Posted by 101livescan on 7/29/12 8:51am
Msg #428520

CA remains hotbed for foreclosures

http://nationalmortgageprofessional.com/news30613/california-remains-hotbed-market-foreclosures

We're having more short sales here on the central coast so that borrowers can avoid the foreclosure event. Not as bad on one's credit as a foreclosure/eviction process.

The foreclosures are still coming down the pike. Posted a couple yesterday and more next week for sale in three weeks.

That means the housing market will see people getting vested in properties at half of what the defaulted loan was. Good for first time buyers at low interest rates.

Reply by Shoshana/AZ on 7/29/12 9:22am
Msg #428522

AZ is still a hotbed of shadow inventory

Most realtors are denying this. However, all one has to do is drive through a subdivision and take note of the brown lawns and no for sale signs. It's very obvious. I feel like the banks are manipulating the market here. This is a sellers market right now.

Reply by Linda_H/FL on 7/29/12 9:40am
Msg #428523

Seller's market? Could you please elaborate Shoshana? n/m

Reply by Shoshana/AZ on 7/29/12 10:08am
Msg #428530

A seller's market is when there is a very low inventory

of homes for sale. Thus, home prices increase. Seller has their pick of buyers. Usually, they pick somebody who pays cash. It's not a good thing becauise frist time home buyers are again being shut out of the market.

Reply by Linda_H/FL on 7/29/12 10:14am
Msg #428532

Maybe it's like that out your way

here it's a serious buyer's market - lots of inventory and nothing moving - sellers are having to drop prices drastically to entice buyers.

Reply by Shoshana/AZ on 7/29/12 10:22am
Msg #428534

Re: Maybe it's like that out your way

We tend to get a lot of Canadians coming down to buy a winter home for cash. There are also a lot of investors still around.

Reply by Shoshana/AZ on 7/29/12 10:24am
Msg #428535

I have heard it said that AZ is the first market to recover.

However, should the banks decide to dump these homes on the market. We could crash again.

Reply by janCA on 7/29/12 4:37pm
Msg #428588

Re: I have heard it said that AZ is the first market to recover.

I agree that the banks are manipulating the market also, they are holding back inventory, which lowers the actual inventory on the market.. I've seen homes listed as much as $100,000-$200,000 more than 6 months ago (ridiculous) and yet, in one zip code area, the preforclosesures are around the 700 mark. And it's also the same realtors that are putting these high price tags on the home. If they're sold, it's usually someone paying cash, because they won't appraise for the high dollar amount

I was asking my realtor the other day about a certain home in a neighborhood (regular sale) because it had a huge price tag on it. It was built in '06-'07. He says it's about $330,000 overpriced. And that's the answer I constantly get from him.

Reply by Joan Bergstrom on 7/29/12 10:16pm
Msg #428611

Re: I have heard it said that AZ is the first market to recover.

I personally know 2 families who haven't made a mortgage payment in CA for over 4 years and one of them is a family member. There are more foreclosures out there in CA than we know.

Reply by Jodith/WA on 7/29/12 10:31pm
Msg #428614

Re: Maybe it's like that out your way

I can attest to many Canadians buying in the US. I live near the border and pretty much get many of the closings for Canadians living in the Vancouver area. Most are buying in Arizona, Nevada, and Southern California.