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January 29, 2010 at 11:27 PM in reply to: 15 day advantage on repos to those who intend to occupy #507301January 29, 2010 at 11:27 PM in reply to: 15 day advantage on repos to those who intend to occupy #507710
temeculaguy
ParticipantA lot of times investors are llc’s or reit’s, meaning it’s a company name buying the house. If it’s an individual wanting to buy a single rental, then their other loan will show up on their credit report and they will have some splaining to do.
I’m sure a few people will pull it off but for the most part, the waiters and savers will get first crack at the repos, instead of the other way around. For months we’ve been hearing stories of people getting their offers overlooked, often times for a similar or lower offer from a cash investor, that is which they are looking to change and it’s a good thing.
Plus there will be addendums to the purchase contract that I’m guessing will list some warnings about defrauding the government and the penalties. Anyone can cheat on their taxes too, but most don’t because most white collar folk would prefer to steer clear of the pokey.
Since it seems that every idea or program coming from the fed has been making the problem worse, at least this one makes it better or does no harm at the very least. Since fannie/freddie has their hands in a good chunk of the potential repos, this could be one of those political feel good stories that they declare a success and expand upon, perhaps even mandate to others. It is also the first thing I’ve seen where it will be in their best interest to hurry up foreclosures to get families in the houses, who will spend money on them and pay taxes, something they also like.
Maybe it does nothing, but I’m guessing it ends up helping the piggington agenda.
January 29, 2010 at 11:27 PM in reply to: 15 day advantage on repos to those who intend to occupy #507803temeculaguy
ParticipantA lot of times investors are llc’s or reit’s, meaning it’s a company name buying the house. If it’s an individual wanting to buy a single rental, then their other loan will show up on their credit report and they will have some splaining to do.
I’m sure a few people will pull it off but for the most part, the waiters and savers will get first crack at the repos, instead of the other way around. For months we’ve been hearing stories of people getting their offers overlooked, often times for a similar or lower offer from a cash investor, that is which they are looking to change and it’s a good thing.
Plus there will be addendums to the purchase contract that I’m guessing will list some warnings about defrauding the government and the penalties. Anyone can cheat on their taxes too, but most don’t because most white collar folk would prefer to steer clear of the pokey.
Since it seems that every idea or program coming from the fed has been making the problem worse, at least this one makes it better or does no harm at the very least. Since fannie/freddie has their hands in a good chunk of the potential repos, this could be one of those political feel good stories that they declare a success and expand upon, perhaps even mandate to others. It is also the first thing I’ve seen where it will be in their best interest to hurry up foreclosures to get families in the houses, who will spend money on them and pay taxes, something they also like.
Maybe it does nothing, but I’m guessing it ends up helping the piggington agenda.
January 29, 2010 at 11:27 PM in reply to: 15 day advantage on repos to those who intend to occupy #508059temeculaguy
ParticipantA lot of times investors are llc’s or reit’s, meaning it’s a company name buying the house. If it’s an individual wanting to buy a single rental, then their other loan will show up on their credit report and they will have some splaining to do.
I’m sure a few people will pull it off but for the most part, the waiters and savers will get first crack at the repos, instead of the other way around. For months we’ve been hearing stories of people getting their offers overlooked, often times for a similar or lower offer from a cash investor, that is which they are looking to change and it’s a good thing.
Plus there will be addendums to the purchase contract that I’m guessing will list some warnings about defrauding the government and the penalties. Anyone can cheat on their taxes too, but most don’t because most white collar folk would prefer to steer clear of the pokey.
Since it seems that every idea or program coming from the fed has been making the problem worse, at least this one makes it better or does no harm at the very least. Since fannie/freddie has their hands in a good chunk of the potential repos, this could be one of those political feel good stories that they declare a success and expand upon, perhaps even mandate to others. It is also the first thing I’ve seen where it will be in their best interest to hurry up foreclosures to get families in the houses, who will spend money on them and pay taxes, something they also like.
Maybe it does nothing, but I’m guessing it ends up helping the piggington agenda.
temeculaguy
Participantkobio, seriously you need to cite a little data about volume before making an assertion like that. There are like 2k total homes in RSF, La Jolla is not that big, there are condo complexes in this county with as many units as RSF has homesites, you really think that is responsible for pulling up the median? RSF doesn’t have that much turnover, somebody else can probably provide the numbers and there may be something to the theory that the high end is pulling up the median but not in those examples, the old money isn’t crumbling yet.
temeculaguy
Participantkobio, seriously you need to cite a little data about volume before making an assertion like that. There are like 2k total homes in RSF, La Jolla is not that big, there are condo complexes in this county with as many units as RSF has homesites, you really think that is responsible for pulling up the median? RSF doesn’t have that much turnover, somebody else can probably provide the numbers and there may be something to the theory that the high end is pulling up the median but not in those examples, the old money isn’t crumbling yet.
