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Old 01-30-2012, 03:43 PM
 
575 posts, read 1,595,831 times
Reputation: 306

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Quote:
Originally Posted by dclamb3 View Post

In my particular situation, it almost seemed as if the underwriter was inadequate (or possibly understaffed)
<snip>
I'll know for the future, though, that during the underwriting process to slate pretty much slate half of my office hours to faxing financial forms to the bank.
Unfortunately I don't think your experience is unique.

I remember being told I was a small fish in a big sea and if I wanted my loan to fund I would submit exactly what was requested, even though the reason I questioned the request was because they already had the information, just on a different form. And this was looong before the current credit crunch.

Now to try and get back to the OP... I actually agree with EscapeCalifornia about investors being a major source of capital and individual buyers being squeezed out of many deals right now. It's just that we disagree about the reasons.

In general I think it has less to do with unreasonably tight credit standards and more to do with buyers who can't legitimately afford homes at current prices, even though payment affordability is probably the best it's been in years. Plus, how many individual buyers have enough cash buy foreclosures on the courthouse steps?

Of course I also think antarez made an excellent point. Not all investment money is smart money. I think some investors buying now could potentially end up getting burned in a big way. As always, JMHO
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Old 01-30-2012, 11:24 PM
 
Location: Laguna Beach, CA
2 posts, read 3,586 times
Reputation: 14
This was really popular when they had the tax credits for first time home buyers but now buying at the court house steps and flipping has slowed down.
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Old 01-31-2012, 06:18 PM
 
3,878 posts, read 3,284,903 times
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Quote:
Originally Posted by Denise De La Torre View Post
This was really popular when they had the tax credits for first time home buyers but now buying at the court house steps and flipping has slowed down.
Correct it gave the RE market a boost when the State tried to re inflate the housing bubble.

Calif. is broke and Brown probably won't be able to get his tax increases passed.

With more cutbacks probably in the future and the unemployment rate not drastically improving during this election year there will probably be more buyer malaise.
12% of agents lost property to foreclosure - Lansner on Real Estate : The Orange County Register

This recent article claims 12% of real estate agents have lost their own homes to foreclosure, so it shows that the market is still nowhere near healthy. If anyone should have a clue it's those in the RE industry.

Here's another article about an OC RE data firm cutting jobs O.C. real estate data firm cuts 72 jobs - Lansner on Real Estate : The Orange County Register

The bottom is still probably aways off. RE agents are like used car salesman according to them it's always a good time to buy. You never hear them say when it's a bad time to buy do you?
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Old 02-04-2012, 05:09 PM
 
Location: Las Flores, Orange County, CA
26,346 posts, read 82,817,106 times
Reputation: 17500
Quote:
Originally Posted by movestoomuch View Post
Likely we'll put down 80% or more. But then again, at 50 years old - the last thing I want is a large mortgage.
I'm 50 too and I took out a large mortgage, though for 15 years. Rates are too low to pay down a mortgage early.
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Old 02-05-2012, 10:01 AM
 
Location: Brentwood/Nashville
124 posts, read 290,890 times
Reputation: 36
Quote:
Originally Posted by Charles View Post
I'm 50 too and I took out a large mortgage, though for 15 years. Rates are too low to pay down a mortgage early.
What do you consider large? To me, anything more than 200K is a lot. It's been nice not to have any mortgage for years.

Especially with the price of real estate in Orange. I'mflying in tomorrow to take a look around different areas to see if there is anythign we'll find comfortable for our family. I'm looking in areas from Irvine to areas south of Irvine. 850K MAX.

Do houses tend to sell close to or below the asking price? I suppose the realtor can get those numbers for me but I'm hesitent ever since a raltor in Pittsburgh, PA lied through her teeth to us and showed us "comps" which were nowhere near where we lived (they were about 6 -10 miles away!) and we got suckered into that one. It was a tough one because it was pretty rural...
NEVER AGAIN. Live and learn I suppose..
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Old 02-05-2012, 10:13 AM
 
Location: Las Flores, Orange County, CA
26,346 posts, read 82,817,106 times
Reputation: 17500
Quote:
Originally Posted by movestoomuch View Post
What do you consider large? To me, anything more than 200K is a lot. It's been nice not to have any mortgage for years.

Especially with the price of real estate in Orange. I'mflying in tomorrow to take a look around different areas to see if there is anythign we'll find comfortable for our family. I'm looking in areas from Irvine to areas south of Irvine. 850K MAX.

Do houses tend to sell close to or below the asking price? I suppose the realtor can get those numbers for me but I'm hesitent ever since a raltor in Pittsburgh, PA lied through her teeth to us and showed us "comps" which were nowhere near where we lived (they were about 6 -10 miles away!) and we got suckered into that one. It was a tough one because it was pretty rural...
NEVER AGAIN. Live and learn I suppose..
I strongly recommend Search Homes for Sale & Find Real Estate Agents Who Put You First | Redfin as a real estate search tool. There is a feature in it which allows you to download to Excel as it provides a huge table of data, many more columns than which show on the web page. One of the columns is "Original Asking Price", another one is "Final Asking Price" and another one is "Final Sales Price". These three pieces of information can really help you answer some of your questions in your post above. Great tool is redfin.
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Old 11-26-2013, 07:31 AM
 
1,420 posts, read 2,627,970 times
Reputation: 2244
Chinese buying up California housing - NBC News.com
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Old 11-29-2013, 01:03 AM
 
Location: San Diego, CA
225 posts, read 413,559 times
Reputation: 129
Quote:
Originally Posted by Cheektowaga_Chester View Post
It will be interesting to see if in the coming years there is a noticeable demographic change in Irvine with asians being the majority.

Population by Races
White: 107,215 (50.48%, #1257)
Black: 3,718 (1.75%, #507)
Hispanic: 19,621 (9.24%, #1111)
Asian: 83,176 (39.16%, #31)
Native (American Indian, Alaska Native, Hawaiian Native, etc.): 689 (0.32%, #1369)
One Race, Other: 5,867 (2.76%, see rank)
Two or More Races: 11,710 (5.51%, see rank)
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Old 11-29-2013, 08:53 AM
 
Location: Aliso Viejo, Orange County, CA
4,941 posts, read 6,330,073 times
Reputation: 4064
Quote:
Originally Posted by jwblue View Post
It will be interesting to see if in the coming years there is a noticeable demographic change in Irvine with asians being the majority.

Population by Races
White: 107,215 (50.48%, #1257)
Black: 3,718 (1.75%, #507)
Hispanic: 19,621 (9.24%, #1111)
Asian: 83,176 (39.16%, #31)
Native (American Indian, Alaska Native, Hawaiian Native, etc.): 689 (0.32%, #1369)
One Race, Other: 5,867 (2.76%, see rank)
Two or More Races: 11,710 (5.51%, see rank)
I doubt that anyone who lives in Orange County would be surprised since Irvine's population seems to be trending that way. Despite the last census figures, I suspect that many already view Irvine as being a primarily Asian city.

Last edited by pacific2; 11-29-2013 at 09:20 AM..
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