Comments on: REO Bubble Next

By: Jim the Realtor

Jim the Realtor — Sat, 01 Aug 2009 04:54:20 +0000

Let’s review:

I said there were ONLY 28 REO sales in the last 60 days. They sold for an average of 100% SP/LP, how many times do you see that? I’ve never seen that.

15 of 28 sold for more than list price!

And the president says he just started having respect for this blog, but now apparently doesn’t?? And then take your shots too?

I deleted three comments today. I don’t think I’ve deleted three comments in the last year. And look at the ones I left!

It is a sad commentary on society that here I am, trying to do some good for people – and be continously attacked personally and unmercifully for doing so.

I’ve turned off the comments, at least for now.

By: Carlsbad Renter

Carlsbad Renter — Sat, 01 Aug 2009 03:10:24 +0000

I’m with TJ & tB, and think the wiggle room left in JtR’s initial post speaks volumes. To me, the old adage, that if you don’t understand something you shouldn’t invest in it, applies here.

There is so much uncertainty and manipulation in the markets, huge infusions of cash by the gov’t, unemployment not seen since the Great Depression…etc., etc. that I think it’s a fools errand to jump on a “deal” just now.

Do you believe that all the crooks who made fistfuls of cash these past 6 years are in prison or have left the game? I don’t. These guys are junkies, and they’re still Jonesing. IMO, impatient, irrational buyers are their next fix, and this will be another bubble.

There’s no harm in watching for a resolution to the uncertainty, and renting another 6-12 months to see how the next mortgage reset fully gears up. Unless, of course high stakes gambling still does it for you.

By: tj and the bear

tj and the bear — Sat, 01 Aug 2009 02:06:35 +0000

Not cool, Camacho, not cool.

Respect a difference of opinion. Jim’s a man of integrity, and he calls it like he sees it.

By: tj and the bear

tj and the bear — Sat, 01 Aug 2009 01:53:54 +0000

p.s.: vegas nrba, my sibling’s NLV neighborhood is already 20% below ‘95 pricing — when they were sold brand new.

By: President Camacho

President Camacho — Sat, 01 Aug 2009 01:42:50 +0000

“I think an increase of foreclosures would IMPROVE the coastal market, turning it into a frenzy-like condition.”

Geeeze. Just when I was really starting to respect this blog.

Jim, Not everyone can roll into town with millions in cash to buy these things. How’s the job market looking in S. Cal these days?

By: tj and the bear

tj and the bear — Sat, 01 Aug 2009 01:23:13 +0000

I’ll wait a little longer, thank you…

Housing Bottom? No, the Mother of All Head Fakes

There’s still ample evidence that neither housing nor the general economy has hit bottom, and I know every time I’ve gotten impatient I’ve gotten burned.

By: Dwip

Dwip — Sat, 01 Aug 2009 01:10:02 +0000

I feel your pain, househippie. When did things go crazy, 2005? So some of that pent up demand is people who have been waiting 4 years. My theory, untainted by objective evidence, is that people are willing to pay an extra 3% for every year they’ve waited.

By: househippie

househippie — Sat, 01 Aug 2009 00:55:43 +0000

I sure hope some part of the market opens up soon, either foreclosures or otherwise. I am one of those pent-up buyers and it’s very frustrating when there is so little regular (non-foreclosure), decent quality inventory. Because of this, the too few sellers who list in a desirable neighborhood seem to have the idea they can ask whatever inflated price they want – it must simply be an overly optimistic perception of supply & demand, while comps be damned. Therefore, in such a perverse climate the only place for buyers like me to turn for more fair market prices are foreclosures. The problem is foreclosures are darn hard to snag. So, you either keep trying, or eventually throw in the towel and cough up the dough to some irrationally exuberant seller’s bubble-days price tag; or sit on the side lines indefinitely and do nothing? I wish I had the answer.

By: Jim the Realtor

Jim the Realtor — Sat, 01 Aug 2009 00:52:00 +0000

Don’t be so sure, leave a little doubt.

By: John P

John P — Sat, 01 Aug 2009 00:35:52 +0000

Sales will not be depressed but prices sure will. It’s simple supply and demand. Supply goes up and price goes down. The demand is already there and will still be there, but with more houses to choose from there will be less competition. Seems like a good thing to me.