tag:blogger.com,1999:blog-3329419642567789295.post8626191679037147569..comments2023-10-30T06:49:13.259-07:00Comments on Larry Roberts real estate writing blog: October sales by cityLarry Robertshttp://www.blogger.com/profile/07551274023310137270noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-3329419642567789295.post-33846552807632651622008-11-21T10:13:00.000-08:002008-11-21T10:13:00.000-08:00See that Wrightwood in San Berdoo? Watch for a cr...See that Wrightwood in San Berdoo? Watch for a cratering. A whole mess of REOs came on market in the last two weeks. With 7 sales way up from recent 4-5 rates the median is about to get whiplash.Rob Dawghttps://www.blogger.com/profile/10042154106850545479noreply@blogger.comtag:blogger.com,1999:blog-3329419642567789295.post-52506045630726412008-11-20T23:46:00.000-08:002008-11-20T23:46:00.000-08:00Hey X,Love your blog!!! Just thought I'd tell you...Hey X,<BR/>Love your blog!!! Just thought I'd tell you about two situations from people I know:<BR/> My sister in law bought in Moval at the top: single story for $400,000. She hasn't been paying her mortgage for some months and has been waiting for the lender to approve a short sale since June. They moved out, pretty much abandoning the home. If anything happens to it, they may be liable.<BR/><BR/>A friend of ours bought near LA in the $400's as well, he hasn't paid his in months either and was willing to let it go. He said the lender is going to work with him to give him a better interest rate and he is going to keep it now. <BR/><BR/>Seems to me that regardless of AB1137, the lender would rather make sure the buyer pays back the original principle, and will find a way to force them to do so. Seems smart to me, in that a foreclosure lets the buyer out scott free while not foreclosing leaves the buyer with a debt they are responsible to pay back. That debt is also left open on their credit. If I were the buyer, I would be praying for foreclosure to take away my mistake. <BR/><BR/>Regardless of the slowdown in foreclosures, I think people are trying to pick the bottom and looking for a sharp turn around(like in the stock market - I'm a stock trader). But house prices don't go from -30% year over year one month to positive the next. I think these bottom pickers will end up just as bitter as those who bought at the top. These buyer will end up sellers in two years unhappy with their decision, making the prices decline even further. <BR/><BR/>I am like you, I have been rethinking about when to buy based on the changing data and the economy / stock market. I just keep pushing the date back further and further.<BR/><BR/>Sorry this is so long!!!Christinahttps://www.blogger.com/profile/10039535145027268874noreply@blogger.com