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temeculaguy
Participant[quote=aa]A question for temeculaguy, where did you find information about the houses on your street? I know I can find the sales history of the houses online, but where to find the mortgage information to see if the owners are behind the payments? Thanks
[/quote]A combination of things, let me first say that it helps out be somewhat obsessive and refuse to take your medication. This only applies to my hood, but it is possible to find it in yours, I have only needed my info so I only learned it, yours may vary.
Start by finding a g.i.s. website, temecula has one. You can look at plotmaps for the whole area, zoom to lots and get the name of the owner and parcel number for every lot. You can use zillow but it is often wrong. Then it’s off to the tax assessor’s site. With parcel number you can see their tax bill and if they are behind (that is a huge hint of distress, if you miss payments, your escrow account wont pay the taxes), this comes before a nod usually. From the riverside county website you can run a grantee search, using the name you found on the gis, you can see how many refi’s, liens, nod’s, nots, lawsuits, whatever and you can buy the docs for two bucks, I have never ordered the docs, I’ve learned to interpret the entries. You can also go to the riverside superior court website, run a master name search from any of the courts (i usually choose civil) and see if their creditors are filing suits or collections against them, you can also see pending divorces, etc. more hints of distress. For fun, run their criminal record as well on the criminal court public access database, everything including tickets are there, just nice to know if you live there or plan to live there. Also check redfin weekly and see what is recently listed and recently reduced in your particular zip, over time you will learn the streets in your neighborhood and can focus on them alone, some listings come up and are in escrow before the sign gets installed. You can also drink with and make friends with someone with access to the mls, to see what is in escrow in case you missed it or just b.s. your way at open houses to get more intel. And lastly, talking with the neighbors, especially when alcohol is involved can yield some info, although I’ve found that to be the least reliable.
So there you have it, there are a few more tricks, I could link the sites but they are specific to my area, you will have to find the ones that work for yours. it’s not easy but you can perform and informational enema on anyone and any property without paying a fee or breaking any privacy laws.
See, I told you I was nuts. And after you become a data miner it will invade other parts of your life, you’ll run the info on your kids friends, their parents, people you are dating, etc.
Participant[quote=aa]A question for temeculaguy, where did you find information about the houses on your street? I know I can find the sales history of the houses online, but where to find the mortgage information to see if the owners are behind the payments? Thanks
[/quote]A combination of things, let me first say that it helps out be somewhat obsessive and refuse to take your medication. This only applies to my hood, but it is possible to find it in yours, I have only needed my info so I only learned it, yours may vary.
Start by finding a g.i.s. website, temecula has one. You can look at plotmaps for the whole area, zoom to lots and get the name of the owner and parcel number for every lot. You can use zillow but it is often wrong. Then it’s off to the tax assessor’s site. With parcel number you can see their tax bill and if they are behind (that is a huge hint of distress, if you miss payments, your escrow account wont pay the taxes), this comes before a nod usually. From the riverside county website you can run a grantee search, using the name you found on the gis, you can see how many refi’s, liens, nod’s, nots, lawsuits, whatever and you can buy the docs for two bucks, I have never ordered the docs, I’ve learned to interpret the entries. You can also go to the riverside superior court website, run a master name search from any of the courts (i usually choose civil) and see if their creditors are filing suits or collections against them, you can also see pending divorces, etc. more hints of distress. For fun, run their criminal record as well on the criminal court public access database, everything including tickets are there, just nice to know if you live there or plan to live there. Also check redfin weekly and see what is recently listed and recently reduced in your particular zip, over time you will learn the streets in your neighborhood and can focus on them alone, some listings come up and are in escrow before the sign gets installed. You can also drink with and make friends with someone with access to the mls, to see what is in escrow in case you missed it or just b.s. your way at open houses to get more intel. And lastly, talking with the neighbors, especially when alcohol is involved can yield some info, although I’ve found that to be the least reliable.
So there you have it, there are a few more tricks, I could link the sites but they are specific to my area, you will have to find the ones that work for yours. it’s not easy but you can perform and informational enema on anyone and any property without paying a fee or breaking any privacy laws.
