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  • April 16, 2009 at 12:02 PM #382632
    Coronita
    Participant

    [quote=Huckleberry]It doesn’t matter how much, nor how many tactics the gov’t and banks try to keep home prices high. Income levels still do not support the high prices in the mid to upper tier!

    No exotic loan products, and full doc requirements, in addition to unemployment will completely nullify all of their efforts…[/quote]

    Just curious…
    So I here the statement “income levels don’t support the high prices” a lot?

    Is there data on some of these area that current homeowners’ income in current higher priced areas like RSF/LJ/CV/Encintas cannot support these high prices in the majority?

    Just curious. For instance, I know my income can’t support a 2 million dollar home, but that doesn’t mean someone else’s can’t. Sorry, not trying to be an ass here. Just where is the data specifically for residence in some of these higher cost areas?

    Please don’t point me to the average income numbers in san diego county. I doubt someone with a houshold income in $60k would be seriously looking for a home in some of these higher cost areas.

    I’m not suggesting it can nor that higher cost areas aren’t going to come down (it will), just where is the data from current higher cost area residents in majority cannot support these higher prices?

    April 16, 2009 at 12:13 PM #382014
    Daniel
    Participant

    flu,

    I think you can find income data by zip code. In CV, if I recall correctly, it was something like $130K median. Sounds about right to me.

    April 16, 2009 at 12:13 PM #382285
    Daniel
    Participant

    flu,

    I think you can find income data by zip code. In CV, if I recall correctly, it was something like $130K median. Sounds about right to me.

    April 16, 2009 at 12:13 PM #382475
    Daniel
    Participant

    flu,

    I think you can find income data by zip code. In CV, if I recall correctly, it was something like $130K median. Sounds about right to me.

    April 16, 2009 at 12:13 PM #382523
    Daniel
    Participant

    flu,

    I think you can find income data by zip code. In CV, if I recall correctly, it was something like $130K median. Sounds about right to me.

    April 16, 2009 at 12:13 PM #382652
    Daniel
    Participant

    flu,

    I think you can find income data by zip code. In CV, if I recall correctly, it was something like $130K median. Sounds about right to me.

    April 16, 2009 at 12:28 PM #382019
    Rt.66
    Participant

    I guess that’s why they refer to it as the “shadow” inventory huh? Its not out there in the open for all to see easily.

    Go to RealtyTrac (RT)and use the free search function. Do you see a ton of REOs, many, many more than are listed on the MLS? There is part of the shadow inventory. The other part is harder to find.

    I have seen a property pop up on RT when a NOD was filed and then strangely drop off when the actuall papers were served (I saw them taped to the door). That was two months ago and its still AWOL from RT. One REO I was interested in was on RT for a year, then it went to a Williams and Williams auction, fell off RT, did not sell, is still empty a year later and is still not on RT.

    Three homes in my area (same owner) have been in trouble for two years and only briefly showed on RT. I could go on.

    Probably the whole point of the shadow inv. is to keep RE prices artificially elevated by hiding the magnitude of the REO problem from potential victims…errrr ah, buyers that is. Judging from the number of bottom callers I guess its doing that to some extent.

    April 16, 2009 at 12:28 PM #382290
    Rt.66
    Participant

    I guess that’s why they refer to it as the “shadow” inventory huh? Its not out there in the open for all to see easily.

    Go to RealtyTrac (RT)and use the free search function. Do you see a ton of REOs, many, many more than are listed on the MLS? There is part of the shadow inventory. The other part is harder to find.

    I have seen a property pop up on RT when a NOD was filed and then strangely drop off when the actuall papers were served (I saw them taped to the door). That was two months ago and its still AWOL from RT. One REO I was interested in was on RT for a year, then it went to a Williams and Williams auction, fell off RT, did not sell, is still empty a year later and is still not on RT.

    Three homes in my area (same owner) have been in trouble for two years and only briefly showed on RT. I could go on.

    Probably the whole point of the shadow inv. is to keep RE prices artificially elevated by hiding the magnitude of the REO problem from potential victims…errrr ah, buyers that is. Judging from the number of bottom callers I guess its doing that to some extent.

    April 16, 2009 at 12:28 PM #382480
    Rt.66
    Participant

    I guess that’s why they refer to it as the “shadow” inventory huh? Its not out there in the open for all to see easily.

    Go to RealtyTrac (RT)and use the free search function. Do you see a ton of REOs, many, many more than are listed on the MLS? There is part of the shadow inventory. The other part is harder to find.

