patrick.net

SP,

I would hold off on an assessment of the market. It's more or less typical for inventory to creep up through the "spring selling season." It's really a matter of how much of that crap moves. I have noticed in the areas I'm tracking that, even though there are occasional under agreements, it is a LOT slower than I would have expected - as in 1-2 homes UA per week, despite being in the "prime" spring market.

And this is in the ultra-Fortress...

SP,

I didn't see a bounce with the abruptness you describe, but I did not check cupertino and saratoga. I did however see a 40-50% gradual increase in listings in some other fortress cities over the last 2 months.

“spring selling season.”

April is the cruelest month. :)

There is so much inventory that I have stopped looking.

There is always the fear of missing out on buying a better house for the same money. :)

dinor,

As complicated as it can get with all details to be worked out for bailout, this person is waiting to see the details of the plan. My belief is, a bailout wouldn't help this person much. Prices have gone down over 40% and a bailout will mostly have provisions of govt getting back any appreciation on the house. He still stands to benefit by walking away and all the equity he has taken out, he can buy the house in same neighborhood cash down!!

sa,

Oh I'm sure of it! With as jaded as the avg. American housing-consumer has gotten over the last decade no one among us can account for their every contingency plan.

Hell, half of these people had a back-up plan going in. "If it continues to go through the roof I'll..."

A. Cut the lawn
B. Rent it out
C. Flip it
D. Rent it out (but claim as "primary residence")
E. Do a lease/option
F. Torch it and blame it on the Earth Liberation Front

Additionally, perhaps in 2004/5 one could have gotten away with buying a new home BEFORE selling the old home but I don't see that in today's credit environment? I don't know the particular situation but the only way a guy could put the "new" home in his wife's name alone is if she QUALIFIED on her own! Any joint app. would show a credit report and a VERY recent foreclosure. Not happening.

Oh and I forgot, they WON'T KNOW what the "details" of the plan are! I would make it so you can file to "see if you qualify for benefits" *not "this is what we're offering" (see if you can "shoe horn" yourself into that description)

That's absolutely paramount! We need to make it clear up front that only a certain percentage of filers will get relief (of the portions they're visioning) Again, "PFM".