See, I told you I was nuts. And after you become a data miner it will invade other parts of your life, you’ll run the info on your kids friends, their parents, people you are dating, etc.
Participant[quote=aa]A question for temeculaguy, where did you find information about the houses on your street? I know I can find the sales history of the houses online, but where to find the mortgage information to see if the owners are behind the payments? Thanks
[/quote]A combination of things, let me first say that it helps out be somewhat obsessive and refuse to take your medication. This only applies to my hood, but it is possible to find it in yours, I have only needed my info so I only learned it, yours may vary.
Start by finding a g.i.s. website, temecula has one. You can look at plotmaps for the whole area, zoom to lots and get the name of the owner and parcel number for every lot. You can use zillow but it is often wrong. Then it’s off to the tax assessor’s site. With parcel number you can see their tax bill and if they are behind (that is a huge hint of distress, if you miss payments, your escrow account wont pay the taxes), this comes before a nod usually. From the riverside county website you can run a grantee search, using the name you found on the gis, you can see how many refi’s, liens, nod’s, nots, lawsuits, whatever and you can buy the docs for two bucks, I have never ordered the docs, I’ve learned to interpret the entries. You can also go to the riverside superior court website, run a master name search from any of the courts (i usually choose civil) and see if their creditors are filing suits or collections against them, you can also see pending divorces, etc. more hints of distress. For fun, run their criminal record as well on the criminal court public access database, everything including tickets are there, just nice to know if you live there or plan to live there. Also check redfin weekly and see what is recently listed and recently reduced in your particular zip, over time you will learn the streets in your neighborhood and can focus on them alone, some listings come up and are in escrow before the sign gets installed. You can also drink with and make friends with someone with access to the mls, to see what is in escrow in case you missed it or just b.s. your way at open houses to get more intel. And lastly, talking with the neighbors, especially when alcohol is involved can yield some info, although I’ve found that to be the least reliable.
So there you have it, there are a few more tricks, I could link the sites but they are specific to my area, you will have to find the ones that work for yours. it’s not easy but you can perform and informational enema on anyone and any property without paying a fee or breaking any privacy laws.
See, I told you I was nuts. And after you become a data miner it will invade other parts of your life, you’ll run the info on your kids friends, their parents, people you are dating, etc.
Participantthanks chris
scardey, don’t do it on our account, take a look at your own situation, break down your numbers. All I’m saying is that you can’t use global economics and groupthink to decide what works for you. You may not make enough money, you may have a job that has a strong possibility of interstate transfers, you may have too high of debt or may be contemplating marriage, children, who know, I don’t a thing about you. What I do know is that deciding your personal mathematical scenario based on newspapers is stupid. Stressing is also a silly hobby. I like to use average people that I know as a baramoeter, let me share an “average” person’s scenario, both in 2005 and today. She is a teacher who has enough seniority to not have to worry about layoffs. She rents a 1500 sq ft townhouse within walking distance to her work. She likes it there, it has a 2 car garage and a yard. She has paid $1500 in rent for a few years, she makes about 75k a year. When the condos she rents were going for close to 350k to 400k, she could not afford them, they were more than 5x her income. But everyone told her to buy or be priced out forever, she could have gone toxic loan and squeezed in but she didn’t.
Right now they sell for about 130-150k, some a little more some a little less. Her association and taxes will be equal to her tax deduction so with her 25k downpayment her mortgage will be $596 a month P&I, I just don’t see how you call that person a moron or an idiot. That’s a freaking car payment. When that person came to asking for advice I didn’t bother to tell them that unemployment is at 10%, we are going to be eating rocks, buy guns and canned foods. I told her that when you can buy something that suits your needs for such a small fraction of your income and less than half of what you are renting it for, do it. She wont have to wait ten years to realize it was a good call, she will realize the savings next month. I also told her that over the next few years to take the savings and buy some stock (and a gun and canned food). Most San Diegans can’t see this yet, but they will, less than half off is coming to a town near you.
