patrick.net

APOCALYPSEFUCK is Shostakovich says

It's never been a better time to squat in an abandoned foreclosure.

Its never a bad time to live rent/mortgage/tax free at all!

APOCALYPSEFUCK is Shostakovich says

It's never been a better time to squat in an abandoned foreclosure.

But there are no forclosures......

Thanks for the video. I have been saying all this for years!

A nice place to drink a 40oz with 3 shots of vodka for an even more precise clarity.

If lis pendens is anything like Lizzie's pudenda, it has to be a good thing.

Ceffer says

If lis pendens is anything

It is better to give than recieve

robertoaribas says

those lying douche bags are showing completely destroyed teardown ghetto homes, you can even hear the freeway that they border in the video...

those aren't "shadow inventory" those are copper stripped, hole in the roof tear downs that aren't even worth the cost of the crap lot, since you'd have to remove the home.

I'm sorry, you were expecting the shadow inventory to consist only of pristine homes?

At least one thing is established and agreed on by the perma bears - prices are going up - lol!

So much for 1975 prices coming to your town any time soon...keep waiting, keep preaching...meanwhile...life goes on.

Hey Roberta,

isnt that one of yours???

robertoaribas says

completely destroyed teardown ghetto homes

So, the San Fernando Valley is a 'ghetto'?

The video clearly states in the beginning 'Los Angeles County' and 'The Valley'.

Clearly you know nothing of the house prices in yes, even the lesser desirable neighborhoods of 'The Valley' in this real estate market. It is a reasonable assumption a bank lent out 500k on one those 'ghetto' properties during bubble #1 shown in the video.

robertoaribas says

aren't even worth the cost of the crap lot

Um, yes, you did indicate value of the property.

robertoaribas says

good, you wait till these shadow homes comes available, and you buy it and live in it, dumbass!

Actually, you may be right. The day they start bulldozing unoccupied, vandalized homes in a ghetto neighborhood, in the San Fernando Valley, in whatever state of foreclosure process, where they once lent out a half a million dollars on will speak volumes..

And yes, I would buy one of those properties at a low price, repaired. Angry Bitch ! lol

David9 says

And yes, I would buy one of those properties at a low price, repaired. Angry Bitch ! lol

Hell why not just buy it as is? Buy 5, they're cheap!

New Renter says

Hell why not just buy it as is? Buy 5, they're cheap!

Thank you, I wish. I don't know the price of the properties in the video, but here is an example of a fixer I do know of:

http://www.redfin.com/CA/Van-Nuys/7321-Lennox-Ave-91405/unit-G7/home/4428134

Not here in the San Fernando Valley, prices are 'going vertical' as the video states.

David9 says

Not here in the San Fernando Valley, prices are 'going vertical' as the video states.

What goes up vertically usually will come down vertically.

Heraclitusstudent says

What goes up vertically usually will come down vertically.

Lol, yes, I agree. I am a logical person too.

David9 says

New Renter says

Hell why not just buy it as is? Buy 5, they're cheap!

Thank you, I wish. I don't know the price of the properties in the video, but here is an example of a fixer I do know of:

Well according to Roberto:

robertoaribas says

one of those homes has had a fire, and has a huge hole in the roof... it is worth next to nothing now...

Go show this thread to the lean holders and I'm sure they will pay you to take the properties off their hands.

New Renter says

Go show this thread to the lean holders and I'm sure they will pay you to take the properties off their hands.

Exactly my point ! Anywhere in the San Fernando Valley yet.
I wouldn't have engaged the Mr. Roberto if I thought I didn't have somewhat of a valid point. I get online and it was like 'huh'? worthless in the San Fernando Valley ? But it was fun.

Someone suggested no ghetto areas in San Fernando Valley?
I can think of some parts of Pacoima, Arleta, and the city that is so bad they made it get its own name, North Hills, that you should try walking through at night, alone and unarmed.

Well we have East Palo Alto. Even there the price of houses are twice to three times what they'd fetch in good areas in the Midwest.

imho, the properties in the video are probably located in Pacoima, Arleta, or Panorama City, 'ghetto's' of the Valley.

Fannie Mae currently markets homes in all those cities from around 300k to 500k, approaching last peak bubble prices.

So, what is a ghetto? The dictionary states it is a neighborhood of a minority. Encino and Tarzana could be classified Jewish ghetto's then.

robertoaribas says

Seriously, what the hell is your point? what effect are these homes supposed to have on the market?

They were obviously left in a 'shadow inventory' state for a long time to allow them to get into such disrepair, approaching the point where there is debate on the property's value. (Editing, 'usually', 'in the past', 'logically' homes in this state would drop the value of the neighborhood homes, doesn't seem to be the case.. going shopping, nice chatting with you.)

robertoaribas says

one in the video had a catestrophic fire, and nobody fixed the hole in the roof; The house is beyond salvagable today, and the only value is the lot, which judging by the neighbors, ain't going to be much...

Catastrophic fire? No. From this video its hard to tell even if there was a fire. There is no charred wood around the holes, no collapsed roof:

There is what appears to be soot above one window but not above the door just a few feet away:

Maybe the hole in the roof was just a squatters idea of a skylight...

As for the perceived value of the neighborhood maybe you missed the house in the background at the beginning of the video - the one under construction.

Clearly SOMEONE is optimistic about the neighborhood.

These would be called off market properties no matter what the economy is doing.

Builders hold properties, some times many multiples of properties in a block, district, or neighborhood for future development.

It has nothing to do with shadow inventory, it goes on all the time.

Shadow inventory is something different. It's properties that can't be sold in an efficient market place.

As an example, here in Everett Washington there were developments that had six out of maybe ten houses in a cul de sac that were all in default. Prices dropped below these new home prices, even for new construction.

The banks had a hard time selling the properties because if they sold too low, they would all sell for cheap.

Eventually one home sold for a discount, then others followed, but today pricing is looking pretty good for those homes.

The cul de sac took a hit on pricing, some people got a good deal, others are about at evens, the four that held on are maybe a little underwater.

In Florida we looked at entire blocks with distressed homes. Here in Renton there are many homes with the owners who haven't paid the mortgage in years.

There will be a point where things are moving again, the market will stabilize, and all the homes will get sold, it just may not be in your neighborhood.