Feb. 12 (Bloomberg) — Bill Cheney, chief executive officer of the California and Nevada Credit Union Leagues, talks with Bloomberg’s Pimm Fox about California’s economy.
Cheney also discusses California’s labor and housing markets. (Source: Bloomberg)
Duration : 0:4:11
I was interviewed on NBCs Today Show when the Los Angeles housing market was beginning to change.
Duration : 0:1:54
California Association of Realtors, a trade association dedicated to the advancement of professionalism in real estate, talks about their deployment of an open communications solution from Siemens to better serve members calling their contact centers for support. Find out how Siemens could help your business.
Duration : 0:5:17
Los Angeles Realtor, Mike Kessler, discusses the current housing market. Visit Mike4Homes.com for all available homes throughout Southern California!
Duration : 0:0:42
http://myspace.com/dreamteamgoldmine,914-305-5514
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Duration : 0:6:30
http://inflation.us/
After doing research on Loan Modification Default Rates and Shadow Inventory Rates i am in shock. This is very serious people. I feel very bad for all the responsible people who have been paying on their loans like clockwork hoping to use equity to subsidize their retirement. Can anyone say “poof”
Links
http://www.mgic.com/servicing/hamp_gse.html
http://mhanson.com/archives/242
Duration : 0:4:13
An economics presentation at Humboldt State University. Special guest lecturer Dr. Christopher Thornberg of Beacon Economics discusses the current housing bubble and its effects on California.
Duration : 0:9:38
See how the banks are manipulating the foreclosure market. You can use this information to buy foreclosures by timing your purchase.
December 8, 2008
Look at my video ‘ Real Estate market bottom’ to see how to tell the bottom.
See also video “make more money on sale of house ”
It is now apparent that there is a detailed plan to take money away from investors by conning them to buy foreclosures, and have the entire market deflate. Go to
http://www.financialsense.com/editorials/reality/2005/0403.html
You will notice this is a 2005 article.
May 23, 2008. The existing home sales came out today with an average loss of $1500 per month for the median US Home price over the last year. Most people have no conception how this is impacting their lives. If you had $200,000 in equity last year, you just lost 7% of your equity. In California, it was probably more. If you had sold your house last year and moved into a rental, you would have zero cost for living in the rental. If you had moved into 2 specific real estate purchases, you could have increased your capital and retained your mortgage deduction. You would actually be further ahead.
Losses in home equity will accelerate for the next year. If you become underwater in your present equity, you could be stuck in your present property for many years or have to come up with substantial separation money to preserve your credit rating.
The foreclosure bailout proposed by the congress is just window dressing in order to forestall a panic. What is going to happen is that this will only delay the panic, not forestall it. If you read the fine print, the lender has to agree to provisions of the bill. How likely is that?
What you see happening in the market today is that 25% of the sales are due to sale of foreclosed homes. Because of the banks holding back inventory, there are at least 4 bids for every sale.This will change shortly.
The subprime loans that are supposed to reset this summer,means that the house are really going to be back on the market by June 2009. The logic goes like this. The notice of reset for August 2008 have already gone out. In August , the owner of the subprime loan is going to do his/her best to make the payments. He will get a 2 or 3 job in some cases. Maybe his wife will too. In any case, the owner uses up his savings and cannot make the payments. This takes 2 months, on average.
The owner realizes it is impossible to continue and finally stops making the payment. His savings are exhausted, and now he has to acquire money to be able to move.He needs the mortgage payment to restore his savings, so he can move. Minimum average move is going to cost $5000 or more.
The lender now starts the foreclosure process. Sometimes the lender takes more than 6 months to prosecute the foreclosure.
Then there is another month or 2 in which to prepare the property for sale.
So, let’s see how this all adds up. 2 + 6 + 2 = 10. 10 months from August 2008 is June 2009.
So the majority of the resets will not even hit the market until June 2009. And the average length of time to sell this property will be 11 months, if not longer. So the minimum time for the market to hit the bottom will be after May 2010.
The average price decline, here in California, will be more than $2000 per month. If you invest in property today, you will lose almost all of your equity.
What no says today, is that the property that has an equity line of credit will also reset to a higher interest rate once the property falls below 110% of the initial loan amount. This is a huge overhang to the market, and could make these loans now subject to default.Who knows where this will end?
Based on this scenario, what is the best way to make money in real estate today?
Sell any real estate that you have, even into today’s declining market. Then wait for the turn in the market to buy back, better than ever. That time is more than 2 years away.
July 27, 2008 update:
As I write this, the senate just passed the foreclosure help bill. The immediate effect is to raise the interest rates on homes. Why? Because the lenders will now have to calculate how they are going to get a reasonable return on their money that they lend. They now have to include the cost of taking a writedown on their loan if the buyer defaults. The net effect of higher rates means that the price of the house has to go down if the buyer cannot increase his payment. In Stockton Calif., 1 house in 25 is now in foreclosure.
Duration : 0:3:0
Free California Real Estate Listings
http://www.real-estatecalifornia.com
Duration : 0:1:0
http://www.prudentialcaliforniarealty.com
Our Company, is a market leader. We set the standards for leadership and customer service in Orange and Riverside counties. With almost 1,000 agents, we are one of the nation’s premier real estate companies. It is the mission of Prudential California Realty to provide our clients with unparalleled service in all phases of the residential real estate transaction. We will deliver this service through highly trained agents and staff, all with a keen sense for our customer’s best interests. We will attract and retain the highest quality sales associates in the market place in order to provide our clients with excellent service. Prudential California Realty assures these associates that they will be provided with the highest quality tools and systems available in the real estate market place today. Our tools and systems differentiate what we do and deliver value to our customers.We will strive to be recognized as the finest real estate organization in the communities we service.
Duration : 0:3:25