- This topic has 20 replies, 3 voices, and was last updated 15 years, 1 month ago by
patientrenter.
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AuthorPosts
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February 23, 2008 at 8:04 PM #11910
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February 23, 2008 at 9:04 PM #158638
patientrenter
Participantkev, you and I know that’s not “real”, in the sense that you or I cannot now buy a half-decent 1200sq ft condo in LN for $140K.
I am surprised to see fewer really good deals (relatively) in So OC in the last month. I’ve stopped looking, because the pickings are so slim. Are you seeing the same, kev?
At this point, I’ve concluded that even the banks with REOs are banking on a spring bounce, or maybe a bailout, and are holding out for higher prices than the few (relatively) good deals I saw in early January. I only check new listings maybe once a week now, instead of daily in the first half of January.
Patient renter in OC
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February 23, 2008 at 9:38 PM #158648
paramount
ParticipantIf the bailout’s don’t work, it won’t be because the gov’t didn’t try…
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February 24, 2008 at 9:27 AM #158852
kev374
Participantpatientrenter, that is exactly what I am seeing as well. The price cuts have suddenly stopped and all I see is the same properties for the same prices.
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February 24, 2008 at 2:06 PM #159055
patientrenter
ParticipantInteresting that you mention price cuts stopping suddenly. I too recall that there were price cuts daily on some of the 100-200 properties I was following in OC until some time in January. Just as you say, they all stopped at about the same time – within a few days.
I get irritated when I read paranoid rantings about a cabal of hedge funds or IB’s or whatever manipulating markets behind the scenes. But it is hard to see how dozens of managers responsible for REOs in OC all of a sudden, all independently, woke up one morning and decided that their weekly/monthly price reduction pattern of the prior 6 months was the wrong thing from that point forward.
I am now a little more open to the theory that, even when it comes to deciding local pricing of REOs, there may be govt.-backed collusion and manipulation. I can just see the local FDIC guy, with directions from further up, getting everyone who services OC loans into a room and telling them that they’d better do X, or else. Or maybe the banks just got together on their own, knowing no govt agency would take action against them now for propping up house prices, even if it violated all sorts of rules against competition restraints.
Patient renter in OC
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February 24, 2008 at 2:06 PM #159350
patientrenter
ParticipantInteresting that you mention price cuts stopping suddenly. I too recall that there were price cuts daily on some of the 100-200 properties I was following in OC until some time in January. Just as you say, they all stopped at about the same time – within a few days.
I get irritated when I read paranoid rantings about a cabal of hedge funds or IB’s or whatever manipulating markets behind the scenes. But it is hard to see how dozens of managers responsible for REOs in OC all of a sudden, all independently, woke up one morning and decided that their weekly/monthly price reduction pattern of the prior 6 months was the wrong thing from that point forward.
I am now a little more open to the theory that, even when it comes to deciding local pricing of REOs, there may be govt.-backed collusion and manipulation. I can just see the local FDIC guy, with directions from further up, getting everyone who services OC loans into a room and telling them that they’d better do X, or else. Or maybe the banks just got together on their own, knowing no govt agency would take action against them now for propping up house prices, even if it violated all sorts of rules against competition restraints.
Patient renter in OC
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February 24, 2008 at 2:06 PM #159362
patientrenter
ParticipantInteresting that you mention price cuts stopping suddenly. I too recall that there were price cuts daily on some of the 100-200 properties I was following in OC until some time in January. Just as you say, they all stopped at about the same time – within a few days.
I get irritated when I read paranoid rantings about a cabal of hedge funds or IB’s or whatever manipulating markets behind the scenes. But it is hard to see how dozens of managers responsible for REOs in OC all of a sudden, all independently, woke up one morning and decided that their weekly/monthly price reduction pattern of the prior 6 months was the wrong thing from that point forward.
I am now a little more open to the theory that, even when it comes to deciding local pricing of REOs, there may be govt.-backed collusion and manipulation. I can just see the local FDIC guy, with directions from further up, getting everyone who services OC loans into a room and telling them that they’d better do X, or else. Or maybe the banks just got together on their own, knowing no govt agency would take action against them now for propping up house prices, even if it violated all sorts of rules against competition restraints.
Patient renter in OC
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February 24, 2008 at 2:06 PM #159368
patientrenter
ParticipantInteresting that you mention price cuts stopping suddenly. I too recall that there were price cuts daily on some of the 100-200 properties I was following in OC until some time in January. Just as you say, they all stopped at about the same time – within a few days.
I get irritated when I read paranoid rantings about a cabal of hedge funds or IB’s or whatever manipulating markets behind the scenes. But it is hard to see how dozens of managers responsible for REOs in OC all of a sudden, all independently, woke up one morning and decided that their weekly/monthly price reduction pattern of the prior 6 months was the wrong thing from that point forward.
I am now a little more open to the theory that, even when it comes to deciding local pricing of REOs, there may be govt.-backed collusion and manipulation. I can just see the local FDIC guy, with directions from further up, getting everyone who services OC loans into a room and telling them that they’d better do X, or else. Or maybe the banks just got together on their own, knowing no govt agency would take action against them now for propping up house prices, even if it violated all sorts of rules against competition restraints.
