MayhemStreetRiders

For Sale (open to public) => For Sale => : ByronTRodz March 16, 2007, 03:47:08 PM

: SoCal Homes for Sale
: ByronTRodz March 16, 2007, 03:47:08 PM

FYI,
I come across some really good Real Estate deals almost daily. There are homes all over Southern California for very reasonable prices. Just today I located a few good homes for first time home buyers. Here are the details just to name a few:

I found a 3 bedroom 1 bathroom home near Rosecrans & Wilmington for $289k and I also found a few 2 bedroom 1 bathroom homes near El Segundo & Wilmington for $290k.

Theses types of homes are great starter homes and rental properties. I also get a daily report reflecting every Foreclosure, Bank Owned Sale, and Court Auction in California.

Now I checked with one of my Lenders and they advised me that based on a $300k sales price one can expect mortgage payments as low as $1800 with no money down depending on credit scores, income, etc. Some of these homes also qualify for special government financing programs.

It's a buyers market right now so it's a great time to buy.
Call me if you're interested in making your own mortgage payments as opposed to your landlord's.

Byron

: Re: SoCal Homes for Sale
: magic.. March 16, 2007, 05:35:21 PM

Wow ...that is good .Damn, moms paid 310k for a 1967 home out here in chi .Thats it im going to have her move lol...Good stuff byron.I been trying to tell my wife  to move out to the bay out in hayward california but she wants to wait till her son is older  :evil:  ...ill be sure to look you up when i do decide to move back home .

: SoCal Homes for Sale
: FerNie Rox! March 16, 2007, 05:38:15 PM

Don't think Cali is cheap, rent and mortgage is over the roof, Im surprise there are still houses for 300. Byron are you sure these are not wired with explosives?

: Re: SoCal Homes for Sale
: ice March 16, 2007, 05:44:23 PM

I bought a year ago for $380k and got a deal cuz we knew the lady and the bank was going to forclose on her...Just did a refi this month and my home is work $513k.....homes prices are coming down some...but banks are not throw loans out like there were 2 years ago...

: Re: SoCal Homes for Sale
: ByronTRodz March 16, 2007, 07:38:09 PM

: "FerNie Rox!";p="1014"

Don't think Cali is cheap, rent and mortgage is over the roof, Im surprise there are still houses for 300. Byron are you sure these are not wired with explosives?

Fern,
These are not former Al-Queda safe houses... but they're not in Beverly Hills either.  :shock:

: "ice";p="1016"

I bought a year ago for $380k and got a deal cuz we knew the lady and the bank was going to forclose on her...Just did a refi this month and my home is work $513k.....homes prices are coming down some...but banks are not throw loans out like there were 2 years ago...

If anyone else wants to join Iceman and take advantage of the benefits of home ownership, call me!

: Re: SoCal Homes for Sale
: ByronTRodz March 17, 2007, 11:30:01 PM

Hey everyone,
Read this interesting article entitled: Estate Sales - Market downturn creates opportunities for home buyers...

http://www.hispanicbusiness.com/news/newsbyid_links.asp?urlid=379&id=58746&cat=Magazine&more=/magazine/

There are some very informative tips, statistics, and market predictions in the article that everyone should know about. Good stuff!

: Re: SoCal Homes for Sale
: el mero mero March 20, 2007, 01:45:03 PM

bryon...thank you for all the info and help you have given out to me and the crew...

if u guys think la is expensive, try ventura county...lol

: SoCal Homes for Sale
: Notorious March 22, 2007, 01:24:50 PM

DAMN... you could buy a block out here for some of those prices!

: SoCal Homes for Sale
: magic.. March 22, 2007, 03:53:02 PM

: "Notorious";p="1179"

DAMN... you could buy a block out here for some of those prices!

I agree big time ....i was amazed how my wife drove me around the big time houses was at and looked at the market for some that was for sale ....you could buy a big ballers house for under 3k when in cali,chi or n.y it will cost you over a mill for sure .I think my brother is buying a crib in farmers branch tx or some hood name like that to profit from it ,he has been living  in the bay area all his life and said life will cost you a shit load of paper now and days in san fransisco....

: Re: SoCal Homes for Sale
: Speed Junke March 23, 2007, 02:15:11 PM

Any spots in Huntington Beach, I'm ready to buy.

: SoCal Homes for Sale
: CORONA August 17, 2007, 12:28:03 PM

In my opinion, the housing market is a mess to say the least.... hope no one bought into the hype.... some used to say the housing market would recover by the end of the year.... now, just several months later.... most say its gonna be several years before things turn around... which means... more than likely, time is on the buyers side... since house prices are not expected to go up this year.... only stay flat or may go down further....

