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Allan from Fallbrook
ParticipantRustico and sdrealtor: Thanks for the compliments, sincerely.
sdr: As far as those Raiders victories being bittersweet, I can’t disagree. We’ve doubled our win total from last year, but we are going to forgo certain opportunities in the draft. However, if recent and past history are any indicators, we aren’t really going to do much with the picks once we get them. Robert Gallery ringing any bells?
Someone mentioned ScruffyDog. I really would like to get his take (again, sincerely) on what is going on the RE market. He seemed an intelligent guy, if somewhat propagandistic on the subject of RE as an investment. He took a pretty good thumping back there, and seems to have vanished.
I want to give a shout out to TG. A man fond of his spirits, the womenfolk, and always robust in his defense of Temecula. While us Fallbrook types tend to get a little snotty about Temecula, I don’t know where I’d be without my occasional breakfasts at The Swing Inn.
Allan from Fallbrook
ParticipantRustico and sdrealtor: Thanks for the compliments, sincerely.
sdr: As far as those Raiders victories being bittersweet, I can’t disagree. We’ve doubled our win total from last year, but we are going to forgo certain opportunities in the draft. However, if recent and past history are any indicators, we aren’t really going to do much with the picks once we get them. Robert Gallery ringing any bells?
Someone mentioned ScruffyDog. I really would like to get his take (again, sincerely) on what is going on the RE market. He seemed an intelligent guy, if somewhat propagandistic on the subject of RE as an investment. He took a pretty good thumping back there, and seems to have vanished.
I want to give a shout out to TG. A man fond of his spirits, the womenfolk, and always robust in his defense of Temecula. While us Fallbrook types tend to get a little snotty about Temecula, I don’t know where I’d be without my occasional breakfasts at The Swing Inn.
Allan from Fallbrook
ParticipantRustico and sdrealtor: Thanks for the compliments, sincerely.
sdr: As far as those Raiders victories being bittersweet, I can’t disagree. We’ve doubled our win total from last year, but we are going to forgo certain opportunities in the draft. However, if recent and past history are any indicators, we aren’t really going to do much with the picks once we get them. Robert Gallery ringing any bells?
Someone mentioned ScruffyDog. I really would like to get his take (again, sincerely) on what is going on the RE market. He seemed an intelligent guy, if somewhat propagandistic on the subject of RE as an investment. He took a pretty good thumping back there, and seems to have vanished.
I want to give a shout out to TG. A man fond of his spirits, the womenfolk, and always robust in his defense of Temecula. While us Fallbrook types tend to get a little snotty about Temecula, I don’t know where I’d be without my occasional breakfasts at The Swing Inn.
December 7, 2007 at 2:20 PM in reply to: Repos hitting astounding new lows-will it affect the rest #111572Allan from Fallbrook
Participantpizzaman: I’m sure you know this already, but the banks and lenders are only releasing about 30% (maximally) of their REO portfolio, largely due to worries about negatively impacting pricing if they were to release everything.
This will undoubtedly change once further compliance pressures cause them to unload a larger percentage and for whatever they can get.
Also, more and more banks and lenders are going the route of Downey Savings and selling direct (i.e. no Realtor or selling agent). It will be interesting over the short- and mid-term to see what effect this has as well.
December 7, 2007 at 2:20 PM in reply to: Repos hitting astounding new lows-will it affect the rest #111685Allan from Fallbrook
Participantpizzaman: I’m sure you know this already, but the banks and lenders are only releasing about 30% (maximally) of their REO portfolio, largely due to worries about negatively impacting pricing if they were to release everything.
This will undoubtedly change once further compliance pressures cause them to unload a larger percentage and for whatever they can get.
Also, more and more banks and lenders are going the route of Downey Savings and selling direct (i.e. no Realtor or selling agent). It will be interesting over the short- and mid-term to see what effect this has as well.
December 7, 2007 at 2:20 PM in reply to: Repos hitting astounding new lows-will it affect the rest #111727Allan from Fallbrook
Participantpizzaman: I’m sure you know this already, but the banks and lenders are only releasing about 30% (maximally) of their REO portfolio, largely due to worries about negatively impacting pricing if they were to release everything.
This will undoubtedly change once further compliance pressures cause them to unload a larger percentage and for whatever they can get.
Also, more and more banks and lenders are going the route of Downey Savings and selling direct (i.e. no Realtor or selling agent). It will be interesting over the short- and mid-term to see what effect this has as well.
December 7, 2007 at 2:20 PM in reply to: Repos hitting astounding new lows-will it affect the rest #111738Allan from Fallbrook
Participantpizzaman: I’m sure you know this already, but the banks and lenders are only releasing about 30% (maximally) of their REO portfolio, largely due to worries about negatively impacting pricing if they were to release everything.
This will undoubtedly change once further compliance pressures cause them to unload a larger percentage and for whatever they can get.
Also, more and more banks and lenders are going the route of Downey Savings and selling direct (i.e. no Realtor or selling agent). It will be interesting over the short- and mid-term to see what effect this has as well.
December 7, 2007 at 2:20 PM in reply to: Repos hitting astounding new lows-will it affect the rest #111766Allan from Fallbrook
Participantpizzaman: I’m sure you know this already, but the banks and lenders are only releasing about 30% (maximally) of their REO portfolio, largely due to worries about negatively impacting pricing if they were to release everything.
This will undoubtedly change once further compliance pressures cause them to unload a larger percentage and for whatever they can get.
