Comments on: Fast and Furious!

By: Scott

Scott — Mon, 14 Sep 2009 02:58:09 +0000

The flippers are smart people, they understand the risk. Good for them! Stop hating people that make money. They are redistributing a valuable product to people that can afford it. Also, quit trashing Bressi ranch! There are actually some people that bought here on the downswing and have an affordable mortgage with good long term value.

By: Anonymous

Anonymous — Sun, 06 Sep 2009 15:11:35 +0000

This recent crop of flippers will do okay. The ones that follow their lead had better be careful.

The first ones in make all the money, the ones last to the party always lose.

By: Mike

Mike — Sat, 05 Sep 2009 00:38:17 +0000

So lets say one of those at the peak of the market would have gone for $450k to $500k. I’d say even at $306k with $6k back to the buyer is a pretty big decline in the span of a few years.

If your lucky enough to get one $160K all cash, put 40k in and have a nice home for $200k, that’s not a bad deal either.

Obviously, if the foreclosures start coming fast an furious, prices will be going lower.

I see this playing out over many years, with some of these low down fha buyer defaulting in the future.

Maybe the gov’t is giving us a bit of the hair of the dog with FHA loans and the 8k bribe, but in my opinion it will only slow the inevitalbe; prices will have to be affordable based on income. There’s not enough primer left in the pump to get the real estate market booming again.

By: Jim the Realtor

Jim the Realtor — Sat, 05 Sep 2009 00:18:54 +0000

Leon sold for $451,000 in October, 2005, which was typical for this area – heavy subprime 100% financing. The highest ones were $500K or a little over.

Charles sold for $211,000 in January, 2002, and hit the housing ATM a few times. The loan that got foreclosed was $352,000, taken out in 2006.

Blackbird sold for $312,500 in March, 2006, and Calera sold for $385,000 in December, 2004.

By: Mike

Mike — Sat, 05 Sep 2009 00:11:09 +0000

I’d like to know what these properties were selling for back at the peak of the market, say early 2006 or a bit later.

By: JE

JE — Fri, 04 Sep 2009 22:09:56 +0000

“This is overshoot territory still. And, the indications are that right about now the entire market is under-priced, not just the lower end”

Love the optimism. You should dive right in and start picking up all of those underpriced homes for a quick flip.

By: KBoy

KBoy — Fri, 04 Sep 2009 21:31:51 +0000

Used housing market is nothing more than a transfer of wealth (for every winner there’s a loser). Cherry picking one flipper who happened to get in at the right time while ignoring the losers seems pretty one-sided, like videotaping a jackpot winner in Vegas why thousands of losers stroll past broke and destitute. Congratutlations to the flipper, but was it anything more than blind luck? Even she acks surprised by her good fortune.

By: Nathan

Nathan — Fri, 04 Sep 2009 20:21:27 +0000

FHA is the next bubble that will burst! We will be faced with another government bailout.

By: Local Boy

Local Boy — Fri, 04 Sep 2009 17:57:21 +0000

wawawa–Glad you are not thier appraiser.

By: wawawa

wawawa — Fri, 04 Sep 2009 17:05:12 +0000

A sucker is born every minute, refering to the buyers of those houses. They do not worth more than $160/sqft at the best.