Comments on: Surfs up! Here comes another foreclosure wave!

By: Zach at Stephenson Equipment

Zach at Stephenson Equipment — Sun, 27 Sep 2009 20:22:45 +0000

Your logic makes a great deal of sense, however I would hope that most interested in real estate speculation would have assembled their team a long time ago.

I for one, began working with a small group of different professionals to bring our individual talents together to assist each other in taking advantages of opportunities that present themselves.

Here on the East Coast, we are seeing properties at or below asking prices, which have fallen substantially. We feel that deals are starting to emerge more frequently and we will be ready for them.

By: jimwhenry

jimwhenry — Tue, 01 Sep 2009 10:05:29 +0000

Mr. President why are the banking,and loan company not making loans as you promised they would do for the american people we are all hurting and not getting any help. Time for them to answer to you for not helping us the little people that keep them in business, maybe we should boycott their business. Check http://www.obamamortgagerelief.org/.

By: Charlottesville Real Estate Market – We Don’t Know What We Don’t Know | Real Central VA

Mon, 24 Aug 2009 16:57:02 +0000

[...] Bigger Pockets blog is predicting another wave of foreclosures. And the WSJ reports that the possible "’Wave’ of Foreclosure Listings might never happen. Who’s right? [...]

By: Friday Blog Scan: Things We Liked from the Week That Was | Clean Slate

Friday Blog Scan: Things We Liked from the Week That Was | Clean Slate — Fri, 21 Aug 2009 14:40:30 +0000

[...] Get out your surfboard. Wax up your game plan. Another foreclosure appears to be on the horizon. At least according to Bigger Pockets who offers four reasons why and five things you can do to hang ten. Surfs up! Here comes another foreclosure wave [...]

By: Steve

Steve — Wed, 19 Aug 2009 07:48:12 +0000

Oops, "lack of competition" should be "lack of inventory." .-= Steve´s last blog ..California Real Estate Auctions – Sell Properties at a Premium? =-.

By: Steve

Steve — Wed, 19 Aug 2009 07:46:10 +0000

Winston, I deal in California as well. Down the hill from you.

We see properties go for $15,000 – $30,000 over list all the time. Some of the properties we sell are doing this right now. The lack of competition is why, but I still think the buyers are getting great deals on the affordable housing. Not necessarily because of pricing, but the price combined with the interest rate makes for low payments.

All of the deals we sell at full retail are still much cheaper for an end user to own then rent the same house. Usually by 30%.

Will prices go down, I think so. Will the owner occupants who buy now get hurt badly, as long as they have stable employment they should be fine. Some of this stupid investor money, coming from people who have no business flipping or owning rentals, will disappear this winter.

That’s my theory at least.
.-= Steve´s last blog ..California Real Estate Auctions – Sell Properties at a Premium? =-.

By: Winston Westbrook

Winston Westbrook — Wed, 19 Aug 2009 03:09:15 +0000

This is a graph that should of went with this article.

By: Winston Westbrook

Winston Westbrook — Wed, 19 Aug 2009 03:07:14 +0000

@Steve, Thanks for the comment. That is one thing that I was thinking about the other day that if the government gets involved again and blocks the natural course of economics then this wave will be postponed for sure.

By: Winston Westbrook

Winston Westbrook — Wed, 19 Aug 2009 03:05:11 +0000

@Ruth Ahlbrand, Thank you for your comments. Ruth I hope the market balances out to where we do not have to have these bidding wars of 20 to 30 offers on a property. It’s historic to say the least. I do hope that more properties come on the market and quickly. I have a colleague that works for J.P. Morgan Chase and states that the banks are holding inventory back on purpose to bring the prices up some. And yes we do need those renters to fill up those investment properties. Hopefully as investors we are all getting them locked into a lease option and 2 years down the road when they have restored their credit they can purchase that home or call me to sell them one, lol.

By: Winston Westbrook

Winston Westbrook — Wed, 19 Aug 2009 02:57:48 +0000

@ Tony Bennet, Thanks for your comment. I went and read your article and left you a comment there. I do agree with you that the public and the banks are on two different pages. The public is usually 6 months behind of what is really going on in real estate due to the medias slow response to changes. The general public believes the banks are giving away the properties when in reality, in California at least, they’re not. Bidding wars and bids $15,000 to $30,000 above asking price are the average in the first time homebuyer segment. I believe once this influx of additional foreclosure properties come into the market it will lessen the competition thus allowing someone that feels like they missed this historic market another chance at participating. Also as an investor the key is to get involved with these properties before they reach the foreclosure stage. Competition is ZERO!

By: Steve

Steve — Tue, 18 Aug 2009 08:37:29 +0000

I have been hearing about this wave for a long-time. I hope it comes and all the logic says it should, I just hope the government doesn't get involved and add more moratoriums. .-= Steve´s last blog ..Mortgage Delinquency Rates Up =-.

By: Ruth Ahlbrand

Ruth Ahlbrand — Tue, 18 Aug 2009 04:17:46 +0000

Don’t forget to factor in the rental market into this picture on a national basis, which helps to support investors who are buying foreclosures around the US. Many homeowners who have been foreclosed are turning into renters and in some cases already planning on buying again with 18-24 months, depending on the type of loan they can qualify for.