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The other scenario is where people want to get in before the 10 percent down requirement goes into effect from March 2008.

I would not be surprised if a lot of these properties going into escrow either fall out of escrow or if the final price paid is significantly lower than the listed price. In either case, I think that the market is heading towards the moment of truth.

You have to consider the ratio of buyers to sellers while looking at the lower inventory number for Irvine. If too few buyers are chasing too many properties in Irvine then that small inventory number is still too much.

ipop, The increase in sales in comparison to average sales goes to show that drop in sales price is having an effect in terms of pulling some potential buyers into the market. I doubt though that the number of such buyers is going to be increasing considering the tightening credit situation...

Thanks a bunch for the names on some of my preferences. In 92620 I am interested in Old Northwood and NW Pointe not Woodbury.

waiting to buy, You sound a lot like me.

Ipo, I am primarily looking in: Irvine - 92620 Tustin Ranch/Tustin Field: 92782 Huntington Beach:92647, 92646, 92648

Xsocal, I liked your example. Do you have any agents here in OC that you can suggest? Thanks, PH

Criticisms apart there are always good real estate agents who can get to the opportunity before everybody else and who can help close short sales because of relationships with the REO participants. I wanted to tap the opinions of some of our distinguished bloggers here for recommendations. I...

Trooper, did you not see that picture on one of the threads of the puppy that said "Your logic makes the puppy sad"! Logic does not work all the time in relationships, men are from mars, women are from venus?:-)

ipop said "Unforuntately for me Troop, the wife doesn't want to rent. No talking her out of it... I have to ride it out and go through the stress of selling when we buy." If I do not buy by sometime this year I am toast! No enticement or economic sense is going to work with the wife...

Ipo, Thanks for your elaborate posting. Definitely helped me to get a more realistic perspective of the West Irvine market. You have a point with the fewer choices and lower inventory levels. Unless inventory levels spike and/or REOs take toll, it looks like the market for 2k plus sq feet homes...

21 Carriage, Irvine CA - short sale property On enquiry with the agent, Chris Merritt, we were told that the property has 6 offers on it and the best offer is very close to the selling price i.e. within $10k of the asking price. I wonder how people like this agent sleep at night when the...

lol

I think ipoplaya has a point. Maybe he did not put it across well enough. I think it is surprising that number of escrows is rising and I am wondering about the mystery behind it. Who are these phantom buyers and will they eventually be able to close escrow at these prices. So far it looks...

I still do not see the denial going away for the banks. They do not even want to fathom the fact that prices have gone up 150-200 percent over the last 8 years in some cases. The real estate agents are sttil holding up the fort in the face of denial thanks to the abundant knife catchers that...

What you gonna do? Maybe people like me are priced out forever. I will never want to pay WTF for a small piece of land even though it is in California and I refuse to pretend to be rich. I guess i fail the pre-requisites of CA residency - the big and glamorous life style that maybe 10 percent of...

I think that a reasonable homebuyer is somebody who has saved at least 10 percent downpayment. Someone whose income is at least 25-30% of the purchase value of the homes he is buying and has made an informed decision to buy based on the future liability arising out of mortgage payments...

Hello All, Over time there have been a lot of properties posted here on IHB and there are some that you and I might have visited or known more about through a friend. I thought it might be interesting to spill more of the dirty secrets about some of these erstwhile buying prices. Let me...

Ipoplaya, I noticed that one more home on your list of homes in escrow has fallen out of escrow :-)! 7 Boone and 63 Burlingame have fallen out of escrow from your list. What do we make of it? Currently there are at least three properties on your list that are either approaching 30 days...