Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
13y
Originally posted by Bruce Norris:
By the way, I'm not trying to convince a soul to believe what I'm saying. I just study the market to wisely spend my own money. We have a following in California that wants to know what we think. I just thought I would put it on bigger pockets as well.
Best of luck,
Bruce
"A Following" is quite the understatement! Do not listen to what Bruce has to say At Your Own Peril! Believe it or believe it not, charts don't lie and I would consider Bruce to be a God at locating, finding, and understanding charts. Add to it the fact that he has an uncanny ability to take the info from the charts and decipher what results will come in the future.
I think I have just created and coined a new nickname for Mr. Norris A.K.A. "Mr. RE Crystal Ball"
Lender · Greater LA/Orange County area, CA · Member since 2012 · 3k+ posts · 3k+ votes
13y
Got Excede satellite Internet at the ranch so we're now connected while staying out here.
@Bruce Norris missed the last Bottomfeeders meeting, where we had an enlightening discussion about the predicted impact of the new California Homeowners Bill of Rights law to take effect 1/01/2013, as it relates to foreclosures.
Should tighten inventories even more as fewer lenders and their servicers move forward on defaulting homeowners, thereby reducing the ever-shrinking market of REO's in the state.
Rental Property Investor · Northern, CA · Member since 2012 · 5k+ posts · 5k+ votes
13y
Originally posted by Scott W.:
& another thing - especially in this economy - I can't see too many all-cash buyers.
I was in palm springs 2 weeks ago. I went to the local Home Depot - it was anything buy busy. And the real estate wasn't hot either.
I was going to point out the same thing K. Marie Poe did. Based on my experience, Palm Springs has a large seasonal population and is kind of an anomaly when compared to other areas of California.
All cash buyers are the norm in all of the areas around me. You literally cannot even buy a lower to moderate priced home in many markets WITHOUT paying all cash. Financed offers are simply not being looked at.
I feel bad for the people looking to buy their first home to live in if they're trying to finance it (which I'm sure most first time home buyers do). One of the last homes I bid on got 11 all cash offers from investors, and then there was one person trying to buy with financing who wanted to live there. He didn't stand a chance.