UT: Foreclosure trend rising as hopes fall

[HLS]

NSR,
How can you like QQQ better ????

PALM was $1,100.00 down to $14.00
please look at chart again!http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=palm&sid=0&o_symb=palm&freq=2&time=13&x=48&y=14

Loss of 98.75%

[no_such_reality]

How can you like QQQ better ????

Palm is an individual stock, kind of like buying a home from a flip this house episode that used bleach water to clean mold covered walls and later discovered that there’s still mold and the foundation is cracked. Perhaps that would be Enron…

QQQ on the other hand, is the cream of the NASDAQ crop, like the best neighborhoods of San Diego. It’s still completely toasted. They aren’t companies that failed, they’re still the best, they’re just worth 1/3rd of what they were in the dot com bubble.

[no_such_reality]

How can you like QQQ better ????

Palm is an individual stock, kind of like buying a home from a flip this house episode that used bleach water to clean mold covered walls and later discovered that there’s still mold and the foundation is cracked. Perhaps that would be Enron…

QQQ on the other hand, is the cream of the NASDAQ crop, like the best neighborhoods of San Diego. It’s still completely toasted. They aren’t companies that failed, they’re still the best, they’re just worth 1/3rd of what they were in the dot com bubble.

[no_such_reality]

How can you like QQQ better ????

Palm is an individual stock, kind of like buying a home from a flip this house episode that used bleach water to clean mold covered walls and later discovered that there’s still mold and the foundation is cracked. Perhaps that would be Enron…

QQQ on the other hand, is the cream of the NASDAQ crop, like the best neighborhoods of San Diego. It’s still completely toasted. They aren’t companies that failed, they’re still the best, they’re just worth 1/3rd of what they were in the dot com bubble.

[PerryChase]

Another excellent post, bugs.

——–

Did you guys notice that real estate news (mostly negative these days) have the comments disabled on the UT website?

[PerryChase]

Another excellent post, bugs.

——–

Did you guys notice that real estate news (mostly negative these days) have the comments disabled on the UT website?

[PerryChase]

Another excellent post, bugs.

——–

Did you guys notice that real estate news (mostly negative these days) have the comments disabled on the UT website?

[PerryChase]

Some interesting numbers from the article.

“In the first half of 2007, the county had a record 2,896 foreclosures” If we assume this rate, that 2007 will close at about 5800 foreclosures.

“Today, of the nearly 24,000 listings of resale houses, condominiums and mobile homes, roughly one-fifth were identified by Sandicor a local multiple listing service, as distressed properties either in foreclosure or approaching the stage where owners could lose their homes.” 1/5 means about 4800 as distressed. But that includes all the short sales and NODs that are not yet foreclosed.

It’s obvious that all the foreclosed properties are not on the market yet. Could we hit close to 30,000 listings in 2008 with distressed properties making up a larger proportion of that?

[PerryChase]

Some interesting numbers from the article.

“In the first half of 2007, the county had a record 2,896 foreclosures” If we assume this rate, that 2007 will close at about 5800 foreclosures.

“Today, of the nearly 24,000 listings of resale houses, condominiums and mobile homes, roughly one-fifth were identified by Sandicor a local multiple listing service, as distressed properties either in foreclosure or approaching the stage where owners could lose their homes.” 1/5 means about 4800 as distressed. But that includes all the short sales and NODs that are not yet foreclosed.

It’s obvious that all the foreclosed properties are not on the market yet. Could we hit close to 30,000 listings in 2008 with distressed properties making up a larger proportion of that?

[PerryChase]

Some interesting numbers from the article.

“In the first half of 2007, the county had a record 2,896 foreclosures” If we assume this rate, that 2007 will close at about 5800 foreclosures.

“Today, of the nearly 24,000 listings of resale houses, condominiums and mobile homes, roughly one-fifth were identified by Sandicor a local multiple listing service, as distressed properties either in foreclosure or approaching the stage where owners could lose their homes.” 1/5 means about 4800 as distressed. But that includes all the short sales and NODs that are not yet foreclosed.

It’s obvious that all the foreclosed properties are not on the market yet. Could we hit close to 30,000 listings in 2008 with distressed properties making up a larger proportion of that?

[Ex-SD]

Many of the foreclosures that are presently being sold are being bought by investors who believe that the present bust is just a temporary thing. When their “investments” are still sitting on the market for sale at the end of 2008, panic will set in. The man in the Tribune article is delusional if he believes that his property is not going to be worth less than he just paid for it within a couple of years. I guess it’s just human nature to look at things from a subjective viewpoint that suits your particular purpose. To me, it’s denial……..denial…………..denial, of the obvious! I am a retired CEO and I am less apt to become emotionally involved with a house or anything else other than my wife, family and dogs. To me, it’s a simple matter of balancing $$$$ and common sense to figure out what’s best for you and your family.

Anyone who really needs to sell their house who is holding out for their present asking price is deluding themselves each month that they don’t lower the price to move it NOW! When prices really start to fall, panic will set in and that’s when we’ll see just how far prices will drop. I’m guessing 25-40% for houses and 35-50% for condos.

