Housing Rolling Along 2

[murray t turtle]

Quote from Smart Money:

Does anyone know how the current foreclosure rate compares to the historical rate,
rather than the end of a boom?

http://www.cnbc.com/id/19190681/site/14081545/

======================
Well current FC rate is actually much improved [for lenders/buyers] in storm swamped states like MS,LA,
last 12 months or so. Typical of RE, local patterns are important.

Dont know the current national rate,
but HOV ............ is still downtrending nicely
Not a stock tip, but wisdom is profitable to direct.

 

[Adobian]

What are the risks in buying distressed properties ?

Where do I start searching if I want to buy a foreclosed property in California ? Thanks all.

 

[traderdragon2]

People are finally starting to notice the inflation.

Rates just blew thru 6.3%

Coupled with tightening loan practices, its no wonder prices keep going down.

Look at this chart of interest rates in the last 3 months. OUCHIE to the people with ARMS.

 

[jerry11901]

Quote from Adobian:

What are the risks in buying distressed properties ?

Where do I start searching if I want to buy a foreclosed property in California ? Thanks all.

http://www.currentforeclosures.com/Foreclosures/Landing/state.asp?state_sg=CA

 

[SiSePuede!]

Quote from Adobian:

What are the risks in buying distressed properties ?

Where do I start searching if I want to buy a foreclosed property in California ? Thanks all.

Only the hundreds of potentially more distressed properties that will keep property values low or push them lower.

 

[trkarl]

http://www.winknews.com/news/local/7896352.html

50% drop in 6 months :eek:

 

[Copernicus]

Quote from trkarl:

http://www.winknews.com/news/local/7896352.html

50% drop in 6 months :eek:

yes, 2 years ago everybody owned a title/mortgage company, these days it seems everyone is opening up a "distressed real estate" investment company.

 

[Handsome]

Quote from trkarl:

http://www.winknews.com/news/local/7896352.html

50% drop in 6 months :eek:

Even at $180k, hi bidder over paid imo...probably put together with elmers glue and first tropical storm, not even hurricane, level place.

 

[Copernicus]

Quote from Handsome:

Even at $180k, hi bidder over paid imo...probably put together with elmers glue and first tropical storm, not even hurricane, level place.

New building codes are much stricter, no more shacks allowed, everything build new has to be somewhat hurricane resistant, ? is whether it has hurricane resistant glass or one still needs shutters. On a townhome it could make for at least 20-30k difference in pricing.

 

[Handsome]

What you say true but I still would say places built fast just to flip/turn over are not built very well at all imho.