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The Planet where most foreclosures are priced well below market and get multiple offers in days.
7 offers in 2 days on the most recent one that someone from my office made an offer on.
3 offers in 3 days in the last one I got.
5 offers in the first day on one I did not get a chance to offer on.
Now please tell me some of your true life experiences involving foreclosures or were you just blowing smoke?
We certainly have multiple offers on all low end REPOs...
Just did one with an investor. We bid 10K over a 110K list for a little 3/2 and lost it. At least five bids in less than three days.
On the other hand I just looked at a $750K REPO in gorgeous shape that has been sitting there a month or more and may well take another few months to sell.
Where are you getting these numbers from? Here's the year over year price drops for the last 6 months from the publicly available data.
-28.4% - May 2008
-28.6%
-29.9% - is this the 30 you mention above?
-30.6%
-31.3%
-31.7% - Oct 2008 (released late Dec)
There is a trend here - but it's not a valley. Add one or two 32%+ drops to the end to match what I think you're saying above and there still isn't one, at least not without making some assumptions about the Jan and beyond data.
Where are you getting these numbers from? Here's the year over year price drops for the last 6 months from the publicly available data.
-28.4% - May 2008
-28.6%
-29.9% - is this the 30 you mention above?
-30.6%
-31.3%
-31.7% - Oct 2008 (released late Dec)
There is a trend here - but it's not a valley. Add one or two 32%+ drops to the end to match what I think you're saying above and there still isn't one, at least not without making some assumptions about the Jan and beyond data.
Next two are going to be -31,-31 or so. Flat or down slightly.I can't tell about January of course. Nor can I project exact numbers but I can tell that they will be down around a .5 point from October. And if the trends continue we will see further small drops in January and February.
The earlier numbers were meant to be illustrative...I did not look up the reality.
Could I be wrong? Not much...all these data are reasonably consistent and nothing is jumping around. The CS data is also a three month moving average which holds down rapid change.
Justy for fun I believe Nov will be -31.1, December will be -30.9 and January -29.3
The Planet where most foreclosures are priced well below market and get multiple offers in days.
7 offers in 2 days on the most recent one that someone from my office made an offer on.
3 offers in 3 days in the last one I got.
5 offers in the first day on one I did not get a chance to offer on.
Now please tell me some of your true life experiences involving foreclosures or were you just blowing smoke?
i'll take your word for it mike but i'm positive that the prices they're going for are serious lowballs. i was recently at the courthouse and one of the places i inspected went for $199200. the bank set the reserve at $180000 add another $14 grand for 07/08 taxes (around $7000 a year) and $4000 unpaid hoa's. selling price in august 06 $551000. i took my brother in law along for a wake up call. his eyes nearly popped out of his head.
like i mentioned in my earlier post only around 4-6 of the 100 places auctioned were actually bought. the rest went back to the banks. imo the banks are sitting on huge inventories only a small fraction of which is making its way onto the market.
First, what has been "happening" in the real estate market over the last couple of years is a mirror image of what happened in the 80's - and the Savings and Loan industry. Carbon Copy. And guess what - the industry recovered - and was stronger than ever.
And the same will happen once again. The key to remember is - housing is part of meeting a basic human need - shelter.
First, what has been "happening" in the real estate market over the last couple of years is a mirror image of what happened in the 80's - and the Savings and Loan industry. Carbon Copy. And guess what - the industry recovered - and was stronger than ever.
And the same will happen once again. The key to remember is - housing is part of meeting a basic human need - shelter.
You're right about all this being a carbon copy of what happened in the 80's.
You're wrong about us 'recovering' from all that. We never did. For twenty years we simply rolled-over our previous bubble failures from one to another until we dug ourselves a hole to China the likes of which has never ever been seen in the written financial historical records of humanity.
First, what has been "happening" in the real estate market over the last couple of years is a mirror image of what happened in the 80's - and the Savings and Loan industry. Carbon Copy. And guess what - the industry recovered - and was stronger than ever.
And the same will happen once again. The key to remember is - housing is part of meeting a basic human need - shelter.
For sure! Those lovely 13% interest rates......and that was a 'good deal"
And the same will happen once again. The key to remember is - housing is part of meeting a basic human need - shelter.
Not to seem belligerant but the key to really remember is that the human necessity is to HAVE a shelter: not to OWN it. ESPECIALLY when the exorbitant costs of owning a shelter subtracts financial resources for OTHER basic human needs. Like food.
Not to seem belligerant but the key to really remember is that the human necessity is to HAVE a shelter: not to OWN it. ESPECIALLY when the exorbitant costs of owning a shelter subtracts financial resources for OTHER basic human needs. Like food.
One can purchase a home in many areas of the country for LESS than the cost of rent - and have a tax advantage that renters don't have.
Also, communities where there are higher percentages of owner occupants tend to be more stable overall.
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