Comments on: 800,000 mortgages in California are 30+ days late or in foreclosure. Only 132,000 show up in the MLS. Why there will be no housing bottom for California until at least 2012.

By: Patrick Hake

Patrick Hake — Wed, 06 Oct 2010 19:29:30 +0000

@Mark

We see the same thing here in Placer County outside of Sacramento.

While there may be a huge shadow inventory, we have been told of its arrival for 2 years now and nothing has materialized.

For those people who have decided that now is the time to buy, they are faced with 3 to 4 months of total inventory and 1 to 2 months of bank owned inventory.

It is very common for properties to be sold above asking with multiple offers.

Is this due to market manipulation from the banks and politiicians, probably. But, it is a fact none the less. If someone is interested in buying a property at this moment, they will need to be prepared to move quick and be aggressive.

By: mike

mike — Fri, 16 Jul 2010 19:50:57 +0000

Problem is that we are going to run into a housing shortage in california with only investors owning properties. Think about it these people still need to live somewhere and with housing permits new construction at 50 year lows and people moving into california on the daily because prices are cheaper and after all it is california investors who own california real estate will have the last laugh while us working class will be subjected to their rent demands

By: Rayme

Rayme — Mon, 05 Jul 2010 05:17:10 +0000

I wish that my parents had looked into strategically defaulting. They still haven’t gotten rid of the 2nd house. They are losing money every day that could be saved for the rainy days that are coming.

By: Aaron, West Los Angeles CA

Aaron, West Los Angeles CA — Sun, 04 Jul 2010 19:35:16 +0000

Is there ANYWHERE in California worth a look for buying property? Maybe it sounds crazy but some areas out in the Mojave desert seem to look promising especially since there’s a chance many solar companies will and have been building out there.
However, I’m no expert so I come here more for everyone else’s insight since many of you know a LOT more than I.
So, again, is there any promising real estate ares in the state of California or is the entire place going to keep falling no matter where you are or what kind of property (single family, multi-family, commercial) you’re seeking?

By: Mark

Mark — Thu, 01 Jul 2010 22:52:53 +0000

I can tell you that in South Orange County (MV, LForest, Irvine, Laguna Hills, Laguna Niguel) a decent 4 bed, 3 bathroom home is still priced above $600K or more. Consider the required income to buy a SFH here plus property taxes and HOA. It’s ridiculous.

Comparable SFH inventory (options for buyers) remains shamefully low here. Single family homes in decent shape with few defects priced between $550 and $650K are snapped up almost immediately with multiple bidders. It’s very competitive. Realtor BDOs on foreclosure properties are also keeping house priced high since many times the closest comparable sale of a 4bed 3 bath SFH took place back in 2009 or before. I’m sure that there are a bunch of 2 and 3 bedroom condos for sale a low prices, but this doesn’t help families very much. The SFH market in California is still effed up in my view and is no where near correction territory. I’ve been renting since 2005 and frankly I’m starting to distrust all of these shadow inventory claims because, well, just where the fuck is this inventory? And why aren’t US bank regulators absolutely slamming the doors of financial institutions (Bank of America, Wachovia) for their totally screwed up balance sheets that are so obviously weighted down to the floor with NPAs?

Something is rotten in Denmark.