: SoCal Homes for Sale
: crzysurf August 17, 2007, 04:16:00 PM

Price  Vs. '06  Sales  Vs. '06  
Los Angeles  $547,500  +5.3%  6,809  -23.0%  
Orange County  $640,000  +0.0%  2,391  -19.8%  
Riverside $399,000  -3.9%  2,769  -41.9%  
San Bernardino  $355,000  -3.1%  2,008  -42.6%  
San Diego $489,000  -2.2%  3,106  -13.3%  
Ventura  $582,500  -5.1%  784  -16.7%  
All So. Cal.  $505,000  +3.7%  17,867  -27.4%

: SoCal Homes for Sale
: Double_G August 17, 2007, 08:25:35 PM

houses suck everywhere, if a house is in LA for under 300k, i'd love to see it cause it must be a shack,

I'm not willing to pend half a million on a 3br box in LA. but i dont want to suffer and have to be stuck there forever buy buying a mansion for 300k in texas.

what is a young fellow to do?  whoooaa is me

: SoCal Homes for Sale
: CORONA August 18, 2007, 03:09:07 PM

http://www.mrmlsmatrix.com/DAE.asp?ID=4096109-53777506-50

Sales are down in most places, lending is tighter nationally....meaning it is harder to get a loan... especially if its a Jumbo loan... which is a loan greater than 417k.... and most of socal costs more than that.... if your a buyer now... there's much to choose from, but its harder to get a loan...without paying really high interest, which will generally push most out of their price range, unless you have great credit and money to put down.... generally, to determine a rough estimate of what you can afford, just multiply what you make in a year by 3 or 4 max.... thats what you probably can afford without getting into some exotic, or "toxic" loans..

: SoCal Homes for Sale
: Double_G August 18, 2007, 04:20:10 PM

damn i cant live in cali, thanks alot nick for the shocking hurtful reality check. lol

: SoCal Homes for Sale
: CORONA August 18, 2007, 05:30:56 PM

Actually, I think prices will probably stay flat or go down somewhat.... I dont think prices will go up this year... so if your a good potential buyer, meaning good credit, some money for down payment... you have a large inventory of houses to choose from... and now, there is no such thing as a "lowball" offer... most sellers will entertain almost any offer..... why not... you or them have nothing to loose....  oppurtunity will be out there soon, more than it is now.  Happy hunting....lol

: SoCal Homes for Sale
: weechona August 19, 2007, 11:11:19 AM

Yay!!!!!

: SoCal Homes for Sale
: Double_G August 21, 2007, 01:46:57 AM

sell me your house for 5k over hat you paid for it nick. i'll buy it today. come on buddy, hook a brodah up

: SoCal Homes for Sale
: CORONA August 21, 2007, 04:06:26 PM

Times are tough right now...It might go into forclosure... look it up on the forclosure auctions... its a great house.... good luck.

: SoCal Homes for Sale
: ByronTRodz August 21, 2007, 07:43:49 PM

: "crzysurf";p="6457"

Price  Vs. '06  Sales  Vs. '06  
Los Angeles  $547,500  +5.3%  6,809  -23.0%  
Orange County  $640,000  +0.0%  2,391  -19.8%  
Riverside $399,000  -3.9%  2,769  -41.9%  
San Bernardino  $355,000  -3.1%  2,008  -42.6%  
San Diego $489,000  -2.2%  3,106  -13.3%  
Ventura  $582,500  -5.1%  784  -16.7%  
All So. Cal.  $505,000  +3.7%  17,867  -27.4%

These numbers seem to match up with our industry reports. If you want more details you can go to this link and read the whole story.

http://www.dqnews.com/RRSCA0807.shtm

IMPO, the market will correct itself over the next 48 months and interest rates may go up about a per cent. I personally like this type of (buyers) market!

Oh by the way... If you know of any person or investor that is interested in expanding thier real estate portfolio please put them in touch with me.

: SoCal Homes for Sale
: Double_G August 22, 2007, 02:48:00 AM

: "CORONA NICK";p="6522"

Times are tough right now...It might go into forclosure... look it up on the forclosure auctions... its a great house.... good luck.

what they'd sell your house for now compared to 5 years ago, i could not afford it. you do have a great house thought. pool table in the living room, that's king shit.

: SoCal Homes for Sale
: CORONA August 23, 2007, 01:33:52 PM

Thanks CJ...