Participantthanks chris
scardey, don’t do it on our account, take a look at your own situation, break down your numbers. All I’m saying is that you can’t use global economics and groupthink to decide what works for you. You may not make enough money, you may have a job that has a strong possibility of interstate transfers, you may have too high of debt or may be contemplating marriage, children, who know, I don’t a thing about you. What I do know is that deciding your personal mathematical scenario based on newspapers is stupid. Stressing is also a silly hobby. I like to use average people that I know as a baramoeter, let me share an “average” person’s scenario, both in 2005 and today. She is a teacher who has enough seniority to not have to worry about layoffs. She rents a 1500 sq ft townhouse within walking distance to her work. She likes it there, it has a 2 car garage and a yard. She has paid $1500 in rent for a few years, she makes about 75k a year. When the condos she rents were going for close to 350k to 400k, she could not afford them, they were more than 5x her income. But everyone told her to buy or be priced out forever, she could have gone toxic loan and squeezed in but she didn’t.
Right now they sell for about 130-150k, some a little more some a little less. Her association and taxes will be equal to her tax deduction so with her 25k downpayment her mortgage will be $596 a month P&I, I just don’t see how you call that person a moron or an idiot. That’s a freaking car payment. When that person came to asking for advice I didn’t bother to tell them that unemployment is at 10%, we are going to be eating rocks, buy guns and canned foods. I told her that when you can buy something that suits your needs for such a small fraction of your income and less than half of what you are renting it for, do it. She wont have to wait ten years to realize it was a good call, she will realize the savings next month. I also told her that over the next few years to take the savings and buy some stock (and a gun and canned food). Most San Diegans can’t see this yet, but they will, less than half off is coming to a town near you.
Participantthanks chris
scardey, don’t do it on our account, take a look at your own situation, break down your numbers. All I’m saying is that you can’t use global economics and groupthink to decide what works for you. You may not make enough money, you may have a job that has a strong possibility of interstate transfers, you may have too high of debt or may be contemplating marriage, children, who know, I don’t a thing about you. What I do know is that deciding your personal mathematical scenario based on newspapers is stupid. Stressing is also a silly hobby. I like to use average people that I know as a baramoeter, let me share an “average” person’s scenario, both in 2005 and today. She is a teacher who has enough seniority to not have to worry about layoffs. She rents a 1500 sq ft townhouse within walking distance to her work. She likes it there, it has a 2 car garage and a yard. She has paid $1500 in rent for a few years, she makes about 75k a year. When the condos she rents were going for close to 350k to 400k, she could not afford them, they were more than 5x her income. But everyone told her to buy or be priced out forever, she could have gone toxic loan and squeezed in but she didn’t.
Right now they sell for about 130-150k, some a little more some a little less. Her association and taxes will be equal to her tax deduction so with her 25k downpayment her mortgage will be $596 a month P&I, I just don’t see how you call that person a moron or an idiot. That’s a freaking car payment. When that person came to asking for advice I didn’t bother to tell them that unemployment is at 10%, we are going to be eating rocks, buy guns and canned foods. I told her that when you can buy something that suits your needs for such a small fraction of your income and less than half of what you are renting it for, do it. She wont have to wait ten years to realize it was a good call, she will realize the savings next month. I also told her that over the next few years to take the savings and buy some stock (and a gun and canned food). Most San Diegans can’t see this yet, but they will, less than half off is coming to a town near you.
Participantthanks chris
scardey, don’t do it on our account, take a look at your own situation, break down your numbers. All I’m saying is that you can’t use global economics and groupthink to decide what works for you. You may not make enough money, you may have a job that has a strong possibility of interstate transfers, you may have too high of debt or may be contemplating marriage, children, who know, I don’t a thing about you. What I do know is that deciding your personal mathematical scenario based on newspapers is stupid. Stressing is also a silly hobby. I like to use average people that I know as a baramoeter, let me share an “average” person’s scenario, both in 2005 and today. She is a teacher who has enough seniority to not have to worry about layoffs. She rents a 1500 sq ft townhouse within walking distance to her work. She likes it there, it has a 2 car garage and a yard. She has paid $1500 in rent for a few years, she makes about 75k a year. When the condos she rents were going for close to 350k to 400k, she could not afford them, they were more than 5x her income. But everyone told her to buy or be priced out forever, she could have gone toxic loan and squeezed in but she didn’t.
