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April 10, 2012 at 3:55 PM in reply to: Where is the inventory, where is the inventory, where is the inventory… #741403April 10, 2012 at 3:48 PM in reply to: Where is the inventory, where is the inventory, where is the inventory… #741400
bearishgurl
ParticipantYes, congrats, profhoff! I’m hoping you can overcome the pet-allergen issue, which seems doable to me, esp since you stated here that your property in escrow does not have carpet/drapes.
http://piggington.com/pet_odors_what_are_my_options
I understand what you are saying about nothing being out there on the MLS to view/make offers on.
I haven’t yet studied the “low-inventory” situation in SD County zip codes I watch but nine days ago (as a “test”), I saved 10 *new* SFR listings (up to $800K) on realtor.com in four close-in bay area zip codes and yesterday checked back on the site.
ALL of my saved entries of 4/1/12 had been taken off the market. Entire cities in Contra Costa County have had 0-6 SFR active listings (merely a handful) priced under $800K on its MLS at any given time in 2012.
The avg market time until an accepted offer (for a “traditional” sale) there appears to be about 1-5 days. I’m sure the agents up there (with buyers at the ready) must be once again “door-knocking” and “cold calling” for listings.
The average age of a “scarfed up” property in the bay area zips in my “test” was about 55 years old. If properties in close-in zip codes in SD County are selling like this, then perhaps pricing IS picking up or will be soon :=]
April 10, 2012 at 3:04 PM in reply to: OT – Who will run for President on the Republican side? #741393ParticipantYou’re “jumping the gun” again, here, folks. The “fat lady” hasn’t sung her encores yet and you are not a fly on the wall of those Repub HQ broom closets.
Stranger things have happened ….
April 10, 2012 at 2:50 PM in reply to: Where is the inventory, where is the inventory, where is the inventory… #741391Participant[quote=SD Realtor]Sorry if you cannot figure it out, you will have to ask someone else to explain it to you.[/quote]
Oh, I have it “figured out,” all right. It just seems that many of those in the “biz” (you, for instance?) appear to be giving the impression here that you think it’s all okay and it’s “all going to work itself out” in 5, 10, 15 or 20 years.
Meanwhile, the value of your OWN properties have no doubt plummeted in the last five years.
I am aware that the RE lobby incl NAR/CAR believes in SS and debt forgiveness (even for those who took “cash out” of their properties). The reason is that it is good for biz and gives brokers and agents something to do (conduct SS’s) while we all wait with baited breath for the PTB to get their sh!t together and suspend all “extend and pretend” programs that aren’t working and will never receive the cooperation of the Big Banks. Why? Because banks only have to follow the laws and these failed “programs” aren’t codified into “law.”
And they shouldn’t anyway. It’s not good for them. But neither is sitting on their hands.
It’s all one big hobo show that the honest homeowners are watching from box seats.
Using my useless 851 FICO score as an example, in hindsight, I probably would have been a lot further ahead in life by taking $250K+ out of my property during the “boom” years and then giving “cash for keys” in 2007! I would likely have now been five years into a “deed-in-lieu” on my credit report, had lots of money in the bank and perhaps been on my way to qualifying for another home loan. Instead, I don’t believe I could recover my 30% downpayment from 11+ years ago and do not know WHEN I will be able to!
I KNOW people who have given deed-in-lieus in 2007 – 2008. Two actually STILL have $$ left under their mattresses and are still driving their late-model luxury vehicles (bought with pseudo-home-equity)!
Both are women and whenever I see them, they appear to have just stepped out of the salon (with hair/nails always freshly done) …. lol
Go figure ….. we can easily surmise why people are attracted to “strategic default,” ESPECIALLY if they have already extracted all the cash they were able to from their property.
Participant[quote=briansd1]…The problem is that Vegas is full of trashy people. I’d hate to end up with trashy tenant… [/quote]
brian, since you appear to be referring to the residents in LV (as potential tenants), you should know that almost all the casino (and gov’t/contractor) jobs there require a criminal B/R check (as well as a credit check – to determine if you would be a “vulnerable” money-handler). Some of the Federal gov’t and contractor positions there require a secret clearance. A few require a “top-secret” clearance. “Trashy” people can’t usually pass these pre-employment screenings. Might you be referring here to the “homeless” in LV or perhaps the endless stream of “visitors” (mostly from CA)??
