Where’s the supply?

[an]

I thought supply usually increase after super bowl? We have less supply now in Mira Mesa than during Christmas season.

[The-Shoveler]

JTR had something on this,

I think realtors have taken to following cars home from Funerals to find listings.

Most who are left standing can most likely can afford what ever payments they have and they most likely have been able to refinance into fixed rates they will likely never see again, it will take a powerful reason to make them move.

[CDMA ENG]

I am about ready to cry over this subject.

I have literally looked at every home in San Marcos and Carlsbad… TWICE!

CE

[an]

[quote=CDMA ENG]I am about ready to cry over this subject.

I have literally looked at every home in San Marcos and Carlsbad… TWICE!

CE[/quote]When supply is this low, I’m sure it’s not hard to look at every home twice. Considering the big run up that we had, I would assume we’d see more dream listers listing at insane prices. We don’t even have that. What will price do in the spring if supply stay as low as it is right now? Will we see another 10-20% price increase?

[spdrun]

In the Northeast, where the violent Gods, Foreclosius and Shortsalius are running rabid once again.

http://www.bloomberg.com/news/2014-02-26/foreclosures-climaxing-in-new-york-new-jersey-market-mortgages.html

[paramount]

With mortage apps at 20 year lows, we don’t need the supply.

[an]

[quote=paramount]With mortage apps at 20 year lows, we don’t need the supply.[/quote]
I don’t see your point.

[Coronita]

Don’t even get me started…..Quite a bit of SS fell through for me….

[CDMA ENG]

[quote=spdrun]In the Northeast, where the violent Gods, Foreclosius and Shortsalius are running rabid once again.

http://www.bloomberg.com/news/2014-02-26/foreclosures-climaxing-in-new-york-new-jersey-market-mortgages.html%5B/quote%5D

Now that is funny!

+1

CE

[Jazzman]

[quote=spdrun]In the Northeast, where the violent Gods, Foreclosius and Shortsalius are running rabid once again.

http://www.bloomberg.com/news/2014-02-26/foreclosures-climaxing-in-new-york-new-jersey-market-mortgages.html%5B/quote%5D
Seems like NY and NJ aren’t the only states that have ruffled Foreclosius’s feathers. Foreclosure starts jumped a whopping 57% in CA last months according DrHB http://www.doctorhousingbubble.com/california-foreclosure-starts-surge-banks-gearing-up-nods-banking-foreclosures-california-middle-class/

[flyer]

Excellent article, Jazzman. Don’t know if the wave of foreclosures will have much affect on the desirable/high demand areas–guess we’ll just have to wait and see.

The rest of the article was interesting also–especially the part about how most Californians are living way beyond their means.

Whenever I read these stats, it still amazes me how far out on a limb people are willing to go with their finances.

As a native, the evolution of real estate in CA reminds me of a revolving door. When one group of over-extended residents vacate–for whatever reasons–another seems to come in to take their place, and on and on. Because of the demand in desirable areas, this pattern continues to keep these locations afloat–at least for now. Hopefully, they all have a plan for their endgame.

[JerseyGrl]

Good article from Jazzman. I have a friend who is a bankruptcy lawyer for the DOJ here in San Diego who has mentioned the large number of cases he’s seen where people are living in their houses up to 4 years without paying a mortgage and the banks doing nothing.

I found this comment in the above mentioned article:

[Once a bank forecloses on a property that starts the clock on when the bank must unload the property. Federal law allows banks to hold on to foreclosures for 5 years with a second 5 year extension if selling would do them harm].

I think the housing market here in town is extremely vulnerable and the gamble that buyers are taking isn’t one we’re comfortable with. We can’t afford to buy a home as nice as the one we rent so we’ll continue to rent.

[Gunslinger]

[quote=spdrun]In the Northeast, where the violent Gods, Foreclosius and Shortsalius are running rabid once again.

http://www.bloomberg.com/news/2014-02-26/foreclosures-climaxing-in-new-york-new-jersey-market-mortgages.html%5B/quote%5D

More nonsense. Here is the key part of the article the punk omits.

“There is a crisis, and where that crisis will play out is in inner, urban neighborhoods where unemployment is highest, credit scores are lowest and investor appetite is non-existent,” Otteau said.

So good luck buying all your foreclosures in Camden, Newark and Irvington where your complexion will get you shot after sunset. It sounds like the desirable suburbs are doing just fine. My cousin just closed on the Sale of his property yesterday in a middle class suburb of NJ. Had no problem selling it and got a good price. He will be heading out to CA as a cash buyer for a retirement home soon.

[spdrun]

Sure, the inner city areas are more affected, but that doesn’t mean that there aren’t good deals (generally handled via short sales) to be had right now in better areas. Not necessarily the wealthiest towns, but not areas where you’ll get shot after dark either. Think Morristown, a western suburb of NYC, or Hightstown near Princeton.

Please refrain from personal attacks — they add nothing to your argument. And maybe you should do some more surfing or something; it may improve your sunny disposition.

[Gunslinger]

Please refrain from your frequent, obscenity laden posts – they add nothing to your argument.

[Author]

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