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SD Realtor
ParticipantNot really a breaking story. There is alot more to the new guidelines then this. What would we do without the NYT.
Actually the guidelines were announced a few months ago.
If any of you want to learn about them, simply google new short sale guidelines and similar terms. If lenders actually start applying them then there is hope that the short sale process timeline improves. That is the real hope.
ParticipantNot really a breaking story. There is alot more to the new guidelines then this. What would we do without the NYT.
Actually the guidelines were announced a few months ago.
If any of you want to learn about them, simply google new short sale guidelines and similar terms. If lenders actually start applying them then there is hope that the short sale process timeline improves. That is the real hope.
ParticipantNot really a breaking story. There is alot more to the new guidelines then this. What would we do without the NYT.
Actually the guidelines were announced a few months ago.
If any of you want to learn about them, simply google new short sale guidelines and similar terms. If lenders actually start applying them then there is hope that the short sale process timeline improves. That is the real hope.
ParticipantIt will be interesting to see if the home fetches what they are asking. They paid 685k in 04 and had a loan of 548k. Assuming they paid it down somewhat they still do not have much headroom on asking price before they have to come in with cash to close.
What we are seeing in certain areas now is behavior that is consistent with bubble times selling attitudes. Sellers are becoming more brazen with pricing that is unrealistic. In some cases the homes are selling and in some cases they are not. PQ is a beautiful example and some homes in Poway are like that as well.
Regarding the question of valuations of newer homes as opposed to older, it is hard to place a number on it. Look, would you want to buy a home built in 2001 but was surrounded by a bunch of homes built in the 80s? On the other hand if you are comparing entire subdivisions where one is 10 years newer then the other yes you will find higher valuations in the newer one. 10%? I think that may be a bit high.
No way they should get the 599k… but… you never know. Nothing surprises me at the moment.
ParticipantIt will be interesting to see if the home fetches what they are asking. They paid 685k in 04 and had a loan of 548k. Assuming they paid it down somewhat they still do not have much headroom on asking price before they have to come in with cash to close.
What we are seeing in certain areas now is behavior that is consistent with bubble times selling attitudes. Sellers are becoming more brazen with pricing that is unrealistic. In some cases the homes are selling and in some cases they are not. PQ is a beautiful example and some homes in Poway are like that as well.
Regarding the question of valuations of newer homes as opposed to older, it is hard to place a number on it. Look, would you want to buy a home built in 2001 but was surrounded by a bunch of homes built in the 80s? On the other hand if you are comparing entire subdivisions where one is 10 years newer then the other yes you will find higher valuations in the newer one. 10%? I think that may be a bit high.
No way they should get the 599k… but… you never know. Nothing surprises me at the moment.
ParticipantIt will be interesting to see if the home fetches what they are asking. They paid 685k in 04 and had a loan of 548k. Assuming they paid it down somewhat they still do not have much headroom on asking price before they have to come in with cash to close.
What we are seeing in certain areas now is behavior that is consistent with bubble times selling attitudes. Sellers are becoming more brazen with pricing that is unrealistic. In some cases the homes are selling and in some cases they are not. PQ is a beautiful example and some homes in Poway are like that as well.
Regarding the question of valuations of newer homes as opposed to older, it is hard to place a number on it. Look, would you want to buy a home built in 2001 but was surrounded by a bunch of homes built in the 80s? On the other hand if you are comparing entire subdivisions where one is 10 years newer then the other yes you will find higher valuations in the newer one. 10%? I think that may be a bit high.
No way they should get the 599k… but… you never know. Nothing surprises me at the moment.
ParticipantIt will be interesting to see if the home fetches what they are asking. They paid 685k in 04 and had a loan of 548k. Assuming they paid it down somewhat they still do not have much headroom on asking price before they have to come in with cash to close.
What we are seeing in certain areas now is behavior that is consistent with bubble times selling attitudes. Sellers are becoming more brazen with pricing that is unrealistic. In some cases the homes are selling and in some cases they are not. PQ is a beautiful example and some homes in Poway are like that as well.
