Comments on: Riding in the Short Bus of Housing: Southern California Short Sale Numbers. 1 in 10 Homes is a Distress Sale.

By: lumpy

lumpy — Sun, 03 Feb 2008 20:15:04 +0000

this was done in the early 90s, however you must time it correctly…you keep your credit good, then make the purchase on the lower reset priced house, then let your house go into foreclosure….this will be done in thousands of cases enroute to a market bottom….remember your new reduced purchase now becomes the comp, and your newly created reo will be based on that comp, thereby further reducing values and continuing on the downward spiral

By: Scott

Scott — Sun, 03 Feb 2008 00:56:55 +0000

John, if you read the Mr. Lansner’s column in the OC Register today you would know that the head of Redfin disclosed that over 40% of homes selling for $500,000 or less in Orange County are either short sales or foreclosures. This despite a 15 month inventory of housing already on the market.Given market conditions it is entirely reasonable to expect that only those who absolutely have to dispose of their property will be listing it this spring. I mean why try and sell into the teeth of a glutted market and collapsing home prices? For this reason Dr. H. Bubble is entirely correct. The situation will only get worse.

By: John

John — Sat, 02 Feb 2008 17:54:03 +0000

As the supply of homes for sale go down I would expect the percentage of homes on the market that are short sales to go up. Owners of homes that are not in financial trouble are not putting their home on the market either because they are waiting for the market to turn around or as you mentioned because of seasonal factors. The homeowner that is in trouble and must sell their home or lose it to foreclosure is going to list it for sale regardless of market conditions or seasonal factors. For this reason alone you would see the percentage of homes listed that are short sales go up. Lets see what the percentage of home that are short sales does when spring comes and the number of homes on the market typically go up.

By: mtglender

mtglender — Sat, 02 Feb 2008 17:19:35 +0000

If you let your home go into default (which would trash your credit report), then tried to buy another, most lenders would not give you a mortgage (or the time of day) on the next house regardless of price without a very large down payment.

By: Scott

Scott — Sat, 02 Feb 2008 12:15:36 +0000

Along with shortsales and foreclosures is there anyway to gather data on insurance claims on real estate. I’ve noticed there seems to be a rash of home fires in my neighborhood. Some of them are under construction, some brand new but with no occupants and others only a few years old. This in an area that didn’t use to have any fires that I can recall. I’m not talking about a kitchen fire doing minor damage but fires that cause a total loss of the property.