: SoCal Homes for Sale
: CORONA October 18, 2007, 06:40:39 PM

What a difference 2 months makes.... SoCal's median price change down ...... its going to be a bumpy road.... for homeowners.. especially in the inland Empire... not good for me, but good for potential buyers preparing themselves to "buy in" sometime in the next couple of years...no bottom yet... I doubt its going to be this year... check out these links.... lets see what these next few months do to the percentages....ouch! :cry:

http://www.longislandbubble.com/sheeplesguide.html

http://bp1.blogger.com/_nSTO-vZpSgc/RxU_ComUOVI/AAAAAAAABbs/hP3jCHSy72c/s1600-h/socal-prices.png?ref=patrick.net

http://www.dqnews.com/RRSCA1007.shtm

http://housing-watch.com/home.aspx?d=360

http://longislandbubble.com/images/shiller_mod.gif

: Re: SoCal Homes for Sale
: ByronTRodz October 21, 2007, 12:53:50 AM

I have a 4 bedroom, 3 bathroom house (1500 Sq Ft) listed in Ontario for $399k. Seller is also willing to do a 2/1 buy down of the interest rate for the buyer.

The market will take approximately 18 months to correct itself and then is going to essentially 'tread water' for another 18 months before we see another substantial rise in home values. Anyone planning on purchasing now should know that they'll simply have to stay put for at least 5 years before thinking about a resale (or flip).

PS: Stick with what you read on http://www.dqnews.com/ and shit can the rest of those other links. DQNews delivers facts and figures as opposed to speculation and baseless opinions.

Here's another good article to read:
http://www.dqnews.com/RRCA0907.shtm

: SoCal Homes for Sale
: CORONA October 22, 2007, 03:37:34 PM

Why would anybody stick to one site for information.... seems a bit narrow minded to me.  Knowledge is power, and there are plenty of other sites that provide different points of view, whether it be for or against ones ideas.  

"The market will take approximately 18 months to correct itself and then is going to essentially 'tread water' for another 18 months before we see another substantial rise in home values."  Speculation....at its best. :wink:


Latest...

http://www.dqnews.com/RRSCA1007.shtm

: Re: SoCal Homes for Sale
: CORONA November 14, 2007, 04:11:52 PM

Everyone put your seatbelts on and pump your brakes......  :cry:
SoCal homes are plummeting..... all you potential buyers out there... start saving your money for your downpayment, now is the time to prepare as the optimal time to buy in will be in the 1 to 2 years from now.... I dont make predictions, but it is logical that if the number in sales are down, prices will keep following.

Latest....
http://www.dqnews.com/RRSCA1107.shtm

AT A GLANCE.....

Aug-07 Percent
Change
Los Angeles 10,140 6,647 -34.4% $520,000 $550,000 5.8%
Orange 3,456 2,285 -33.9% $630,000 $642,250 1.9%
Riverside 5,292 2,834 -46.4% $420,000 $394,523 -6.1%
San Bernardino 3,970 2,096 -47.2% $366,000 $360,000 -1.6%
San Diego 3,853 3,104 -19.4% $495,000 $475,000 -4.0%
Ventura 1,146 789 -31.2% $600,000 $575,000 -4.2%
SoCal 27,857 17,755 -36.3% $487,000 $500,000 2.7%



Oct-07 Percent
Change
Los Angeles 8,451 4,368 -48.3% $520,000 $500,000 -3.8%
Orange 2,929 1,700 -42.0% $625,000 $573,750 -8.2%
Riverside 4,408 2,463 -44.1% $412,136 $350,000 -15.1%
San Bernardino 3,547 1,603 -54.8% $365,000 $330,000 -9.6%
San Diego 3,449 2,327 -32.5% $490,000 $460,000 -6.1%
Ventura 961 538 -44.0% $590,000 $535,000 -9.3%
SoCal 23,745 12,999 -45.3% $482,750 $444,000 -8.0%

: Re: SoCal Homes for Sale
: ByronTRodz November 16, 2007, 02:05:25 AM

: "CORONA NICK";p="9084"

... as the optimal time to buy in will be in the 1 to 2 years from now....

Ummm, More Speculation.... but not at its best  :shock: ...but then again, what the heck do I know... I'm narrow minded (LMAO) :roll:  

I'm through with this thread...  :lol: it's all yours...  :D I'm gonna let you have the last word on this one (ROFL).  :lol:  :lol:  :lol:

: Re: SoCal Homes for Sale
: CORONA January 16, 2008, 06:51:30 PM

2008  is a whole new year for the Real Estate Market, lets see what the numbers say from the so called DQ News that "delivers facts and figures as opposed to speculation and baseless opinions". :wink:

 "Continued nose-dive for Southland home sales." :shock:

"Last month's sales were by far the lowest for any December in DataQuick's statistics, which go back to 1988." :(

"Last month's median was 15.8 percent below the $505,000 peak reached last spring and summer." :cry:

and this is why........