I may be dead-wrong but with the inability of the present owners to refinance many of these properties………… due to their lack of equity in their respective properties / inability to get an appraisal that comes anywhere close to what they paid for the property two years ago / inability to make the payments when their 2-28 loan resets at a much higher interest rate / inability to find a willing buyer who can qualify for a mortgage under tighter credit regulations and more $$$$ needed for a down payment…………sellers are going to have a BIG problem moving their properties. Of course, for those who bought their houses before 1999-2000, didn’t use their house as a credit card and don’t have to sell……..they will still have a home in San Diego with no problems. They will just have missed an opportunity to cash out and rent or move to another state that offers much cheaper housing.

[Ex-SD]

Many of the foreclosures that are presently being sold are being bought by investors who believe that the present bust is just a temporary thing. When their “investments” are still sitting on the market for sale at the end of 2008, panic will set in. The man in the Tribune article is delusional if he believes that his property is not going to be worth less than he just paid for it within a couple of years. I guess it’s just human nature to look at things from a subjective viewpoint that suits your particular purpose. To me, it’s denial……..denial…………..denial, of the obvious! I am a retired CEO and I am less apt to become emotionally involved with a house or anything else other than my wife, family and dogs. To me, it’s a simple matter of balancing $$$$ and common sense to figure out what’s best for you and your family.

Anyone who really needs to sell their house who is holding out for their present asking price is deluding themselves each month that they don’t lower the price to move it NOW! When prices really start to fall, panic will set in and that’s when we’ll see just how far prices will drop. I’m guessing 25-40% for houses and 35-50% for condos.

I may be dead-wrong but with the inability of the present owners to refinance many of these properties………… due to their lack of equity in their respective properties / inability to get an appraisal that comes anywhere close to what they paid for the property two years ago / inability to make the payments when their 2-28 loan resets at a much higher interest rate / inability to find a willing buyer who can qualify for a mortgage under tighter credit regulations and more $$$$ needed for a down payment…………sellers are going to have a BIG problem moving their properties. Of course, for those who bought their houses before 1999-2000, didn’t use their house as a credit card and don’t have to sell……..they will still have a home in San Diego with no problems. They will just have missed an opportunity to cash out and rent or move to another state that offers much cheaper housing.

[Ex-SD]

Many of the foreclosures that are presently being sold are being bought by investors who believe that the present bust is just a temporary thing. When their “investments” are still sitting on the market for sale at the end of 2008, panic will set in. The man in the Tribune article is delusional if he believes that his property is not going to be worth less than he just paid for it within a couple of years. I guess it’s just human nature to look at things from a subjective viewpoint that suits your particular purpose. To me, it’s denial……..denial…………..denial, of the obvious! I am a retired CEO and I am less apt to become emotionally involved with a house or anything else other than my wife, family and dogs. To me, it’s a simple matter of balancing $$$$ and common sense to figure out what’s best for you and your family.

Anyone who really needs to sell their house who is holding out for their present asking price is deluding themselves each month that they don’t lower the price to move it NOW! When prices really start to fall, panic will set in and that’s when we’ll see just how far prices will drop. I’m guessing 25-40% for houses and 35-50% for condos.

I may be dead-wrong but with the inability of the present owners to refinance many of these properties………… due to their lack of equity in their respective properties / inability to get an appraisal that comes anywhere close to what they paid for the property two years ago / inability to make the payments when their 2-28 loan resets at a much higher interest rate / inability to find a willing buyer who can qualify for a mortgage under tighter credit regulations and more $$$$ needed for a down payment…………sellers are going to have a BIG problem moving their properties. Of course, for those who bought their houses before 1999-2000, didn’t use their house as a credit card and don’t have to sell……..they will still have a home in San Diego with no problems. They will just have missed an opportunity to cash out and rent or move to another state that offers much cheaper housing.

[garysears]

I think the tsunami analogy for Bandar Ache in Indonesia is probably even better than intended if you predict complete collapse for our markets. I observed first hand the immediate aftermath of the tsunami over about 80 miles of coastline on the NW side of the island. I personally captered numerous aerial photos of villages that were completely erased except for foundations. At one time I counted them in my head and could think of at least 12 separate cases. It was incredible how the water took away nearly everything in many areas, leaving little trace of the original structures and even completely changing the shoreline. I hope that is not really the future for our markets. The waves in some cases deposited boats miles inland and many people were likely killed who never even considered the sea a threat. The single coastal road which was the only “exit” for the hundreds of thousands of people living between the mountains and coast was impassible in a few dozen areas. Helicopters were the only way to deliver relief for weeks until the road was rebuilt. I’m not sure how the helicopter analogy really fits. But you could argue the road represents perceived market liquidity.

[garysears]

I think the tsunami analogy for Bandar Ache in Indonesia is probably even better than intended if you predict complete collapse for our markets. I observed first hand the immediate aftermath of the tsunami over about 80 miles of coastline on the NW side of the island. I personally captered numerous aerial photos of villages that were completely erased except for foundations. At one time I counted them in my head and could think of at least 12 separate cases. It was incredible how the water took away nearly everything in many areas, leaving little trace of the original structures and even completely changing the shoreline. I hope that is not really the future for our markets. The waves in some cases deposited boats miles inland and many people were likely killed who never even considered the sea a threat. The single coastal road which was the only “exit” for the hundreds of thousands of people living between the mountains and coast was impassible in a few dozen areas. Helicopters were the only way to deliver relief for weeks until the road was rebuilt. I’m not sure how the helicopter analogy really fits. But you could argue the road represents perceived market liquidity.

[Author]

Posts