Right now they sell for about 130-150k, some a little more some a little less. Her association and taxes will be equal to her tax deduction so with her 25k downpayment her mortgage will be $596 a month P&I, I just don’t see how you call that person a moron or an idiot. That’s a freaking car payment. When that person came to asking for advice I didn’t bother to tell them that unemployment is at 10%, we are going to be eating rocks, buy guns and canned foods. I told her that when you can buy something that suits your needs for such a small fraction of your income and less than half of what you are renting it for, do it. She wont have to wait ten years to realize it was a good call, she will realize the savings next month. I also told her that over the next few years to take the savings and buy some stock (and a gun and canned food). Most San Diegans can’t see this yet, but they will, less than half off is coming to a town near you.
Participantthanks chris
scardey, don’t do it on our account, take a look at your own situation, break down your numbers. All I’m saying is that you can’t use global economics and groupthink to decide what works for you. You may not make enough money, you may have a job that has a strong possibility of interstate transfers, you may have too high of debt or may be contemplating marriage, children, who know, I don’t a thing about you. What I do know is that deciding your personal mathematical scenario based on newspapers is stupid. Stressing is also a silly hobby. I like to use average people that I know as a baramoeter, let me share an “average” person’s scenario, both in 2005 and today. She is a teacher who has enough seniority to not have to worry about layoffs. She rents a 1500 sq ft townhouse within walking distance to her work. She likes it there, it has a 2 car garage and a yard. She has paid $1500 in rent for a few years, she makes about 75k a year. When the condos she rents were going for close to 350k to 400k, she could not afford them, they were more than 5x her income. But everyone told her to buy or be priced out forever, she could have gone toxic loan and squeezed in but she didn’t.
Right now they sell for about 130-150k, some a little more some a little less. Her association and taxes will be equal to her tax deduction so with her 25k downpayment her mortgage will be $596 a month P&I, I just don’t see how you call that person a moron or an idiot. That’s a freaking car payment. When that person came to asking for advice I didn’t bother to tell them that unemployment is at 10%, we are going to be eating rocks, buy guns and canned foods. I told her that when you can buy something that suits your needs for such a small fraction of your income and less than half of what you are renting it for, do it. She wont have to wait ten years to realize it was a good call, she will realize the savings next month. I also told her that over the next few years to take the savings and buy some stock (and a gun and canned food). Most San Diegans can’t see this yet, but they will, less than half off is coming to a town near you.
ParticipantYou can lump me in with the cheerleaders, I like cheerleaders, especially the NBA and NFL ones. But that’s not what I do here even if it may seem so. The OP referenced my hood, one that I am arrogant enough to think I know and understand. Not the nation or the state or San Diego, but my neck of the woods, that I learned enough about in my 20 years here and my 4 years as an amatuer real estate research junkie. The anectdotal evidence of knowing people who aren’t paying needs to be put in perspective, that’s all I did. The eye of the storm came through here already, we won’t see recovery but we are at prices pushing against a fundamental floor. The bulk of the risk is gone, most houses are selling for less than the loss taken by the previous owner, therefore it is impossible to lose the same amount because houses will not go below zero. When $200 a square goes for $80 a square, the former owner (bank, taxpayer, et. al.) took a $120 a square hit, you can’t lose that much, the most you can lose is $80 but it is unlikely you will. Unlike stocks, houses rarely go to 0. At $200 a square all economic indicators were great, at $80 they are horrible but I still believe it is at $80 when you look past the news and should have ignored it at $200.
