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latesummer2008
ParticipantDepression or Recession ? Hopefully we are not headed for a Depression, However there are striking similarities.
Essentially, A BANKING NIGHTMARE with all these crappy loans and NO REGULATION. Oh, “I get it, let’s just let the banks regulate themselves!”. The “Market” will take care of it. Yeah, it sure is “taking care” of it now. Nothing like a “Fox in the Henhouse”. This could get REALLY bad, I’m afraid.
Let’s just hope it is MERELY, a recession.
ParticipantHitting Appraisals – Next Bomb to drop in this marketplace. The banks are already getting fat with foreclosures and REOs. There will come a point when they don’t want anymore properties in a declining market. LTV (Loan to Value) will drop from:
100% to 90% to 80% to 70%
Why? because property values are WAY over priced and WILL start dropping rapidly. BANKS will always protect themselves. They make money when times are good or bad. LOAN SHARKS…
It would be interesting to see how many transactions “Fall out of Escrow” as prices drop before they have a chance to close….
ParticipantHitting Appraisals – Next Bomb to drop in this marketplace. The banks are already getting fat with foreclosures and REOs. There will come a point when they don’t want anymore properties in a declining market. LTV (Loan to Value) will drop from:
100% to 90% to 80% to 70%
Why? because property values are WAY over priced and WILL start dropping rapidly. BANKS will always protect themselves. They make money when times are good or bad. LOAN SHARKS…
It would be interesting to see how many transactions “Fall out of Escrow” as prices drop before they have a chance to close….
ParticipantI don’t have a vested interest in RE. And I am a scientist at heart. I enjoy analyzing data and forming conclusions. Mix that with my RE background and this is what you get. I realize these boards are populated by realtors for obvious reasons. My aim is not to bash them, but STATE THE FACTS about what is really going on in RE.
My other site is more informational and not as populated as this one YET. I would think as we go forward, and prices decline more, it will be. I have devised a formula to value properties in a declining market. As that becomes more evident, I think people will become more interested. My hope is that each specific area will have others begin posting price declines as they come in. It is quite easy on Zillow.Lies and deceit is why I left the industry professionally in the first place. I could’nt stand working with lying salespeople, hawking families up to their eyeballs in debt, even when THEY KNEW it was a bad investment. (You don’t want to know what I really think..)
RE is much more interesting when you don’t have to sell it for a living. Just tell it like it is….and try to HELP people.If your curious about the Westside of LA, check out my website :
http://westsideremeltdown.blogspot.com
I add recent price declines every week for specific areas on the Westside.
ParticipantI don’t have a vested interest in RE. And I am a scientist at heart. I enjoy analyzing data and forming conclusions. Mix that with my RE background and this is what you get. I realize these boards are populated by realtors for obvious reasons. My aim is not to bash them, but STATE THE FACTS about what is really going on in RE.
My other site is more informational and not as populated as this one YET. I would think as we go forward, and prices decline more, it will be. I have devised a formula to value properties in a declining market. As that becomes more evident, I think people will become more interested. My hope is that each specific area will have others begin posting price declines as they come in. It is quite easy on Zillow.Lies and deceit is why I left the industry professionally in the first place. I could’nt stand working with lying salespeople, hawking families up to their eyeballs in debt, even when THEY KNEW it was a bad investment. (You don’t want to know what I really think..)
RE is much more interesting when you don’t have to sell it for a living. Just tell it like it is….and try to HELP people.If your curious about the Westside of LA, check out my website :
http://westsideremeltdown.blogspot.com
I add recent price declines every week for specific areas on the Westside.
ParticipantRustico,
I have been a Licensed Real Estate Broker and Appraiser for 20 YEARS. I understand what it takes to list, market, sell AND appraise property. I choose not to make a living in the RE Industry because, most of the people working in it, are SLIME. All you have to do is look at the mess we are in now. I realize there are some good agents out there, most are not. And yes, SOME people need the services of a GOOD agent. MANY people don’t need the services of the average agent anymore. INFORMATION is more accessible to the public and not just in the hands of the RE Industry.
However, we don’t need to debate this point.
What we need to talk about, is price declines…
ParticipantRustico,
I have been a Licensed Real Estate Broker and Appraiser for 20 YEARS. I understand what it takes to list, market, sell AND appraise property. I choose not to make a living in the RE Industry because, most of the people working in it, are SLIME. All you have to do is look at the mess we are in now. I realize there are some good agents out there, most are not. And yes, SOME people need the services of a GOOD agent. MANY people don’t need the services of the average agent anymore. INFORMATION is more accessible to the public and not just in the hands of the RE Industry.
However, we don’t need to debate this point.
What we need to talk about, is price declines…
ParticipantDon’t forget, Cash is King. Always is, Always has, Always will be. Save as much as you can, while everyone else is spinning their wheels, trying to service their debt.
When the buying opportunity presents itself, you will be sitting in the catbird seat.
ParticipantDon’t forget, Cash is King. Always is, Always has, Always will be. Save as much as you can, while everyone else is spinning their wheels, trying to service their debt.
When the buying opportunity presents itself, you will be sitting in the catbird seat.
ParticipantYou Ain’t Seen Nothin Yet. Ba-Ba-Ba-Ba-Baby, cause you aint seen nothin yet. Just like BTO (Bachman Turner Overdrive) used to say.
Areas with the greatest appreciation, WILL have the greatest depreciation. If you look at the last RE Bust in 89-91, this is exactly what happened. And, markets DO tend to overshoot more on the DOWNSIDE.. Panic is a stronger force than Greed. People may HAVE TO SELL, but they DON’T HAVE TO BUY.
We are are just getting started. It’s going to be brutal.
Start posting those declines in your neighborhood, using Zillow.ParticipantYou Ain’t Seen Nothin Yet. Ba-Ba-Ba-Ba-Baby, cause you aint seen nothin yet. Just like BTO (Bachman Turner Overdrive) used to say.
Areas with the greatest appreciation, WILL have the greatest depreciation. If you look at the last RE Bust in 89-91, this is exactly what happened. And, markets DO tend to overshoot more on the DOWNSIDE.. Panic is a stronger force than Greed. People may HAVE TO SELL, but they DON’T HAVE TO BUY.
We are are just getting started. It’s going to be brutal.
Start posting those declines in your neighborhood, using Zillow.ParticipantYou will be holding all the cards, when this credit debacle finally hits bottom. Banks will be drooling over you, compared to the pool of clients, they have to work worth.
Result:
1) Best Interest Rate
2) Strongest Bargaining Power
3) CHOICE of Discounted PropertiesDiamond in the Rough, Keep your nose clean and you will be rewarded… (Late Summer 2008…)
ParticipantYou will be holding all the cards, when this credit debacle finally hits bottom. Banks will be drooling over you, compared to the pool of clients, they have to work worth.
Result:
1) Best Interest Rate
2) Strongest Bargaining Power
3) CHOICE of Discounted PropertiesDiamond in the Rough, Keep your nose clean and you will be rewarded… (Late Summer 2008…)
ParticipantStart Local Posts of Price Declines in specific neighborhoods. These blogs are getting more and more popular as they are not influenced by the RE Industry. It’s the straight poop. Hopefully buyers can do their own research now, instead of relying on BAD DATA.
The RE Industry is changing now, with ACCESS to INFORMATION via the INTERNET. Just like every other industry. Sorry, Brokers, Agents and Banks, it’s time to adapt, or you are in danger of extinction.
“Natural Selection”
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