Regarding the question of valuations of newer homes as opposed to older, it is hard to place a number on it. Look, would you want to buy a home built in 2001 but was surrounded by a bunch of homes built in the 80s? On the other hand if you are comparing entire subdivisions where one is 10 years newer then the other yes you will find higher valuations in the newer one. 10%? I think that may be a bit high.
No way they should get the 599k… but… you never know. Nothing surprises me at the moment.
ParticipantIt will be interesting to see if the home fetches what they are asking. They paid 685k in 04 and had a loan of 548k. Assuming they paid it down somewhat they still do not have much headroom on asking price before they have to come in with cash to close.
What we are seeing in certain areas now is behavior that is consistent with bubble times selling attitudes. Sellers are becoming more brazen with pricing that is unrealistic. In some cases the homes are selling and in some cases they are not. PQ is a beautiful example and some homes in Poway are like that as well.
Regarding the question of valuations of newer homes as opposed to older, it is hard to place a number on it. Look, would you want to buy a home built in 2001 but was surrounded by a bunch of homes built in the 80s? On the other hand if you are comparing entire subdivisions where one is 10 years newer then the other yes you will find higher valuations in the newer one. 10%? I think that may be a bit high.
No way they should get the 599k… but… you never know. Nothing surprises me at the moment.
ParticipantThe choice is a tough one. I think the doomsday people are getting antsy because not only have none of the prophecies come to fruition, but the conditions are actually improving. This is more the result of market manipulation then anything else but the numbers bear this out. As Rich posted in the resale data rodeo there are ALOT of factors in play here. For wannabe buyers the wariness should be with regards to interest rates. Will the bond market fall apart? Yes but not for quite awhile. Will the govt/fed/treasury/(insert your covert organization here) REALLY let the secondary market try to survive on its own? With all that the existing regime has at stake in this election year do you believe that they will let rates fall apart? Honestly? Personally I do not.
Another issue which is important is the type of home you are buying, the where, the size, the amount of existing inventory in that price range. How easy is it or will it be for you to find something like you found now.
What is fundamentally and without a doubt true is that over the past few years many many people who post here have purchased. Similarly those who have waited have indeed not only missed out on lower prices but also selection. Nobody can argue that prices are higher now and selection is worse if we are talking about homes under 700k. The boat is well off shore now. The question is when will it return.
Moral hazard is another issue the most bearish posters seem to ignore. Debt is being rewritten, washed away, worked out, scrubbed out, however you want to put it. Once again, those people who have been responsible, paid their bills, saved money and towed the line are screwed. How are they rewarded? Well, they get horrid rates on CDs and they get to see neighbors bailed out. Similarly they get to see institutionalized corrupted maintained and officers in those BAILED OUT institutions given bonuses.
The issue of standard of living is a personal one. There are those who post who love renting. I rent. I hate it but I do it. I sincerely regret not buying in 2008. There are those who hate renting and enjoy the benefits of owning a home and being able to do whatever they want to a home and not have to answer to a landlord.
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To me there is no doubt the market will come down again but only when the bond market clearly falls apart. I believe we have now grown into a nanny state/nation and that large scale foreclosure numbers will be blunted by “social programs” that will be “good for society”. We may have some minor ups and downs but I do not think you will see a big run downhill due to foreclosures and/or employment. I do believe that at some point in time we will have a fairly severe dislocation in the bond market that will have dire consequences for housing prices. However I think that is quite far off, a few years at least. So for the next couple years I think you are okay. Once bond market fluctuations and inflation kick in, hold on tight.
***********
ParticipantThe choice is a tough one. I think the doomsday people are getting antsy because not only have none of the prophecies come to fruition, but the conditions are actually improving. This is more the result of market manipulation then anything else but the numbers bear this out. As Rich posted in the resale data rodeo there are ALOT of factors in play here. For wannabe buyers the wariness should be with regards to interest rates. Will the bond market fall apart? Yes but not for quite awhile. Will the govt/fed/treasury/(insert your covert organization here) REALLY let the secondary market try to survive on its own? With all that the existing regime has at stake in this election year do you believe that they will let rates fall apart? Honestly? Personally I do not.
Another issue which is important is the type of home you are buying, the where, the size, the amount of existing inventory in that price range. How easy is it or will it be for you to find something like you found now.
