Real Estate Crash thread

[4matic]

Folks starting to go crazy. Girfriends boss who has been chasing the market for a year is bidding $410k on this house. It's nice but it's almost ghetto area.

http://www.realtor.com/realestateand...7_M26102-74618

[MontuckyFried]

Folks starting to go crazy. Girfriends boss who has been chasing the market for a year is bidding $410k on this house. It's nice but it's almost ghetto area.

http://www.realtor.com/realestateand...7_M26102-74618

Damn Californians never seem to learn. Brace yourselves, folks. It's time to start growing yet another CA housing bubble! Oh joy! Let's see how high you guys can get it this time!

[icelanticskier]

bought a house today. mortgage rates are insane low, stoked!

buy, buy, buy!!!

rog

[SeatownSlackey]

Were in Issaquah, WA (98027). Appraisal just came back on our refi and i was floored. I had guesstimated that we'd come in the 82-83% LTV range but appraisal put us at 73%! Compared to the original appraisal from when we bought in March 2011, value is up 25%.

Not a perfect snapshot of the local market since our place was bank owned and considerably below market since it had some siding/water damage and ive put ~ $45k into the place to redo the deck, reside, paint, and reroof.

Never-the-less, im beyond happy to no longer have to pay MI. Our old loan was an FHA and we were paying damn near $500/month in just MI.

[liv2ski]

Never-the-less, im beyond happy to no longer have to pay MI. Our old loan was an FHA and we were paying damn near $500/month in just MI.

SS, fucking congrats on dumping the MI. $500 a month is some serious $$$ to be saving. Right fucking on and good on you for jumping in at an apparent low in the market. Sometimes blind faith or dumb luck is all you need. With all the cash your saving, I hope you apply extra to principle reduction and pay it off quicker. Owning a free and clear home is sweet

[4matic]

Several new foreclosures and shorts just popped up in my hood. Cheap too. It ain't over.

[icelanticskier]

Were in Issaquah, WA (98027). Appraisal just came back on our refi and i was floored. I had guesstimated that we'd come in the 82-83% LTV range but appraisal put us at 73%! Compared to the original appraisal from when we bought in March 2011, value is up 25%.

Not a perfect snapshot of the local market since our place was bank owned and considerably below market since it had some siding/water damage and ive put ~ $45k into the place to redo the deck, reside, paint, and reroof.

Never-the-less, im beyond happy to no longer have to pay MI. Our old loan was an FHA and we were paying damn near $500/month in just MI.

i'm only putting down 10% on my new home and avoided PMI by having my mortgage lady set up my loan as two separate loans, so an 80/10 with 10 down.

no need to pay PMI imo

rog

[liv2ski]

Bobby, the ladies will appreciate your body a lot more if you surf all the time rather than ski all the time. My buddy retired a year ago, moved from 45 minutes to the beach to down the street from it. Pretty much surfs all the time. Went from 30lbs overweight to looking like he is in college again. Fucker.
Rog, Congrats on the new place, I just don't know if I want to live at the beach where hurricanes come through.

[liv2ski]

My buddy has a place in the Outer Banks. It is all at least 1 story off the ground, well the garages are downstairs, so your car is fucked if a big surge comes through. I would take that over the sea wall, unless you plan on building a 20 ft dike around his place.

[icelanticskier]

my house is one mile inland on a dirt road about 75ft above sea level. pretty much a downhill glide on the beach cruiser with my 5'8 kechele under my arm.

surfing definitely does a body good!

rog

[iceman]

Where's the new house rog?

[schuss]

Where's the new house rog?

I'm guessing Wells area.

[icelanticskier]

york

rog

[nest]

Where's the new house rog?

[icelanticskier]

nah, that ain't cool enuff^^^^^^^^^^

try again.........

rog

[Bobby Finstock]

Wall St bloodsuckers are buying up THOUSANDS of foreclosed homes and turning them into rentals.

That's your housing "recovery".

http://www.nytimes.com/2012/12/09/bu...anted=all&_r=0

[GiBo]

That's interesting. Rent them out to the foreclosed on, then sale them when prices go up and banks start loaning again.

The CEO of the builder I used to work for, Larry Webb, started a new company- actually called The New Home Company. Check him out: The guy was controlling owner of the second largest privately owned builder in the country (John Laing Homes). Sells it at the absolute top of the boom to the world's largest development company out of Dubai (Emaar) for 1.05 billion. Four years later JLH goes bankrupt. So now Ol' Larr starts a company buying up lots and entitled dirt for pennies on the dollar of what it cost to develop and entitle originally. I bet you some of those purchases where old JLH purchases. Got to hand to the guy, he knows when to hold 'em and knows when to fold 'em!

Here in the Central Valley, there are rumblings. My old boss is still in the Land Dev game. Said stuff's starting to heat up.

