Has anyone else noticed that the market has gone crazy in most coastal cities of Orange County? From San Clemente to Huntington Beach I noticed how there's at least twice as many sub-million-dollar homes in Pending status as there's homes in Active status - according to Redfin.
There's practically no more reasonably priced homes left out there, the only ones not in Escrow are the ones who are still asking for 2005+ prices or have serious flaws...
I guess one can only sit back and wait a few months until things get back to normal... hopefully... there's still too many fools out there who just can't wait to take out that half-million-dollar loan
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FollowBefriend (8)38 threads2,014 comments Pleasanton, CAPremium
Fool and his money are soon parted. Give it time. Nothing is indicating that anyone should be in a rush.
FollowBefriend8 threads530 comments Murrieta, CA
watch it fizz!
FollowBefriend (5)10 threads2,329 comments
I call it act of catching falling knife. Higher the mortgage amount higher the burn.
FollowBefriend19 threads1,534 comments Los Angeles, CA
Takes 2 years to foreclose.
Also all those federal loan mods are basically permanently removing inventory by making those loan owners(and land lords now) to be on what is essentially S-8 for loan owners.
Why would anyone sell a home with a heavily subsidized loan mod? If you didnt want to live there anymore you move and rent it out. Easy profit on taxpayer dime. They did millons of mods, are gonna do millions more to save the banks and make you pay double for a house. It appears to be working to a large extent.