What is fundamentally and without a doubt true is that over the past few years many many people who post here have purchased. Similarly those who have waited have indeed not only missed out on lower prices but also selection. Nobody can argue that prices are higher now and selection is worse if we are talking about homes under 700k. The boat is well off shore now. The question is when will it return.
Moral hazard is another issue the most bearish posters seem to ignore. Debt is being rewritten, washed away, worked out, scrubbed out, however you want to put it. Once again, those people who have been responsible, paid their bills, saved money and towed the line are screwed. How are they rewarded? Well, they get horrid rates on CDs and they get to see neighbors bailed out. Similarly they get to see institutionalized corrupted maintained and officers in those BAILED OUT institutions given bonuses.
The issue of standard of living is a personal one. There are those who post who love renting. I rent. I hate it but I do it. I sincerely regret not buying in 2008. There are those who hate renting and enjoy the benefits of owning a home and being able to do whatever they want to a home and not have to answer to a landlord.
**************
To me there is no doubt the market will come down again but only when the bond market clearly falls apart. I believe we have now grown into a nanny state/nation and that large scale foreclosure numbers will be blunted by “social programs” that will be “good for society”. We may have some minor ups and downs but I do not think you will see a big run downhill due to foreclosures and/or employment. I do believe that at some point in time we will have a fairly severe dislocation in the bond market that will have dire consequences for housing prices. However I think that is quite far off, a few years at least. So for the next couple years I think you are okay. Once bond market fluctuations and inflation kick in, hold on tight.
***********
ParticipantThe choice is a tough one. I think the doomsday people are getting antsy because not only have none of the prophecies come to fruition, but the conditions are actually improving. This is more the result of market manipulation then anything else but the numbers bear this out. As Rich posted in the resale data rodeo there are ALOT of factors in play here. For wannabe buyers the wariness should be with regards to interest rates. Will the bond market fall apart? Yes but not for quite awhile. Will the govt/fed/treasury/(insert your covert organization here) REALLY let the secondary market try to survive on its own? With all that the existing regime has at stake in this election year do you believe that they will let rates fall apart? Honestly? Personally I do not.
Another issue which is important is the type of home you are buying, the where, the size, the amount of existing inventory in that price range. How easy is it or will it be for you to find something like you found now.
What is fundamentally and without a doubt true is that over the past few years many many people who post here have purchased. Similarly those who have waited have indeed not only missed out on lower prices but also selection. Nobody can argue that prices are higher now and selection is worse if we are talking about homes under 700k. The boat is well off shore now. The question is when will it return.
Moral hazard is another issue the most bearish posters seem to ignore. Debt is being rewritten, washed away, worked out, scrubbed out, however you want to put it. Once again, those people who have been responsible, paid their bills, saved money and towed the line are screwed. How are they rewarded? Well, they get horrid rates on CDs and they get to see neighbors bailed out. Similarly they get to see institutionalized corrupted maintained and officers in those BAILED OUT institutions given bonuses.
The issue of standard of living is a personal one. There are those who post who love renting. I rent. I hate it but I do it. I sincerely regret not buying in 2008. There are those who hate renting and enjoy the benefits of owning a home and being able to do whatever they want to a home and not have to answer to a landlord.
**************
To me there is no doubt the market will come down again but only when the bond market clearly falls apart. I believe we have now grown into a nanny state/nation and that large scale foreclosure numbers will be blunted by “social programs” that will be “good for society”. We may have some minor ups and downs but I do not think you will see a big run downhill due to foreclosures and/or employment. I do believe that at some point in time we will have a fairly severe dislocation in the bond market that will have dire consequences for housing prices. However I think that is quite far off, a few years at least. So for the next couple years I think you are okay. Once bond market fluctuations and inflation kick in, hold on tight.
***********
ParticipantThe choice is a tough one. I think the doomsday people are getting antsy because not only have none of the prophecies come to fruition, but the conditions are actually improving. This is more the result of market manipulation then anything else but the numbers bear this out. As Rich posted in the resale data rodeo there are ALOT of factors in play here. For wannabe buyers the wariness should be with regards to interest rates. Will the bond market fall apart? Yes but not for quite awhile. Will the govt/fed/treasury/(insert your covert organization here) REALLY let the secondary market try to survive on its own? With all that the existing regime has at stake in this election year do you believe that they will let rates fall apart? Honestly? Personally I do not.