"Since the credit crunch hit in August, these loans for over $417,000 have become more expensive and harder to obtain. " :idea: Boy, I need a drink!

All Home Sales  
Change
Los Angeles 8,479 4,430 -47.8% $525,000 $470,000 -10.5%
Orange 2,985 1,731 -42.0% $630,000 $565,000 -10.3%
Riverside 4,542 2,503 -44.9% $432,000 $355,000 -17.8%
San Bernardino 3,357 1,518 -54.8% $370,000 $315,000 -14.9%
San Diego 3,823 2,468 -35.4% $495,000 $430,000 -13.1%
Ventura 1,023 590 -42.3% $590,000 $525,250 -11.0%
SoCal 24,209 13,240 -45.3% $490,000 $425,000 -13.3%

Source http://www.dqnews.com/RRSCA0108.shtm

Well, so long Edwin, wish you the best wherever you move to and starting your new roofing business. To all you potential future home buyers, this is good news for you, in the years to come, prices will be much more affordable when you are ready to buy. Remember, 3X your annual income, and when rent is almost the same as buy, then its time to get in.  Happy hunting.

CORONA

: Re: SoCal Homes for Sale
: Anonymous January 16, 2008, 07:29:41 PM

Strange........I've never seen that helmet before, firehydrant looks familiar though.... :lol:  :lol:  :lol:  :lol:  :lol:  :lol:

: SoCal Homes for Sale
: CORONA February 18, 2008, 04:49:47 PM

Southern California dropped more than 14% from last year with the Inland Empire seeing the worst decline. 2008 will be a pathetic year for the housing market. Some expect a worse year than 2007.  So much for treading water, more like the sinking Titanic.  :cry: No need for a crystal ball to see where the housing market is going.  I need a drink.

"Southland home sales slowest for any month in 20 years"

http://www.dqnews.com/RRSCA0208.shtm

"California Foreclosure Activity Still Rising"

"Last quarter's number of defaults was the highest in DataQuick's statistics, which go back to 1992."

http://www.dqnews.com/RRFor0108.shtm

: SoCal Homes for Sale
: Double_G February 19, 2008, 09:55:20 PM

i want a house but even my real estate loan guy told me he suggest I wait about 6-8 more months then look again. I hate not having the tax write off though.

: SoCal Homes for Sale
: CORONA February 22, 2008, 03:23:42 PM

CJ, a tax write is easily fixed by aggressively adding to your 401K, IRA, etc.   A mortgage interest write off is not a good reason to get a mortgage. You peasant....lol

: SoCal Homes for Sale
: Double_G February 22, 2008, 06:59:31 PM

i give to my IRA faithfully and it give me nothing back. with ever deposit, it's not a deposit, i'm buying stock.

I give them $50, then they say my account went up $47

It's all probly a big scam in the end.

if i'm gonna give more money away everymonth and possibly benifit from taxes, it should be putting a roof over my head atleast.

what if I die at 64 that would suck, and the IRA would be for nothing. but i'll keep depositing for the hell of it. cant hurt right.

I need a house, but i'm waiting a little longer, but for the purchase price i'm looking to get something for the market changing couldn't be as big of a hit for me, as people buying 900,000 house and stuff.

: SoCal Homes for Sale
: CORONA February 25, 2008, 05:27:47 PM

Well, we do ride motorcycles, who knows how long we'll live.... long enough to cash in our 401K's.... maybe. I know you can afford in my area now..... its in the low 400Ks..... soon the 300Ks by the end of 2008.

: SoCal Homes for Sale
: Double_G February 26, 2008, 02:14:16 AM

i'm preapporved for $240,000 by myself. i'd love your house nick, for what you paid for it. lol. I cant get 400k alone. i need some joint income.

: SoCal Homes for Sale
: CORONA February 26, 2008, 07:54:30 PM

Dont worry, time is on your side... NEVER should you buy a home out of fear of losing out...prices are declining more and more.... and there are no indicators of the housing market recovering anytime soon...you wont "miss the boat". 2008 will make 2007 look like a picnic....Im sure everyone already knows that housing will continue its steep decline, not in all areas, but in most....like the IE, OC, and LA...

