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  • October 10, 2007 at 8:41 AM #10558
    JWM in SD
    Participant

    Let out friends Ramsey Su and Calculated Risk enlighten you a bit:

    http://calculatedrisk.blogspot.com/2007/10/reo-auction-in-san-diego.html

    Ugly doesn’t begin to describe what is going to happen to FBs in SD and SoCal in general. If you still have doubts, you have been warned……..

    October 10, 2007 at 8:49 AM #87744
    Ex-SD
    Participant

    Great information. Yep, it’s going to get uglier & uglier as the months pass. It’s actually moving quicker than I thought it would. I thought that most of the Banks would try for one more spring-summer selling season at higher prices. As more & more REO’s hit the market at lower & lower prices, people who need to sell will have to compete with them which will start a low price war between the REO’s & private sellers. The buyer will be the winner. Just wait until all of those ARM re-sets peak.

    October 10, 2007 at 8:49 AM #87749
    Ex-SD
    Participant

    Great information. Yep, it’s going to get uglier & uglier as the months pass. It’s actually moving quicker than I thought it would. I thought that most of the Banks would try for one more spring-summer selling season at higher prices. As more & more REO’s hit the market at lower & lower prices, people who need to sell will have to compete with them which will start a low price war between the REO’s & private sellers. The buyer will be the winner. Just wait until all of those ARM re-sets peak.

    October 10, 2007 at 9:03 AM #87748
    JWM in SD
    Participant

    This is the point that I think a lot of people still don’t understand about this whole thing and why even if you can afford to buy right now you are still in jeoporday. This will launch a vicious cycle that feeds on it self. As comps get slaughtered, an incresing number of homeowners that might have otherwise weathered the storm will get dragged into this mess. It will stretch back into earlier layers of homeowners as the comps go down.

    October 10, 2007 at 9:03 AM #87753
    JWM in SD
    Participant

    This is the point that I think a lot of people still don’t understand about this whole thing and why even if you can afford to buy right now you are still in jeoporday. This will launch a vicious cycle that feeds on it self. As comps get slaughtered, an incresing number of homeowners that might have otherwise weathered the storm will get dragged into this mess. It will stretch back into earlier layers of homeowners as the comps go down.

    October 10, 2007 at 9:20 AM #87756
    Alex_angel
    Participant

    If its in a blog and on the internet then it must be true. lol

    October 10, 2007 at 9:20 AM #87761
    Alex_angel
    Participant

    If its in a blog and on the internet then it must be true. lol

    October 10, 2007 at 9:29 AM #87760
    patientlywaiting
    Participant

    Very true indeed. I expect a bloodbath in the next couple of year.

    Another thing is that homeowners are adjusting to paying fully amortized mortgages without prospects of appreciation. People aren’t going to buy unless they can see subtantial appreciation in a 5 year time frame. They panic if prices decline within 1 year of ownership.

    i’ll bookmark this thread and come back to it in a couple of years. We shall see….

    October 10, 2007 at 9:29 AM #87765
    patientlywaiting
    Participant

    Very true indeed. I expect a bloodbath in the next couple of year.

    Another thing is that homeowners are adjusting to paying fully amortized mortgages without prospects of appreciation. People aren’t going to buy unless they can see subtantial appreciation in a 5 year time frame. They panic if prices decline within 1 year of ownership.

    i’ll bookmark this thread and come back to it in a couple of years. We shall see….

    October 10, 2007 at 9:29 AM #87754
    farbet
    Participant

    Mortage payment is due today to avoid penalty.
    How many will send in that check,plus HOA,plus Mello Roos?
    Ouch !!!
    Taxes are due Nov 1st.Will they make it

    October 10, 2007 at 9:29 AM #87759
    farbet
    Participant

    Mortage payment is due today to avoid penalty.
    How many will send in that check,plus HOA,plus Mello Roos?
    Ouch !!!
    Taxes are due Nov 1st.Will they make it

    October 10, 2007 at 9:33 AM #87762
    JWM in SD
    Participant

    yes alex, I guess we should stick with the MSM since their track record has been so good. Integrity in reporting…who needs it right? Certainly not the sheeple.

    October 10, 2007 at 9:33 AM #87767
    JWM in SD
    Participant

    yes alex, I guess we should stick with the MSM since their track record has been so good. Integrity in reporting…who needs it right? Certainly not the sheeple.

    October 10, 2007 at 9:38 AM #87764
    HereWeGo
    Participant

    Usually real estate cycles unwind slowly, but in this case there may be a “tipping point” as the REOs and unsold builder inventory pile up. If that happens, the 50% hit prediction may very well be realized.

    October 10, 2007 at 9:38 AM #87769
    HereWeGo
    Participant

    Usually real estate cycles unwind slowly, but in this case there may be a “tipping point” as the REOs and unsold builder inventory pile up. If that happens, the 50% hit prediction may very well be realized.

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