Marin County - The Last Unpoppable Bubble (San Rafael, Montclair: short sales, 2011)

[michaelsa]

In Marin County prices have fallen below their $1.2 million average home price, which is just lovely, but they seem almost indestructible no matter how severe the downturn gets. I've heard that banks are holding on to huge numbers of foreclosed homes because they don't want to go to the trouble of cleaning them up and listing them, so all of that inventory is going to waste. Does anyone foresee an influx of foreclosed, cheaper homes in Marin County, or is Marin the last, unpoppable bubble in this world? Are residents still going to be laughing in their mansions to the very end, drinking wheat-grass cocktails while the rest of the Bay Area fills up with foreclosure signs?

[clongirl]

I don't think Marin is/has been immune to any fall in prices.. It might not look like prices are falling because the prices are so expensive to begin with, but even rich people have lost a huge part of their wealth, and people in general wherever they live still worry about their businesses slowing and their livelihoods threatened.

If you go onto a property website like zip, you'll see that in San Rafael for example, that there are hundreds of properties on the market..all the ones that are not selling are all short sales, priced reduced, foreclosures. It's happening there too. So instead of paying 1.7 million on a house, you'll be paying a mere 1.2mill (a total bargain! lol)

[18Montclair]

Originally Posted by michaelsa

Are residents still going to be laughing in their mansions to the very end, drinking wheat-grass cocktails while the rest of the Bay Area fills up with foreclosure signs?

Foreclosure Activity has slowed down.

[sonarrat]

Originally Posted by 18Montclair

Foreclosure Activity has slowed down.

MDA Dataquick disagrees. And also, the banks are sitting on about 30% of the foreclosed inventory and not marketing it.

[Tallysmom]

Originally Posted by sonarrat

MDA Dataquick disagrees. And also, the banks are sitting on about 30% of the foreclosed inventory and not marketing it.

Here in my zip I have several unoccupied homes with signage and all are off the MLS.... so I can see that all the foreclosed homes are not on the market.

[clongirl]

FYI for anyone interested or hadn't already seen this...Banks aren't reselling many foreclosed homes

[18Montclair]

Originally Posted by sonarrat

MDA Dataquick disagrees.

Sales of Foreclosed Homes as a percentage of all home sales are up, but the foreclosure rate in the Bay Area while still high, is actually waning.

[iluvcj]

I heard someone say on another post that ARMs and Alt-A loans are about to reset. It seems to me that combined with all the job losses this could really get ugly. Am I right?

[sonarrat]

Originally Posted by iluvcj

I heard someone say on another post that ARMs and Alt-A loans are about to reset. It seems to me that combined with all the job losses this could really get ugly. Am I right?

Yes, there are a substantial number of ARM resets scheduled for the spring and summer of '09. Traditional buying season, after all.

[andlw2004]

There are also alot of interest only and ARMs due to adjust in 2011, which they are saying if they don't get help now or plan for it we could have the same situation all over again.