"AP
Reports Reflect Bleak Housing Picture
Tuesday February 26, 4:30 pm ET
By J.W. Elphinstone, AP Business Writer  
No End in Sight: Housing in Freefall Until Credit Loosens and Supply Recedes, Experts Say "....

http://biz.yahoo.com/ap/080226/home_prices.html

Currently, supply is increasing and is expected to increase at least through the year.   Very few predicted the housing bubble, and yes it is a BUBBLE that has now popped.....   now some are predicting "STAGFLATION", which is the combination of a stagnant economy and high inflation..... its much worse than one or the other... you will hear that term used in the media much more often in the months to come.... I sound like what they call a "doomer"...lol  I hope Im wrong!

http://biz.yahoo.com/ap/080226/economy_twin_evils.html

: SoCal Homes for Sale
: CORONA March 26, 2008, 02:35:09 AM

For the non readers....LOL 8)

http://www.youtube.com/watch?v=lEj80hTVHyc&feature=related#

http://www.youtube.com/watch?v=yoZV5jt9puc

http://www.youtube.com/watch?v=-cuRdIYrKE0#

http://www.youtube.com/watch?v=HTkPYnNmOBM&feature=related#

Mortgage info

http://www.mtgprofessor.com/refinancing.htm

: Re: SoCal Homes for Sale
: ice March 26, 2008, 10:25:32 AM

I agree on several things Nick said

Dont go out and buy a home just because you want a write off at the end of the year....in the end you really dont come out that much ahead...

Simple math.....you buy a 400K home...your property tax on that is 10%....so you paying $4000 a year just in property taxes....I not 100% sure....but the tax break you get for owning a home is only like $2800....you do the math

Time is on your side...prices of homes are coming down fast....owners are willing to sell just to get out and save their credit.....

There has been a home on my block for sale for 9 months now....they wanted $489k and now its down around $425k

with you only able to get a loan for $240k you might want to look at a Condo or Town home....but with those you have HOA fees each month....so becareful

I would wait a few more months.....the Forecloser rate is up 400% over last year at this time.....it's because everyone wanted to buy a home....and banks were giving anyone a loan 2-3 years ago.....well now that the time has come when they have to refi their home are finding that their monthly payment went from $2000 to $3300 a month because of the type of loan issued to them just to get them into a home

owning a home isn't cheap....so if you are broke now...get ready to be even broker !

: Re: SoCal Homes for Sale
: Anonymous March 26, 2008, 10:52:44 AM

If all your looking for is a TAX right off, I know its going to sound like shit.....but having children is a tax right off....lol :lol:

: SoCal Homes for Sale
: Bart ONE! March 26, 2008, 04:38:51 PM

: "Double_G";p="11430"

i'm preapporved for $240,000 by myself. i'd love your house nick, for what you paid for it. lol. I cant get 400k alone. i need some joint income.

ill sell you some garage space for that CJ!!....

: SoCal Homes for Sale
: CORONA March 26, 2008, 05:28:02 PM

Correction, property tax is about 1%.... not ten.

Tax write off, double up on your 401K..... get a part time job that pay 1099, so you can write off more things.... W2 only sucks....
I wouldnt recommend a condo... they suck, hard to sell, and are small.... might as well rent, or buy a 125 dirt bike....LOL  JK you will most likely grow out of it.

Theres homes in my block that were selling for 600K or more, now, they are in the 400K's and are STILL not selling...... although, the IE is worse than LA and OC, it will get just as bad in those areas as time goes by....2009 might be a decent time to buy, if things stablize, but no end in sight yet... THERE IS NO BOTTOM YET.

Bart, when you taking that boat out, or when you coming through for a ride sukka??? ;)

: Re: SoCal Homes for Sale
: Bart ONE! March 28, 2008, 08:51:35 AM

been gettin the boat ready all this week...all tuned up...just needs to be cleaned now...should be on the water this weekend if the sun is shining....as far as riding....come by fool...lets go to ortega...the base is like 5 minutes from my bad....or have you rode Cajalco Rd? from the 15 over to the 215....its a pretty nice and quick road.....

: SoCal Homes for Sale
: CORONA March 28, 2008, 10:53:01 AM

Sounds like we "city boys" should try that ride.... Houses are probably getting cheaper by the month out there.....
Coo, you got your bike back up too???  Damm foo, your a G!  I guess all that work is paying off..... my dog is still waiting for the boat ride....LOL

(http://i14.photobucket.com/albums/a350/LA_MAYHEM/JUNE2007058.jpg)

: Re: SoCal Homes for Sale
: CORONA April 24, 2008, 10:21:25 PM

Time for Corona's monthly housing update... quotes of the month

"The onset of spring did little to thaw Southern California's semi-frozen housing market:"

"Foreclosure resales have emerged as a significant market factor, accounting for 33.1 percent of all California resale activity last quarter. A year ago it was 3.2 percent."

