[Rt.66]

You only think its rediculously cheap because you’ve been conditioned to fork over way too much of your paycheck to bankers. Maybe something good can come out of this depression, maybe this is our chance to break that cycle of servitude and usury. Banks like you to think you are buying a house for $200k while you are really agreeing to pay them $500k over 30 years. We should try and make things better for us and not bankers.

Good reading some of these posts, this thread is getting fun.

Bob needs to run for office, he gets it.

How about an expert oppinion? Bruce Norris is about as expert as So Cal can offer:

http://www.dailybulletin.com/ci_12228714

Bruce is calling for an additioanl 20% drop in Riverside Co.

I think Temecula is the San Diego of Riverside. Meaning Temecula is the last hold out for stubborn high prices and has farther to fall than 20%.

This is not going to help either:

“Norris has already seen values stated on local home appraisals drop 20 percent in the past 3 1/2 weeks.”

Ouch!!

Now I know someone is going to come out and claim to have a better source than Norris or a realtor who knows better.

I know 2500 sq’ houses eventually will be $150k in TV all day long. Those looking for bargains will look for prices under that. When? If they let the REOs out then….tommorow. That probably won’t happen tommorow, so we’ll have to wait until the market is no longer grossly manipulated.

As for RealtyTrac. Yes you are correct it is inaccurate. It often shows “sold” for a house when it merely sold back to the bank at the courthouse. Tons and tons of REOs are not listed on RT. RT readily admits that there are 80k REOs hidden from veiw in CA. When an REO goes to retail auction it drops off RT after the auction date whether it sells or not.

I attended a Williams and Williams auction on a 3500 sq’ house on 5 acres in the wine area. It sold to an on-line bidder (probably fake) for something like $250k. Of course the bank refused to take it, but now it just sits as part of the shadow inv. So I think you are correct in critisizing RT but for the wrong reasons, they actually under-report.

If I had a link to Jesus Christ’s own REO figures you cheerleaders would say my souces are unreliable. The one thing you can’t escape is that ALL sources show an ugly, ugly picture THAT IS QUICKLY GETTING UGLIER and one thing you can’t provide is an alternative report that shows anything but lots more pain to come.

[Rt.66]

You only think its rediculously cheap because you’ve been conditioned to fork over way too much of your paycheck to bankers. Maybe something good can come out of this depression, maybe this is our chance to break that cycle of servitude and usury. Banks like you to think you are buying a house for $200k while you are really agreeing to pay them $500k over 30 years. We should try and make things better for us and not bankers.

Good reading some of these posts, this thread is getting fun.

Bob needs to run for office, he gets it.

How about an expert oppinion? Bruce Norris is about as expert as So Cal can offer:

http://www.dailybulletin.com/ci_12228714

Bruce is calling for an additioanl 20% drop in Riverside Co.

I think Temecula is the San Diego of Riverside. Meaning Temecula is the last hold out for stubborn high prices and has farther to fall than 20%.

This is not going to help either:

“Norris has already seen values stated on local home appraisals drop 20 percent in the past 3 1/2 weeks.”

Ouch!!

Now I know someone is going to come out and claim to have a better source than Norris or a realtor who knows better.

I know 2500 sq’ houses eventually will be $150k in TV all day long. Those looking for bargains will look for prices under that. When? If they let the REOs out then….tommorow. That probably won’t happen tommorow, so we’ll have to wait until the market is no longer grossly manipulated.

As for RealtyTrac. Yes you are correct it is inaccurate. It often shows “sold” for a house when it merely sold back to the bank at the courthouse. Tons and tons of REOs are not listed on RT. RT readily admits that there are 80k REOs hidden from veiw in CA. When an REO goes to retail auction it drops off RT after the auction date whether it sells or not.

I attended a Williams and Williams auction on a 3500 sq’ house on 5 acres in the wine area. It sold to an on-line bidder (probably fake) for something like $250k. Of course the bank refused to take it, but now it just sits as part of the shadow inv. So I think you are correct in critisizing RT but for the wrong reasons, they actually under-report.