[IceCoast070]

Wall St bloodsuckers are buying up THOUSANDS of foreclosed homes and turning them into rentals.

That's your housing "recovery".

http://www.nytimes.com/2012/12/09/bu...anted=all&_r=0

Umm I fail to see the issue here. You have a fundamental problem in that people cannot afford or cannot qualify for mortgages, they in turn need to rent. Someone needs to be able to handle that process and the banks that have foreclosed on the properties are not going to do it. Stop trying to criminalize making money.

In reality the long-term prospects for these investments are not as great as many think because the economy is still in a secular decline and will be for the next 2-3 years. The biggest issue delaying any kind of shift towards 'normal' economic trends (read: vast de-leveraging of by both developed and emerging nations) is the unprecedented use of monetary policy by central banks who are trying to avoid a deflationary environment.

[GiBo]

I agree IC070. I see nothing wrong with it. And you're right, it's pretty risky as the article states.

[Benny Profane]

Umm I fail to see the issue here. You have a fundamental problem in that people cannot afford or cannot qualify for mortgages, they in turn need to rent. Someone needs to be able to handle that process and the banks that have foreclosed on the properties are not going to do it. Stop trying to criminalize making money.

In reality the long-term prospects for these investments are not as great as many think because the economy is still in a secular decline and will be for the next 2-3 years. The biggest issue delaying any kind of shift towards 'normal' economic trends (read: vast de-leveraging of by both developed and emerging nations) is the unprecedented use of monetary policy by central banks who are trying to avoid a deflationary environment.

Yes. It's all such a sham when the talk goes to rising house prices, because prices would be down twice as much if interest rates were normal, (6-7%), and the government wasn't the only mortgage lender out there, giving away 4% 3.5 down loans to the recently foreclosed.

[cramer]

Damn Californians never seem to learn. Brace yourselves, folks. It's time to start growing yet another CA housing bubble! Oh joy! Let's see how high you guys can get it this time!

haha, glad i bought at the bottom. I'll ride this sucka out and let you know what i get in the next 5-10 years.

[cramer]

Wall St bloodsuckers are buying up THOUSANDS of foreclosed homes and turning them into rentals.

That's your housing "recovery".

http://www.nytimes.com/2012/12/09/bu...anted=all&_r=0

Amen to those investors! Housing prices are on the rise! Thats fantastic news for owners. i'm not quite clear on how this is a bad thing? People buying houses and renters finding their pick of the litter to rent is a good thing. Houses sitting idle does nothing for anyone.

[4matic]

Buy now or be priced out forever:

Jan. 16 (Bloomberg) — San Francisco Bay Area home prices surged 32 percent last month, the biggest increase from a year earlier in at least 24 years, as fewer distressed and more higher-end properties sold, DataQuick said.
The median price paid for a home in the nine-county Bay area climbed to $442,750 last month from $335,500 in December 2011, according to the San Diego-based data provider. The median was the highest since August 2008, when it was $447,000, and the year-over-year gain was the largest in DataQuick records going back to 1988.
“At least half that increase is due to a change in market mix, with sales shifting away from low-cost distress homes toward more mid-market and move-up homes,” DataQuick said today in a statement.
The number of homes sold for less than $500,000 decreased 13 percent from December 2011, while those that sold for more than $500,000 jumped 61 percent, DataQuick reported.
A total of 7,832 new and resale houses and condominiums sold in the region last month, up 4.5 percent from a year earlier, DataQuick said. A tight supply of homes on the market and “a fussy home-loan environment” restrained the number of properties sold, DataQuick said.

[Hugh Conway]

Buy now or be priced out forever:


A tight supply of homes on the market and “a fussy home-loan environment” restrained the number of properties sold, DataQuick said.

Oh yeah Baby it's a bubble now!

[schuss]

Buy now or be priced out forever:

Jan. 16 (Bloomberg) — San Francisco Bay Area home prices surged 32 percent last month, the biggest increase from a year earlier in at least 24 years, as fewer distressed and more higher-end properties sold, DataQuick said.
The median price paid for a home in the nine-county Bay area climbed to $442,750 last month from $335,500 in December 2011, according to the San Diego-based data provider. The median was the highest since August 2008, when it was $447,000, and the year-over-year gain was the largest in DataQuick records going back to 1988.
“At least half that increase is due to a change in market mix, with sales shifting away from low-cost distress homes toward more mid-market and move-up homes,” DataQuick said today in a statement.
The number of homes sold for less than $500,000 decreased 13 percent from December 2011, while those that sold for more than $500,000 jumped 61 percent, DataQuick reported.
A total of 7,832 new and resale houses and condominiums sold in the region last month, up 4.5 percent from a year earlier, DataQuick said. A tight supply of homes on the market and “a fussy home-loan environment” restrained the number of properties sold, DataQuick said.

Bay area is bar none the most retarded real estate market out there.