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Allan from Fallbrook
ParticipantSDR: Most of the info I am getting on REOs is anecdotal in nature, and is coming from the folks I know in the banking/investment (Wells Fargo, Bear Stearns) business. Since many of them are not directly related to housing or mortgage lending, the information tends to be somewhat second-hand.
What are your contacts on the lending and banking side saying as relates to REOs? You mentioned you are seeing more aggressive pricing from banks. What are you hearing from within the banking community? Just curious.
ParticipantSDR: Most of the info I am getting on REOs is anecdotal in nature, and is coming from the folks I know in the banking/investment (Wells Fargo, Bear Stearns) business. Since many of them are not directly related to housing or mortgage lending, the information tends to be somewhat second-hand.
What are your contacts on the lending and banking side saying as relates to REOs? You mentioned you are seeing more aggressive pricing from banks. What are you hearing from within the banking community? Just curious.
ParticipantSDR: Most of the info I am getting on REOs is anecdotal in nature, and is coming from the folks I know in the banking/investment (Wells Fargo, Bear Stearns) business. Since many of them are not directly related to housing or mortgage lending, the information tends to be somewhat second-hand.
What are your contacts on the lending and banking side saying as relates to REOs? You mentioned you are seeing more aggressive pricing from banks. What are you hearing from within the banking community? Just curious.
ParticipantPizza: The only real talk about the KB development is that it is foundering. Everyone in town REALLY appreciates the shiny new section of road they built on Stagecoach, though. They (KB) widened it, resurfaced it and added access for the older houses that fronted Stagecoach. Nicely done all the way around.
KB has signs all over Fallbrook pointing to the development, but not a lot of takers so far. My info is a little dated, but word was that KB had only sold single digits there. There are also several smaller three house spec projects by independent builders that have languished on the market (12+ mos) as well.
ParticipantPizza: The only real talk about the KB development is that it is foundering. Everyone in town REALLY appreciates the shiny new section of road they built on Stagecoach, though. They (KB) widened it, resurfaced it and added access for the older houses that fronted Stagecoach. Nicely done all the way around.
KB has signs all over Fallbrook pointing to the development, but not a lot of takers so far. My info is a little dated, but word was that KB had only sold single digits there. There are also several smaller three house spec projects by independent builders that have languished on the market (12+ mos) as well.
ParticipantPizza: The only real talk about the KB development is that it is foundering. Everyone in town REALLY appreciates the shiny new section of road they built on Stagecoach, though. They (KB) widened it, resurfaced it and added access for the older houses that fronted Stagecoach. Nicely done all the way around.
KB has signs all over Fallbrook pointing to the development, but not a lot of takers so far. My info is a little dated, but word was that KB had only sold single digits there. There are also several smaller three house spec projects by independent builders that have languished on the market (12+ mos) as well.
ParticipantPizza: The only real talk about the KB development is that it is foundering. Everyone in town REALLY appreciates the shiny new section of road they built on Stagecoach, though. They (KB) widened it, resurfaced it and added access for the older houses that fronted Stagecoach. Nicely done all the way around.
KB has signs all over Fallbrook pointing to the development, but not a lot of takers so far. My info is a little dated, but word was that KB had only sold single digits there. There are also several smaller three house spec projects by independent builders that have languished on the market (12+ mos) as well.
ParticipantPizza: The only real talk about the KB development is that it is foundering. Everyone in town REALLY appreciates the shiny new section of road they built on Stagecoach, though. They (KB) widened it, resurfaced it and added access for the older houses that fronted Stagecoach. Nicely done all the way around.
KB has signs all over Fallbrook pointing to the development, but not a lot of takers so far. My info is a little dated, but word was that KB had only sold single digits there. There are also several smaller three house spec projects by independent builders that have languished on the market (12+ mos) as well.
ParticipantTG: Much like the old Realtor’s mantra of location, location, location, there will be the new banker’s mantra of inventory, inventory, inventory.
The banks do not have a choice. At present, they are only putting out less than 30% of their REO inventory. The rationale was that by so doing they would keep prices from cratering and thereby recoup as much value as possible.
It now appears (post 1Jan08) that they are going to get whatever price they can, and clear the books. This pressure is only going to increase, so it will be very interesting to see what happens next.
ParticipantTG: Much like the old Realtor’s mantra of location, location, location, there will be the new banker’s mantra of inventory, inventory, inventory.
The banks do not have a choice. At present, they are only putting out less than 30% of their REO inventory. The rationale was that by so doing they would keep prices from cratering and thereby recoup as much value as possible.
It now appears (post 1Jan08) that they are going to get whatever price they can, and clear the books. This pressure is only going to increase, so it will be very interesting to see what happens next.
ParticipantTG: Much like the old Realtor’s mantra of location, location, location, there will be the new banker’s mantra of inventory, inventory, inventory.
The banks do not have a choice. At present, they are only putting out less than 30% of their REO inventory. The rationale was that by so doing they would keep prices from cratering and thereby recoup as much value as possible.
It now appears (post 1Jan08) that they are going to get whatever price they can, and clear the books. This pressure is only going to increase, so it will be very interesting to see what happens next.
ParticipantTG: Much like the old Realtor’s mantra of location, location, location, there will be the new banker’s mantra of inventory, inventory, inventory.
The banks do not have a choice. At present, they are only putting out less than 30% of their REO inventory. The rationale was that by so doing they would keep prices from cratering and thereby recoup as much value as possible.
It now appears (post 1Jan08) that they are going to get whatever price they can, and clear the books. This pressure is only going to increase, so it will be very interesting to see what happens next.
ParticipantTG: Much like the old Realtor’s mantra of location, location, location, there will be the new banker’s mantra of inventory, inventory, inventory.
The banks do not have a choice. At present, they are only putting out less than 30% of their REO inventory. The rationale was that by so doing they would keep prices from cratering and thereby recoup as much value as possible.
It now appears (post 1Jan08) that they are going to get whatever price they can, and clear the books. This pressure is only going to increase, so it will be very interesting to see what happens next.
ParticipantTG: Excellent point about the fires, especially in light of what just happened this year. You also forgot to mention that, in addition to the lower temps, we in Fallbrook are smarter and more physically attractive. =)
Pizza: KB is taking it in the shorts on that mini development. They are pushing those houses very strongly, and getting minimal (if any) response. As far as Pepper Tree Park goes, I live in the Pepper Tree area, slightly behind the development of the same name. What sort of information are you looking for?
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