[SD Realtor]

nsr and patient renter –

I am not saying I disagree with the analysis but I do want to add my concerns. For one thing, why hold the asset, why not dribble them or at least get rid of a them a few at a time. Why would lenders hold ALL of them when they will be acquiring more and more of them at a faster rate?

Also by holding them then who is paying the interest on the bonds that have been issued?

We also saw that large auction in May where “supposedly” some of the properties did go at pretty low prices. Although I am not so sure if that indeed is true.

So… yeah nsr I “think” you are right… but I still think that the lenders would indeed start to try to move a small fraction of the properties while holding most of them…

UNLESS

Now to patient renters point. I have always been stressing out about what you brought up… the sheer size of the parties who DONT want the housing market to crash. Think about it, all the lenders, the banks, Wall Street, the federal government…. the sheer amount of power and money that has a vested interest in propping up the market or at least forstalling the crash and making it a prolonged stall over many years… this is what has always worried me the most. Patient renter your example was just one way that it could happen…kind of an indirect bailout by FNMA…

Now I don’t want to get political (aka known as the knell for any Realtor) but tell me how happy Hillary would be to promise to save all those poor middle class homeowners who are about to lose their homes. Are you kidding me? (don’t confuse that statement for an endorsement of the current administration because it is not) It is just an example.

Sorry for rambling… there is just alot of money and power that I am sure will be lobbied to try to prop things up.

SD Realtor

[SD Realtor]

I dont see that happening at all Myito.

SD Realtor

[SD Realtor]

I dont see that happening at all Myito.

SD Realtor

[SD Realtor]

Guys I am in the same boat as you.

I should ammend my statement to say, I don’t know if this person that owns the home is in distress or not. We only know that she has a 740k mortgage on a home she purchased for 925k. Now we don’t know if it is an ARM or not, we don’t know the rate, we don’t know her employment status, her salary, if she has a ton of cash in the bank or equities in the market. We don’t know any of these things.

Maybe she is distressed, maybe not. I tend to think she is not distressed as she would have priced in a more aggressive manner. The 740k would not require any salary at all if she had a ton of money stashed away or an ex hubby, or who knows what.

You see what I am saying?

Now realistically I could not agree more with you. I work at my enginnering job, and my real estate job, I make okay money, but not nearly enough to take on a debt load that I see many take on. So I have been pushing all money into savings… I desperately want that same drop you guys want. Do I think it will come? Well it seems that it should, most people posting here will categorically confirm that it will…Personally… well like I said, it seems that it should and it will in most spots around the county for most types of housing.

Look, my wife has a business in La Jolla in skin care and our biggest references come from plastic surgeons around the county. There is a substantial amount of money in this county that has nothing to do with salary. I am not talking like everyone is a bazillionaire but man oh man are there alot of people who really do not have to sweat working much. Can this alone prop up the market? Not a chance. However, I am exposed to so many people with so much more money then I have it makes me go crazy…Talk about hard not to get bitter. sdr posts here to and I am sure he knows and sees it everyday as well.

Now is this more the exception then the rule? Of course. Are many of us in the boat making 100-200k and frustrated as hell cuz we don’t want to plunk down 800k to live in a decent neighborhood with great schools? YES WE ARE!! Do we have no clue how some of these people can do it? I HAVE NO CLUE but some can and MANY others cannot and it will catch up with them.

Hang in there… the big drop will most likely come if you want to wait for it. Will it happen in the neighborhood you want? Most likely but as I have always said and will always say… every person has a unique situation and needs to measure their own resources against the need to own a home.

[SD Realtor]

Guys I am in the same boat as you.

I should ammend my statement to say, I don’t know if this person that owns the home is in distress or not. We only know that she has a 740k mortgage on a home she purchased for 925k. Now we don’t know if it is an ARM or not, we don’t know the rate, we don’t know her employment status, her salary, if she has a ton of cash in the bank or equities in the market. We don’t know any of these things.

Maybe she is distressed, maybe not. I tend to think she is not distressed as she would have priced in a more aggressive manner. The 740k would not require any salary at all if she had a ton of money stashed away or an ex hubby, or who knows what.

You see what I am saying?

Now realistically I could not agree more with you. I work at my enginnering job, and my real estate job, I make okay money, but not nearly enough to take on a debt load that I see many take on. So I have been pushing all money into savings… I desperately want that same drop you guys want. Do I think it will come? Well it seems that it should, most people posting here will categorically confirm that it will…Personally… well like I said, it seems that it should and it will in most spots around the county for most types of housing.

