Written by Jim the Realtor

February 23, 2010

San Diego was up 2.7% year-over-year, but catch their remarks.  Even though Shiller admits that pricing has been up since April, he is worried about the downside risks:

Let’s acknowledge the MBS-buying and tax credit, and call it even for the last year?

16 Comments

  1. David Overfield

    There’s been a lot of talk about trustee sales. Jim had a post a few days ago as did Mish.

    I recently interviewed John Ray, the largest buyer of foreclosed homes at the Maricopa County (Phoenix) trustee sale auction.

    He answers some questions pretty directly regarding: the old boy’s network who control the auction, interacting with trustees, drop bids, pricing, risk, etc.

    Hope you enjoy the video.

    Interview with John Ray

    Credit goes to Jim (his interview of Adam R.) of course for inspiring my interview of John Ray.

    By the way, I’d really like to interview the other John, that is Jon Mann who Jim mentioned a few times in the past. I’ve actually called Jon (Jim gave me his phone number) and left messages but he hasn’t called me back. I’ll be in California in late March if someone knew how I could get in touch with Mr. Mann, I’d appreciate it.

  2. Mds

    KEY WORDS DROPS SUBSTANTIALLY FROM HERE.

    This coming from the man who knows…….

  3. GameAgent

    Case-Shiller has a pretty good track record. On the other hand, the Feds will do everything in its power to keep housing afloat.

  4. Mds

    Spoke to John Rays office currently buying at trustee sells in Arizona. Plan on coming to San Diego and LA in the next several months. They do Due Diligence on trustee sells

  5. clearfund

    Do you have to be named a version of “John” to bid at Trustees Sales???

  6. SD_Coastal

    Thanks David, that was very informative. Is there anyone in the San Diego area that is offering a similar service. I’ve heard of John Mann (via Jim’s remarks) but haven’t heard if he offers this service to private investors or if he is doing the deals “closed shop” i.e. only for his closed group.

    Jim, didn’t you hint at trying to start a similar business, or did I misinterpret your comments?

  7. Erin

    Wow. The remarks at the end of the video have me a bit concerned as a buyer. I guess the future of the housing market really depends on how long the government can keep propping it up. Which is the million dollar question….

    All I know is of the 5 people I know that bought a house in north county san diego in 2005/2006 3 have lost or are in danger of losing their house.

    *One house foreclosed 2 months ago and they are waiting to be evicted.
    *another is hoping to have $250k in principal forgiven before their arm resets this fall. They’ve had job loss, and now have a job, but much lower paying one. If they don’t get the principal reduced they’ll have no choice but to let it go.
    *Another hired a lawyer since their arm is resetting and they want a loan mod. If the loan isn’t modified they plan on letting it go.

    Wonder how many other stories there are out there like these?

  8. Jim the Realtor

    KEY WORDS DROPS SUBSTANTIALLY FROM HERE.

    He said it’s not a forecast, it’s a worry of his.

    Shiller also said he didn’t know, and it could go either way.

  9. Jim the Realtor

    SD_Coastal

    Yep, I have been actively pursuing the trustee sales daily with a handful of all-cash buyers, and haven’t even gone down to the ‘steps, let alone buy anything.

    We are looking for the higher priced, better quality offerings, and they all get postponed. We have been doing a lot of door-knocking too, interviewing occupants, and it’s been 100% loan mod candidates.

    If the banks get fired up about HAFA, they might not foreclose on another home this year, the way it is going. But we’re ready if they do.

  10. jd

    Hey Jim,

    Been on the road for a while. Here in Atlanta, Georgia, things are looking bad. The state cut 1 billion dollars from this year’s budget. Now they discovered they have to cut another billion.

    Discussion had already begun around what to do in 2011. If tax receipts don’t improve substantially by August of this year, another 2 1/2 billion will have to be cut from the budget.

    Georgia might become the first state government without a working government.

    Of course, the housing situation here is really bad. Whole neighborhoods underwater all over the state. This has had a huge impact on local county govt. Lots of school cuts, etc.

    I think we’re catching up with Ohio on that race to the bottom.

  11. Consultant

    Jd-that’s me, the Consultant.

  12. Rob Dawg

    We are looking for the higher priced, better quality offerings, and they all get postponed

    Testify Brother!

  13. anon

    I beleive Jonathan Mann is just the front for a group of Chinese Investors out of Huntingdon Beach.

  14. CA renter

    David O.,

    Thanks for sharing that interview with us!

    Hope you are enjoying AZ.

  15. David Overfield

    Glad you liked it CA renter and SD_Costal.

    At some point my wife will edit a highlight version to less than 10 minutes, but for now the video is over 30 minutes of interview. (Sorry for the length)

    I hope to add a few more interviews in March. I’ll let you all know.

    Jim, thanks for letting me post the link here. I thought it would be relevant for the group.

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