Look at the percentages.... all down, with an average PRICE DROP of -23.8%, which basically means, if you bought a house last year, and put 20% down, you are now upside down, you owe more than what the house is worth... and your down payment is gone.... being patient in this declining market is critical, and those who wait, will benefit, at least, for those who have since last year.  Lets see what the rest of 2008 brings, get ready for -50% off.. from 2007 prices, we are half way there...... :wink:   CJ, keep saving your change, and stop taking those gay cruises...LOL   Scoop, I would wait till next year, you will benefit from this declining market.

All homes              Mar-07 Mar-08 %Chng Mar-07 Mar-08 %Chng
Los Angeles           8,353    4,263   -49.0%   $540,000   $440,000   -18.50%
Orange                  3,130    1,663   -46.9%   $629,000   $506,000   -19.60%
Riverside               3,680    2,691   -26.9%   $420,000   $306,250   -27.10%
San Bernardino      2,476    1,534   -38.0%   $369,000   $265,000   -28.20%
San Diego             3,218    2,108   -34.5%   $490,000   $395,000   -19.40%
Ventura                 999       549   -45.0%   $566,750   $430,000   -24.10%
SoCal                   21,856   12,808   -41.4%   $505,000   $385,000   -23.80%

Source: DQNews.com Media calls: Andrew LePage (916) 456-7157 or John Karevoll (909) 867-9534

Links  
 http://www.dqnews.com/News/California/Southern-CA/RRSCA080415.aspx

http://www.dqnews.com/News/California/CA-Foreclosures/RRFor080422.aspx

: SoCal Homes for Sale
: Double_G May 05, 2008, 03:23:52 PM

ok nicky i will take this info into major consideration. The price braket im in i dont know how much cheaper prices can get. But if a 200, 000 condo goes down to 100,000 id buy it in a heartbeat

: SoCal Homes for Sale
: CORONA May 09, 2008, 04:11:46 PM

Thats if you can get the loan for it.

: Re: SoCal Homes for Sale
: Anonymous May 10, 2008, 11:37:45 AM

I say if you wait long enough paying that rent, you'll end up paying for somebody else's pad......so keep waiting paying that rent while someone else reaps the rewards...WHAT THE HELL YOU SCARED OF ANYWAY? It's not like you come to ride or anything....lol :lol:

: Re: SoCal Homes for Sale
: CORONA May 11, 2008, 01:09:18 PM

: "T-GUNN";p="14438"

I say if you wait long enough paying that rent, you'll end up paying for somebody else's pad......so keep waiting paying that rent while someone else reaps the rewards...WHAT THE HELL YOU SCARED OF ANYWAY? It's not like you come to ride or anything....lol :lol:

SAZZZSQUACH!

: SoCal Homes for Sale
: CORONA May 12, 2008, 05:52:24 PM

Watch this video, if theres parts you dont understand, you probably need to do some more research, or you can just ask me...lol

http://www.youtube.com/watch?v=1PDeMZYRjLQ

: SoCal Homes for Sale
: Double_G May 13, 2008, 12:35:45 AM

nice post lil nick.

: Re: SoCal Homes for Sale
: CORONA May 22, 2008, 07:35:46 PM

Check out this chart and link... it shows what the average person can afford to buy and how much income is required, and these are GOOD case senarios.....

(http://i14.photobucket.com/albums/a350/LA_MAYHEM/20080429chart.jpg)


http://mrmortgage.ml-implode.com/2008/04/29/how-much-house-can-you-afford-are-you-sure/

: Re: SoCal Homes for Sale
: Anonymous May 22, 2008, 08:56:23 PM

TIME FOR A THIRD JOB.........

: SoCal Homes for Sale
: CORONA May 22, 2008, 10:29:14 PM

My neighborhood was in the $600K range back in 2006, now its in the $400K range, down 30% from the peak.  Check out the latest percentages from the so-called DQ NEWS.... a reliable source, ALL DOWN.....  SOCAL DOWN 23%.... OUCH!   :shock: :oops:   THESE ARE SEVERE PRICE DECLINES, AND NO END IN SIGHT... 2008 has proven to be a HORRIBLE year for real estate.

