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peterb
ParticipantThe appraisers use the MLS for comps, I believe. So a bulk purchase would not register. Actually, I think any sales contract can stipulate that the sales price not be made public. It may be at the country recorders office, though. Not sure.
But the bottom line is that REO buying specialists and bulk buyers are getting houses at 30% of their outstanding debt…or lower. This is dangerous for all those who are taking advantage of the 3% down FHA deals to buy from these guys.ParticipantThe appraisers use the MLS for comps, I believe. So a bulk purchase would not register. Actually, I think any sales contract can stipulate that the sales price not be made public. It may be at the country recorders office, though. Not sure.
But the bottom line is that REO buying specialists and bulk buyers are getting houses at 30% of their outstanding debt…or lower. This is dangerous for all those who are taking advantage of the 3% down FHA deals to buy from these guys.ParticipantThe appraisers use the MLS for comps, I believe. So a bulk purchase would not register. Actually, I think any sales contract can stipulate that the sales price not be made public. It may be at the country recorders office, though. Not sure.
But the bottom line is that REO buying specialists and bulk buyers are getting houses at 30% of their outstanding debt…or lower. This is dangerous for all those who are taking advantage of the 3% down FHA deals to buy from these guys.ParticipantI have no problem seeing 1997 prices in the next couple of years….and the reason will be that no one has money to buy a house. Careful what you wish for. I’ve said it before on this site many times….when prices get to where everyone wants them, it will be because the economy is on life support. Will you have a job and the desire to take on a big debt in this situation??
I think fear will rule the day, not greed.ParticipantI have no problem seeing 1997 prices in the next couple of years….and the reason will be that no one has money to buy a house. Careful what you wish for. I’ve said it before on this site many times….when prices get to where everyone wants them, it will be because the economy is on life support. Will you have a job and the desire to take on a big debt in this situation??
I think fear will rule the day, not greed.ParticipantI have no problem seeing 1997 prices in the next couple of years….and the reason will be that no one has money to buy a house. Careful what you wish for. I’ve said it before on this site many times….when prices get to where everyone wants them, it will be because the economy is on life support. Will you have a job and the desire to take on a big debt in this situation??
I think fear will rule the day, not greed.ParticipantI have no problem seeing 1997 prices in the next couple of years….and the reason will be that no one has money to buy a house. Careful what you wish for. I’ve said it before on this site many times….when prices get to where everyone wants them, it will be because the economy is on life support. Will you have a job and the desire to take on a big debt in this situation??
I think fear will rule the day, not greed.ParticipantI have no problem seeing 1997 prices in the next couple of years….and the reason will be that no one has money to buy a house. Careful what you wish for. I’ve said it before on this site many times….when prices get to where everyone wants them, it will be because the economy is on life support. Will you have a job and the desire to take on a big debt in this situation??
I think fear will rule the day, not greed.March 18, 2009 at 3:56 AM in reply to: I believe Home Prices (Most Places in San Diego) reached bottom or almost bottom #368591ParticipantIt’s a record down-turn. And the news is getting worse. 30% of mortgages in SD are upside down. If you consider this a bottom indicator rather than an indicator of extreme downward pressure yet to come, good luck to you in all things.
March 18, 2009 at 3:56 AM in reply to: I believe Home Prices (Most Places in San Diego) reached bottom or almost bottom #368876ParticipantIt’s a record down-turn. And the news is getting worse. 30% of mortgages in SD are upside down. If you consider this a bottom indicator rather than an indicator of extreme downward pressure yet to come, good luck to you in all things.
March 18, 2009 at 3:56 AM in reply to: I believe Home Prices (Most Places in San Diego) reached bottom or almost bottom #369041ParticipantIt’s a record down-turn. And the news is getting worse. 30% of mortgages in SD are upside down. If you consider this a bottom indicator rather than an indicator of extreme downward pressure yet to come, good luck to you in all things.
March 18, 2009 at 3:56 AM in reply to: I believe Home Prices (Most Places in San Diego) reached bottom or almost bottom #369080ParticipantIt’s a record down-turn. And the news is getting worse. 30% of mortgages in SD are upside down. If you consider this a bottom indicator rather than an indicator of extreme downward pressure yet to come, good luck to you in all things.
March 18, 2009 at 3:56 AM in reply to: I believe Home Prices (Most Places in San Diego) reached bottom or almost bottom #369197ParticipantIt’s a record down-turn. And the news is getting worse. 30% of mortgages in SD are upside down. If you consider this a bottom indicator rather than an indicator of extreme downward pressure yet to come, good luck to you in all things.
ParticipantIt’s kind of funny, but I was talking to a couple of friends who’ve never had much money and always wanted a house. Now that there’s 3% down and a much higher limit, they both are going to buy a house. When I told them of the horrible fundementals, they both said, “At 3% down, if the crap hits the fan, we just stay in it until they evict us.”
So here’s the future speaking. I give them 18 months, tops.
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