Sorry doom and gloomers. The real estate market is hot in California.

Discussion in 'Economics' started by Free Thinker, Oct 6, 2009.

  1. Of course all RE is local. I'm getting multiple bids on some of my SoCal properties that I bought less than 2 years ago. And all of my leases are strong.

    Florida is New York south. I wouldn't touch it with Bylo's dick. The only thing worse than that shit hole is Las Vegas.

    #11     Oct 7, 2009
  2. we dont have to get back to the top price ever paid for a market to be hot. the guy in the video is a california realtor that was preaching housing doom a while back. he is seeing real strength. will it last? too soon to tell but as market professionals we cant sit around with our blinders on when the market is telling us we are wrong.
    #12     Oct 7, 2009
  3. You come across as a childish fool. The more you post the more I realize that you are a total poseur when it come to markets and Real Estate. But just to correct the record.

    1) I don't play the lotto. It's losers game for the mathematically deficient.

    2) We do have wells and leases that are paying off from a $2.50 basis.

    3) not "women" anymore...only woman.

    Anything else poseur?

    #13     Oct 7, 2009
  4. Nice delete poseur.

    You are a childish fool.
    #14     Oct 7, 2009
  5. Interesting statement. I'm a Realtor in CA and hot isn't the way most of us in the business would describe it, unless you meant hot like hell is hot.

    Some facts to consider:
    Unemployment is over 12% and rising. This doesn't count the self-employed (household survey) or those on furlough working decreased hours.

    It's a tight money market..."A" paper only please, all others need not apply.

    Shadow inventory is climbing. Examples; many short sales I've listed that have fallen through have not come back on the market in some cases a year after foreclosure. I have current short sale listings where the owner hasn't made a payment in over a year and there is still no notice of default.

    In a recent phone conversation with Bank of America (BAC), a supervisor in the short sale department informed me that they have 8 million loans under water trying to modify. Many of these will eventually end up in foreclosure. I'm beginning to hear rumors that BAC will be back at the government's door asking for more money next year, all the while claiming they will soon repay TARP funds. Yeah right!

    Yes deals are getting done. Homes are being sold but don't fool yourself.

    This is a mess and it's a long ways from being cleaned up
    #15     Oct 7, 2009
  6. no matter what happened to your RE market, it's a govt organized scam, it's an outrage that prices are being propped up by Fed intervention , tax credits for home buyers, loan modifications etc. It's an outrage. Govt has zero business in propping up house prices and protecting homeowners especially when said govt has let this market totally unregulated in the past.
    #16     Oct 7, 2009
  7. It all depends on where you are I suppose. The subdivision next to mine is up about 30% in the last 2 months. About 5 miles from me its only up about 5%. Then you go to the next city and its down 10% in the last 2 months.

    But looking at all the areas in general it looks like we are up about 10% overall in the last 2 months
    #17     Oct 7, 2009
  8. You're not worth arguing with anymore.

    Besides, rallydog, who has a million percent more credibility than you ever will just came along and posted facts versus your crackpipe scenario.

    Puff on, Canadian Bacon.
    #18     Oct 7, 2009
  9. ElCubano


    I read in the miami herald a guy who bid for 15 properties and bid them 10K higher didnt get one..that was as recent as last weeks herald. Have not been following the real estate market down here nor do I know what type of properties he was bidding for. I have a feeling though the condo market is still looking into the abyss...
    #19     Oct 7, 2009
  10. Ya the RE market is so hot! Sacramento's shadow foreclosure market stands at a bullish 36k homes. No biggie!
    #20     Oct 7, 2009