Well 2013 is upon us and it will be interesting to see what takes place. As there are many reports of the housing market springing up there are also many mortgages still in default.
Here is an interesting article from Survival and Prosperity, about the next foreclosure wave and how it may impact the housing recovery.
What say you?
Comments
DONE thank you
I believe you need to create a new blog, could be quite interesting.
To get started watch this 4 mins
https://www.youtube.com/watch?v=NugRZGDbPFU
I have an idea I'd like submit to the group. We all are in the real estate biz, we all compete for business, we all have limited time, we work weekends. My life's philosophy is work less earn more. For 5 years I dominated my area for REO listings, now that's on a down trend. Maybe I'm wrong but I think most of us would like to own our market place when it comes to listings, I personally don't like to work with buyers, but you have to eat. I'd like to create a master mind group who's goal is to discover a new creative, FUN way to dominate the listing market in our area. Master mining is like coupling a group of computers together for dynamic power. So I'll kick it off. Spend a few hours this week learning about SMS marketing, then post your comments back here. No idea is too small or stupid. You idea will spark another in someone else and so on. Anybody up for this?
LOL, its not about just them anymore, the whole world wants to come to South Florida, Venezuelans, Brazilians, Russians, Italians, you name it, we got them all.
In FL I would imagine you have baby boomers cashing out of a property and moving to FL. CA is not a retirement draw. The average family income in CA is $55,000 per yr. the average cost of a small home is $275K,we have a very heavy demand all due to lack of inventory. Most of the sales are to families, young to middle age, two person income families and they live pay check to pay check, the lenders are loaning to buyers that have a 40% DTI. The over all economy is going to get worse before it gets better, I don't see a lot of blue sky
Here is South Florida multiple "all cash" offers is what we are seeing in every property. If only a very small percent of real estate is being financed, how can this sudden appreciation in values be a bubble?
Does anybody read Dr Housing Bubble? Doctorhousingbubble.com Take a look at his latest blog post. This is my backyard. Here, people who make 60K a year are buying $500K homes. Employers are leaving the state in herds, the state has the second highest income tax, we just implemented cap and trade and housing prices are on the rise,due to demand. I think the market building toward another bubble.
Yanoska, thanks for your reply. I think the more they sell the pools of property the less REOs will hit the market. A lot is also going to depend on them discontinuing the mortgage debt relief act at the end of this year. If that is the case there will be many homeowners less inclined to sell short.
Those predictions date back to 2009. I remember USRES was among the pioneers to announce a "lets get ready to party" at the end of that year. I have not received a single listing from them since. Homeowners continue to make short sale or modification attempts to prevent/delay foreclosure. Pools of properties are being sold to large investors who then later flip these properties (I received a list of 26 homes yesterday not listed on MLS by on of these LLCs). HAFA was extended to Dec 31st, 2013. Loans are being sold left and right, some borrowers I have been assisting on short sales have had their loans sold 3 times in a year period. REO wave in 2013? Not so sure about that...
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