Another issue which is important is the type of home you are buying, the where, the size, the amount of existing inventory in that price range. How easy is it or will it be for you to find something like you found now.
What is fundamentally and without a doubt true is that over the past few years many many people who post here have purchased. Similarly those who have waited have indeed not only missed out on lower prices but also selection. Nobody can argue that prices are higher now and selection is worse if we are talking about homes under 700k. The boat is well off shore now. The question is when will it return.
Moral hazard is another issue the most bearish posters seem to ignore. Debt is being rewritten, washed away, worked out, scrubbed out, however you want to put it. Once again, those people who have been responsible, paid their bills, saved money and towed the line are screwed. How are they rewarded? Well, they get horrid rates on CDs and they get to see neighbors bailed out. Similarly they get to see institutionalized corrupted maintained and officers in those BAILED OUT institutions given bonuses.
The issue of standard of living is a personal one. There are those who post who love renting. I rent. I hate it but I do it. I sincerely regret not buying in 2008. There are those who hate renting and enjoy the benefits of owning a home and being able to do whatever they want to a home and not have to answer to a landlord.
**************
To me there is no doubt the market will come down again but only when the bond market clearly falls apart. I believe we have now grown into a nanny state/nation and that large scale foreclosure numbers will be blunted by “social programs” that will be “good for society”. We may have some minor ups and downs but I do not think you will see a big run downhill due to foreclosures and/or employment. I do believe that at some point in time we will have a fairly severe dislocation in the bond market that will have dire consequences for housing prices. However I think that is quite far off, a few years at least. So for the next couple years I think you are okay. Once bond market fluctuations and inflation kick in, hold on tight.
***********
ParticipantThe choice is a tough one. I think the doomsday people are getting antsy because not only have none of the prophecies come to fruition, but the conditions are actually improving. This is more the result of market manipulation then anything else but the numbers bear this out. As Rich posted in the resale data rodeo there are ALOT of factors in play here. For wannabe buyers the wariness should be with regards to interest rates. Will the bond market fall apart? Yes but not for quite awhile. Will the govt/fed/treasury/(insert your covert organization here) REALLY let the secondary market try to survive on its own? With all that the existing regime has at stake in this election year do you believe that they will let rates fall apart? Honestly? Personally I do not.
Another issue which is important is the type of home you are buying, the where, the size, the amount of existing inventory in that price range. How easy is it or will it be for you to find something like you found now.
What is fundamentally and without a doubt true is that over the past few years many many people who post here have purchased. Similarly those who have waited have indeed not only missed out on lower prices but also selection. Nobody can argue that prices are higher now and selection is worse if we are talking about homes under 700k. The boat is well off shore now. The question is when will it return.
Moral hazard is another issue the most bearish posters seem to ignore. Debt is being rewritten, washed away, worked out, scrubbed out, however you want to put it. Once again, those people who have been responsible, paid their bills, saved money and towed the line are screwed. How are they rewarded? Well, they get horrid rates on CDs and they get to see neighbors bailed out. Similarly they get to see institutionalized corrupted maintained and officers in those BAILED OUT institutions given bonuses.
The issue of standard of living is a personal one. There are those who post who love renting. I rent. I hate it but I do it. I sincerely regret not buying in 2008. There are those who hate renting and enjoy the benefits of owning a home and being able to do whatever they want to a home and not have to answer to a landlord.
**************
To me there is no doubt the market will come down again but only when the bond market clearly falls apart. I believe we have now grown into a nanny state/nation and that large scale foreclosure numbers will be blunted by “social programs” that will be “good for society”. We may have some minor ups and downs but I do not think you will see a big run downhill due to foreclosures and/or employment. I do believe that at some point in time we will have a fairly severe dislocation in the bond market that will have dire consequences for housing prices. However I think that is quite far off, a few years at least. So for the next couple years I think you are okay. Once bond market fluctuations and inflation kick in, hold on tight.
***********
ParticipantYbitz yes you do want to go to city hall to find out about planning futures so to speak.
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