Patient renter in OC
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February 24, 2008 at 2:06 PM #159443
patientrenter
ParticipantInteresting that you mention price cuts stopping suddenly. I too recall that there were price cuts daily on some of the 100-200 properties I was following in OC until some time in January. Just as you say, they all stopped at about the same time – within a few days.
I get irritated when I read paranoid rantings about a cabal of hedge funds or IB’s or whatever manipulating markets behind the scenes. But it is hard to see how dozens of managers responsible for REOs in OC all of a sudden, all independently, woke up one morning and decided that their weekly/monthly price reduction pattern of the prior 6 months was the wrong thing from that point forward.
I am now a little more open to the theory that, even when it comes to deciding local pricing of REOs, there may be govt.-backed collusion and manipulation. I can just see the local FDIC guy, with directions from further up, getting everyone who services OC loans into a room and telling them that they’d better do X, or else. Or maybe the banks just got together on their own, knowing no govt agency would take action against them now for propping up house prices, even if it violated all sorts of rules against competition restraints.
Patient renter in OC
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February 24, 2008 at 9:27 AM #159145
kev374
Participantpatientrenter, that is exactly what I am seeing as well. The price cuts have suddenly stopped and all I see is the same properties for the same prices.
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February 24, 2008 at 9:27 AM #159156
kev374
Participantpatientrenter, that is exactly what I am seeing as well. The price cuts have suddenly stopped and all I see is the same properties for the same prices.
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February 24, 2008 at 9:27 AM #159162
kev374
Participantpatientrenter, that is exactly what I am seeing as well. The price cuts have suddenly stopped and all I see is the same properties for the same prices.
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February 24, 2008 at 9:27 AM #159239
kev374
Participantpatientrenter, that is exactly what I am seeing as well. The price cuts have suddenly stopped and all I see is the same properties for the same prices.
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February 23, 2008 at 9:38 PM #158940
paramount
ParticipantIf the bailout’s don’t work, it won’t be because the gov’t didn’t try…
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February 23, 2008 at 9:38 PM #158950
paramount
ParticipantIf the bailout’s don’t work, it won’t be because the gov’t didn’t try…
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February 23, 2008 at 9:38 PM #158958
paramount
ParticipantIf the bailout’s don’t work, it won’t be because the gov’t didn’t try…
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February 23, 2008 at 9:38 PM #159032
paramount
ParticipantIf the bailout’s don’t work, it won’t be because the gov’t didn’t try…
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February 23, 2008 at 9:04 PM #158930
patientrenter
Participantkev, you and I know that’s not “real”, in the sense that you or I cannot now buy a half-decent 1200sq ft condo in LN for $140K.
I am surprised to see fewer really good deals (relatively) in So OC in the last month. I’ve stopped looking, because the pickings are so slim. Are you seeing the same, kev?
At this point, I’ve concluded that even the banks with REOs are banking on a spring bounce, or maybe a bailout, and are holding out for higher prices than the few (relatively) good deals I saw in early January. I only check new listings maybe once a week now, instead of daily in the first half of January.
Patient renter in OC
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February 23, 2008 at 9:04 PM #158939
patientrenter
Participantkev, you and I know that’s not “real”, in the sense that you or I cannot now buy a half-decent 1200sq ft condo in LN for $140K.
I am surprised to see fewer really good deals (relatively) in So OC in the last month. I’ve stopped looking, because the pickings are so slim. Are you seeing the same, kev?
At this point, I’ve concluded that even the banks with REOs are banking on a spring bounce, or maybe a bailout, and are holding out for higher prices than the few (relatively) good deals I saw in early January. I only check new listings maybe once a week now, instead of daily in the first half of January.
Patient renter in OC
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February 23, 2008 at 9:04 PM #158948
patientrenter
Participantkev, you and I know that’s not “real”, in the sense that you or I cannot now buy a half-decent 1200sq ft condo in LN for $140K.
I am surprised to see fewer really good deals (relatively) in So OC in the last month. I’ve stopped looking, because the pickings are so slim. Are you seeing the same, kev?
At this point, I’ve concluded that even the banks with REOs are banking on a spring bounce, or maybe a bailout, and are holding out for higher prices than the few (relatively) good deals I saw in early January. I only check new listings maybe once a week now, instead of daily in the first half of January.
Patient renter in OC
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February 23, 2008 at 9:04 PM #159022
patientrenter
Participantkev, you and I know that’s not “real”, in the sense that you or I cannot now buy a half-decent 1200sq ft condo in LN for $140K.
I am surprised to see fewer really good deals (relatively) in So OC in the last month. I’ve stopped looking, because the pickings are so slim. Are you seeing the same, kev?
At this point, I’ve concluded that even the banks with REOs are banking on a spring bounce, or maybe a bailout, and are holding out for higher prices than the few (relatively) good deals I saw in early January. I only check new listings maybe once a week now, instead of daily in the first half of January.
Patient renter in OC
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