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g6t60- This is a gloom and doom only site...no good news allowed :-)
There will be charts to show you wrong, and kool-aid pictures. They may even break out the cat pictures...Gawd help us!
Can she get you proof of this, I would like to see this
''according to my realtor'
HAHAHAHAHAHAHAHAHAHAHAAHAA
I told her I'm not in a rush to buy nor do I plan on offering even 90% of the listing price. If the banks turn me down they turn me down. I guess she will have her work cut out for her:)
Well my source is latest from DQnews.com
First off ... nearly half of inventory from what I just read about are bank owned.
Second ... every city is seeing major declines. Must be more than a few low ballers out there.
Everyone is low balling well under 20-30% since the med. are falling by that much.
Third... there isnt that much demand for number of reasons ... the so called 'multiple offers' are 'Phantom Bids' the same tricks REA have been using over the past 8 years in California. Its foolish to believe with out real evidence that other offers exist. You have no documentation to prove that such offers exist. And there is no way for you to verify if its true. How do you think we got into this mess in the first place. Fake offers to drive prices prices higher, and crazy loans to close the deal. And how many cant even afford the deal of buying these homes....
Sales Volumn is less than half of peak years and heading down year over year.
The bottom will come and go before you know it and it will be too late! Buy now!
A home in Manteca isnt worth that much buddy...who is stupid enough to pay that much?
According to Metrolist, there are currently 2770 active listings and 1257 pending sales and 436 sales in April in Stockton. I have no idea where she got 12,000 - there are not that many listings there.
Manteca has picked up a huge amount since Jan. Highest pending sales in years. Also on the pending sales for Stockton posted above, that was a 10-year high.
Wow Marci - Lots of pending sales/listings! Average time on market will be just a couple of months? Maket is heating up in a few places I guess.
Must be spreading, 6 of the bigger towns in the central valley all posted record highs for pending sales in the past 4-10 years for April.
Mr Mortagage sezzzz.......
For those of you who live and die by the monthly existing and new home sales report, remember, that bank REO sales are counted in the existing sales number and is very quickly becoming ‘the real estate market’. As a matter of fact, Data Quick reported that 38.4% of last month’s total CA Existing Home Sales had foreclosure action within the past 12 months, meaning much was bank REO shadow inventory. With so much new foreclosure inventory entering the system and discounts getting deeper each month, there should continue to be more bank REO sales of existing homes in the future, perhaps making it seem as the housing crisis is ending.
Ha... your realtor said...lol
Great news that they are clearing some of the REOs out of the system. Nothing moved for so long.
G6 -- so you posted a graph anyone can make on a dime.
care to give out a source for your data... or is this a REAL CHEAP REA trick
...BUY NOW!!!!!!
Here is DQnews.com data...
ESCALON 8 $262,045 $390,000 -32.81%
LATHROP 19 $325,000 $433,750 -25.07%
LODI 25 $267,500 $380,000 -29.61%
MANTECA 81 $288,000 $420,000 -31.43%
RIPON 21 $325,000 $457,000 -28.88%
STOCKTON 247 $215,000 $335,000 -35.82%
TRACY 106 $356,000 $548,000 -35.04%
WOODBRIDGE 2 $543,500 n/a n/a
Space, the website those are from is there, you can see it for yourself. It seems to be a REO site, but the numbers seem to spot on according to everything else I am seeing local.
Also, I am only talking about the sales #, I agree the prices are falling fast.
Careful G6 you are introducing facts that conflict with others desired reality...they will go crazy on you!
35% drop in home values...one would think that demand would start to go up.
Sounds more like hype unsupported by any third party researched facts...
Come on Dingle L Berry ... and just over night everything will go back to normal..
Yes! Any Tom Dick Harry and Mary can come to the internet and pump out some
nonsense and lies... the post was fishy from the begining... Sorry your back to
your Mac'n Chees dinner tonite....
I looked at the web site briefly, did you? I saw what Marci posted, it seems to go together. Prices falling, sales increasing. Spring time sales - Dead cat bounce...don't know to early to tell. Having a nice salad tonight thank-you.
Rob, go to the web site and click on market conditions...looks like drop in value does equal increase in demand.
hmmm interesting concept.
Yes we are seeing prices falling in Central Valley Nor and So Cal... nothing new there...
Read again what was said...
She said 12,000 pending sales right now in Stockton alone. She also said to not even offer anything less then 100% of the asking price on REO homes, every house has multiple offers. 42 offers just on one house alone last week in Manteca. List was 215K, sold for 250K...
So now per some regional Realtor office there is a rush of buyers and multiple offers well above asking. HA! isnt this the same line being used ? You still believe what realtors tell you without doing any research? Every realtor in that region needs to be fired or bared from practice.
Talk about short on ethics here...
Fool me once shame on you.. fool me twice shame on me...
My theory: with so many empty houses for sale (and off the rental market) prices are going down. Rents - not so much. So, "buy to rent" seems to make sense. Our new landlords/investors will be very surprised when they try to actually rent their new houses out.
Yea real cheap.
today listed at - 175,000
12/22/2005 - 310,000
09/30/2004 - 235,000
11/05/2003 - 110,000
MEDIAN HOUSEHOLD INCOME 46,000 X 3 = 138,000 WHICH WOULD EQUAL AN AVERAGE HOME... DOES THIS LOOK LIKE AN AVERAGE HOME? Caps-lock aside, housing in california will continue to decline so long as nasty real estate such as this is still priced way too high.
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Housing in CA is taking off
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g6t6o
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At least in the central valley according to my realtor. She said 12,000 pending sales right now in Stockton alone. She also said to not even offer anything less then 100% of the asking price on REO homes, every house has multiple offers. 42 offers just on one house alone last week in Manteca. List was 215K, sold for 250K
Eye opening...
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