ParticipantThe casino industry DOES have one thing going for it. The vast majority of employment positions it offers do NOT require a Bachelor degree (overrated, anyway, IMHO). Most floor positions are skilled specialties requiring 4-6 months occupational school or “shadowing.” It is generally steady work with paid holidays, sick leave, medical/dental/vision benefits and regular food breaks on the employee menu. A portion of casino positions are still represented. Casinos offered defined benefit pensions in years past (10 yrs to vest) but not sure they do anymore. Employees must remain above average in appearance, presentable in their uniforms, physically fit enough to stand on their feet for long periods and well-groomed throughout their careers.
Many casinos have workers that have 30+ years seniority. Believe it or not, these workers, for the most part, don’t believe in gambling but immensely enjoy watching the steady weekend stream of Californians lose their a$$es.
How do I know all this? I had two relatives who lived in LV for a VERY long time. One was a career craps dealer with a side specialty of roulette (now ret) and the other a retired Postmaster (now deceased).
The craps dealer actually had a Bachelor degree from UNLV in math with a minor in “statistics” … lol :=]
Participant[quote=briansd1]I think Vegas is poised for a rebound….[/quote]
brian, I think this is going to take awhile. LV is grossly overbuilt and does not now have enough jobs to support that much housing.
If more retirees and investors came in and paid cash for some of the distressed overhang, this could help speed the recovery. The investor, however, will still need tenants with jobs or a pension.
Participant[quote=UCGal][quote=briansd1]I think Vegas is poised for a rebound.
The problem is that Vegas is full of trashy people. I’d hate to end up with trashy tenant.
If your friends and relatives like Vegas and would visit frequently, then why not share the cost and buy a pied a terre?[/quote]
Generalize much? LOL
There’s so much more to Vegas than the strip and downtown.[/quote]Boulder City is clean. No gambling is allowed there and the eerie desert views of Lake Mead and its surrounding purple mtns from its terraced streets are incredible! And boating, waterskiing and cave-exploring are just phenomenal at Lake Mead!
I think only a fraction of the population of LV works in the casino industry. There are also several large agencies of the Federal gov’t there as well as several large government contractors.
The longtime “solvent” resident of LV likely never gets caught up in a traffic jam on the strip or sets foot into a casino except perhaps to take an out-of-town guest to a show.
April 10, 2012 at 10:52 AM in reply to: OT: You know the nice thing about having virtually 0% interest in savings/cd/checking accounts? #741370Participant[quote=flu]Actually, if you bank at chase, the easiest way to beat the 1% savings rate, is to take them on the “Get $125, $150, $200 on us” offer, by opening a checking account every year, maintaining a $1000 min balance (I think) to avoid any fees, and close the account after 90 days….
I’ve seen the special offers for $125, $150, and for $200. I only bite once I get the $200 offer. The other $125 and $150 offer I pass….I mean, I know $200 these days feels like $40 yesterday. But it’s not the point. Well, I’m not sure what the point is….
I’ve done this for 4 years in row now…[/quote]
LOL, flu …. the point IS to pass go and collect $200 …. once per year.
I’ve gotten a few of these things in the mail, too. Maybe I’ll try this. I didn’t know the same person could close and reopen a new account just for the “signing bonus!” :=]
April 10, 2012 at 10:37 AM in reply to: Where is the inventory, where is the inventory, where is the inventory… #741368Participant[quote=SD Realtor]Of course. What are you surprised by this? It has been going on for the past 3 years.
Wake up.[/quote]
Duh.
It doesn’t make it right. The laws in CA protect the lenders from these great losses. The lenders are choosing instead to fvck themselves at all of our expenses while these cunning “deadbeat homedebtors” are driving and vacationing with their “former pseudo-equity” and then later aided in “debt-forgiveness” by SS agents and attorneys.