If I had a link to Jesus Christ’s own REO figures you cheerleaders would say my souces are unreliable. The one thing you can’t escape is that ALL sources show an ugly, ugly picture THAT IS QUICKLY GETTING UGLIER and one thing you can’t provide is an alternative report that shows anything but lots more pain to come.

[Rt.66]

You only think its rediculously cheap because you’ve been conditioned to fork over way too much of your paycheck to bankers. Maybe something good can come out of this depression, maybe this is our chance to break that cycle of servitude and usury. Banks like you to think you are buying a house for $200k while you are really agreeing to pay them $500k over 30 years. We should try and make things better for us and not bankers.

Good reading some of these posts, this thread is getting fun.

Bob needs to run for office, he gets it.

How about an expert oppinion? Bruce Norris is about as expert as So Cal can offer:

http://www.dailybulletin.com/ci_12228714

Bruce is calling for an additioanl 20% drop in Riverside Co.

I think Temecula is the San Diego of Riverside. Meaning Temecula is the last hold out for stubborn high prices and has farther to fall than 20%.

This is not going to help either:

“Norris has already seen values stated on local home appraisals drop 20 percent in the past 3 1/2 weeks.”

Ouch!!

Now I know someone is going to come out and claim to have a better source than Norris or a realtor who knows better.

I know 2500 sq’ houses eventually will be $150k in TV all day long. Those looking for bargains will look for prices under that. When? If they let the REOs out then….tommorow. That probably won’t happen tommorow, so we’ll have to wait until the market is no longer grossly manipulated.

As for RealtyTrac. Yes you are correct it is inaccurate. It often shows “sold” for a house when it merely sold back to the bank at the courthouse. Tons and tons of REOs are not listed on RT. RT readily admits that there are 80k REOs hidden from veiw in CA. When an REO goes to retail auction it drops off RT after the auction date whether it sells or not.

I attended a Williams and Williams auction on a 3500 sq’ house on 5 acres in the wine area. It sold to an on-line bidder (probably fake) for something like $250k. Of course the bank refused to take it, but now it just sits as part of the shadow inv. So I think you are correct in critisizing RT but for the wrong reasons, they actually under-report.

If I had a link to Jesus Christ’s own REO figures you cheerleaders would say my souces are unreliable. The one thing you can’t escape is that ALL sources show an ugly, ugly picture THAT IS QUICKLY GETTING UGLIER and one thing you can’t provide is an alternative report that shows anything but lots more pain to come.

[Rt.66]

You only think its rediculously cheap because you’ve been conditioned to fork over way too much of your paycheck to bankers. Maybe something good can come out of this depression, maybe this is our chance to break that cycle of servitude and usury. Banks like you to think you are buying a house for $200k while you are really agreeing to pay them $500k over 30 years. We should try and make things better for us and not bankers.

Good reading some of these posts, this thread is getting fun.

Bob needs to run for office, he gets it.

How about an expert oppinion? Bruce Norris is about as expert as So Cal can offer:

http://www.dailybulletin.com/ci_12228714

Bruce is calling for an additioanl 20% drop in Riverside Co.

I think Temecula is the San Diego of Riverside. Meaning Temecula is the last hold out for stubborn high prices and has farther to fall than 20%.

This is not going to help either:

“Norris has already seen values stated on local home appraisals drop 20 percent in the past 3 1/2 weeks.”

Ouch!!

Now I know someone is going to come out and claim to have a better source than Norris or a realtor who knows better.

I know 2500 sq’ houses eventually will be $150k in TV all day long. Those looking for bargains will look for prices under that. When? If they let the REOs out then….tommorow. That probably won’t happen tommorow, so we’ll have to wait until the market is no longer grossly manipulated.