    I have seen a property pop up on RT when a NOD was filed and then strangely drop off when the actuall papers were served (I saw them taped to the door). That was two months ago and its still AWOL from RT. One REO I was interested in was on RT for a year, then it went to a Williams and Williams auction, fell off RT, did not sell, is still empty a year later and is still not on RT.

    Three homes in my area (same owner) have been in trouble for two years and only briefly showed on RT. I could go on.

    Probably the whole point of the shadow inv. is to keep RE prices artificially elevated by hiding the magnitude of the REO problem from potential victims…errrr ah, buyers that is. Judging from the number of bottom callers I guess its doing that to some extent.

    April 16, 2009 at 12:28 PM #382528
    Rt.66
    Participant

    I guess that’s why they refer to it as the “shadow” inventory huh? Its not out there in the open for all to see easily.

    Go to RealtyTrac (RT)and use the free search function. Do you see a ton of REOs, many, many more than are listed on the MLS? There is part of the shadow inventory. The other part is harder to find.

    I have seen a property pop up on RT when a NOD was filed and then strangely drop off when the actuall papers were served (I saw them taped to the door). That was two months ago and its still AWOL from RT. One REO I was interested in was on RT for a year, then it went to a Williams and Williams auction, fell off RT, did not sell, is still empty a year later and is still not on RT.

    Three homes in my area (same owner) have been in trouble for two years and only briefly showed on RT. I could go on.

    Probably the whole point of the shadow inv. is to keep RE prices artificially elevated by hiding the magnitude of the REO problem from potential victims…errrr ah, buyers that is. Judging from the number of bottom callers I guess its doing that to some extent.

    April 16, 2009 at 12:28 PM #382657
    Rt.66
    Participant

    I guess that’s why they refer to it as the “shadow” inventory huh? Its not out there in the open for all to see easily.

    Go to RealtyTrac (RT)and use the free search function. Do you see a ton of REOs, many, many more than are listed on the MLS? There is part of the shadow inventory. The other part is harder to find.

    I have seen a property pop up on RT when a NOD was filed and then strangely drop off when the actuall papers were served (I saw them taped to the door). That was two months ago and its still AWOL from RT. One REO I was interested in was on RT for a year, then it went to a Williams and Williams auction, fell off RT, did not sell, is still empty a year later and is still not on RT.

    Three homes in my area (same owner) have been in trouble for two years and only briefly showed on RT. I could go on.

    Probably the whole point of the shadow inv. is to keep RE prices artificially elevated by hiding the magnitude of the REO problem from potential victims…errrr ah, buyers that is. Judging from the number of bottom callers I guess its doing that to some extent.

    April 16, 2009 at 12:48 PM #382034
    Rockemsock
    Participant

    Scarlet,

    I’ve seen the same thing. Friends of ours are living in a home and allowing it to go back to the bank. No payments for 6 months, and not a single letter or notice of any kind. Not showing on RT, or any other foreclosure site I came across. Our home (the one we’re renting) is in preforeclosure, bank has been out to see us twice, and it still doesn’t appear on any foreclosure listing I check, including RT.

    April 16, 2009 at 12:48 PM #382305
    Rockemsock
    Participant

    Scarlet,

    I’ve seen the same thing. Friends of ours are living in a home and allowing it to go back to the bank. No payments for 6 months, and not a single letter or notice of any kind. Not showing on RT, or any other foreclosure site I came across. Our home (the one we’re renting) is in preforeclosure, bank has been out to see us twice, and it still doesn’t appear on any foreclosure listing I check, including RT.

    April 16, 2009 at 12:48 PM #382495
    Rockemsock
    Participant

    Scarlet,

    I’ve seen the same thing. Friends of ours are living in a home and allowing it to go back to the bank. No payments for 6 months, and not a single letter or notice of any kind. Not showing on RT, or any other foreclosure site I came across. Our home (the one we’re renting) is in preforeclosure, bank has been out to see us twice, and it still doesn’t appear on any foreclosure listing I check, including RT.

    April 16, 2009 at 12:48 PM #382543
    Rockemsock
    Participant

    Scarlet,

    I’ve seen the same thing. Friends of ours are living in a home and allowing it to go back to the bank. No payments for 6 months, and not a single letter or notice of any kind. Not showing on RT, or any other foreclosure site I came across. Our home (the one we’re renting) is in preforeclosure, bank has been out to see us twice, and it still doesn’t appear on any foreclosure listing I check, including RT.

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