Market Update

NEW -> Contingent Buyer Assistance Program
graphrix said:
RoLar_USC said:
Are people still sticking to the surge of inventory theory or has it dead yet?
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What you don't know won't hurt you. Carry on.
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At some point, if this continues, some people will have to start admitting when they're wrong. I won't have a problem admitting it if I'm wrong.
 
RoLar, if you want to make your data more accurate...take out the short sales active listings and take out the short sales in escrow. The issue at hand in the real estate market in Orange County and even Vegas and Phoenix is the lack of REAL inventory (non-short sale inventory). I'll be very curious to how what happens when the tax credit expires and the stock market takes a 10%+ tumble. No doubt that the current market has turned into a seller's market due to this lack of inventory (for example, there is only about 3-months worth of inventory in Irvine).
 
RoLar_USC said:
graphrix said:
RoLar_USC said:
Are people still sticking to the surge of inventory theory or has it dead yet?
Click to expand...

What you don't know won't hurt you. Carry on.
Click to expand...

At some point, if this continues, some people will have to start admitting when they're wrong. I won't have a problem admitting it if I'm wrong.
Click to expand...

I will admit I am wrong when I am wrong. What I know, that you don't, or don't want to see, proves that I am not wrong yet. It's okay, you live for today, I live for tomorrow or one step ahead.
 
USCTrojanCPA said:
The issue at hand in the real estate market in Orange County and even Vegas and Phoenix is the lack of REAL inventory (non-short sale inventory).
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This is exactly correct. There is exactly one home for sale in my neighborhood - and it's a short sale. Meanwhile, seven of the eight vacant 'phantom inventory' homes remain vacant and phantom. The last time I saw it like this was 2004 - except in 2004 there wasn't the seven phantom inventory homes. One guy on my street has an auction scheduled for this week and apparently hasn't paid a penny in 20 months.

There ain't much around right now to buy, but there sure looks like theres some stuff somebody will eventually have to move.
 
no_vaseline said:
USCTrojanCPA said:
The issue at hand in the real estate market in Orange County and even Vegas and Phoenix is the lack of REAL inventory (non-short sale inventory).
Click to expand...

This is exactly correct. There is exactly one home for sale in my neighborhood - and it's a short sale. Meanwhile, seven of the eight vacant 'phantom inventory' homes remain vacant and phantom. The last time I saw it like this was 2004 - except in 2004 there wasn't the seven phantom inventory homes. One guy on my street has an auction scheduled for this week and apparently hasn't paid a penny in 20 months.

There ain't much around right now to buy, but there sure looks like theres some stuff somebody will eventually have to move.
Click to expand...

It's easy to stay in a home while not paying your mortgage for 12-16 months, but 20 months takes talent. There's so much legal tape that the homeowner can delay the foreclosure well over a year. Now, you say that they are vacant? The only explaination for that is that the owner has multiple properties and he is living in another. But, I am surprised that there are that many vacant properties in your neighborhood.
 
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