All homes Apr-07   Apr-08     % Chng      Apr-07      Apr-08     % Chng
Los Angeles  7,225    5,016   -30.6%   $540,000   $435,000   -19.40%
Orange        2,682    2,166   -19.2%   $629,000   $500,000   -20.50%
Riverside      2,987    3,186      6.7%   $409,000   $295,000   -27.90%
San Bernardino 2,049    1,667   -18.6%   $370,000   $265,000   -28.40%
San Diego 3,436    2,809   -18.2%   $490,000   $400,000   -18.40%
Ventura    890       771   -13.4%   $572,000   $445,000   -22.20%
SoCal 19,269   15,615   -19.0%   $505,000   $385,000   -23.80%

: SoCal Homes for Sale
: Double_G May 22, 2008, 11:31:12 PM

good then maybe this condo i wanted for 205k will go down to 150k so i can buy it.

damn those taxes suck.

I should move to texas and take a job at my company there.

: SoCal Homes for Sale
: CORONA May 31, 2008, 01:48:36 AM

Check out the BUBBLE...lol

The market is NOT in a correction, it is in a DEPRESSION.... Sorry.  Those who bought last year or in the begining of this year will not "reap the rewards" for at least a decade...... for the simple minded.....


http://www.youtube.com/watch?v=tkzb5cmmma8

: Re: SoCal Homes for Sale
: Anonymous May 31, 2008, 12:26:15 PM

It's only gonna get more EXPENSIVE DAWG.....inflation homeboy...been goin on for a min.......the more people in the world the more it cost to live......... 8)

: SoCal Homes for Sale
: CORONA May 31, 2008, 03:59:43 PM

Wrong, inflation is not because there is more people in the world, it is because the Fed, which consists of 12 private banks are printing money faster than ever.... thus making the dollars out in circulation less valuable.... which in turns, requires more dollars to buy the same things..... inflation is made by the FED, which is not even controlled by our government....   and Housing in the years to come is going to get more affordable, especially if inflation keeps rising......"What good is it to have a mansion, if it cost $1000 to fill up your refridgerator?"...

Watch it, short and sweet, connect the dots...lol
http://www.youtube.com/watch?v=rOwovOxKJIU

: Re: SoCal Homes for Sale
: Anonymous May 31, 2008, 05:26:49 PM

I had written down a whole lot of shit, but fucket who am I kidden myself, I'm talking to children anyways......LOL :lol:  :lol:  :lol: I'm just simple minded all I need is my fam, house, my jale and my bike to make it all worth it......SEXY..........

: Re: SoCal Homes for Sale
: CORONA May 31, 2008, 05:36:24 PM

LOL, sometimes simple is better.... no mames... for those you who are waiting to buy into this housing market, these five things are key to timing the bottom, and the time to buy, short, simple, and sweet.

1. If buy (30yr fixed, 20% down) monthly payment = rent, that is a good start.
2. Inventory/sales < 6 months.
3. Foreclosures waves are finished, we have only seen the begining of the foreclosure wave.....
4. Local economy, including city/state/county are stable. State budget is under extreme pressure, due to dropping tax collections. Next years shortfall estimated at 1 to 2 billion, and it gets revised worse each month. THE STATE IS THE BIGGEST EMPLOYER, THIS WILL HAVE AN EFFECT.
5. You can stay in the home for a decade, your job is steady, and you really want to own.
 
Without all 5, buying a house is a risky proposition, unless of course you want to work for the man for the rest of your life, and retire with nothing........... :wink:

: Re: SoCal Homes for Sale
: Anonymous June 01, 2008, 12:34:10 AM

For me it came down to do I want to complain about renting or buying....you make the choice...no matter what somebody's gonna complain that's the plain and simple...oh and if you think any thing's gonna get cheaper your outta your mind....cause as far back as I can remember EVERY THING'S more expensive than when I was a kid......so about house's getten cheaper just dont see it happening....HOMIE.... :lol:  :lol:  :lol:

: Re: SoCal Homes for Sale
: pdogg June 01, 2008, 01:29:47 AM

: "ByronTRodz";p="1012"

FYI,
I come across some really good Real Estate deals almost daily. There are homes all over Southern California for very reasonable prices. Just today I located a few good homes for first time home buyers. Here are the details just to name a few:

I found a 3 bedroom 1 bathroom home near Rosecrans & Wilmington for $289k and I also found a few 2 bedroom 1 bathroom homes near El Segundo & Wilmington for $290k.

Theses types of homes are great starter homes and rental properties. I also get a daily report reflecting every Foreclosure, Bank Owned Sale, and Court Auction in California.

