patrick.net

The Los Angeles Times. “The number of so-called absentee buyers, usually cash investors, has dropped slightly in Southern California since hitting a record in January. But they still account for more than 1 in 4 home purchases in the region. And just 8% of those deals were on foreclosed homes in June, compared with 25% a year earlier. ‘Everybody and their dog is an investor,’ said Dick Caley, a Long Beach real estate agent. ‘It has gotten to the point where I do not even return the call.’”

“The mix of investors and their strategies are shifting, with large financial firms starting to pull back and smaller players moving in, looking to buy, fix and flip homes for a quick profit. The short-term mentality worries some economists. ‘Flippers are selling to other flippers, who are selling to other flippers, until there is nobody to flip the home to,’ said John Burns, a housing industry consultant in Irvine. ‘And that is when you have a big downturn.’”

“Experienced flippers say the increased competition is forcing them to change tactics. Brian Coomans, owner of investment company GGB Properties Inc. in Long Beach, sees a short window of time left to make money. ‘I know I am not going to be doing this forever,’ he said. ‘I have maybe a one-year window, a two-year window to be flipping homes like this.’”

So what's your housing prediction for CA?

Bigsby says

So what's your housing prediction for CA?

the flatlining has already begun in the past 60 days due to fed tapering, now time to let the market do the rest!

Perhaps you'd care to put a number to your prediction.

How many buyers search the interwebs & do drive-bys to avoid commissioned sales people's pressure tactics & find the listing to be an overpriced shack in a dumpster neighborhood?

Shyster associations should fire any representative that doesn't continually Pump-Up the Hype.
Looks like sales will increase & prices will rise. Traffic is down but most are discriminating buyers.LOL

Does anyone else get the feeling that there is some disagreement here on the future of real estate prices?

I suspect it is in danger of becoming slightly uncivil.

Bigsby says

Perhaps you need to reread my earlier post - you know, the one where I said he can post his prediction as well and then the two can be compared.

when he post a specific number, then so will i. until then, your lover is predicting much higher up, and i'm predicting down

Iwag says

look at this loser with his lies again. i bought in 1991, you know, back when your haircut was still in style?

i would gladly compare my housing gains to your housing gains anytime Roberto. all of your phoenix desert shacks compared to my single San Francisco victorian that i bought over 20 years ago. you really want to compare who timed what better asshole?

honestly the only punishment i really fear is ending up like Roberto Ribas. it keeps me up at night, and pushes me to do greater.

So why are you so vein-bustingly trolling this site then? A bit sad for someone who is seemingly in his 50s or older.

Bigsby says

So why are you so vein-bustingly trolling this site then? A bit sad for someone who is seemingly in his 50s or older.

if i didnt post, what would you do with your life? follow someone else?

Iwag says

Bigsby says

So why are you so vein-bustingly trolling this site then? A bit sad for someone who is seemingly in his 50s or older.

if i didnt post, what would you do with your life? follow someone else?

You've posted 85 comments and been on here for a few weeks...

And you still haven't put a number to your prediction... or explained why someone who is supposedly of your advanced years is behaving the way you are.

Bigsby says

You've posted 85 comments and been on here for a few weeks...

And you still haven't put a number to your prediction... or explained why someone who is supposedly of your advanced years is behaving the way you are.

are there other observations youve made about me bigby? are you in love yet?

Bigsby says

He would be wrong, and so would you.

but would you kick him out of bed for it?

Analyzer says

Pull the plug on QE and let's find out where the economy really stands.

Since nowadays "the economy" = "the stock market" + "the housing market", the "economy" would probably tank if the QE stopped. Our economy is "asset based," or so they say. It's not based on the creation of actual goods and services. It's about numbers getting bigger over time.

yeah its funny when you can be wrong over and over, and claim you got things right, all at the expense of your wifes life savings

Could it be that the 44% who oppose raising the debt ceiling are those who actually pay income taxes???

Can America just spend more than is take in indefinitely, without any consequences?

Bigsby says

Err, I haven't made any predictions about what might happen in 2014

thats right, you have no input except to be my tail and obsess over me

egads101 says

Not sure why you care so much about that guy, he seems to have made a great deal of money in real estate... you'd think on a housing blog, you'd want to learn from him, but whatev...

the oracle predicted the housing market would lull, or did you forget? prices will be higher in a year, but not at the torrid pace of last year.

that guy? that guy is you roberto!!! has the sun fried your brain in phoenix? CallItCrazy posted a screen shot that showed your roberto account and your egads account have the same exact ip address

why are you being a liar roberto?

also like i said, anytime you want to compare who made more money in real estate, i'd gladly put up just my one s.f victorian against your dozen desert shacks

you bought in 2009, 2010, 2011, and i bought in 1991. who do you think is really going to win that battle asshole? hahaha

Bigsby says

I've simply asked for your prediction for 2014

ive said prices will be down you liar, stop lying

you dont live in the u.s but claim to live in Monterey California? another liar in our midst

Iwag says

egads101 says

Not sure why you care so much about that guy, he seems to have made a great deal of money in real estate... you'd think on a housing blog, you'd want to learn from him, but whatev...

the oracle predicted the housing market would lull, or did you forget? prices will be higher in a year, but not at the torrid pace of last year.

that guy? that guy is you roberto!!! has the sun fried your brain in phoenix? CallItCrazy posted a screen shot that showed your roberto account and your egads account have the same exact ip address

why are you being a liar roberto?

also like i said, anytime you want to compare who made more money in real estate, i'd gladly put up just my one s.f victorian against your dozen desert shacks

you bought in 2009, 2010, 2011, and i bought in 1991. who do you think is really going to win that battle asshole? hahaha

You bought the Victorian you still live in when you were 21/22? That's quite impressive. Clearly, the intervening years haven't been kind to you if all you are now reduced to is trolling on a RE forum.