My anectdotal perspective. On my street of ten houses, everyone paid about 600k, all of them have been in distress for the last year. Myself and another guy recently bought repos for less than half, two more are in escrow for similar prices, another is about list for a similar price. One person paid cash I believe, possibly a second one, and one more is falling behind and about to be foreclosed on or sell short, they are trying a loan mod right now. Within a few months we should have 6 post implosion buyers and two outright owners, so there are two left to fall but I don’t them yet and don’t know their situation, but neither have a nod on file. This second wave of buyers have mortgages between 1k and 2k. So there are two more left to fall, to be reset with buyers in the new world of 20% down fixed mortgages at prices on par with rent, people that had to prove they qualified. So this does not keep me awake at night, there are fewer brown lawns (actually almost none because of the weather) but every week or two another one in the neighborhood gets bought and I see a sod truck drop off a a new lawn. With each new lawn I feel better. With more than half of the “cleansing” behind us, I have no fear about my hood, they aren’t all going to leave tomorrow because they just got here. a year or two ago, my new neighborhood was featured on local and national news because half the lawns were brown, many of those shows were linked on posts here, which is exactly why I started to look at it. But that’s just my view, which is an impressive view of the whole valley that I didn’t have to pay extra for, courtesy of the tsuinami.
ParticipantYou can lump me in with the cheerleaders, I like cheerleaders, especially the NBA and NFL ones. But that’s not what I do here even if it may seem so. The OP referenced my hood, one that I am arrogant enough to think I know and understand. Not the nation or the state or San Diego, but my neck of the woods, that I learned enough about in my 20 years here and my 4 years as an amatuer real estate research junkie. The anectdotal evidence of knowing people who aren’t paying needs to be put in perspective, that’s all I did. The eye of the storm came through here already, we won’t see recovery but we are at prices pushing against a fundamental floor. The bulk of the risk is gone, most houses are selling for less than the loss taken by the previous owner, therefore it is impossible to lose the same amount because houses will not go below zero. When $200 a square goes for $80 a square, the former owner (bank, taxpayer, et. al.) took a $120 a square hit, you can’t lose that much, the most you can lose is $80 but it is unlikely you will. Unlike stocks, houses rarely go to 0. At $200 a square all economic indicators were great, at $80 they are horrible but I still believe it is at $80 when you look past the news and should have ignored it at $200.
My anectdotal perspective. On my street of ten houses, everyone paid about 600k, all of them have been in distress for the last year. Myself and another guy recently bought repos for less than half, two more are in escrow for similar prices, another is about list for a similar price. One person paid cash I believe, possibly a second one, and one more is falling behind and about to be foreclosed on or sell short, they are trying a loan mod right now. Within a few months we should have 6 post implosion buyers and two outright owners, so there are two left to fall but I don’t them yet and don’t know their situation, but neither have a nod on file. This second wave of buyers have mortgages between 1k and 2k. So there are two more left to fall, to be reset with buyers in the new world of 20% down fixed mortgages at prices on par with rent, people that had to prove they qualified. So this does not keep me awake at night, there are fewer brown lawns (actually almost none because of the weather) but every week or two another one in the neighborhood gets bought and I see a sod truck drop off a a new lawn. With each new lawn I feel better. With more than half of the “cleansing” behind us, I have no fear about my hood, they aren’t all going to leave tomorrow because they just got here. a year or two ago, my new neighborhood was featured on local and national news because half the lawns were brown, many of those shows were linked on posts here, which is exactly why I started to look at it. But that’s just my view, which is an impressive view of the whole valley that I didn’t have to pay extra for, courtesy of the tsuinami.
ParticipantYou can lump me in with the cheerleaders, I like cheerleaders, especially the NBA and NFL ones. But that’s not what I do here even if it may seem so. The OP referenced my hood, one that I am arrogant enough to think I know and understand. Not the nation or the state or San Diego, but my neck of the woods, that I learned enough about in my 20 years here and my 4 years as an amatuer real estate research junkie. The anectdotal evidence of knowing people who aren’t paying needs to be put in perspective, that’s all I did. The eye of the storm came through here already, we won’t see recovery but we are at prices pushing against a fundamental floor. The bulk of the risk is gone, most houses are selling for less than the loss taken by the previous owner, therefore it is impossible to lose the same amount because houses will not go below zero. When $200 a square goes for $80 a square, the former owner (bank, taxpayer, et. al.) took a $120 a square hit, you can’t lose that much, the most you can lose is $80 but it is unlikely you will. Unlike stocks, houses rarely go to 0. At $200 a square all economic indicators were great, at $80 they are horrible but I still believe it is at $80 when you look past the news and should have ignored it at $200.
