patrick.net

Robert is clearly correct. Mortgage rates are into the 2% range people! I guy I know did a refi at 2.78 and rates are lower today.

I'm not happy about rock bottom rates and CD paying 1% - but this is what the people in charge decided to do to - the US is like china a lot now - run like a corporation and connected businesses never fail. At least we still have internet porn! :-)

Nice analysis Roberto. I'm hoping this is just an intermission before another leg down. But I can only hope. It would be great to add to the portfolio....

we are seeing more mixed results than outright increases across the board in BA... Some people said mid 200s wouldnt happen in the Bay Area.. but that is what happened in Contra Costa..

Contra Costa $255,000 $295,000 up 15.7%

http://www.dqnews.com/Articles/2012/News/California/Bay-Area/RRBay120614.aspx

robertoaribas says

In Phoenix this has actually been extreme

You were very lucky to have the media put so much attention in Az regarding the overbuilding and speculation. Hum! Recently, how many Californians did move to Az ? many im sure.

I dont belive KPFK, those people are using scare tactics to get thier agenda passed. (so far its working!) and so since the deadbeat loanowners 'cannot be foreclosed upon, ever'(thats thier agenda) we are seeing them WIN - they got prices to go back up by letting deadbeats get underwater refi, mods galore, 3 years to foreclose.

The liberals want higher house prices and are winning. weird huh.

PockyClipsNow says

agenda

Agenda? They are a poor little radio station that has to beg for funds to keep the lights on.

I take my news where I can get it.

PockyClipsNow says

I dont belive KPFK, those people are using scare tactics to get thier agenda passed. (so far its working!) and so since the deadbeat loanowners 'cannot be foreclosed upon, ever'(thats thier agenda) we are seeing them WIN - they got prices

ditto.. yes, thats pretty much it.. in fact i doubt you will hear them talk about homes being over priced to begin with. I think even their listeners will point that out. Fact is they dont talk about past prices in SF BA..

David9 says

Agenda? They are a poor little radio station that has to beg for funds to keep the lights on.

Poor little radio station or the CA state gov.. they have doubled down on bubbles.. Stock Bubble, RE Bubble, and even Education Bubble.

They too complain about education cuts, yet not once have they questioned .. WHY have costs of Education gone up ?

But they are good at PAY ME, GIVE ME.. Its my human rights !

APOCALYPSEFUCK is Shostakovich says

The banks thought they were being clever by getting the accounting rules shifted.

Its not the Banking or Accounting issue.. its the issue of Consumers not asking. Why am I paying 200-300% vs a few years ago ? Since when is this normal ?

But they actually believed in 20-50% appreciation in the long term.

thomas.wong1986 says

radio station

I wasn't endorsing the radio station or a perceived general viewpoint of the radio station listeners, just one hour of programming on housing.

I get my news where I can, including here, which is a blog.

Robert is absolutely correct! I have posted here in late March, early April about the difficulty I was having finding a home. I am still looking and have put in several offers, so many I don't want to take the time to count. I am extremely frustrated trying to locate a home that meets my criteria. Yes there are some homes that I have seen drop in price, but these are the ones no one wants. Except when the price drops low enough for a cash investor to snatch up. I have continually been out bid or late to make an offer because there are multiple offers and they are no longer excepting. I was the first and only person to see a home, I immediately submitted my offer $11,000 over asking price, it was excepted and sent to the bank for approval. The owner hired a short sale Lawyer who was going to help speed up the process. The bank sold the loan to another bank, we resubmitted to new bank, then one day the owner got a knock on the door, the bank foreclosed on the owner without giving notice making my contract offer void. I hit the market again a month later, and prices have increased even more.

I am so sooo upset. I can't believed the crap I qualify for in my price point. If I would have started my search aggressively six months ago, I would have saved myself $50,000 - $100,000. This is no Joke.

To those that are talking crap to Robert, just shut up!

Your are complete idiots! You know nothing. If you knew anything you would have been able to predict this stupid upswing. I believed the majority of you big mouths on this site and waited, thinking that prices would go farther down. When you are actively looking for a home then you can talk. I hate what is happening, and hope that something changes. But there are so many investors out there. I wouldn't be surprised if it isn't the banks buying up all these homes. There is very little inventory. Also manipulated by the banks.