC is at 2003 pricing) have subtantial shadow inventory. You see it in the lack of homes for sale and a comparison to the low values and foreclosures.
Can they afford it? Maybe. But how long will a person hold on to a $700,000 loan when they can’t sell it for $450,000?
Of course, it does beg the obvious question, can they afford it? I don’t think so since foreclosure looks like a Christmas tree with the bulbs of NODs, NOTs, and REOs.
In the past, if you got into financial stress, you sold the house and salvaged what equity you could. If you upside down like the many of the buyers what do you do? Grind a short sale? That requires admitting that you really can’t afford it and in OC and parts of SD, conspicious consumption was the rule of the day.
The biggest roadblock to declining prices is the denial that we aren’t as rich as we pretend to be.
May 10, 2009 at 9:23 AM #396359ParticipantShadow inventory is more a gut check than hard measure. It has two primary components: foreclosures held by the banks that aren’t actively listed and the amorphous legions of people that want to sell but are either already upside down or unwilling to give it away cause they still think a rebound to 2006 prices is only a couple years away.
There is a quazi third piece, the foreclosure pipeline however that is really just the 2nd piece not getting their rebound in time to prevent them from becoming the 1st piece.
I honestly can’t tell you about Mira Mesa or many specific areas of SD, but in OC, the heavy selling areas post 2003 (OC is at 2003 pricing) have subtantial shadow inventory. You see it in the lack of homes for sale and a comparison to the low values and foreclosures.
Can they afford it? Maybe. But how long will a person hold on to a $700,000 loan when they can’t sell it for $450,000?
Of course, it does beg the obvious question, can they afford it? I don’t think so since foreclosure looks like a Christmas tree with the bulbs of NODs, NOTs, and REOs.
In the past, if you got into financial stress, you sold the house and salvaged what equity you could. If you upside down like the many of the buyers what do you do? Grind a short sale? That requires admitting that you really can’t afford it and in OC and parts of SD, conspicious consumption was the rule of the day.
The biggest roadblock to declining prices is the denial that we aren’t as rich as we pretend to be.
May 10, 2009 at 9:23 AM #396413ParticipantShadow inventory is more a gut check than hard measure. It has two primary components: foreclosures held by the banks that aren’t actively listed and the amorphous legions of people that want to sell but are either already upside down or unwilling to give it away cause they still think a rebound to 2006 prices is only a couple years away.
There is a quazi third piece, the foreclosure pipeline however that is really just the 2nd piece not getting their rebound in time to prevent them from becoming the 1st piece.
I honestly can’t tell you about Mira Mesa or many specific areas of SD, but in OC, the heavy selling areas post 2003 (OC is at 2003 pricing) have subtantial shadow inventory. You see it in the lack of homes for sale and a comparison to the low values and foreclosures.
Can they afford it? Maybe. But how long will a person hold on to a $700,000 loan when they can’t sell it for $450,000?
Of course, it does beg the obvious question, can they afford it? I don’t think so since foreclosure looks like a Christmas tree with the bulbs of NODs, NOTs, and REOs.
In the past, if you got into financial stress, you sold the house and salvaged what equity you could. If you upside down like the many of the buyers what do you do? Grind a short sale? That requires admitting that you really can’t afford it and in OC and parts of SD, conspicious consumption was the rule of the day.
The biggest roadblock to declining prices is the denial that we aren’t as rich as we pretend to be.
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