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Foreclosure rates continue to fall

By tvgnus   Follow   Tue, 29 Jan 2013, 5:55am   293 views   6 comments
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http://www.centralvalleybusinesstimes.com/stories/001/?ID=22741

Central Valley foreclosure rates now trail national rate •  Delinquency rates also decreasing Foreclosure rates are still falling in most of California, including the Central Valley, according to a report Tuesday from Financial information company CoreLogic Inc. (NYSE: CLGX) of Irvine.

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1. errc Follow Befriend (7) 29 threads 1,203 comments 31 male Premium

   1   8:18am Tue 29 Jan 2013   Share   Quote   Permalink   Like   Dislike   Protected   One would hope so, we are now 6.5 years post peak and 5.5 years past the door being shut on all the "creative" financing. This was bound to happen at some point or another. Let's see what happens once they take the training wheels off this bitch. The usfedgov has thrown the granite countertops and the kitchen sink, the cheap shit mdf moulding, some ollies quality laminate, and a coat of crappy contractor white. The chinese drywall has had some time to fester. There has been bailout after bailout, gimmick after gimmick, most recently the FINAL REFINANCE at super low rates and with no appraisals, coupled with quantum easing round four doubling the buying of junk mbs from 40B per month to 80B. We know what has happened so far, let's see what happens next. I'm betting that what with the lack of any antifragility measures, this market will get sick in a hurry. Its like putting the bubble boy in quarantine for six years, and than setting him loose on the world with no immune system whatsoever. Every sembalance of illness will go terminal. Or not. Maybe the new normal will see 2011-2012 as forming a base, and we rocket ship from here to 10% annual price inflation weeeeeeeeeee!!! Your median merican shit shack will go for 300k come 2020 LMAO

2. robertoaribas Follow Befriend (23) 55 threads 3,745 comments Scottsdale, AZ robertoaribas's website

   2   8:28am Tue 29 Jan 2013   Share   Quote   Permalink   Like   Dislike   actually, it is nothing like what you describe... Once someone refi's to 3.5%, their payment is lower forever, in many cases lower than rent. They are unlikely to ever foreclose Once you sell the home to a financially strong investor, it is unlikely to be distress sold forever. so expecting that somehow, these assistances to the market are transient and disappear afterwords is silly.

3. SkyPirate Follow Befriend 4 threads 91 comments Atlanta, GA

   3   9:05am Tue 29 Jan 2013   Share   Quote   Permalink   Like   Dislike   I agree with Roberto. People need to take a step back and look at the ultimate question: Q: When should someone buy a home instead of renting? A: When buying is cheaper than renting. Home prices will be sustained as long as it is cheaper to buy than to rent. Home prices will eventually collapse if buying a home is more expensive than renting like during the housing bubble. So, in my opinion, current house prices will not face any significant declines UNLESS rents fall. If we suddenly find ourselves in a deflationary spiral and rents are plummeting, then yes, house prices will crash further. However, I'm of the opinion that we are more likely to see inflationary pressure.

4. inflection point Follow Befriend 4 threads 261 comments Fremont, CA

   4   8:44pm Tue 29 Jan 2013   Share   Quote   Permalink   Like   Dislike   SkyPirate, Sorry, Home "ownership" (debt slaves) will be victim to increases in property taxes as local government attempt to continue to pay their union pensions.

5. gbenson Follow Befriend 16 threads 374 comments

   5   10:13pm Tue 29 Jan 2013   Share   Quote   Permalink   Like   Dislike   inflection point says increases in property taxes as local government attempt to continue to pay their union pensions. said as if that's a bad thing... Besides, in 2006 people were content paying 4% property tax on a million dollar home. Now that the home is only worth $500k, you're going to bitch about the rate rising to 6%? *please*

6. Philistine Follow Befriend 485 comments Los Angeles, CA

   6   11:57pm Tue 29 Jan 2013   Share   Quote   Permalink   Like   Dislike   SkyPirate says Home prices will be sustained as long as it is cheaper to buy than to rent. So why is my rent $2100/mo for a house that is on a street with comp sales of $750k and listings of $850k?