Posted on 11/07/2010 2:34:57 PM PST by dragnet2
Anyone that missed a payment need to be thrown out on the street paperwork be damned!!!!!
As long as you have a mortgage you don’t won shit!
Disclosures: I don’t live in either state and didn’t read the article, don’t want to give them the click.
I do study the stats. California has many submarkets, some of which are recovering slightly. Others are flat and a minority are declining. Many of Florida’s submarkets are doing worse, and none are doing well.
So, when compared to Florida, I guess one can make a case CA has a better RE market at present. But then, CA has a lot more experience with RE crashes and recoveries than any other state.
I’m in Northern California in an area about 40 miles from Sacramento in the foothills. In 2007 I had my house built on 6 acres for 445,000 including the land purchase. It was appraised at 600,000. I am trying to sell it right now. My realtor offered it 3 months ago at 375,000. No interest. We dropped it to 350,000, no interest. Now this month we will be dropping it to 330,000. He thinks it will drop to 300 or as low as 275 before we get any interest. They are scared up here that property values are going to drop 20% or more next year, and that was before Moonbeam was elected. Now who knows, buyers are afraid of what is going to happen and don’t want to put their investment into real estate here until something assures them of stability. Who has a clue now ? Not in California anymore. Scary, I’m moving outa here as soon as I get this thing sold and take my lumps and move on.
“Anyone that missed a payment need to be thrown out on the street paperwork be damned!!!!!”
Yeah to heck with the rule of law.
“As long as you have a mortgage you don’t won shit!”
You don’t own shit regardless. Try not paying your property taxes.
I know why they are recovering, it’s because CA has a state income tax and lots of environmental regulations. Now Jerry Brown and the state Dems will give raises and bigger pensions to all those deserving unionized government workers.
Hey, don’t kid yourself the libs really believe this stuff. I was at a school board meeting and a moronic Leftist realtor actually said that higher property taxes increases home property values!
Yes.
California real estate market recovering? Horsesh*t.
Usually, the excuse is, “Judge I just need more time, and the bank won’t approve the short sale of my $600,000 house for $250,000.”
That’ll usually get the judge to delay everything for another couple of months at least.
“Usually, the excuse is, “Judge I just need more time, and the bank won’t approve the short sale of my $600,000 house for $250,000.””
When they foreclose the bank will get less than the $250k. Foreclosures lose 20% just for being a foreclosure. If they sit idle for any length of time they’ll drop another 20% easily. But of course the bank gets some kickbacks from Uncle Sam if they foreclose.
California is recovering? Now that’s news... from Bizarro World. Wow.
correcto. Another factor in the falling/flat home prices in Florida is losing population, snow birds are not coming as before and the common practice of dumping property by heirs.
Something will happen to straighten things out...what I dont know.
Same! Big huge pipe-dream “if” though.
... because a Democrat is the Governor now. Everything will be wonderful. If there are any problems, it will be because of the despicable Republicans that control congress.
Something will happen to straighten things out...what I dont know.
I hope they start moving to AZ, our real estate market could use the help.
So someone posts a fact that that home prices are up 20% in california and that’s all you can your fellow posters can come up with? No facts, no evidence, just bs? Really? It’s talking about the housing market, not the state budget, not who’s in charge, just housing prices.
Ugh.
As I said earlier, I think Brilliant in post #9 was the only one to read the article..
lol...
Thanks for noticing...
“I am a Florida lawyer who does a lot of foreclosures—in my case commercial foreclosures. The article is right on the money, actually. Our foreclosure process takes forever because it’s got to be approved by a judge, and there are not enough judges to handle this many foreclosures. Additionally, they inevitably tell you to take two steps backward if the property owner shows up and resists.”
A rarity!! Somebody who actually understands a subject.
Those prices are in line with expectations ,, In Windermere you can but 550-600k (2006 prices) houses for 250-275 ,, most mid level homes are down 50% and condo’s are free .. I see units that sold for 160 to 300k in 2006 selling for 18-40k ...
The banks are not approving the short sales because a sale would get paid to the lender through the servicer where a repo and sale by the bank means the bank gets 100% of the sale price on a “free” house that they never extended funds on (money came from the investors and was “table funded”)
Yep... I’m trying to find one now. My wife is very picky.
Interesting. So I wonder if the bank comes after the homeowner for a deficiency, the homeowner could argue the deficiency owed the current (read ‘new’) mortgage holder cannot be greater than the amount extended by the current mortgage holder to the mortgagee. :-)
Frankly, even if CA housing market is doing better than FL, with the Dimwits now in charge of all branches of govt in CA, and the ability to pass a budget with less than 2/3, CA will swiftly go down the tubes. It will be so bad that they’ll be praying for a major earthquake to hit so they’ll get jobs.
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