It’s absolutely disgusting to the rest of us who have always lived within our means and whose home values have taken a nosedive … more than the “millenium-boom crash” of ’07/’08 warranted.
I don’t buy that SS’s are typically sold at market value. I believe they are sold 20-45% off the current market value, regardless of condition.
Why should the rest of our properties somehow be suddenly “worth” 1999-2002 prices today? Does that “make sense” to you? How do YOU think this “over-correction” happened??
Hint: It wasn’t due to REO’s which were fixed up and resold at market value.
April 9, 2012 at 11:45 PM in reply to: OT – Who will run for President on the Republican side? #741350Participant[quote=markmax33][quote=bearishgurl][quote=UCGal]Markmax –
If you had to guess – how many delegates do you think Paul will end up with?[/quote]I think this number would be hard to guess at present because they have probably infiltrated other campaigns and so are currently disguised as another candidate’s “delegate.” And so are these “delegates” having their own RP-strategy meetings in the broom closet of another candidate’s headquarters?
I think we’ll have to wait a few more months to find out ;=][/quote]
I’m not even sure they are disguising it. They are going into the conventions with more people than anyone else and just winning. They aren’t really trying to trick people, although I’m sure some that is happening.[/quote]
All is fair in love and war … and politics :=]
Participant[quote=briansd1]I think the economy is picking up.
As much as I dislike Vegas, i’m in sin city. Really busy.
All the helicopter flights to grand canyon are booked solid.Yes, airfares are higher this year. According to FAA there will be tight capacity for at least 5 more years.[/quote]
brian, why don’t you just rent a car and drive down there. It’s not that far … when you get there you can take a camel to see the sights :=]
April 9, 2012 at 11:17 PM in reply to: Where is the inventory, where is the inventory, where is the inventory… #741342Participant[quote=SD Realtor]…It has been decided that the quantity is acceptable even if it takes 5, 10, maybe 20 years to liquidate it.[/quote]
So I take it that what you’re stating here is that, meanwhile, all these “defaulting trustors” get to live for FREE, on their neighbor’s dime, of course!
April 9, 2012 at 11:04 PM in reply to: Where is the inventory, where is the inventory, where is the inventory… #741340Participant[quote=treehugger][quote=bearishgurl]
treehugger, I really think you will be able to land yourself a deal on something you like in O’side or Vista. If you don’t mind my asking, do you (or your spouse) work at Camp Pendleton?[/quote]I know i will get a deal, ’cause i am obsessive and we want a fixer upper, which most other buyers aren’t as eager for.
As for Pendleton…..Maybe…..Why do you ask?[/quote]
Congrats on being able to work with a fixer-upper, treehugger! Those are the most profitable properties to buy … at the right price, of course.
I asked because your zip code parameters are indicative of a Federal gov’t worker working at Pendleton … and you previously stated here that you worked for the Federal gov’mt.
It’s okay. I have no interest in who you are or what you buy … just curious :=]
April 9, 2012 at 4:16 PM in reply to: Where is the inventory, where is the inventory, where is the inventory… #741322Participant[quote=sdrealtor]Price declines have stopped, there are some signs prices could start rising (and people have seen how and how fast they can rise) rents are rising, people who needed to get out already did for the most part, most people with equity are happy where they are…..why sell?[/quote]
I understand all this, but am STILL seeing properties that have now had more than a dozen TS postponements. Two of these have opening bids equal to 2x current market value! One has to wonder why the affected lender has chosen to let the situation get this far out of hand.
I’m also seeing NOD’s filed between one and two years ago that couldn’t have possibly been cured/redeemed and where no NOS has yet been filed. It is worrisome to me what may be going on here, ESP since I have knowledge that some of the particular homedebtors in question have little to no real income to speak of.
I often wonder how many of these older NOD’s there are out there filed on properties in which the current notes(s) secured by TD’s cannot successfully be modified. More specifically, I wonder at what degree of being “shafted” by game-playing homedebtors will these affected lenders finally call it a day and do what they should have done all along … that is, foreclose.
I wish the law in CA provided for mandatory recordation of mortgage loan mods. This would clear up a lot of public confusion as to how MUCH “distress” actually still remains in the RE market.
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