Sorry doom and gloomers. The real estate market is hot in California.

[ByLoSellHi]

Quote from vhehn:

buying frenzy in parts of california for houses under a million. dont give me the lame excuse it because of the tax credit. do you really think an 8k tax credit will motivate someone to buy a million dollar house?

http://www.youtube.com/watch?v=LnmsjIM-IXs&feature=sub

JimtheRealtor
October 17, 2009




"The market has picked up steam, in spite of many negative economic factors in play now, and in the future. How do you explain it? Lower prices are the #1 contributor, and here in Carmel Valley people who have been waiting since 2006 for some sanity are buying at roughly 20% off peak pricing. They're tired of waiting, and if the deal seems good enough, they're going for it. There were four houses that sold at peak pricing, and the haircuts were -17%, -18%, -20%, -21%"

Well. if Jim "the Realtor" says it, it has to be true.

Realtors are honest.

California, Nevada, Arizona and Florida are leading the pack in foreclosures, and the last 3 months have shattered records in that regards.

The high end of the market is getting crushed because Jumbo loans are nearly impossible to get right now.

 

[MattF]

"They're tired of waiting, and if the deal seems good enough, they're going for it."

I would take this only if they are serious buyers and are specifically looking and seriously wanting to buy soon. In that case, 20% off is still pretty nice when you need a home technically "now."

Other then that, they should keep waiting. $8K is nice, but it's not a savings if it doesn't work into your budget and what you can feasibly afford.

 

[MattF]

Quote from poyayan:

Remember subprime? It is now the official government policy.

FHA 3% down + $8000 credit + FED buying mortgage papers

Yep. Just not called it anymore.

1 in 5 FHA loans are in default or foreclosure right now...

 

[rallydog]

I’ve read some interesting comments on this thread and I guess all I can say is that’s what makes a market. A few of us that are actually in the “Biz” don’t seem to be so “Pollyanna” in our outlook. Some have said you can never trust a realtor, well trust this:
1. Jobs, it takes a job to by a home these days, how’s that going?
2. Inventory, is being artificially suppressed (thankfully), will the banks be able to keep this up when commercial defaults begin? I doubt it.
3. What happens when the FED raises rates to prop up the dollar? Hint, it won’t be good.
4. Lastly, Cramer has called a bottom in the housing market. Certainly the greatest contra-indicator of all time.

One final thought; to the one or two idiots that say the government should just stand back and let the whole damn thing collapse, please tell me you’ve never reproduced.

 

[Dr. Zhivodka]

Sold By Owner....Sold a 2/2 1800sqr nicely appointed with only tandem parking and no owners closet in Sherman Oaks, California this weekend. 9bids ...listed at $725 accepted $825K no view. On the market for 4 days.

 

[Dr. Zhivodka]

And where are you a RE salesman?

Quote from rallydog:

I’ve read some interesting comments on this thread and I guess all I can say is that’s what makes a market. A few of us that are actually in the “Biz” don’t seem to be so “Pollyanna” in our outlook. Some have said you can never trust a realtor, well trust this:
1. Jobs, it takes a job to by a home these days, how’s that going?
2. Inventory, is being artificially suppressed (thankfully), will the banks be able to keep this up when commercial defaults begin? I doubt it.
3. What happens when the FED raises rates to prop up the dollar? Hint, it won’t be good.
4. Lastly, Cramer has called a bottom in the housing market. Certainly the greatest contra-indicator of all time.

One final thought; to the one or two idiots that say the government should just stand back and let the whole damn thing collapse, please tell me you’ve never reproduced.

 

[Dr. Zhivodka]

From an Investors standpoint ....Lemme tell ya brother they are lining up around the block for 800 scores and money in the bank.

Quote from MattF:

Yep. Just not called it anymore.

1 in 5 FHA loans are in default or foreclosure right now...

 

[Jacob Fries]

Quote from vhehn:

The real estate market was supposed to never come back. here we are one year later and the market is hot with bidding wars raising prices over list price.

http://www.youtube.com/watch?v=0R2FYggYGeQ&feature=sub

As a feminist pig decrying the loss of freedom in permitting aborted children to live, you applaud a mimimal market segment while negating the overwhelming majority. You resemble a media pig.

 

[Free Thinker]

Quote from Jacob Fries:

As a feminist pig decrying the loss of freedom in permitting aborted children to live, you applaud a mimimal market segment while negating the overwhelming majority. You resemble a media pig.

that made 0 sense. are you retarded?

 

[Dr. Zhivodka]

Massive RE bidding wars are going right on in some parts of L.A. County right. Not in Beverly Glen, not in Stone Canyon, not in Beverly Park and not in Encino Park.

But in other places right now people are killing themselves to buy and buy now.