Asian stocks plunge on credit fears; Bank of Japan injects cash into money markets
Fears of global liquidity crisis grip markets
Smile, you should have had put options in place, but there's still time, very little, but enough if one acts quickly.
Posted on 08/08/2007 6:47:57 AM PDT by Hydroshock
NEW YORK - The dream of owning a home is fading away for many Americans with less than stellar credit.
On Tuesday HomeBanc Corp. said it will not issue any more loans, and Impac Mortgage Holdings Inc. shut down a type of loan called “alt-A” for people with limited documentation or slight credit issues.
That followed bankruptcies for two of the country’s biggest home lenders — American Home Mortgage Investment Corp. and New Century Financial Corp. — and tighter terms at most other lenders that are thus far surviving a shakeout in the industry.
“Every day I hear about a number of lenders that are reducing their products,” said George Hanzimanolis, president of the National Association of Mortgage Brokers. “It is going to take a while before the dust settles.”
(Excerpt) Read more at msnbc.msn.com ...
You assertion that an investor set to buy property from CFC for 760% of current market value cannot be true.
It is, in fact, a blantant falsehood.
That’s correct it’s not true, but it got you to come back. LOL! The number is 70% Now when you admit you’r anecdotes adon’t make a general tendency and your costs in Encino were way off, I think we’re done here.
EX-TEXAN CAUGHT MY ERROR IN NUMBER 79. THE PERCENTAGE OF MARKET VALUE IS 70%
To lop off 30% at the outset of a very protracted decline in housing this early indicates more reductions are coming.
Enough of this debate that is going nowhere fast. I'm off salmon fishing. Bye Bye.
Investors are moving now buying into the California market. If you can get defaults or foreclosures.
A few things are projected in California. Population will double by 2060. San Diego is projecting a doubling within 25 years. Demand for housing is increasing.
The city and county of Los Angeles is moving to approve small apartments and mini-condos to accommodate low income service workers (guess where they're coming from?).
If you look at immigration waves in the past and population growth after the war, the ones who go to college and get good jobs will move to the suburbs. That's why Riverside County is projected to become number 3 in population in Cal counties.
In some areas of the country there is a gentrification going on down town. So prices may hold and increase in those city cores.
I guess the wrap up is you have to do your home work, set your limits, and go for it.
Much better that taking advice from some number tosser like ex-Texan or even me, two anonymous guys on the internet.
Tat house was 250,000 just a few years ago : )
Telling people to invest now because population will double by 2060 is nuts. Real estate goes up and down, up and down. It could go down and up and down again a dozen more times in 50 years. In another five years So-Cal could be wiped out the BIG ONE or made radioactive by a dirty bomb with a 400 year half-life.
Either he does not own any California real estate or wants to dump what he does own fast.
$ 767,000 Glendale Home -- Featured on CraigsList
| Sale History | |
| 09/21/2006: | $630,000 |
|---|---|
| 11/03/2005: | $510,000 |
| No other sale data is available | |
| 2004 | 2005 | 2006 | |
|---|---|---|---|
| Total property tax paid: | $636 | $642 | $5,610 |
| Assessed value bldgs: | $24,128 | $100,000 | $100,000 |
| Assessed value land: | + $31,715 | + $410,000 | + $410,000 |
| Total assessed value: | = $55,843 | = $510,000 | = $510,000 |
| This home at $654,158 is valued higher than: | (Median Zestimate)
|
|---|---|
| • 47% of homes in 91206 ZIP code | $670,539 |
| • 42% of homes in Glendale | $701,365 |
| • 63% of homes in Los Angeles County | $567,541 |
| • 69% of homes in CA state | $513,869 |
| • 89% of homes in United States | $253,666 |
| Past: | This home |
91206 | Glendale | Los Angeles | CA | US |
|---|---|---|---|---|---|---|
| 30 days | 0.3% | 0.8% | -0.2% | -0.5% | -0.4% | 0.6% |
| 1 year | 16.1% | 3.7% | 0.1% | -1.3% | -4.5% | -4.2% |
| 5 years | 231.0% | 152.7% | 165.4% | 181.4% | 132.3% | 69.5% |
| 10 years | 451.1% | 266.0% | 272.3% | 283.1% | 249.4% | 121.5% |
| Since last sale (09/21/2006) | 17.8% | 4.8% | 1.0% | -1.2% | -4.4% | -6.2% |
| 30 days | $2,263 | $5,544 | -$1,724 | -$2,805 | -$2,185 | $1,585 |
| 1 year | $90,736 | $23,652 | $706 | -$7,334 | -$24,178 | -$11,178 |
| 5 years | $456,510 | $405,139 | $437,135 | $365,856 | $292,695 | $103,990 |
| 10 years | $535,462 | $487,319 | $512,974 | $419,408 | $366,813 | $139,169 |
| Since last sale (09/21/2006) |
Wow! Asking $137,000 more than they paid in September of 2006 is proof that real estate is crashing in that area.
