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Old 12-05-2009, 09:46 AM
 
Location: Lowcountry
764 posts, read 1,490,169 times
Reputation: 416

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If you thought the worst has passed, it hasn't....

Don't be too quick to place the majority of blame on the Subprimes....

Say it ain't so.....

Moody’s Links Option ARM, Subprime Performance : HousingWire || financial news for the mortgage market
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Old 12-05-2009, 02:20 PM
 
28,461 posts, read 76,313,410 times
Reputation: 18536
The only useful info from that news is the extraordinary concentration of those loans in California. Lots of very stupid lenders and even less intelligent borrowers. Bad news for the fools that have resumed their "bidding wars" for homes that seem 'underpriced'...
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Old 12-05-2009, 10:03 PM
 
4,398 posts, read 9,385,932 times
Reputation: 3660
Quote:
Originally Posted by chet everett View Post
Bad news for the fools that have resumed their "bidding wars" for homes that seem 'underpriced'...
You have no idea. There is a temporary lack of move in ready upgraded homes in the Los Angeles County. This stuff, along with fixers in nicer areas that are intentionally listed low, induces multiple offers at the moment and typically are going for 15-25% over list. Its nuts really, but people are convinced they are getting a great deal. It all preys on emotion and people are just so happy they found a nice looking house or whatever, when the truth is that fewer REO's are being put on MLS, and people that don't have to sell, aren't. So the supply of certain types of properties is temporarily limited. A couple years from now, these people are going to be kicking themselves, if not in the exact same financial ruin as the people who previously owned the house.
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