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May 22, 2007 at 1:33 PM in reply to: DR Horton Slashes prices $100k in Murrieta, Menifee, Wildomar and more in … #54354
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Participant“who’s to say that when the $hit hits the fan – you won’t have these same peple doing the same thing, only not even bothering to rent out the old one..they get thehouse they want…and then they just let the old one go…”
So, one house is purchased & one house is let go (foreclosed by the lender & eventually ended up back on the market). In term of supply & demand, the sale & the foreclosed house basically cancel each other out.
I don’t see how this would prevent the shit from hitting the fan ? 🙂
In general, foreclosured homes are sold for less than non-REOs. So, if anything, what you described would make things worse. 🙂
May 22, 2007 at 1:33 PM in reply to: DR Horton Slashes prices $100k in Murrieta, Menifee, Wildomar and more in … #54365Participant“who’s to say that when the $hit hits the fan – you won’t have these same peple doing the same thing, only not even bothering to rent out the old one..they get thehouse they want…and then they just let the old one go…”
So, one house is purchased & one house is let go (foreclosed by the lender & eventually ended up back on the market). In term of supply & demand, the sale & the foreclosed house basically cancel each other out.
I don’t see how this would prevent the shit from hitting the fan ? 🙂
In general, foreclosured homes are sold for less than non-REOs. So, if anything, what you described would make things worse. 🙂
May 22, 2007 at 12:48 PM in reply to: DR Horton Slashes prices $100k in Murrieta, Menifee, Wildomar and more in … #54344Participant“if stuff falls that badly – what will stop thep eople who had no problem taking our ARMS/neg ams…from doing the same toxic/loan fraud crap all over again to “upgrade” to their new dream house.. ???”
23109VC, for a moment, I thought you are joking.
You are assumming that the lenders will continue to hand out toxic/negative amortization loans. Lenders are already in the process tightening credit standards.
Lenders have to protect their interests. The more home prices go down, the harder lenders will make it to obtain home loans.
You must be joking, right ? 🙂
May 22, 2007 at 12:48 PM in reply to: DR Horton Slashes prices $100k in Murrieta, Menifee, Wildomar and more in … #54355Participant“if stuff falls that badly – what will stop thep eople who had no problem taking our ARMS/neg ams…from doing the same toxic/loan fraud crap all over again to “upgrade” to their new dream house.. ???”
23109VC, for a moment, I thought you are joking.
You are assumming that the lenders will continue to hand out toxic/negative amortization loans. Lenders are already in the process tightening credit standards.
Lenders have to protect their interests. The more home prices go down, the harder lenders will make it to obtain home loans.
You must be joking, right ? 🙂
May 22, 2007 at 9:47 AM in reply to: DR Horton Slashes prices $100k in Murrieta, Menifee, Wildomar and more in … #54291ParticipantFYI, new home production in SD County dropped from 12,000 – 13,000 per year in the late 80s thru 1990, to as low as ???
Bugs, I think you left out some number.
May 22, 2007 at 9:47 AM in reply to: DR Horton Slashes prices $100k in Murrieta, Menifee, Wildomar and more in … #54304ParticipantFYI, new home production in SD County dropped from 12,000 – 13,000 per year in the late 80s thru 1990, to as low as ???
Bugs, I think you left out some number.
May 22, 2007 at 12:13 AM in reply to: DR Horton Slashes prices $100k in Murrieta, Menifee, Wildomar and more in … #54244Participant“Maybe our regional wage/population trends don’t economically support the absorbtion of the additional 10% more housing we’ve built in the last 10 years. Maybe now that the specuvestors have left the building we’ll end up facing an oversupply of homes that would lead to a period of below trendline pricing”
In other words: Excessive things correct themselves excessively.
Adages like the above were not created out of a vacuum. I would be surprised if the correction does NOT overshoot.
May 22, 2007 at 12:13 AM in reply to: DR Horton Slashes prices $100k in Murrieta, Menifee, Wildomar and more in … #54255Participant“Maybe our regional wage/population trends don’t economically support the absorbtion of the additional 10% more housing we’ve built in the last 10 years. Maybe now that the specuvestors have left the building we’ll end up facing an oversupply of homes that would lead to a period of below trendline pricing”
In other words: Excessive things correct themselves excessively.
Adages like the above were not created out of a vacuum. I would be surprised if the correction does NOT overshoot.
Participantsdcellar,
Thanks for the info. Where did you get this information ? Also, who is Fred Maas ?
Participantsdcellar,
Thanks for the info. Where did you get this information ? Also, who is Fred Maas ?
May 21, 2007 at 12:32 PM in reply to: 4S ranch Silhouette starts to sell model homes! will it stop selling future houses?? #54129ParticipantBelow are the articles about the Bressi Ranch flips that Bugs mentioned. The partners of the LLC are lawyers. Since it’s an LLC, I wonder if they can shutdown the LLC & leave the lenders holding the bag.
http://www.signonsandiego.com/uniontrib/20061022/news_1mi22auction.html
http://www.signonsandiego.com/uniontrib/20061022/news_2m22auction.htmlMay 21, 2007 at 12:32 PM in reply to: 4S ranch Silhouette starts to sell model homes! will it stop selling future houses?? #54142ParticipantBelow are the articles about the Bressi Ranch flips that Bugs mentioned. The partners of the LLC are lawyers. Since it’s an LLC, I wonder if they can shutdown the LLC & leave the lenders holding the bag.
http://www.signonsandiego.com/uniontrib/20061022/news_1mi22auction.html
http://www.signonsandiego.com/uniontrib/20061022/news_2m22auction.htmlParticipant“My home is remodeled and I priced myself 10-15k below the other houses in my neighborhood and I actually had a bidding war on my house”
An offer with 100% financing is a weak offer. If there was a bidding war, isn’t there a stronger offer than that ? Personally, I would have accepted an offer with less money & a stronger term.
Participant“My home is remodeled and I priced myself 10-15k below the other houses in my neighborhood and I actually had a bidding war on my house”
An offer with 100% financing is a weak offer. If there was a bidding war, isn’t there a stronger offer than that ? Personally, I would have accepted an offer with less money & a stronger term.
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