patrick.net

Otherwise why would so many of these guys would risk their cash, They seem fully optimistic about the summer-2011.

Why did so many risk their cash in 2006?

Stupidity? Ignorance?

E-man says

As you know, the 95132 market has been HOT for over a year now.

It's down 6% YOY and sales are down 29% YOY. How is that "hot"?

I'm noticing more flippers too. The foreclosures dont seem to be happening. or they're being sold out the backdoor on the courthouse steps and never making it to the regular market.

You can still see the foreclosed sale price on redfin and the new jacked up flipped asking price.

toothfairy says

I’m noticing more flippers too. The foreclosures dont seem to be happening. or they’re being sold out the backdoor on the courthouse steps and never making it to the regular market.
You can still see the foreclosed sale price on redfin and the new jacked up flipped asking price.

Flipping will continue, but not all sell/buy activity is governed by flippers. Prices have to go down to affordable levels. Prices will keep going down until a person with good credit does not have hard time getting a loan. Cmon guys! Did you forget your economics 101.

Nomograph says

ChrisLA says

So if you see a lot of flippers in a community just avoid it. You’ll otherwise end up in a place devoid of soul, where neighbors don’t know or care to know each other (since they are only there for a few years to flip the place), everything gets run down overtime because they obviously won’t care about long term, followed by crime. I see that pattern all too often.

You don’t know what a flipper is.

Out here its someone who buys a house for 5 years and flips it to the next sucker. Not sure if this definition carries universally.

ChrisLA says

Nomograph says

ChrisLA says

So if you see a lot of flippers in a community just avoid it. You’ll otherwise end up in a place devoid of soul, where neighbors don’t know or care to know each other (since they are only there for a few years to flip the place), everything gets run down overtime because they obviously won’t care about long term, followed by crime. I see that pattern all too often.

You don’t know what a flipper is.

Out here its someone who buys a house for 5 years and flips it to the next sucker. Not sure if this definition carries universally.

No--that's not a flipper.

It's likely someone that gets a good price on a home going in, covers defects, and fixes the defects that cannot be covered. The house gets relisted about 2 months later (in many cases, relisted with the same seller agent from before because they gave them such a great deal). They likely would profit from the sale even if they didn't do any work on the property because they usually get such an awesome price to begin with.

How do they get these awesome prices? I have no frickin idea. But I want in on the action.

bubblesitter says

toothfairy says

I’m noticing more flippers too. The foreclosures dont seem to be happening. or they’re being sold out the backdoor on the courthouse steps and never making it to the regular market.

You can still see the foreclosed sale price on redfin and the new jacked up flipped asking price.

Flipping will continue, but not all sell/buy activity is governed by flippers. Prices have to go down to affordable levels. Prices will keep going down until a person with good credit does not have hard time getting a loan. Cmon guys! Did you forget your economics 101.

affordable to who though? Bill Gates or burger flipper at McDonalds. I know my economics 101. It's all about supply and demand. Right now there's very little supply. It only takes a few Bill Gates types to keep prices afloat.

@robertoaribas

Thanks.

Flippers selling to Flippers Rich this and that, It is clearly a sign of the recovery is failing, without the flippers, where would the market be? it is exactly like when the bubble was made, it was all the wannabe's chasing the same homes, that drove the prices, up, You wanted it, and he wanted it and she wanted it, BID BID BID and over pay and over pay, now only it is a smaller group Flippers selling to one another... That is not a market I want to be anything but SHORT.

toothfairy says

It’s all about supply and demand. Right now there’s very little supply.

God almighty! you must be a young grasshopper! I heard this so many many times over
the past decades and each decade has proven this to be false.

Another typical sound bite from realtors....

There are other variables aside supply and demand which have influenced prices.

So why did prices been dropping, if your "limited supply" equation is correct ?

Greed is so blind and evil....