Look, my wife has a business in La Jolla in skin care and our biggest references come from plastic surgeons around the county. There is a substantial amount of money in this county that has nothing to do with salary. I am not talking like everyone is a bazillionaire but man oh man are there alot of people who really do not have to sweat working much. Can this alone prop up the market? Not a chance. However, I am exposed to so many people with so much more money then I have it makes me go crazy…Talk about hard not to get bitter. sdr posts here to and I am sure he knows and sees it everyday as well.

Now is this more the exception then the rule? Of course. Are many of us in the boat making 100-200k and frustrated as hell cuz we don’t want to plunk down 800k to live in a decent neighborhood with great schools? YES WE ARE!! Do we have no clue how some of these people can do it? I HAVE NO CLUE but some can and MANY others cannot and it will catch up with them.

Hang in there… the big drop will most likely come if you want to wait for it. Will it happen in the neighborhood you want? Most likely but as I have always said and will always say… every person has a unique situation and needs to measure their own resources against the need to own a home.

[SD Realtor]

Myito I would also like to congratulate you for sticking to your guns. Right or wrong doesn’t matter to me as much as people hanging in and arguing their points in a thoughtful manner.

SD Realtor

[SD Realtor]

Myito I would also like to congratulate you for sticking to your guns. Right or wrong doesn’t matter to me as much as people hanging in and arguing their points in a thoughtful manner.

SD Realtor

[SD Realtor]

That is in Hillsborough, we are not to far away from it.

Anyways they have been on the market for a little over a month. The seller bought in in 3/30/06 for 925k. It appears that they only have a first mortgage on it for 740k. I do not know what type of financing that mortgage is.

The same floorplan on Caneridge is priced about 150k less but it does not have the view that this one does. It also has a much much smaller lot then this one.

The home on Wooded Vista also has a smaller lot then Baypony but is a bit of a larger home and has an okay view as well. It is in escrow at a list price of 899k.

IMO all of these homes in this subdivision will come down pretty hard but it may take awhile.

SD Realtor

[SD Realtor]

That is in Hillsborough, we are not to far away from it.

Anyways they have been on the market for a little over a month. The seller bought in in 3/30/06 for 925k. It appears that they only have a first mortgage on it for 740k. I do not know what type of financing that mortgage is.

The same floorplan on Caneridge is priced about 150k less but it does not have the view that this one does. It also has a much much smaller lot then this one.

The home on Wooded Vista also has a smaller lot then Baypony but is a bit of a larger home and has an okay view as well. It is in escrow at a list price of 899k.

IMO all of these homes in this subdivision will come down pretty hard but it may take awhile.

SD Realtor

[SD Realtor]

Radelow –

Let the broker know you will be representing yourself and not be represented by an agent. The MLS co-op is being advertised at 3% however all commissions need to be authorized by the lender since it is a short sale. you can use that 3% as a leverage point.

Preforeclosure is a generic term without precise meaning other then a NOD has been filed. Whether a NOT (notice of Trustee Sale has been set or not) will be up to you to find out. Similarly finding out the status of where the seller is with respect to getting things square with the lender for the short sale will be up to you.

Just to be honest with you, there will be no chance whatsoever that the lender will accept your offer. They only reduced the price on 6/13. I have also seen some cases of short sales advertised and not accepted at offers IN the price range. I do believe that is absolute stupidity by the lender but that is the way it is right now.

Anyways it is a good exercise for you to go over there and start to learn the process more.

SD Realtor

[SD Realtor]

Radelow –

Let the broker know you will be representing yourself and not be represented by an agent. The MLS co-op is being advertised at 3% however all commissions need to be authorized by the lender since it is a short sale. you can use that 3% as a leverage point.

Preforeclosure is a generic term without precise meaning other then a NOD has been filed. Whether a NOT (notice of Trustee Sale has been set or not) will be up to you to find out. Similarly finding out the status of where the seller is with respect to getting things square with the lender for the short sale will be up to you.

Just to be honest with you, there will be no chance whatsoever that the lender will accept your offer. They only reduced the price on 6/13. I have also seen some cases of short sales advertised and not accepted at offers IN the price range. I do believe that is absolute stupidity by the lender but that is the way it is right now.

Anyways it is a good exercise for you to go over there and start to learn the process more.

SD Realtor

[SD Realtor]

tat why do you this website?

SD Realtor

[SD Realtor]

tat why do you this website?

SD Realtor

[SD Realtor]

NSR you captured it very accurately. In my own case I know what will be happening and while it may not be the wisest economic move it will be best for my family. Chris S made a good post in a different thread, something most of us have agreed on, that every situation is unique.

SD Realtor

[SD Realtor]

NSR you captured it very accurately. In my own case I know what will be happening and while it may not be the wisest economic move it will be best for my family. Chris S made a good post in a different thread, something most of us have agreed on, that every situation is unique.

SD Realtor

[Author]

Posts