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Tags: bigger pockets, biggerpockets, real estate links, real estate news, real estate social network, social real estate news

Homes sold–up 25.5%. Homes sold–up 17.1 % Homes sold–up 48.6%. Is this happening on Mars? In Russian invaded Georgia? In the Arctic? Would you believe this is happening in, of all places, Southern California!
Well, the figures, as they say, speak for themselves. Apparently, falling home prices over the past year are bringing about a pretty hefty increase in sales for most areas of SoCal, other than Los Angeles itself.

The number of homes sold in Riverside County this July compared with the year before jumped 48.6%;in Orange County, sales rose 17.1% and in San Diego County, the increase came in at 10.5 percent. In LA County, sales continued their downward slide–negative 3.2 %.

Starting to work?
Of course, in some ways, this should be expected. Lower home prices should bring more buyers into the marketplace. But this housing crisis is coupled with a severe credit crunch. So, the prices may be down, but fewer people can get a mortgage to take advantage of the situation.

And yet, some folks clearly are abe to take advantage of the lower prices–the median home price in Southern California last month was $348,000, down from $505,000 just one year ago–more than a 30% drop!

So, it’s over. Right?
Not so fast. The temptation might be to look at what is happening in California and conclude the housing crisis is now finally drawing to a close.

Don’t go there just yet,though.

The mortgage giants Fannie Mae and Freddie Mac are far from robust. To the contrary, an article in Barrons last weekend suggesting the government will have to bail out Mae and Mac after all –which would not go over well with the shareholder crowd–or the taxpayer–caused a dramatic reaction.

Fannie nosedived to a 19 year low and Freddie dropped to its lowest price in 17 years because of the report.

The health of both Fannie and Freddie —directly related to whether this housing crisis will end sooner or later. And, that is still up in the air.

Taking just one part of the country and trying to draw conclusions about the rest of the country would be an enormous mistake it seems to me. We need to see further evidence of increased housing sales, from different regions of the nation, before proclaiming victory.

Didn’t Bush do something like that a few years back with Iraq?

Tags: Economy, Foreclosures, housing, mortgage news, real estate news

It’s beginning to look a lot like Christmas—in July–for distressed homeowners. IF–if–a rescue plan just voted on in the Senate by a vote of 83-9 can avoid a Bush veto and be restructured to please the White House, the Congress, the lenders and, oh yes, the homeowners! Experts making educated guesses think all that is not likely to happen till July.

So, what does the current measure offer?

What it comes down to is that borrowers whose homes are in danger of foreclosure would be eligible for provisions of the plan provided the holders of their mortgages are okay with taking a huge loss by allowing them to refinance at a lower amount.

Also, should the homeowner eventually sell the property, they would share some of any profits made with the folks in Washington.

So, is everyone happy?

Silly question. The answer is, no. Some Republicans say the measure is a sell out–this while members of the House of Representatives Black Caucus claim the plan has “glaring omissions.”

Clearly, something will and has to be done. What began as a subprime mortgage mess has spread so far and wide and deep within the American economy—world economy! And, this, of course, is a key election year with both Barack Obama and John McCain having to takes sides on how to dig the country out of the mortgage/credit debacle.

The problem is, in a haste to fashion some plan that might ease the fears of voters before November, Congress may come up with something that makes matters worse. Now I know what you are thinking. You’re thinking, “Congress. Make matters worse? Come on” But there you have it. It could, if it is bullied into a quick fix that shows its faults after the presidential election has come and, we can only hope, gone.

Unknown is how long any rescue plan might take before it really sinks in? Restructuring a mortgage, even in the best of times, is no fun task. Restructuring a mortgage in the middle of a crisis and using an untested Congressional rescue plan is bound to be a ton of laughs!

Tags: default, foreclosure, real estate news

Deal of the Century?
I guess home builders have decided enough is enough. In a sign of the times, the Los Angeles Times is reporting that Michael Crews Development out of San Diego is offering a buy-one-get-one free deal on homes that they have developed in Escondido.

The company came up with this idea as a way to help move inventory:

“Michael Crews Development is offering new, 2000-square foot cityscape row-homes worth $400,000 in Escondido for free — if you buy one Royal View Estate home in San Pasqual Valley starting at $1.6 million. ‘You know it’s a straight-up legit deal; no prices have been increased, there are no hidden costs. Michael is just giving away a free home for people that buy at Royal View,’ said Berry.”

First came the free big screen TVs. Now, buyers can get a free house of lesser value with the purchase of a home.

What’s next?

Any theories?

Tags: Economy, housing, michael crews development, real estate developer, real estate news

Last week, James Connery commented on my weekly post that he thought the next great crisis, following the current one caused in large measure by subprime mortgages, will come to us via something called Alt-A loans. And, he just may be right!

Alternative to grade-A prime loans..or Alt-A loans..unlike subprime loans, were dished out to folks considered credit worthy.

But, and here’s where the plot thickens, many of these loans, says the New York Times, were given “without verification of income or assets and on tricky terms…”

Watch out for 2009

Watch out because these loans will reset next year.

And, says the Times, “In coming years, if price declines are in line with expectations, Alt-A losses are projected to total about $150 billion.

So, will this crisis soon to be upon us be better or worse than the current crisis caused by subprime mortgages? No one really knows for sure. But brace yourselves for a political and economic rollercoaster ride.

Tags: alt-a loans, lending, loans, real estate, real estate news