What's up with the real estate market (this summer), listings down? rents way up?
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I think he/she was asking why you think this is connected to the election...or at least that's what I'm asking.
Since the US govt. owns and runs Fannie/Freddie. And by assumption, Fannie/Freddie own the vast majority of the foreclosures or pre foreclosures. It's reasonable to assume the US government can issue orders when or when not to release these distress homes to the public.
Doesn't take a rocket scientist to figure that out.
Notice as soon as gasoline prices hit near or around $4 earlier, it slower went back to to close to $3/gallon in many parts of the country. It's just not the commodities trading markets that's causing oil prices to go up/down. It's also the US government in association with the Saudi's that ultimately determine how much gasoline prices will head towards.
That's why in an election year, the government can manipulate many markets, including distress homes that they currently own.
Since the US govt. owns and runs Fannie/Freddie. And by assumption, Fannie/Freddie own the vast majority of the foreclosures or pre foreclosures. It's reasonable to assume the US government can issue orders when or when not to release these distress homes to the public.
Doesn't take a rocket scientist to figure that out.
I agree that they're picking and choosing their spots on releasing homes to the market.
Quote:
Originally Posted by aneftp
That's why in an election year..
I think the real goal is stave off an utter and complete crash that would be caused by having too many REOs out there. Not swinging votes.
>Notice as soon as gasoline prices hit near or around $4 earlier, it slower went back to to close to $3/gallon in many parts of the country. It's just not the commodities trading markets that's causing oil prices to go up/down. It's also the US government in association with the Saudi's that ultimately determine how much gasoline prices will head towards.
>That's why in an election year, the government can manipulate many markets, including distress homes that they currently own.
OK so Obama and the Elders of Saudi manipulated oil prices up so they could manipulate them down and take credit. And Obama tells Fannie to tell the banks not to sell foreclosures so that we will reelect despite the (much more worrisome) job growth numbers. Which, I guess, they are not manipulating just to throw us off the track.
> Doesn't take a rocket scientist to figure that out.
Thank you for helping me, I'm not that good at finding conspiracies.
I'm not a big believer in conspiracies either, but I do know a Freddie Mac listing agent that has seen the listings dry up this year...and she has been told by the asset managers that there will be many more listings after the election. I don't think that will affect my market much because we don't get a lot of REOs here anyway. But there are places in the city that will likely get a lot more REOs in November.
As I post over and over there are a good number of pre-foreclosure properties showing up but with the banks being short sale friendly and with the current sellers market happening in Orlando most will not become bank owned.
If the distressed home owners would just answer when their bank calls or respond to there mailings. Heck the banks are even offing cash at closing to the distressed sellers in some cases up to $30,000 with waver of deficiency.
Now before I'm lambasted I understand some are truly concerned for their families with the downturn in the economy or reduced income and so they should.
As for the shadow inventory investors are now buying in lots of 50 to 200 and spiffing up then placing on the market as non-distress sales. Ran into my first just the other day with a buyer and in my conversation with them found out they had bought 200 homes in various states.
Are we out of the foreclosure mess, no, but now I see a distant light in the tunnel where it was pitch black.
Oh and if I were into conspiracies mine would be the government cutting mortgages down to current appraised values. Participation in this gov program would require the distress homeowner agreeing to a mortgage rate at say 5 or 6 percent with a no refinance clause for x number of years, a fixed number of years before you can sell, home must be maintained with an annual inspection by lien holder also current mortgage holder would share of any future profits when home is sold.
Wait that might just be a smart move so don't see this idea or some facsimile coming out of the government or will we???????
As I post over and over there are a good number of pre-foreclosure properties showing up but with the banks being short sale friendly and with the current sellers market happening in Orlando most will not become bank owned.
If the distressed home owners would just answer when their bank calls or respond to there mailings. Heck the banks are even offing cash at closing to the distressed sellers in some cases up to $30,000 with waver of deficiency.
Now before I'm lambasted I understand some are truly concerned for their families with the downturn in the economy or reduced income and so they should.
As for the shadow inventory investors are now buying in lots of 50 to 200 and spiffing up then placing on the market as non-distress sales. Ran into my first just the other day with a buyer and in my conversation with them found out they had bought 200 homes in various states.
Are we out of the foreclosure mess, no, but now I see a distant light in the tunnel where it was pitch black.
Oh and if I were into conspiracies mine would be the government cutting mortgages down to current appraised values. Participation in this gov program would require the distress homeowner agreeing to a mortgage rate at say 5 or 6 percent with a no refinance clause for x number of years, a fixed number of years before you can sell, home must be maintained with an annual inspection by lien holder also current mortgage holder would share of any future profits when home is sold.
Wait that might just be a smart move so don't see this idea or some facsimile coming out of the government or will we???????
Hope this helps,
I'm up in the same neck of the woods you are. The weird thing I am finding is some short sales are getting approved for way less than market value. This home I had an eye on, I know exactly what the BPO price was (420K) because that's why the first contract failed. They were under contract for 390K and bank wanted 420K. Home is really worth 440-460K in open market. But just sold for 360k as short sell.
Whereas a foreclosure in a similar desirable gated community is still sitting at an outrageous price in the 450s.
Both short sells and bank owned are distress properties but short sells are selling for at times 10-15% less than bank owned properties in similar neighborhoods and exact same zipcodes.
This isn't the first time it's happened either. People on these boards say short sells save the banks money. But I've had known at least 6 short sells within a 4 mile radius of my home that's sold less than comparable foreclosures had sold for.
4 of these short sells have been HAFA. There is no conspiracy, government is kicking back these banks money in HAFA.
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