As for RealtyTrac. Yes you are correct it is inaccurate. It often shows “sold” for a house when it merely sold back to the bank at the courthouse. Tons and tons of REOs are not listed on RT. RT readily admits that there are 80k REOs hidden from veiw in CA. When an REO goes to retail auction it drops off RT after the auction date whether it sells or not.

I attended a Williams and Williams auction on a 3500 sq’ house on 5 acres in the wine area. It sold to an on-line bidder (probably fake) for something like $250k. Of course the bank refused to take it, but now it just sits as part of the shadow inv. So I think you are correct in critisizing RT but for the wrong reasons, they actually under-report.

If I had a link to Jesus Christ’s own REO figures you cheerleaders would say my souces are unreliable. The one thing you can’t escape is that ALL sources show an ugly, ugly picture THAT IS QUICKLY GETTING UGLIER and one thing you can’t provide is an alternative report that shows anything but lots more pain to come.

[Rt.66]

You only think its rediculously cheap because you’ve been conditioned to fork over way too much of your paycheck to bankers. Maybe something good can come out of this depression, maybe this is our chance to break that cycle of servitude and usury. Banks like you to think you are buying a house for $200k while you are really agreeing to pay them $500k over 30 years. We should try and make things better for us and not bankers.

Good reading some of these posts, this thread is getting fun.

Bob needs to run for office, he gets it.

How about an expert oppinion? Bruce Norris is about as expert as So Cal can offer:

http://www.dailybulletin.com/ci_12228714

Bruce is calling for an additioanl 20% drop in Riverside Co.

I think Temecula is the San Diego of Riverside. Meaning Temecula is the last hold out for stubborn high prices and has farther to fall than 20%.

This is not going to help either:

“Norris has already seen values stated on local home appraisals drop 20 percent in the past 3 1/2 weeks.”

Ouch!!

Now I know someone is going to come out and claim to have a better source than Norris or a realtor who knows better.

I know 2500 sq’ houses eventually will be $150k in TV all day long. Those looking for bargains will look for prices under that. When? If they let the REOs out then….tommorow. That probably won’t happen tommorow, so we’ll have to wait until the market is no longer grossly manipulated.

As for RealtyTrac. Yes you are correct it is inaccurate. It often shows “sold” for a house when it merely sold back to the bank at the courthouse. Tons and tons of REOs are not listed on RT. RT readily admits that there are 80k REOs hidden from veiw in CA. When an REO goes to retail auction it drops off RT after the auction date whether it sells or not.

I attended a Williams and Williams auction on a 3500 sq’ house on 5 acres in the wine area. It sold to an on-line bidder (probably fake) for something like $250k. Of course the bank refused to take it, but now it just sits as part of the shadow inv. So I think you are correct in critisizing RT but for the wrong reasons, they actually under-report.

If I had a link to Jesus Christ’s own REO figures you cheerleaders would say my souces are unreliable. The one thing you can’t escape is that ALL sources show an ugly, ugly picture THAT IS QUICKLY GETTING UGLIER and one thing you can’t provide is an alternative report that shows anything but lots more pain to come.

[Rt.66]

Russell, I was not reffering to you.

My standpoint is the absolute and complete and totally bizaro world that thinks we may have been near a bottom last spring or this spring when REOs right NOW today, are at GD1 proportions and EVERYONE should know its getting worse by the minute. You can’t hide from this news.

Do I need prices to drop? Like maybe I could qualify if prices fall some more but not at today’s prices? Absolutley not.

My motivation is that I just can’t get my mind around such denial of absolute, in-your-face facts and figures screaming “trouble ahead”, WARNING, WARNING and people are cheerleading RE bottoms.

Maybe its some morbid fancination with having people try to explain the absurd?

[Rt.66]

Russell, I was not reffering to you.

My standpoint is the absolute and complete and totally bizaro world that thinks we may have been near a bottom last spring or this spring when REOs right NOW today, are at GD1 proportions and EVERYONE should know its getting worse by the minute. You can’t hide from this news.

Do I need prices to drop? Like maybe I could qualify if prices fall some more but not at today’s prices? Absolutley not.

