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I suspect that last bull trap of the decline is going to be investors who think the property will cash flow only to discover there’s of flood of new landlords in the game.

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Maybe people would get it if they translated it to a yearly number. 5% of ALL homes will forclose this year in California.

Foreclosures cluster, currently monthly new foreclosures exceed sales volume in most communities with notable foreclosures.

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“If you could live in any state in the country, except the state you live in now, what state would you choose to live in?”

That was the question. And of course, the big kicker that invalidates the question is except the state you live in now. Remove that clause and I’d guess 90% are going to say, where they are now.

So basically the question is “if you won the $350 million dollar powerball, where do you think you would move?”

A question for people to answer with no ties to reality.

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What? nobody gave him the $20 extortion money he wanted to go away?

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GIGO.

The big problem the paper is going to have regardless of the source is the industry has burned the investor’s trust that what the paper says is what the paper is.

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Keep in mind, when it comes to quality, the pool of Lawyers is very much like the pool of REALTORs (TM).

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I think he actually believed the prices on zillow were acurate…he reassessed his own home for only 185k pre 9/11 price!

Until shown otherwise, I’m going to listen to my gut and go with I suspect this is a rascally lawyer or someone with a rascally lawyer trying to invalidate the mortgage on a legal technicality.

The “owner” has posted pleadings trying to strike stuff due to the former mortgage firms (Ownit) being out of business.

Pleadings

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Bottom line – it’s not how much you make that counts, it’s what you can keep. And timing counts.

Too true. Attempting to time is usually a fools game. Although sometimes, rough direction is obvious.

That said, as AN pointed out, long term (really long term) 20+ years, you’ll likely come out ahead, depending on what you buy and provided you only look at the house. Would you be better served buying a little further down? Maybe to probably. How much better is open to speculation.

There’s several other posters on other blogs that are very bullish on real estate long term, they also are current long term owners. They’re trapped.

They’re not financially trapped, mentally trapped. The thought of losing their $300K based property tax to move up to something in the low million range stops them cold. The net/net, slightly better house, slightly bigger payment, but a whopping extra $10,000+ in property taxes. Which makes it a lot bigger payment, even if they roll their equity forward. They’re likewise mentally trapped from even making a lateral move as it results in a likely $6000 additional property tax.

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I am seeking arguments why such a bailout will occur.

Because it’s giant pork barrel politics and it’s an election year. What do we get in election years? Promises that can’t be kept and sound byte solution to major problems. Like “put it in a Lock-box”.

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Well, the media finally get’s around to identifying 20%+ with bubble markets runing 25% to 33% of foreclosures are empty house speculators. Speculators Drive Foreclosures

I’m surprised it’s that low.

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Um, minor nit, this “news” is two weeks old…

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Pay no attention to the a__holes blaming and taking pot shots at you.

Typically, Realtors think they know the right price. They price it thinking positive and then are either right or wrong. In the case where you’ve had no traffic and no offers, the Realtor in this case, came to the realization they were way wrong. A 10% drop is probably the minimum and they wouldn’t want to freefall more than that.

Check out bubbleinfo.com for so insight.

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In the short run, the Fed can goose the market. In the long run, the Fed will be ineffective in stopping a correction in a recession.

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No way. The Fed will absolutely stop that from happening.

The Fed won’t do anything. That’s only a 30% correction, pretty typical for corrections.

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This is more related to the rent skimming discussions. It’s a problem that needs a good legal recommended course of action because I suspect many renters are going to find themselves in a situation where their landlord goes to default and/or goes to foreclosure.

If the landlord is in default, but not rent skimming, your withholding rent could result in their being forced into foreclosure. At the same time, I understand the need to have you security deposit and any outstanding funds in escrow so that you do not lose them if the landlord screws it up.

In the meantime, find a local resource like Tenants Legal Center to get the scoop. I have no experience with them but it seems like a place to start.

Maybe we can use the power of Piggington to get the Attorney to comment on general guidelines for such a situation.

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