We need to let ex-Tex have his anecdotes and not bother him with facts. But the owner or the mods should require a fact check on his postings.
Thanx for posting from Craig's list. I've posted commercial on there before, but not residential. Your info tells me I have to pay attention to their data sources.
Anyone want a 2 Bdr apt for rent in Pacific Beach? 1.5 blocks from the water in San Diego. That's my Craig's list for today. C-YA
That was ex-OwnerTexan's post from Craig's List. I posted last sale data from Zillow.
Thanx. I’m onto zillow already.
I don't know much about real estate prices in the rest of the country but California real estate is a sure-fine long term investment that isn't a slave to the Stock Market, whims of legislative bodies or fast-buck, pyramid schemes.
My nail man said there was a show on the tube that compared "what you get" for $250K, $500k, $750K and $1million in Shreveport, Louisiana and San Francisco. Though the value one gets in Shreveport, Louisiana, is FAR greater, it's in San Francisco where people seem to want to live. I love it here but it's my home town so I don't think it anything so special.
In my short life of 60 years the prices of real estate in California have only gone up. The biggest rise in San Francisco was between 1973-1985.
Example: We bought a house in 1982 which was $165,000. It had originally sold for $35,000 in 1960.
In 2000 my ex sold it for $644,000. Sound like a lot?
If you do the calculations, the percentage rise in prices was greater earlier than it was in 2000.
The house I live in now was $25,000 in 1960. It's a two-bedroom, one bath, with a downstairs redone with another full bath and bedroom, double car garage.
It's now worth $900k+.
Lol. Our fire insurance is only $100,000 because the house is just a very simple, cracker-box, like the other thousands in the city. We, however, actually have 5 feet of space on either side of the house.
It's the land that is so valuable, and since land doesn't burn, our insurance is low.
We live with a forest across the street and there is an owl; there are blue jays, red-tailed hawks, peregrins, hummingbirds, just to name a few. There are still raccoons.
All this in the geographic center of the CITY of San Francisco.
LOCATION, LOCATION, LOCATION.
Our philosophy is buy and hold. We know how to flip and do all that, but it's too much work and we stick with what we have done ourselves and then can recommend to our clients.
One story. My parents bought a house in Pomona, CA in 1963 for 13,000. They sold three years later for 16,000. In 2005 it sold for 450,000. Still in the same old run down neighborhood.
That's why we're in socal.
Wow, 1200sq feet for $700k.
The median price in Orange County is $645,000.
In the last six months, 7193 homes sold in the county. Median price just over 739,000.
10,904 on the market. Median 730,000.
I'm out.
Asian stocks plunge on credit fears; Bank of Japan injects cash into money markets
Fears of global liquidity crisis grip markets
Smile, you should have had put options in place, but there's still time, very little, but enough if one acts quickly.
Great, less options to buy inventory... let’s bring in congress to so we can all be slaves and have no choices at all.
Fantastic time to buy... If I had the money, I’d be scooping up houses.
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