My motivation is that I just can’t get my mind around such denial of absolute, in-your-face facts and figures screaming “trouble ahead”, WARNING, WARNING and people are cheerleading RE bottoms.

Maybe its some morbid fancination with having people try to explain the absurd?

[Rt.66]

Russell, I was not reffering to you.

My standpoint is the absolute and complete and totally bizaro world that thinks we may have been near a bottom last spring or this spring when REOs right NOW today, are at GD1 proportions and EVERYONE should know its getting worse by the minute. You can’t hide from this news.

Do I need prices to drop? Like maybe I could qualify if prices fall some more but not at today’s prices? Absolutley not.

My motivation is that I just can’t get my mind around such denial of absolute, in-your-face facts and figures screaming “trouble ahead”, WARNING, WARNING and people are cheerleading RE bottoms.

Maybe its some morbid fancination with having people try to explain the absurd?

[Rt.66]

Russell, I was not reffering to you.

My standpoint is the absolute and complete and totally bizaro world that thinks we may have been near a bottom last spring or this spring when REOs right NOW today, are at GD1 proportions and EVERYONE should know its getting worse by the minute. You can’t hide from this news.

Do I need prices to drop? Like maybe I could qualify if prices fall some more but not at today’s prices? Absolutley not.

My motivation is that I just can’t get my mind around such denial of absolute, in-your-face facts and figures screaming “trouble ahead”, WARNING, WARNING and people are cheerleading RE bottoms.

Maybe its some morbid fancination with having people try to explain the absurd?

[Rt.66]

Russell, I was not reffering to you.

My standpoint is the absolute and complete and totally bizaro world that thinks we may have been near a bottom last spring or this spring when REOs right NOW today, are at GD1 proportions and EVERYONE should know its getting worse by the minute. You can’t hide from this news.

Do I need prices to drop? Like maybe I could qualify if prices fall some more but not at today’s prices? Absolutley not.

My motivation is that I just can’t get my mind around such denial of absolute, in-your-face facts and figures screaming “trouble ahead”, WARNING, WARNING and people are cheerleading RE bottoms.

Maybe its some morbid fancination with having people try to explain the absurd?

[Rt.66]

OK so every source shows a shit load of REOs in TV and climbing, but you say every source is wrong because you have personal knowledge and “many realtors on these boards can confirm” this too?

So Realtors can tell me that the Mt. St. Helens of REOs is not real and I should believe them? And not the cold hard, impossible to deny facts? I’ll only believe the realtors it if they throw in a “it’s a great time to buy”.

There are thousands and thousands of REOs in TV right now and climbing. You can argue whether its 2000 or 5000 or the 4000+ RTrac and Hotpads shows; or if the shadow inventory is an additional 2000 or 5000. Either way, even if you go with the low number, even after the pain train made its “first” stop in TV, the numbers right now today are of GD1 proportion and you are calling a bottom?

My sources are excellent sources. They are the industry standard. They are “the” sources. I’m thinking your street and your neighbors and some realtors you know are not as reliable an indicator.

Prices are not below construction costs when you figure in the fast falling value of the lots and building materials. And as for no new construction; go look up on the hills by Red Hawk were the lovely orange groves used to be.
You will find whole neighborhoods abandoned mid-build. Yep, they bulldozed orange groves, divided up lots, put in utes, paved it over with streets and cul-de-sacs, put the first run of block wall in and then just left.

What’s the cost to build on a foreclosed $10k lot with 2x4s ½ the price they were in 2005 and contractors under bidding each other to get what little work is out there?

This is a sign of an epic over-building, housing cratering disaster, not a “bottom”.

The reason they are not building is because there are more homes now than there are people who need or can buy them, especially in places like TV which are out and away from job centers. However, if houses do start to tick back up in 10-20 years they already have infrastructure ready to go in TV to assure that supply keeps pricing low.

