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sdrealtor
ParticipantI think they are trying to genreate offers. Even if they get an offer at that price the lender may turn down the short sale unless its actually been foreclosed on already. Its been under a NOD for some time already.
I just re-checked and the LTv isnt as bad as I thought. They put 10% down on it new ($2.275M). Loan is ONLY about $2.05M;) But there is probably at least another 50K in arrears. If they get $1.9M the 1st gets paid off and the 2nd gets wiped out. Countrywide made both loans.
Imagine how the 2 neighbors feel with their homes on the market for $400K more but 600 and 1200 sq ft less.
ParticipantThere is still some life in this market and there are folks that wouldnt pay last years price but will pay this years price. As the decline slows to a halt and the distress sales increase, we will become a very stagnant market. I wouldnt be surprised to see average market times in the 200 day range. A stagnant stand off. Thats what I consider ugly.
ParticipantOUCHHH!!!!!
Thats nearly $500K below the purchase price in 2005 and is short over $400K on the loans. Can you say Owner/Realtor in trouble? I thought you could neighbor.ParticipantThere are two important and very different issues here to get answered. I may be stating the obvious but for real estate tax purposes, it would be best to have the assessed value remain low. To the contrary for federal income taxes, you would want a step-up in tax basis to current market value. Check with a professional but you should be able to accomplish both.
ParticipantYes it has improved alot. There are 9853 dettached homes on the market at this moment and 2397 in escrow which is a ratio of about 4 to 1. There were 1,551 closed sales in December which is a ratio of about 6.5 to 1. Both numbers are far better than they have been in months. The real question is how much inventory comes on the market. Sales volume should be pretty comparable to last year but the supply number is the unknown. If inventory doubles and while it doesnt look like that will happen right now ,it easily could, it would get pretty ugly.
ParticipantGood job CB! Those kids need to be long suffering Browns fans too;)
SDR (Another long suffering NFL fan)
ParticipantMaybe a little further west, but as far as I’m concerned I’m already there. The rest of the places sound nice. Perhaps I’ll visit them.
Participantlbc,
I’m in! Here’s how I think it will play out. Sales volume will be more or less equal to lst year but the decline will be much slower this year. From an SDR perspective, many johnnycomelately’s will be working away at their new careers in the service sector and there will be better years for folks like myself and sd r. I just think we are in for a slow stagnant market regarding price declines. The steep drop in prices last year was easy because it all came so unexpectantly and quickly two years ago. Now we are back to prices that have much more fundamental support as I see it.BTW, 6 houses sold at prices well over $1M today in Encinitas/South Carlsbad. That is more than I have EVER seen before.
SDR
ParticipantFraud is not a market force but rather a response to market forces. Anywhere that you find money to be made in a capitalistic society you will find fraud as well.
ParticipantNo not much time in Austin. My guess is that as as a college town I’d like it more than most of the other places I’ve been in Texas. To be honest i dont think Texas is dreadful. In my eye’s it medicore and at best average. Mos t people I’ve met from Texas think its the best place in the world and i just Dont get that. There are lots of great places in this country through my eyes (NYC, Chicago, Seattle, SF, SD, Western NC, parts of VT and many others I really like. But when I think of great places, nowhere in Texas ever comes to mind.
ParticipantI’m with Perry on this one. been to Texas many times and I just don’t get it. I guess you have to be from there to appreciate it.
ParticipantSure it is! Lawyers are one of the most loathed professionals in the world. I have lots of good friends that are very good and very respectable attorneys. Nothing against our new participant but that industry is just as riddled with slime as mine is.
BTW, it was the market forces that drove up prices and the sellers that benefited most from it not the RE industry.
ParticipantWhat do you call 1,000 lawyers at the bottom of the sea?
A good start.
Hearing an attorney blaming the RE industry for the decline of Western Civilization is one of the funnier things I’ve heard on this board. Construction at…you may be on of the good one’s but from my experience there is no shortage of egotistical asses in the legal community.
Personal injury suits for everyone!
ParticipantLBC,
I’ll take that bet! I believe 2007 will be better than 2006. Now 2008…that’s gonna be ugly.SDR
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