Monday, October 19, 2009

Where the F is the tsunami?

Ok it's been a few weeks since the supposed tsunami of foreclosures was supposed to start rolling ashore. Where the hell is it. I saw a minor uptick in the amount of listings hitting the market early in the month (But last week was dismal). Record foreclosures is all I see in the headlines. Yet the inventory level is squat and what is out there is either trash or priced so ridiculous it's not worth looking at. I was planning on starting up my hunt again come the end of the month. So lets go banks, foreclose already and lets get those homes on the market.

27 comments:

Joannie said...

I've been reading your blog and could not agree more. I was just thinking the exact same thing, thought to myself, "I wonder if X has put up a blog," and walla, it's like we were in the same room.
We are looking to buy some where in Corona in the 300K range (moving from Victorville so anything is an upgrade to us), and it feels like everything on the MLS is either a piper's dream or gone faster than a one night stand. We need to make a move fast because I have school break in december, but I am worried we may not be able to move during the break now and may be stuck moving in January or Feb. What are your thoughts?

golfer_X said...

My thoughts...... are clouded by scotch! But right now there is squat to choose from in Corona. Most of the stuff is short sales and those are still taking MONTHS to close, IF they close at all. There is the "new" option. There's not a lot of new homes being built these days and most are still overpriced but you don't have to fight off 20 other bidders. Not much new in Corona though, but there is a few tracts in Fontana/Cucamonga areas. In order to close by the holidays you almost need to be buying now.

Snail said...

Well... me personally start looking into new house, there is an existing development by Shea Homes at Avonlea (its North Corona, closer to Chino and Norco). Start to get discourage from all the bidding war. Anybody have some feedback about the Carmody @Avonlea There are still some dairy around the area, so the smell of dung was on the air during my visit.

Joannie said...

Snail, these are little to expensive to me...but go ahead, it will be one less person looking at the same listings as me ;)
are they really starting at 400K + lot premiums? that's pushing $140/s.f. in an area that is going for under $120/s.f. (some for even $100/s.f.) plus your backyard wouldn't be landscaped...imho they are about 60 - 80k overpriced. and with the possibility of a glut of more reo's in the next two or three months, they could be even more overpriced. go for it, but you may regret it, when you read about what great deals your friends end up getting. my thoughts are, make an offer on every single short sale see which one actually goes to escrow, pick the most promising to go into escrow with, and keep previewing homes while in a long escrow and if an reo comes on the market I can snatch up, make an offer on that and if it flys, withdraw escrow from short sale (make sure you keep your deposit for full term of escrow and do not give it up after 15 days), and feel good every time I pay my mortgage....of course that is just my plan.

Tyrone said...

We need to make a move fast because I have school break in december, but I am worried we may not be able to move during the break now and may be stuck moving in January or Feb. What are your thoughts?
.
R E N T ! ! !
.
And saveth massive amount of your fiat trash dollars.

Empire Realty said...

There are 6-10 homes sitting with a NOD or NOS for every home that is REO right now. February my brother February, that will be the fun zone.

Scotch, yea, good idea!

golfer_X said...

Eh, I gave up. To make myself feel better I've bought another new watch (I have a freakin watch fetish). I'll be sportin a new Bell and Ross BR03 military soon. That took a few dollars out of the DP fund!

Tyrone said...

Food for thought while you're searching for that posh new house...

Currency Collapse

Ya' never know.

golfer_X said...

I'm buying single malt as a hedge against inflation! (and watches)

Snail said...

are they really starting at 400K + lot premiums? that's pushing $140/s.f. in an area that is going for under $120/s.f. (some for even $100/s.f.) plus your backyard wouldn't be landscaped...imho they are about 60 - 80k overpriced.

I forgot to mention $3000-4000 Mello Roos on the top of that! When are all these foreclosures coming out again?

Charles said...

To Joannie:

Rent my dear. There is no shame :-)

We've got a budget mess coming in Feb and those NODs WILL turn into defaults sooner or later...

golfer_X said...

Snail, those taxes are a ball buster. I was looking at a place last week on Redfin. When I checked with the assessors web site and calculated the property taxes it was nearly $900/mo and there was another $200/mo HOA. That's $1100/mo on top of the payment (for a $400k house). Taxes should be $500 tops, that additional $600/mo could buy you a nice beemer or benz!