3-6 months in a heavily manipulated market with non-stop Gov. intervention means nothing. Today’s market is a joke when you consider all the houses the banks are hiding so you’ll over-pay for the few they do sell.

The time frame is impossible to tell but a bottom this is not.

[Rt.66]

OK so every source shows a shit load of REOs in TV and climbing, but you say every source is wrong because you have personal knowledge and “many realtors on these boards can confirm” this too?

So Realtors can tell me that the Mt. St. Helens of REOs is not real and I should believe them? And not the cold hard, impossible to deny facts? I’ll only believe the realtors it if they throw in a “it’s a great time to buy”.

There are thousands and thousands of REOs in TV right now and climbing. You can argue whether its 2000 or 5000 or the 4000+ RTrac and Hotpads shows; or if the shadow inventory is an additional 2000 or 5000. Either way, even if you go with the low number, even after the pain train made its “first” stop in TV, the numbers right now today are of GD1 proportion and you are calling a bottom?

My sources are excellent sources. They are the industry standard. They are “the” sources. I’m thinking your street and your neighbors and some realtors you know are not as reliable an indicator.

Prices are not below construction costs when you figure in the fast falling value of the lots and building materials. And as for no new construction; go look up on the hills by Red Hawk were the lovely orange groves used to be.
You will find whole neighborhoods abandoned mid-build. Yep, they bulldozed orange groves, divided up lots, put in utes, paved it over with streets and cul-de-sacs, put the first run of block wall in and then just left.

What’s the cost to build on a foreclosed $10k lot with 2x4s ½ the price they were in 2005 and contractors under bidding each other to get what little work is out there?

This is a sign of an epic over-building, housing cratering disaster, not a “bottom”.

The reason they are not building is because there are more homes now than there are people who need or can buy them, especially in places like TV which are out and away from job centers. However, if houses do start to tick back up in 10-20 years they already have infrastructure ready to go in TV to assure that supply keeps pricing low.

3-6 months in a heavily manipulated market with non-stop Gov. intervention means nothing. Today’s market is a joke when you consider all the houses the banks are hiding so you’ll over-pay for the few they do sell.

The time frame is impossible to tell but a bottom this is not.

[Rt.66]

OK so every source shows a shit load of REOs in TV and climbing, but you say every source is wrong because you have personal knowledge and “many realtors on these boards can confirm” this too?

So Realtors can tell me that the Mt. St. Helens of REOs is not real and I should believe them? And not the cold hard, impossible to deny facts? I’ll only believe the realtors it if they throw in a “it’s a great time to buy”.

There are thousands and thousands of REOs in TV right now and climbing. You can argue whether its 2000 or 5000 or the 4000+ RTrac and Hotpads shows; or if the shadow inventory is an additional 2000 or 5000. Either way, even if you go with the low number, even after the pain train made its “first” stop in TV, the numbers right now today are of GD1 proportion and you are calling a bottom?

My sources are excellent sources. They are the industry standard. They are “the” sources. I’m thinking your street and your neighbors and some realtors you know are not as reliable an indicator.

Prices are not below construction costs when you figure in the fast falling value of the lots and building materials. And as for no new construction; go look up on the hills by Red Hawk were the lovely orange groves used to be.
You will find whole neighborhoods abandoned mid-build. Yep, they bulldozed orange groves, divided up lots, put in utes, paved it over with streets and cul-de-sacs, put the first run of block wall in and then just left.

What’s the cost to build on a foreclosed $10k lot with 2x4s ½ the price they were in 2005 and contractors under bidding each other to get what little work is out there?

This is a sign of an epic over-building, housing cratering disaster, not a “bottom”.

The reason they are not building is because there are more homes now than there are people who need or can buy them, especially in places like TV which are out and away from job centers. However, if houses do start to tick back up in 10-20 years they already have infrastructure ready to go in TV to assure that supply keeps pricing low.

3-6 months in a heavily manipulated market with non-stop Gov. intervention means nothing. Today’s market is a joke when you consider all the houses the banks are hiding so you’ll over-pay for the few they do sell.