My anectdotal perspective. On my street of ten houses, everyone paid about 600k, all of them have been in distress for the last year. Myself and another guy recently bought repos for less than half, two more are in escrow for similar prices, another is about list for a similar price. One person paid cash I believe, possibly a second one, and one more is falling behind and about to be foreclosed on or sell short, they are trying a loan mod right now. Within a few months we should have 6 post implosion buyers and two outright owners, so there are two left to fall but I don’t them yet and don’t know their situation, but neither have a nod on file. This second wave of buyers have mortgages between 1k and 2k. So there are two more left to fall, to be reset with buyers in the new world of 20% down fixed mortgages at prices on par with rent, people that had to prove they qualified. So this does not keep me awake at night, there are fewer brown lawns (actually almost none because of the weather) but every week or two another one in the neighborhood gets bought and I see a sod truck drop off a a new lawn. With each new lawn I feel better. With more than half of the “cleansing” behind us, I have no fear about my hood, they aren’t all going to leave tomorrow because they just got here. a year or two ago, my new neighborhood was featured on local and national news because half the lawns were brown, many of those shows were linked on posts here, which is exactly why I started to look at it. But that’s just my view, which is an impressive view of the whole valley that I didn’t have to pay extra for, courtesy of the tsuinami.
ParticipantYou can lump me in with the cheerleaders, I like cheerleaders, especially the NBA and NFL ones. But that’s not what I do here even if it may seem so. The OP referenced my hood, one that I am arrogant enough to think I know and understand. Not the nation or the state or San Diego, but my neck of the woods, that I learned enough about in my 20 years here and my 4 years as an amatuer real estate research junkie. The anectdotal evidence of knowing people who aren’t paying needs to be put in perspective, that’s all I did. The eye of the storm came through here already, we won’t see recovery but we are at prices pushing against a fundamental floor. The bulk of the risk is gone, most houses are selling for less than the loss taken by the previous owner, therefore it is impossible to lose the same amount because houses will not go below zero. When $200 a square goes for $80 a square, the former owner (bank, taxpayer, et. al.) took a $120 a square hit, you can’t lose that much, the most you can lose is $80 but it is unlikely you will. Unlike stocks, houses rarely go to 0. At $200 a square all economic indicators were great, at $80 they are horrible but I still believe it is at $80 when you look past the news and should have ignored it at $200.
My anectdotal perspective. On my street of ten houses, everyone paid about 600k, all of them have been in distress for the last year. Myself and another guy recently bought repos for less than half, two more are in escrow for similar prices, another is about list for a similar price. One person paid cash I believe, possibly a second one, and one more is falling behind and about to be foreclosed on or sell short, they are trying a loan mod right now. Within a few months we should have 6 post implosion buyers and two outright owners, so there are two left to fall but I don’t them yet and don’t know their situation, but neither have a nod on file. This second wave of buyers have mortgages between 1k and 2k. So there are two more left to fall, to be reset with buyers in the new world of 20% down fixed mortgages at prices on par with rent, people that had to prove they qualified. So this does not keep me awake at night, there are fewer brown lawns (actually almost none because of the weather) but every week or two another one in the neighborhood gets bought and I see a sod truck drop off a a new lawn. With each new lawn I feel better. With more than half of the “cleansing” behind us, I have no fear about my hood, they aren’t all going to leave tomorrow because they just got here. a year or two ago, my new neighborhood was featured on local and national news because half the lawns were brown, many of those shows were linked on posts here, which is exactly why I started to look at it. But that’s just my view, which is an impressive view of the whole valley that I didn’t have to pay extra for, courtesy of the tsuinami.
