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Foreclosures

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I have heard that estimate as well. That may be true. But I will say that I have seen an improvement in the area I live in. We got pushed down more than other areas in my area because the largest development in LA County is in my city and the entire thing went out of business. They had to find new developers, which they have and they just started up again. So things are looking up in the city that I live in.
 
jimneighboursfortynine said:
Maybe but perhaps they could ramp up industry again without all the pollution by recycling it or other methods discovered since the 50's through 70's (which was when LA had the worst pollution). But the inland empire will always be polluted - it all ends up there...
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Build a fifty-floor high air purifier.... :p
 
2015 I think not. With the US dollar falling and may not be the world reserve currency soon and with Gold's continued rise and being in favor more so everyday. I expect at some point the Dollar will be fixed to gold at say $4000 US Dollar per Troy oz. GOLD maybe the next World Reserve Currency. If that happens,Real Estate Markets may remain depressed until 2021.

Watch Varney&Co. to stay on top of World Markets.
 
If I were a gambler, I'd buy in Detroit about now. One of the worst areas of the country for housing prices -- it's still in free fall for values. I was glad to see DC was one of the only areas to increase; still have a few thousand to get back to what I paid for my condo but with three major new developments near my building, it should be ahead by next year. I can't believe units the size of mine are renting for $4,500 and up; I guess I can't imagine paying that much in rent.
 
jimneighboursfortynine said:
They need to reset the mortgages so they are adjusted in line with a longer term average price (take out the bubble of five years ago). But banks don't want to show the loss on their books either.

Banks just suck...try to get a mortgage thru an alternative underwriter....
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I'm not sure what you mean by resetting mortgages, but wring off peoples debt, I would be really frustrated with that. I bought my home in 2002 with a 20% down payment and have made over payments ever since I bought it to push down the principle. I worked my butt off to get my balance down, made many sacrifices to do so, and I personally don't think that it would be a fair thing to do to just write off balances of other peoples mortgages. People signed papers that they would buy those homes at what ever price. They were not forced to buy homes. They signed loan papers that they would pay those payments. I understand if they were lied to, then that is different. But people who can afford to make their payments and agreed to make the payments, just writing off their debt seems wrong to me.
 
jimneighboursfortynine said:
You see here's an example of a foreclosure contributing to the next wave of foreclosures. It's bank owned but read the part about getting it for almost zero down (like 3% down)...uh..hello...isn't that the problem in the first foreclosure? And they are doing it again????

http://www.realtor.com/realestateandhomes-detail/3111-E-Acoma-Dr_Phoenix_AZ_85032_M25402-88536

If you don't have at least 20% to put down FORGET ABOUT IT....
:confused:
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Each case is different. I have a friend that is buying a condo in montclair and did not have 20% for the down payment. He is going from renting an apartment with regular annual increases in rent to a fixed loan payment where the payment plus property taxes and insurance come to less than the monthly rent that he is paying now, and in a place that is a little larger than what he lives in now. I think he is making a good decision even though he can't put down 20%. His condo is less than $150k.
 
jimneighboursfortynine said:
You see here's an example of a foreclosure contributing to the next wave of foreclosures. It's bank owned but read the part about getting it for almost zero down (like 3% down)...uh..hello...isn't that the problem in the first foreclosure? And they are doing it again????

http://www.realtor.com/realestateandhomes-detail/3111-E-Acoma-Dr_Phoenix_AZ_85032_M25402-88536

If you don't have at least 20% to put down FORGET ABOUT IT....
:confused:
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It kind of looks that way. But there's a difference: as with a number of houses here that have gone for less than what it cost the bank to clean them up, this is probably a case of banks clearing their ledgers of properties they don't want. It's a case of they'd rather take a loss now than deal with properties losing even more value by sitting empty.
 
Home-loan brokers face new limits on pay


The Federal Reserve’s rules are aimed at limiting predatory lending. They prohibit loan officers from being compensated based on the loan’s terms and conditions other than the loan amount.
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A proposal presented by federal regulators in March laid out a way to require banks to retain more “skin in the game,” or financial capital, when packaging and selling mortgage loans — a move to prevent some of the lending problems that arose and led to a meltdown in the credit markets. Also this year, there was a proposal on the future of Freddie Mac and Fannie Mae, the two government-sponsored enterprises currently under government conservatorship.
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http://www.marketwatch.com/story/home-loan-brokers-face-new-limits-on-pay-2011-04-11?siteid=nwhpf
 
I just found out about a foreclosure that just happened in my neighborhood. This house is on one of the largest lots and the owner put in over $250k in just the landscaping. One of his cars was a Lamborghini, which my neighbors told me is a very expensive car...they told me that it is in the 6 figures. I don't know how much they are. He had his home up for sale a few years ago at one time for around $1.3 million and he was offered over $1 million but he turned it down and then leased it out for a couple years. It just sold as a foreclosure for $700k. The neighbors are shocked at how little it sold for. I did not even know that it was up for sale. I never saw it on the market.
 
Home for sale this spring? Your outlook is bleak

Prices could fall 10% to 15% on a national basis this year, said Jason Kopcak, head of whole loans at Cantor Fitzgerald, a financial services firm. Estimates from CoreLogic, a provider of consumer, financial and property information, figure prices will drop another 5% this year before they begin to bottom out into next year.
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http://www.marketwatch.com/story/ou...better-luck-next-year-2011-04-13?siteid=nwhpf



Home sales still seem pretty strong in my area....but yeah...a double dip could happen.
 
Negative Equity: 28.4% of all single-family homes with mortgages are "underwater"

"First quarter data has prompted Zillow to revise its forecast, now predicting a bottom in 2012, at the earliest."

http://www.calculatedriskblog.com/2011/05/zillow-on-negative-equity-284-of-all.html

Wow....those numbers are pretty accurate. It is showing that homes have dropped an average of 36.1% in Los Angeles and that is exactly what mine has dropped. Thankfully, I'm not underwater.
 
Make the bank people do what contractors have to do: post bonds and carry insurance to cover mistakes.

And pass a law that requires mortgage insurance to stay with the mortgage! I talked with a guy here who lost his home because the bank he'd bought the house through no longer owned his mortgage -- something they'd never told him, while still taking his money for mortgage insurance!
He's probably going to win in court, but the house is already gone
 
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