Iwag says

Bigsby says

I've simply asked for your prediction for 2014

ive said prices will be down you liar, stop lying

you dont live in the u.s but claim to live in Monterey California? another liar in our midst

You said prices would crater. And I don't live in the US. I do, however, own a home in Monterey. Do you see how that works?

And why do you post like a hyper-ventilating teenager rather than a 43 year-old? Your posts have a very familiar ring to them.

Bigsby says

You bought the Victorian you still live in when you were 21/22? That's quite impressive. Clearly, the intervening years haven't been kind to you if all you are now reduced to is trolling on a RE forum.

you liar i never said i bought when i was 21 asshole

also if i'm a troll and youre following my every post, what does that make you?

Bigsby says

And I don't live in the US. I do, however, own a home in Monterey. Do you see how that works?

that sounds like another made up lie

My prediction: Dumass buyers will continue to overpay for overpriced houses through 2014.
Hope I'm wrong.
It would be the first time.lol

Iwag says

Bigsby says

And I don't live in the US. I do, however, own a home in Monterey. Do you see how that works?

that sounds like another made up lie

A made up lie? I work in Kuwait. I own a home in Monterey. I've mentioned that a number of times over the years. Clearly, everything you post is just trolling bullshit so it matters not what you think.

Iwag says

Bigsby says

You bought the Victorian you still live in when you were 21/22? That's quite impressive. Clearly, the intervening years haven't been kind to you if all you are now reduced to is trolling on a RE forum.

you liar i never said i bought when i was 21 asshole

also if i'm a troll and youre following my every post, what does that make you?

You said you bought in 1991. Your age is stated as 43...

It makes me someone following this particular thread (rather than your every post) to kill a bit of time. What does it make you to be trolling a RE forum?

And you post exactly as Darrell and all his other personas used to... (though a little more sweary this time round). Are you enjoying being back?

Stop deluding yourselves. Yes, the housing market is irrational. Yes, this is a bubble, but YES, once this one pops they'll just make another.

It has to be abundantly clear that "they" really, really, really want housing just to go up, and they'll do anything to make that happen.

Buy now, or.... eh, if you haven't bought by now, you were priced out along time ago.

Call it Crazy,
Buy on flowing water where upstream owners have water rights,then you can sue them for not keeping their water out of your home when it floods.

Bigsby says

It makes me someone following this particular thread (rather than your every post) to kill a bit of time.

that's an outright lie, you're only in here because of me liar

In 1995 you competed against other buyers that wanted to live in the house.

In 2013, and forever forward, you will be competing with worldwide investors who will pay all-cash and intend to rent out forever.

The rest of the world has more money than you, and it will always be that way.

It IS different this time.

Foreign cash buyers will save us!

lol

6% interest rates coming

incomes down

come on you chindians help us out!

Call it Crazy says

HEY YOU says

Call it Crazy,

Buy on flowing water where upstream owners have water rights,then you can sue them for not keeping their water out of your home when it floods.

Man, you always have the answers!!!!

That reminds me of my favorite bumper sticker:"If your so Damn smart,why aren't you RICH." I took it as a personal attack.ROFLMAO

freak80 says

Cic,

The people who have the power to screw you aren't middle and upper-middle class folks with waterfront property.

They sure can be -in a democracy voters can be dangerous-middle class and upper class voters can vote for increased social security payments for themselves against the wishes of a minority of younger poorer voters.

Any one who has the power to enforce their will on you against yours is dangerous-the politically connected, the wealthy, mobs etc. There is no nobility in voting away someone's rights or money just because the people doing it aren't "elites" or in the "1%"

HEY YOU says

Call it Crazy,

Buy on flowing water where upstream owners have water rights,then you can sue them for not keeping their water out of your home when it floods.

That is the private market solution.

Say hey! This was in the Wall Street Journal on March 30, 1999:

Holy cow/interesting/compelling ...!

And where is it up to date??? Right here ... see the first chart shown in this thread.
Recent Dow day is Monday, September 16, 2013 __ Level is 98.9

WOW! It is hideous that this is hidden! Is there any such "Homes, Inflation Adjusted"? Yes indeed, go here:
http://patrick.net/?p=1219038&c=999083#comment-999083

Since Congress already approves spending and taxation, a separate debt ceiling that has to be increased periodically creates unneeded uncertainty and will ultimately lead to negative financial outcomes.

If we raise it we're screwed down the line. If we don't raise it were screwed immediately. Congress will always act irresponsibly and kick the can down the road, won't they?

Debt is Bad

egads101 says

kashif313 says

If I buy a house in SoCal: $500,000 with 20% down, 30 year mortgage, 3.5% interest rate vs. 4.5% interest rate, the payment is $1,796.18 vs $2,026.74 or a difference of $230.56 per month. Yet you say mortgage rate increases are not relevant?

If you don't buy a home, and rents increase by 10% for the same type of home over the next say 3 years, a not unlikely scenario, well there goes your $200 a month issue with the mortgage.

I think 5 years from now, a hell of a lot of people are going to have seen enough rent increase, that they are going to look back at the mortgages they could have locked in for life today, last year, the year before, and seriously wonder what the hell was wrong with their thinking, and why they ever listed to the permabear idiots on this site.

Roberta, why did you have to change your screen name?

Just knowing refis are booked as mortgage income by a bank should be enough reason never to take a mortgage. The whole biz is bs. The article says rising mortgage rates are hurting their business, but it also must be really helping their business because who do you think gets all that interest! Are you fin stupid? Banks must be super excited during this period of high prices AND higher interest. Even if it only lasts a couple of months that's probably billions of dollars. It's great to be a bank. People don't even understand how you make money. I don't even understand it.