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What is driving the low real estate inventory we are seeing right now?
invite response
2012 Apr 23, 3:19am 23,628 views 61 comments
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2300sqft home in Northwood, Irvine (an upmarket area comparable to Scottsdale) would be around $800,000, property taxes with Mello Roos around 2% per year so $16,000/yr ;) Insanity? Yes :)
GUAB
2012 Apr 26, 4:27am
http://www.zillow.com/homedetails/77-Grant-Irvine-CA-92620/25515720_zpid/
Doesn't seem too terrible. 2500 sq ft, nice finishes. taxes are 8k/yr. asking 799 but zillow thinks 710.
freak80
2012 Apr 26, 4:48am
How quick do you think my HOA would be on my ass? God I would love to read how they would word that letter.
Solar panels aren't cost effective here yet in my opinion.
Gotta love the HOA nazis. Then again, it keeps people from throwing car parts on the front lawn (like they do around here where I live).
Yeah solar is probably too expensive anyway. Fire up the coal plants!
freak80
2012 Apr 26, 6:49am
Exactly. Burn it til there's nothing left and we're forced into solar.
But by then all the starfish will be dead from the ocean acidification from all the extra CO2. ;-)
@GUAB, $8k taxes are probably just base property taxes,
the newer homes have an additional 1% assessed as Mello Roos. Looks like this house was built in 1978 so it has no Mello Roos but it's still a 35 year old home.
freak80
2012 Apr 26, 1:39pm
More house decorations!
But according to your picture, you yourself will become a house decoration! ;)
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Hi folks,
In recent weeks, there have been many references to a decrease in supply in the Bay Area market.
I'd like to explore this a bit. What's driving this and when can we expect it to change?
Is there anything currently cooking with re-finalization of the HARP program? We know that foreclosure sells follow foreclosure starts which follow foreclosure notifications. Has there been some slow-down recently in one of these processes? Is it simply because the first wave of the folks walking away from under-water situations has struck? What can be said about any shadow inventories? Are banks strategically controlling the rate at which REOs are coming on the market and foreclosures are making it to the court-house steps?
I'm looking forward to hearing your theories on this and of course, data is always appreciated!
http://www.mercurynews.com/saratoga/ci_20411232/lack-housing-inventory-is-problem-bay-area
http://www.zielinskiteam.com/2012/04/09/inventory-in-the-bay-area-has-fallen-nearly-40-percent/
#housing