temeculaguy
Participantkobio, seriously you need to cite a little data about volume before making an assertion like that. There are like 2k total homes in RSF, La Jolla is not that big, there are condo complexes in this county with as many units as RSF has homesites, you really think that is responsible for pulling up the median? RSF doesn’t have that much turnover, somebody else can probably provide the numbers and there may be something to the theory that the high end is pulling up the median but not in those examples, the old money isn’t crumbling yet.
temeculaguy
Participantkobio, seriously you need to cite a little data about volume before making an assertion like that. There are like 2k total homes in RSF, La Jolla is not that big, there are condo complexes in this county with as many units as RSF has homesites, you really think that is responsible for pulling up the median? RSF doesn’t have that much turnover, somebody else can probably provide the numbers and there may be something to the theory that the high end is pulling up the median but not in those examples, the old money isn’t crumbling yet.
temeculaguy
Participantkobio, seriously you need to cite a little data about volume before making an assertion like that. There are like 2k total homes in RSF, La Jolla is not that big, there are condo complexes in this county with as many units as RSF has homesites, you really think that is responsible for pulling up the median? RSF doesn’t have that much turnover, somebody else can probably provide the numbers and there may be something to the theory that the high end is pulling up the median but not in those examples, the old money isn’t crumbling yet.
temeculaguy
ParticipantSince you used the pharase “56 corridor” it’s obvious you’ve done some homework. Looks like you need neighborhood analysis, which I cannot provide. My sister lives there, she’s picky as hell and one of those overly involved pta moms, and she loves it there. To be honest, i’m not sure if it’s in Poway proper, it’s off scripps poway parkway, thats a bit of a border region and i never pay attention to signs, but I know it’s in the poway school district, and for a lot of folks, that’s all that really matters.
temeculaguy
ParticipantSince you used the pharase “56 corridor” it’s obvious you’ve done some homework. Looks like you need neighborhood analysis, which I cannot provide. My sister lives there, she’s picky as hell and one of those overly involved pta moms, and she loves it there. To be honest, i’m not sure if it’s in Poway proper, it’s off scripps poway parkway, thats a bit of a border region and i never pay attention to signs, but I know it’s in the poway school district, and for a lot of folks, that’s all that really matters.
temeculaguy
ParticipantSince you used the pharase “56 corridor” it’s obvious you’ve done some homework. Looks like you need neighborhood analysis, which I cannot provide. My sister lives there, she’s picky as hell and one of those overly involved pta moms, and she loves it there. To be honest, i’m not sure if it’s in Poway proper, it’s off scripps poway parkway, thats a bit of a border region and i never pay attention to signs, but I know it’s in the poway school district, and for a lot of folks, that’s all that really matters.
temeculaguy
ParticipantSince you used the pharase “56 corridor” it’s obvious you’ve done some homework. Looks like you need neighborhood analysis, which I cannot provide. My sister lives there, she’s picky as hell and one of those overly involved pta moms, and she loves it there. To be honest, i’m not sure if it’s in Poway proper, it’s off scripps poway parkway, thats a bit of a border region and i never pay attention to signs, but I know it’s in the poway school district, and for a lot of folks, that’s all that really matters.
temeculaguy
ParticipantSince you used the pharase “56 corridor” it’s obvious you’ve done some homework. Looks like you need neighborhood analysis, which I cannot provide. My sister lives there, she’s picky as hell and one of those overly involved pta moms, and she loves it there. To be honest, i’m not sure if it’s in Poway proper, it’s off scripps poway parkway, thats a bit of a border region and i never pay attention to signs, but I know it’s in the poway school district, and for a lot of folks, that’s all that really matters.
temeculaguy
ParticipantAs a rule of thumb, if a micromarket has great schools, it hasn’t returned to fundamentals compared to the rest of the county. As a whole, the countywide prices, relative to income have returned to their averages over the last few decades, Rich has made some nice graphs which he updates often and can be seen in the archives of the main page. The coast from Del Mar to Carlsbad and the Poway district areas are the low crime/great schools regions, they have resisted similar drops for the most part. Within each area, the different price points have had different reactions but it’s close enough.
Here’s the problem, which will be revealed if you read this blog for very long. The educated upper middle class are the folks that like these areas, they are also the type of folks that research things and participate in our little forum. They are also the folks who aren’t devastated as much by the economic downturn. So we have a little stand off going in a few markets, get some popcorn, it should get interesting.
Since you are new, can I ask you a question, what made you look at poway and what were your other top choices (I bet i can guess?)
I have a theory why the sticky areas are bucking the trend and may escape altogether. Whenever someone with some money, some smarts and a family comes to live in this region, they focus on just a few areas. It may be contributing to the seemingly endless demand in those areas when everyone is supposed to be broke and unable to get a loan. No matter how many soup lines in detroit they show on the news, people with money seem to be cruising Carlsbad for a house.
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