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Resale supply is coming, lenders increase foreclosures 10% in July in California

By golfplan18   Follow   Wed, 15 Aug 2012, 7:14am   1,120 views   15 comments
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http://ochousingnews.com/news/resale-supply-is-coming-lenders-increase-foreclosures-10-in-july-in-california

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1. golfplan18 Follow Befriend (2) 536 threads 114 comments Irvine, CA

   1   7:17am Wed 15 Aug 2012   Share   Quote   Permalink   Like   Dislike

2. Goran_K Follow Befriend (4) 26 threads 1,566 comments Laguna Beach, CA Premium

   2   9:59am Wed 15 Aug 2012   Share   Quote   Permalink   Like   Dislike   Protected   I've already seen it. At least 3-4 new listings per day this month that are in my price range.

3. iwog Follow Befriend (48) 274 threads 12,648 comments 47 male Lafayette, CA Premium

   3   12:44pm Wed 15 Aug 2012   Share   Quote   Permalink   Like   Dislike   Protected   Goran_K says I've already seen it. At least 3-4 new listings per day this month that are in my price range. Really?

4. thomaswong.1986 Follow Befriend 15 threads 3,093 comments

   4   3:47am Thu 16 Aug 2012   Share   Quote   Permalink   Like (1)   Dislike   iwog says Really? You should be happy iwog.. people will actually be buying homes... CHEAP! They will have more savings to keep ... not giving it to the bank, landlords or government. They might even be happy! Now why would that trouble a landlord like you ?

5. iwog Follow Befriend (48) 274 threads 12,648 comments 47 male Lafayette, CA Premium

   5   7:47am Thu 16 Aug 2012   Share   Quote   Permalink   Like   Dislike   Protected   thomaswong.1986 says You should be happy iwog.. people will actually be buying homes... CHEAP! Like you said we'd see in 2012, 2011, 2010, and 2009 right thomas?

6. thomaswong.1986 Follow Befriend 15 threads 3,093 comments

   6   8:55am Thu 16 Aug 2012   Share   Quote   Permalink   Like   Dislike   iwog says Like you said we'd see in 2012, 2011, 2010, and 2009 right thomas? 1997 prices plus inflation = buy ! what year your in doesnt matter.. its all about what price your paying based on long term fundamentals.. Some in the Bay Area havent hit their trend line... but they will.

7. tatupu70 Follow Befriend (3) 15 threads 5,718 comments

   7   9:02am Thu 16 Aug 2012   Share   Quote   Permalink   Like   Dislike   thomaswong.1986 says 1997 prices plus inflation = buy ! Is there something magical about 1997? Why do you choose that as the year to use?

8. thomaswong.1986 Follow Befriend 15 threads 3,093 comments

   8   9:09am Thu 16 Aug 2012   Share   Quote   Permalink   Like   Dislike   tatupu70 says Is there something magical about 1997? Why do you choose that as the year to use? the last year of sobriety, ask any homeowner who bought before 1998... http://patrick.net/forum/?p=1209792

9. Goran_K Follow Befriend (4) 26 threads 1,566 comments Laguna Beach, CA Premium

   9   9:12am Thu 16 Aug 2012   Share   Quote   Permalink   Like   Dislike   Protected   2 listings today. I'm actually going to see one of them after work hours.

10. Call it Crazy Follow Befriend 249 threads 2,915 comments

    10   9:43am Thu 16 Aug 2012   Share   Quote   Permalink   Like (1)   Dislike   Goran_K says 2 listings today. I'm actually going to see one of them after work hours. Better hurry!! There will be 30 other bidders for it because there is NO inventory out there according to iwog!! :)

11. CDon Follow Befriend (1) 240 comments

    11   9:51am Thu 16 Aug 2012   Share   Quote   Permalink   Like   Dislike   thomaswong.1986 says iwog says Like you said we'd see in 2012, 2011, 2010, and 2009 right thomas? 1997 prices plus inflation = buy ! what year your in doesnt matter.. its all about what price your paying based on long term fundamentals.. Some in the Bay Area havent hit their trend line... but they will. You will note that (per that graph) some areas have been running above trendline since 1987. Yes, the got close back in 95-96, but they never got all the way there. Imagine the 1994 buyer in San Jose who stumbled across that chart. He would see the trendline then at 200K, yet San Jose still at 250K and conclude "San Jose is gonna crash, I will wait it out". Imagine too he stubbornly clung to his prediction that SJ would "revert to the mean" and refused to buy in 1995, 96, 97, followed by his horror as prices exploded upward 1998 and beyond, causing him to wait even further. Finally, even if they did magically "revert to the mean" today, SJ would fall to 300K. Meaning at the end of the day, our poor guy would refuse to buy at 250K, rent for 18 years waiting for prices to fall, and then buy at 300K. Bottom line - at some point you have to give up on the idea of all areas reverting to the mean. Seeing as it has been 24 years since all areas were on the trendline, I would say 24 years is enough...

12. tatupu70 Follow Befriend (3) 15 threads 5,718 comments

    12   9:54am Thu 16 Aug 2012   Share   Quote   Permalink   Like   Dislike   Call it Crazy says Better hurry!! There will be 30 other bidders for it because there is NO inventory out there according to iwog!! :) Uh, I believe that's a Redfin chart. So, it's according to Redfin. Iwog just posted it.

13. thomaswong.1986 Follow Befriend 15 threads 3,093 comments

    13   12:23pm Thu 16 Aug 2012   Share   Quote   Permalink   Like   Dislike   CDon says but they never got all the way there. you need to understand the concept of what the chart is showing..this is the theme of Robert Shillers book ... Irrational Exuberance. repost.... http://patrick.net/forum/?p=1209792 Below are May 1997 prices..http://archive.dqnews.com/AA1997BAY06.shtm.. factor in inflation and income growth.. we are looking at 30-40% higher prices today.. that would mean prices below would range within the forecast below with actual recent prices at July 2012 as you can see Contra Costa / Solano are just right with 1997 prices + inflation (40%) Sanoma isnt too bad, but like the chart above stll indicates... others need to still correct. With 40% the numbers may be over-optimistic. You may need those Facebook options after all to skyrocket to buy any home at the median. I would discount Marin ... old money doesnt need income...LOL! Santana is doing just fine! ..................Actual 1997 ..Frcst..Act2012 Delta + Over - Under priced Alameda... ............$219 $306 $385 .....78 Contra Costa .......$225 $315 $308.......-7 Marin .....................$357 $499 $660 ......160 Napa ......................$170 $238 $372 ......134 San Francisco ......$289 $404 $565 .......160 San Mateo .............$324 $458 $714 .......260 Santa Clara ...........$302 $422 $618 .......195 Solano ....................$149 $208 $188.........-21 Sonoma ...................$210 $294 $320 ........26 Bay Area ...................$258 $361 $421 .......60

14. Goran_K Follow Befriend (4) 26 threads 1,566 comments Laguna Beach, CA Premium

    14   12:48pm Thu 16 Aug 2012   Share   Quote   Permalink   Like   Dislike   Protected   I'm surprised Santa Clara County's delta isn't higher.

15. CDon Follow Befriend (1) 240 comments

    15   12:58pm Thu 16 Aug 2012   Share   Quote   Permalink   Like   Dislike   thomaswong.1986 says you need to understand the concept of what the chart is showing The chart is showing that all areas in the SFBA were "reverted" if you will, as of 1987. Since then, some areas (particularly, San Jose and San Francisco) have deviated to the high side of the mean. That was 24 years ago. If certain areas havent reverted to the mean in 24 years, how much longer should one wait for them to revert to the mean before they decide its OK to buy?