Also, more and more banks and lenders are going the route of Downey Savings and selling direct (i.e. no Realtor or selling agent). It will be interesting over the short- and mid-term to see what effect this has as well.
December 7, 2007 at 12:04 PM in reply to: Repos hitting astounding new lows-will it affect the rest #111446Allan from Fallbrook
Participanthipmatt: I had a conversation with a buddy of mine who was a former Bear Stearns guy, and he indicated that if Bear was to come clean on their potential loss exposure, they would not have a sufficient capital base to cover it.
He also said that several of the other major investment houses (Merrill and Goldman Sachs among them) are in similar straits, despite reporting the contrary regarding their respective positions.
Another friend, who works at Wells Fargo, said that similar conditions exist at the major banks, and that Washington Mutual is in grave danger of falling below their FED reserve requirements, as is Citi.
All in all, I think we are in for a real bumpy ride, and your prediction of 50% off in Temecula is on the mark.
I also think TG’s reserve requirements regarding keeping adequate cash on hand for beer and margaritas will keep him from doing anything foolish (i.e. purchasing a home) in the near term.
December 7, 2007 at 12:04 PM in reply to: Repos hitting astounding new lows-will it affect the rest #111562Allan from Fallbrook
Participanthipmatt: I had a conversation with a buddy of mine who was a former Bear Stearns guy, and he indicated that if Bear was to come clean on their potential loss exposure, they would not have a sufficient capital base to cover it.
He also said that several of the other major investment houses (Merrill and Goldman Sachs among them) are in similar straits, despite reporting the contrary regarding their respective positions.
Another friend, who works at Wells Fargo, said that similar conditions exist at the major banks, and that Washington Mutual is in grave danger of falling below their FED reserve requirements, as is Citi.
All in all, I think we are in for a real bumpy ride, and your prediction of 50% off in Temecula is on the mark.
I also think TG’s reserve requirements regarding keeping adequate cash on hand for beer and margaritas will keep him from doing anything foolish (i.e. purchasing a home) in the near term.
December 7, 2007 at 12:04 PM in reply to: Repos hitting astounding new lows-will it affect the rest #111597Allan from Fallbrook
Participanthipmatt: I had a conversation with a buddy of mine who was a former Bear Stearns guy, and he indicated that if Bear was to come clean on their potential loss exposure, they would not have a sufficient capital base to cover it.
He also said that several of the other major investment houses (Merrill and Goldman Sachs among them) are in similar straits, despite reporting the contrary regarding their respective positions.
Another friend, who works at Wells Fargo, said that similar conditions exist at the major banks, and that Washington Mutual is in grave danger of falling below their FED reserve requirements, as is Citi.
All in all, I think we are in for a real bumpy ride, and your prediction of 50% off in Temecula is on the mark.
I also think TG’s reserve requirements regarding keeping adequate cash on hand for beer and margaritas will keep him from doing anything foolish (i.e. purchasing a home) in the near term.
December 7, 2007 at 12:04 PM in reply to: Repos hitting astounding new lows-will it affect the rest #111613Allan from Fallbrook
Participanthipmatt: I had a conversation with a buddy of mine who was a former Bear Stearns guy, and he indicated that if Bear was to come clean on their potential loss exposure, they would not have a sufficient capital base to cover it.
He also said that several of the other major investment houses (Merrill and Goldman Sachs among them) are in similar straits, despite reporting the contrary regarding their respective positions.
Another friend, who works at Wells Fargo, said that similar conditions exist at the major banks, and that Washington Mutual is in grave danger of falling below their FED reserve requirements, as is Citi.
All in all, I think we are in for a real bumpy ride, and your prediction of 50% off in Temecula is on the mark.
I also think TG’s reserve requirements regarding keeping adequate cash on hand for beer and margaritas will keep him from doing anything foolish (i.e. purchasing a home) in the near term.
December 7, 2007 at 12:04 PM in reply to: Repos hitting astounding new lows-will it affect the rest #111640Allan from Fallbrook
Participanthipmatt: I had a conversation with a buddy of mine who was a former Bear Stearns guy, and he indicated that if Bear was to come clean on their potential loss exposure, they would not have a sufficient capital base to cover it.
He also said that several of the other major investment houses (Merrill and Goldman Sachs among them) are in similar straits, despite reporting the contrary regarding their respective positions.
Another friend, who works at Wells Fargo, said that similar conditions exist at the major banks, and that Washington Mutual is in grave danger of falling below their FED reserve requirements, as is Citi.
All in all, I think we are in for a real bumpy ride, and your prediction of 50% off in Temecula is on the mark.
I also think TG’s reserve requirements regarding keeping adequate cash on hand for beer and margaritas will keep him from doing anything foolish (i.e. purchasing a home) in the near term.
December 7, 2007 at 11:26 AM in reply to: Repos hitting astounding new lows-will it affect the rest #111421Allan from Fallbrook
ParticipantAK: At some point, the lenders will have to come clean regarding their portfolio of non- and sub-perfoming assets, and then the bottom will really fall out.
At present, all of the major players involved, whether banks (Citi), investment banks (Bear, Merrill) or lenders (Countrywide) have done a really good job of hiding their off book investment exposures (SIVs, CDOs, CDSs, etc) from view. The potential catastrophic losses these investments might suffer is the reason that the government and the FED are scrambling right now to inject liquidity into the market, create bailout programs for both homeowners and banks/lenders and employing interest rate cuts in hope of stimulating the market.
It is simply delaying the inevitable. The inevitable being that this entire rotten house of cards collapses. And then you’re gonna see some real price drops!
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