Comments on: Moving from the Shadows – More Distress Inventory Selling and Making it to Market in Southern California. Notice of Defaults Still High. 3 Cities in the Spotlight: Cerritos, Culver City, and Paramount.

By: Kid Charlemagne

Kid Charlemagne — Sat, 01 May 2010 00:31:29 +0000

@swiller
Nice insight. Kind of like religions. What would happen to all the televangelists if all the idiots figured out what the game was and quit drinking the koolaid. We’ve become fox-zombies because if feels better than facing the truth.
Europe’s not going down in a vacuum. The sucking sound you hear is getting louder. Gotta keep the game going. What else is there?
Buffet came to GS’ rescue. What does that mean?
Maybe it’s a house of cards, but it’s the only house we got.

By: WTF

WTF — Fri, 30 Apr 2010 04:11:34 +0000

@ waiting2buy
So why are you in here commenting? Some people are so pathetic they honestly believe their own lies.

By: D1

D1 — Wed, 28 Apr 2010 18:11:50 +0000

js………

90% of Cal homes will drift down for a long time like the Dr. states. Places like Cerritos are being bought up by cash or most all-cash buyers, so that will be your competition. It’s a tuff call. Houses in the goodie areas are usually sold to other banks, then quietly sold at higher prices. I have seen folks grease the banks or the the realtor representing the bank to get a nice foreclosure property.
In an area like that, I would jump on a good deal on a regular sell, but it will be tricky. Remember, areas where the local culture saves money and abstain from credit cards, drop very little even these days. Just look at Arcadia ,Temple City, or Sierra Madre. Several places on the west-side or Pasadena will still drop for there are many credit crunch idiots who still occupy the homes.

By: Charlie

Charlie — Wed, 28 Apr 2010 17:58:19 +0000

DHB… Do you think your 3 to 3.5 times income # should be revised with the current trough in interest rates? I don’t think buying is sensible in most areas (including the IE) but to keep your numbers in place with historical norms, with interest rates at nearly half of their historical trends, shouldn’t that multiplier be close to 5?

Once again not saying buying is a good idea (I’m saving like the dickens and plan to buy cash in a couple years, cheap house, paid for, less stress but that multiplier should be higher shouldn’t it?

By: Foolio

Foolio — Wed, 28 Apr 2010 17:32:07 +0000

I’m hearing reports from numerous unconnected sources at fairly significant positions in a variety of major financial institutions, that massive amounts of inventory are coming to the market over the next few months…and it has already begun as Dr. Housing Bubble points out.

With the final federal tax credit expiring (until they possibly create a new one later this year when the bloodbath REALLY picks up), the banks will be dropping everything in the crappy to mediocre areas as well as the garbage in the mid to prime areas. They will mostly hold back everything in the prime areas, however. Ultimately, this won’t help the prime areas because there will be so much inventory in alternative areas that it will drag down everything that has been artificially propped up.

Hold on to your butts…just keep track of the MLS particularly in terms of REO, FCs, and bank approved short sales because according to sources these numbers will begin jumping over the next week or so…