The time frame is impossible to tell but a bottom this is not.

[Rt.66]

OK so every source shows a shit load of REOs in TV and climbing, but you say every source is wrong because you have personal knowledge and “many realtors on these boards can confirm” this too?

So Realtors can tell me that the Mt. St. Helens of REOs is not real and I should believe them? And not the cold hard, impossible to deny facts? I’ll only believe the realtors it if they throw in a “it’s a great time to buy”.

There are thousands and thousands of REOs in TV right now and climbing. You can argue whether its 2000 or 5000 or the 4000+ RTrac and Hotpads shows; or if the shadow inventory is an additional 2000 or 5000. Either way, even if you go with the low number, even after the pain train made its “first” stop in TV, the numbers right now today are of GD1 proportion and you are calling a bottom?

My sources are excellent sources. They are the industry standard. They are “the” sources. I’m thinking your street and your neighbors and some realtors you know are not as reliable an indicator.

Prices are not below construction costs when you figure in the fast falling value of the lots and building materials. And as for no new construction; go look up on the hills by Red Hawk were the lovely orange groves used to be.
You will find whole neighborhoods abandoned mid-build. Yep, they bulldozed orange groves, divided up lots, put in utes, paved it over with streets and cul-de-sacs, put the first run of block wall in and then just left.

What’s the cost to build on a foreclosed $10k lot with 2x4s ½ the price they were in 2005 and contractors under bidding each other to get what little work is out there?

This is a sign of an epic over-building, housing cratering disaster, not a “bottom”.

The reason they are not building is because there are more homes now than there are people who need or can buy them, especially in places like TV which are out and away from job centers. However, if houses do start to tick back up in 10-20 years they already have infrastructure ready to go in TV to assure that supply keeps pricing low.

3-6 months in a heavily manipulated market with non-stop Gov. intervention means nothing. Today’s market is a joke when you consider all the houses the banks are hiding so you’ll over-pay for the few they do sell.

The time frame is impossible to tell but a bottom this is not.

[Rt.66]

OK so every source shows a shit load of REOs in TV and climbing, but you say every source is wrong because you have personal knowledge and “many realtors on these boards can confirm” this too?

So Realtors can tell me that the Mt. St. Helens of REOs is not real and I should believe them? And not the cold hard, impossible to deny facts? I’ll only believe the realtors it if they throw in a “it’s a great time to buy”.

There are thousands and thousands of REOs in TV right now and climbing. You can argue whether its 2000 or 5000 or the 4000+ RTrac and Hotpads shows; or if the shadow inventory is an additional 2000 or 5000. Either way, even if you go with the low number, even after the pain train made its “first” stop in TV, the numbers right now today are of GD1 proportion and you are calling a bottom?

My sources are excellent sources. They are the industry standard. They are “the” sources. I’m thinking your street and your neighbors and some realtors you know are not as reliable an indicator.

Prices are not below construction costs when you figure in the fast falling value of the lots and building materials. And as for no new construction; go look up on the hills by Red Hawk were the lovely orange groves used to be.
You will find whole neighborhoods abandoned mid-build. Yep, they bulldozed orange groves, divided up lots, put in utes, paved it over with streets and cul-de-sacs, put the first run of block wall in and then just left.

What’s the cost to build on a foreclosed $10k lot with 2x4s ½ the price they were in 2005 and contractors under bidding each other to get what little work is out there?

This is a sign of an epic over-building, housing cratering disaster, not a “bottom”.

The reason they are not building is because there are more homes now than there are people who need or can buy them, especially in places like TV which are out and away from job centers. However, if houses do start to tick back up in 10-20 years they already have infrastructure ready to go in TV to assure that supply keeps pricing low.

3-6 months in a heavily manipulated market with non-stop Gov. intervention means nothing. Today’s market is a joke when you consider all the houses the banks are hiding so you’ll over-pay for the few they do sell.

The time frame is impossible to tell but a bottom this is not.

[Author]

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