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betting on fall
ParticipantInteresting article on a recent real estate auction in detroit. And this was before the strike and before the lower pay that will probably come after the strike:
http://realestate.msn.com/Buying/Article2.aspx?cp-documentid=4349836
highlights:
Even with the steep discounts on Detroit-area properties, some buyers handed over their deposits with a wince.
“I’m not sure it’s congratulations,” said Kirk Neal, a 55-year-old auto body shop worker who bought a ranch in the suburb of Oak Park for $34,000. “My wife is going to kill me.”
Real estate agent Ron Walraven had a three-bedroom house in the suburb of Bloomfield Hills that had listed for $525,000 sell for just $130,000 at the auction.
“Once we’ve seen the last person leave Michigan, then I think we’ll be able to say we’ve seen the bottom,” he said.ParticipantSomeone posted this one in another topic, but it wanted to post it here because this really could be one of the all-time worst.
http://www.sdlookup.com/MLS-076066162-1530_Kenalan_Dr_San_Diego_CA_92154
And after you see those pictures, be sure to rush over because the realtor tells us: “Hurry this one won’t last, priced to sell fast”
ParticipantWhat’s the opposite of looking for a silver lining? I guess whatever it is it what we piggington’s will do with these numbers.
Here’s my attempt: just taking the average price for the July and Aug. closings (# of closing/value of closed sales), Aug. appears to have come in 3% lower average price than July.
A 3% price drop in a single month is a big deal.
I suspect lots of buyers saw listing prices being cut and thought they would get a “good” deal.
Still, its hard to believe there are the same number of buyers out there with the demise of subprime and higher priced jumbos.ParticipantI do expect it will a success for the developer. The winning bids will be 5-10% less than last sale price and the new buyers will think they got a great deal.
Tons of attention and press coverage for this- just like that first big house auction down at the convention center.Just wait until the third, fourth, . . . tenth. . . buildings get auctioned. Already the second auction at the convention center got lots less attention than the first.
When you can hear crickets chirping after the call for opening bids, then you have a chance to actually get a good deal at one of these.
ParticipantThat “Olde” del cerro section had places that size reaching well into the 700k’s at peak. Here is one right now- apparently fully rehabed- looking for at least 700k.
http://www.sdlookup.com/MLS-076053621-5624_Del_Cerro_Ave_San_Diego_CA_92120I could see a well re-done place going for $600-650 even through next year. There is low turnover in that area, so there won’t be a ton of inventory to pressure prices down.
ParticipantIn my attempt to translate, I think he said: “I can’t do anything to fix this problem. I can cut rates, but that’s not going to do squat. Now go bug some other government agency.”
Those other government agencies- FHA, Fannie’s- are the ones that the Countrywide’s of the world called slow and out of touch with the “new realities” of the mortgage market. I don’t foresee them happily running to the aid of the market.
And I still think that any government “bailout” that would have a meaningful impact on our problem would be far too expensive and far to complex to get off the ground.
But I will admit to at least being a little worried. . .
ParticipantI’m with Kicksave. Just becuase the owner is in bankrupcy does not mean she does not own the house or that your rental agreement is cancelled. She SHOULD have you listed as a source of income in her bankrupcy petition, and she SHOULD be collecting the rent from you to pay off those to whom she owes money. The amounts involved may be small enough that no one thinks its worth pursuing you, and you may get lost in the shuffle, but as long as she is providing you a habitable house, you legally owe rent and the owner- or someone the court appoints to collect her money- might come after you.
Holding the money in your bank account might be the best choice under these circumstances, but don’t plan on spending that rent money yet.
ParticipantI’m with Kicksave. Just becuase the owner is in bankrupcy does not mean she does not own the house or that your rental agreement is cancelled. She SHOULD have you listed as a source of income in her bankrupcy petition, and she SHOULD be collecting the rent from you to pay off those to whom she owes money. The amounts involved may be small enough that no one thinks its worth pursuing you, and you may get lost in the shuffle, but as long as she is providing you a habitable house, you legally owe rent and the owner- or someone the court appoints to collect her money- might come after you.
Holding the money in your bank account might be the best choice under these circumstances, but don’t plan on spending that rent money yet.
ParticipantI’m with Kicksave. Just becuase the owner is in bankrupcy does not mean she does not own the house or that your rental agreement is cancelled. She SHOULD have you listed as a source of income in her bankrupcy petition, and she SHOULD be collecting the rent from you to pay off those to whom she owes money. The amounts involved may be small enough that no one thinks its worth pursuing you, and you may get lost in the shuffle, but as long as she is providing you a habitable house, you legally owe rent and the owner- or someone the court appoints to collect her money- might come after you.
Holding the money in your bank account might be the best choice under these circumstances, but don’t plan on spending that rent money yet.
ParticipantI know that lots of people have been pulling equity out of their US home and then using it to pay cash for the foreign home. If you can do this, I expect you will have a lot fewer headaches and possibly a better rate than you would get in countries with less developed banking systems than our own.
If that’s not an option, then I think the answer depends on the country. First world countries have plenty of local banks that will write you a mortgage. In latin america, you might want to start with Citigroup, or another bank that has subsidiaries down there.
ParticipantI know that lots of people have been pulling equity out of their US home and then using it to pay cash for the foreign home. If you can do this, I expect you will have a lot fewer headaches and possibly a better rate than you would get in countries with less developed banking systems than our own.
If that’s not an option, then I think the answer depends on the country. First world countries have plenty of local banks that will write you a mortgage. In latin america, you might want to start with Citigroup, or another bank that has subsidiaries down there.
ParticipantI know that lots of people have been pulling equity out of their US home and then using it to pay cash for the foreign home. If you can do this, I expect you will have a lot fewer headaches and possibly a better rate than you would get in countries with less developed banking systems than our own.
If that’s not an option, then I think the answer depends on the country. First world countries have plenty of local banks that will write you a mortgage. In latin america, you might want to start with Citigroup, or another bank that has subsidiaries down there.
ParticipantI think the real danger is if enterprising crooks (or out of work contractors) go into these homes and steal copper pipes, sinks, faucets, wiring, etc. I am sure several thousands $$$ of stuff can be ripped out of a home and sold pretty easily. It then would be far more expensive to replace it, and I don’t see the banks being too excited to pay for it.
ParticipantI think the real danger is if enterprising crooks (or out of work contractors) go into these homes and steal copper pipes, sinks, faucets, wiring, etc. I am sure several thousands $$$ of stuff can be ripped out of a home and sold pretty easily. It then would be far more expensive to replace it, and I don’t see the banks being too excited to pay for it.
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