ParticipantYou can lump me in with the cheerleaders, I like cheerleaders, especially the NBA and NFL ones. But that’s not what I do here even if it may seem so. The OP referenced my hood, one that I am arrogant enough to think I know and understand. Not the nation or the state or San Diego, but my neck of the woods, that I learned enough about in my 20 years here and my 4 years as an amatuer real estate research junkie. The anectdotal evidence of knowing people who aren’t paying needs to be put in perspective, that’s all I did. The eye of the storm came through here already, we won’t see recovery but we are at prices pushing against a fundamental floor. The bulk of the risk is gone, most houses are selling for less than the loss taken by the previous owner, therefore it is impossible to lose the same amount because houses will not go below zero. When $200 a square goes for $80 a square, the former owner (bank, taxpayer, et. al.) took a $120 a square hit, you can’t lose that much, the most you can lose is $80 but it is unlikely you will. Unlike stocks, houses rarely go to 0. At $200 a square all economic indicators were great, at $80 they are horrible but I still believe it is at $80 when you look past the news and should have ignored it at $200.
My anectdotal perspective. On my street of ten houses, everyone paid about 600k, all of them have been in distress for the last year. Myself and another guy recently bought repos for less than half, two more are in escrow for similar prices, another is about list for a similar price. One person paid cash I believe, possibly a second one, and one more is falling behind and about to be foreclosed on or sell short, they are trying a loan mod right now. Within a few months we should have 6 post implosion buyers and two outright owners, so there are two left to fall but I don’t them yet and don’t know their situation, but neither have a nod on file. This second wave of buyers have mortgages between 1k and 2k. So there are two more left to fall, to be reset with buyers in the new world of 20% down fixed mortgages at prices on par with rent, people that had to prove they qualified. So this does not keep me awake at night, there are fewer brown lawns (actually almost none because of the weather) but every week or two another one in the neighborhood gets bought and I see a sod truck drop off a a new lawn. With each new lawn I feel better. With more than half of the “cleansing” behind us, I have no fear about my hood, they aren’t all going to leave tomorrow because they just got here. a year or two ago, my new neighborhood was featured on local and national news because half the lawns were brown, many of those shows were linked on posts here, which is exactly why I started to look at it. But that’s just my view, which is an impressive view of the whole valley that I didn’t have to pay extra for, courtesy of the tsuinami.
ParticipantC’mon Russell, we both you are way too smart to buy into the “Suburbia is a failed experiment, everyone will live downtown” crap. I also loved the part about “prohibitive inefficiencies of low-density construction.” That was beautiful, people who live on land are bad, get in the bee hive or else.
Here is the author’s bio http://www.housekeepingchannel.com/viewbio.php?id=324
He is a publisher of women’s lifestyle magazines, specializing in gardening and shopping, he is also a professor of journalim at NYU. I am supposed to listen to his opinion of why people should live in cities, that people on land are wrong. This guy has never understood the people who like to live on land and own a gun, he never will and he’s no economist. The fact is that we westerners like our space, we don’t want to be anywhere near poor people and we won’t raise out family in manhattan, but a guy who writes articles about gardening and shopping for women’s magazines isn’t on my list of people I have a lot in common with.
scaredy, the panic you feel can be offset by the fact that forbes lists temec and mur and 2 of the 5 hottest markets in the country right now. The hundreds of houses changing hands are being reset, they will not default, order will one day be restored and every repo has a crowd of cash buyers waiting for it, hold off on panicing until nobody is buying. You may personally know FB’s but I personally know (and in a few case am related to) cash buyers who are snapping up deals at 30, 40, 50 cents on the dollar for a variety of reasons. Some are buying and having no mortgage so they can live pleasantly in retirement, others are buying cash positive rentals. The biggest problem is that you are approching it with the goal of making a profit, change that mindset, approach each deal with the attitude that the price will never go up, it will never appreciate, because appreciation is only realized when you sell, the posts above are not from flippers, they are from real people who want to live in reasonably priced homes that they can afford. If the numbers work purely from a monthly cost/benefit basis, then it is a buy, if you are looking for something “that will lead to profits,” this isn;t you market, short term profit taking and flipping only works during one third of the cycle, so for you, wait until things begin to swing upward, the same part of the cycle where the fb’s bought, just make sure you time it right.
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