Sunday, October 11th, 2009 at 12:16 PM
The “Euphoria Express”
Take a ride around town on the “Euphoria Express”, and see how some recent REO listings have been selling:
Posted on Sunday, October 11th, 2009 at 12:16 PM in Jim TV, North County Coastal, REOs, Thinking of Buying?, Thinking of Selling? | 18 Comments » | 
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Jim,
I’ve watched a couple of your recent videos about the current frenzy/euphoria.
I take it you see this as only tangentially related to the tax credit, correct? Maybe the low-end buying spurred by the credit gave more people a feeling the bottom was in, but no one is buying a $1.2M house because of a $8,000 tax credit, right?
Bob_in_MA | October 11th, 2009 at 12:51 pmInteresting video. You mentioned that one sale was all cash. What about the others? It would be interesting to know how much each of the buyers put down.
I’d also echo the question from the poster above: To what do you attribute these sales? If the down payments are big, then it’s not attributable to easy money. Are these just buyers who have been waiting on the sideline for a while and finally decided to get back in?
Joh | October 11th, 2009 at 3:40 pm“To what do you attribute these sales?”
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Listen to Jim’s commentary from 2:30 to 2:45 on the vid. Says a mouthful there.
dacounselor | October 11th, 2009 at 5:14 pm“In fact, I’ve never seen a better view of a busyard.”
LMAO!!! Keep’em coming…
tj & the bear | October 11th, 2009 at 5:36 pmI guess the solution to the bubble is that when people default because they took on too much debt, you find new people and allow them to take on too much debt. Rinse repeat.
Maybe a million dollars just isn’t what a million dollars used to be.
Mike | October 11th, 2009 at 5:44 pmI’ll add, why not, it’s probably all backed by the gov’t. right.
Mike | October 11th, 2009 at 5:45 pmJtR, the house w/1600 SF – listed at 850K, sold for 920K – wouldn’t it be interesting to check the title transfers? Could it be fishy fishy? Have seen some of these mysteries here in the Desert – odd multiple transfers. I definitely Michael Moore omitted the first 2 chapters in his new film. He knows nothing.
Desert Realtor | October 11th, 2009 at 6:22 pmThis is an alltime classic JtR video. A great snap shot of one very narrow slice of time in the real estate market. You have the entire post-bubble re-inflation presented perfectly in nine minutes.
But Jim: those octagonal red signs? They have a purpose.
Blissful Ignoramus | October 11th, 2009 at 7:30 pm“But Jim: those octagonal red signs? They have a purpose.”
I was thinking the same thing.
DKO | October 11th, 2009 at 10:55 pmThat house on Rubenstein was on a large lot (28749 sq. ft.) I’m not surprised it got bid up just for the land value. Looks like potential for a lot split if you just look at the lots next to it.
pemeliza | October 12th, 2009 at 5:01 amThat 1600 sqft house two minutes into the video. Did the builders bury part of the house into the ground? That pointy section on the right looks like it belongs on the second floor!
François Caron | October 12th, 2009 at 6:03 amHere’s a limk to a disgraceful (what other kind does the NAR promulgate) comentary by their bought and paid for ‘economist’ funny yunny, jtr hero. http://seattlebubble.com/blog/
Draw your own conclusions. Would you ever listen to a Realtor for personal financual advice?
Pitchforks next.
Funny Yunny the NAR Shill | October 12th, 2009 at 7:33 amLook, Jim can’t stop at every “Sop’, “Yeld” and “One Vay” sign. http://www.imdb.com/title/tt0462538/quotes
doug r | October 12th, 2009 at 8:43 amNice STOP!
jack | October 12th, 2009 at 10:01 amCPD / CPL should be a new data point in or around Aloha / Melba. That is ‘Cars per Driveway’ / ‘Cars per Lawn’. There is also a white van that sells goodies in and around that neighborhood, but not to the sounds of ice cream music. Nice update.
3clicks from da beach | October 12th, 2009 at 10:20 amNo shortage of shoes hanging from the power lines in that Aloha/Melba area, that’s for sure!
CA renter | October 12th, 2009 at 4:59 pmTerrific 9-minute video, Jim! If anyone wonders who you really are, and what you REALLY do, this video will provide some answers.
Um, Jim, what kind of stop did you do at that big red sign calling YOUR name? Oh, that’s right (pokin’ you in the ribs), you didn’t stop! I can’t even encourage you to choose the ol’ “Calfornia stop”–you know, the tap of the brake and then roll right on through. *Chuckle* Your foot never even went for the brake, did it?
FWIW, we all love your videos, but puh-leeze keep your eyes peeled for those big red signs. They’re there for a reason, and us folks out in Real Estate Land need you…
Susie | October 13th, 2009 at 2:06 amAlmost as important as all the buyers with cash is that there’s no supply. In OC there’s supposedly a couple thousand NOD’s sent out each month and a record number of defaults in the pipeline, but nothing is coming out of the other end of the pipeline. Combine that with all the potential sellers that are still underwater and stuck in their house, and there’s no supply.
Its actually kind of creepy sometimes. In our neighborhood there’s almost never two for sale signs in the same area at the same time. Only when the red “in escrow” sign pops up does another “for sale” sign appear. I think the banks have realized that dumping a million REOs on the market simultaneously is bad for prices and have acted accordingly. Equity sellers know with the current competition if they sit tight a couple weeks all their competition will get cleared out and they’ll be the only one on the market. Kinda weird how that works with so many people “just want a house”.
ts | October 14th, 2009 at 7:40 pm