Sigma said...

golfer_x: where can you find a $600 tax for any ~$300-400k home in Corona besides the KB homes off of Temescal Canyon?

Sigma said...

BTW, some really good deals out there in Lake Elsinore in Rosetta Canyon. Is it really *that bad* of an area? I keep hearing bad stories but damn those are some good deals and close to freeway.

golfer_X said...

Look for older homes. The higher taxes are usually on newer homes. If you look for pre 2000 vintage builds it's easier to find reasonable tax rates. The newer you want the harder it is to find low taxes. Nearly everything built after 2004 had crazy high taxes.

Joannie said...

To Rent:
I lose hair when I am stressed out a lot...not very pretty for a girl...anyhow, last year we moved three times, this year we have already moved once. I have two kids and a lot of stuff and I am getting my Master's right now in Nursing...sooooo...it's not shameful for me to rent, but I don't know if I can emotionally/mentally/physically handle moving any more times than I absolutely have to.
Although I agree it would be better to wait...unfortunately my husband has a job transfer to OC and it isn't making things easier.
Maybe we could just store all of our stuff in PODS and live at his parents house until we find something. no clue....

VectorzSigma said...

Geezus why would you move 3 times in one year? I thought *I* moved a lot but my record was twice in one year. I had moved onto a property on The Strand in Hermosa - $1million condo owned by some 19 yr old punk who thought he was a big shot. This was right before the big bubble burst. Well the bubble burst while I was in it I got a foreclosure notice so immediately asked for my deposit back and moved out to a house in Redondo. Moving that twice in one year was no fun and VERY VERY $$.

golfer_X said...

If you are still in school that is a great reason to rent. Once you start working you may need to move again to get closer to your work. With that nice nurses income you might want to live in a better area. If you buy now you better be planning on living there for a while. Cuz if this foreclosure and employment crisis continues the housing market is going to get much worse and you might find yourself stuck.

Joannie said...

His job transfer is with the family business so we won't be going anywhere for a long time. I was really looking forward to this move, you know a chance to put down roots, let my girls start finding friends...etc. now I am just dreading it like all the others. I give up.
wow, I just checked tax rates/land fees in Eastvale they are ridiculous! Now I know why they are priced significantly below South Corona..but really, why would you live in Eastvale, paying 3-4k more per year in taxes, when you can find something older in South without the excess taxes? I guess, the key word here is "find"....its the illusive needle in a haystack. I think I am just beginning to see why all of you are taking a break from looking. This is enough stress in itself.

Kyle said...

not all homes in eastvale have outrageous taxes (depending on your definition of outrageous). find a tract without a park and you won't be paying mello roos. for instance, the van daele homes across from the high school. at 300-400k you're looking at $500 in taxes.

Adrian Smith said...

The banks are holding off foreclosures until the next bubble arrives. Either that or they are so understaffed that they simply cannot handle the necessary paperwork. Those are my two guesses.

We were going buy in January, but forget it. Too many unreleased foreclosures and a horrible employment situation make the likelihood of getting trapped in a worthless shitbox far too high these days. I've been renting my entire adult life and have no problem continuing it awhile longer if it makes economic sense. Currently, it still does.

Sigma said...

Kyle: Which high school?

Joannie said...

$500 in taxes is still 6K per year, with about 1700 of that going to the general levy and the rest (~4300) going to mello roos.....

but thanks for the info, i will check it out :)

golfer_X said...

I dunno if this is the tract but I checked one home on Baybridge that is accross from the highschool. It shows 3 different CFDs (mello roos) for a total of $2900 per year on top of the regular property tax. Total tax was just over $6800 per year.

The houses on the other side (west side) of the high school were slightly higher. I was not able to find any tract near the high school without CFDs

golfer_X said...

by the way, you can easily check the taxes on any home by going to the riverside county assessors website and typing in the parcel number or street address. It breaks out all the tax info including CFDs.

https://taxpayments.co.riverside.ca.us/

Todd said...

San Bernardino County offers the same proprty tax information from their Treasurer / Tax Collector site. All you need is the street address or APN number.

http://www.mytaxcollector.com/trSearch.aspx

Kyle said...

@Sigma: the tract across from Roosevelt High School has no Mello Roos. $500 a month taxes for a $300k-$400k house, that's it.