Now I checked with one of my Lenders and they advised me that based on a $300k sales price one can expect mortgage payments as low as $1800 with no money down depending on credit scores, income, etc. Some of these homes also qualify for special government financing programs.

It's a buyers market right now so it's a great time to buy.
Call me if you're interested in making your own mortgage payments as opposed to your landlord's.

Byron

300k and 1800? thats impossible unless it's an interest only plan.. 300k and with a fixed rate you're looking over 2500 monthly.... I know this because i am in the industry of real estate and loan financing. well i was cause its a garbage job now....but i do my side jobs here and there... and yes it is a buyers market, but to qualify you need good credit .. need atleast 3 months reserves and give atleast 10 % down payment good luck to anybody trying to get 100% financing.. and going stated income..... i believe qualifying with stated income is impossible now lol.. you must go full doc to qualify for any home loan....

: Re: SoCal Homes for Sale
: CORONA June 01, 2008, 12:28:18 PM

: "T-GUNN";p="15451"

For me it came down to do I want to complain about renting or buying....you make the choice...no matter what somebody's gonna complain that's the plain and simple...oh and if you think any thing's gonna get cheaper your outta your mind....cause as far back as I can remember EVERY THING'S more expensive than when I was a kid......so about house's getten cheaper just dont see it happening....HOMIE.... :lol:  :lol:  :lol:

Ruben, houses are becoming more affordable, from last year to this year, most Socal homes have lost 25% of their inflated value.....thats not peanuts homie.... and homes dont get cheaper, they just get more affordable....... when a person would save 20% for a down payment, and get a 30 year fixed loan.... money is not cheap anymore, and like Pdogg has mentioned, now these days, most buyers need a downpayment and reserves... no more 100% financing and no documentation loans (meaning, you have to prove your income, with W2, Paycheck stubs, Income tax forms, bank statemenst, etc)..... its hard to lie on what you make anymore, in order to qualify for a loan...... thus affordability is no longer there with the current prices, therefore, they must drop.

Pdogg, I have to disagree with you that its a buyer's market, prices are still through the roof..... they will return down to the year 2000 prices....... watch out for the next door foreclosure, you can lose $100K in a heartbeat.

: SoCal Homes for Sale
: Double_G June 02, 2008, 12:11:18 AM

damn these housing prices. just bring a damn 2bd townhouse down to about 150k and i'll but it i dont care what the market does after that.

cali sucks

: SoCal Homes for Sale
: CORONA June 02, 2008, 10:24:42 AM

No bottom yet.
http://www.youtube.com/watch?v=t997hlTqepw

: Re: SoCal Homes for Sale
: Anonymous June 02, 2008, 07:39:23 PM

Man you still on this shit.....LOL....aint nutten getten cheaper YO....like you said ealier if houses go down everything else goes thru the roof....fucken given away SUV'S but costs like 100 bucks to fill them up hahahahahaha. Houses go down but the utilities will be like the morgage pmt........LOL :lol:  :lol:  :lol:

: SoCal Homes for Sale
: CORONA June 18, 2008, 08:14:22 PM

Just read the headlines...lol

http://www.dqnews.com/News/California/Southern-CA/RRSCA080616.aspx

Watch this vid.  June 18, 2008


http://youtube.com/watch?v=nlmMQOpG14o

: SoCal Homes for Sale
: CORONA July 03, 2008, 01:49:36 PM

LOAN MODIFICATIONS...........

http://www.youtube.com/watch?v=pt8MghqnXSg

: SoCal Homes for Sale
: Double_G July 04, 2008, 02:39:08 PM

keep the info coming nicky, I'm reading it all. thanks

: SoCal Homes for Sale
: CORONA July 10, 2008, 12:06:42 PM

As long as there is a significant amount of foreclosures coming, there will not be a bottom, regardless of anyone says....

http://biz.yahoo.com/ap/080710/foreclosure_rates.html

: Re: SoCal Homes for Sale
: ice July 10, 2008, 12:11:04 PM

All i have to say is I am glad I bought my home at $389K when it appraised for $453K....I have all that equity that has helped cushion all of this....

: SoCal Homes for Sale
: Anonymous July 10, 2008, 12:50:27 PM

I am glad,wife came w/her childhood home..
Great package deal

: SoCal Homes for Sale
: blayzwon July 10, 2008, 10:23:03 PM

hahaha lucky bastard lol

: SoCal Homes for Sale
: Double_G July 11, 2008, 01:41:04 AM

very lucky bastard, one of the best ways to get a house in cali is for your family to leave it to you, other than that prices suck. but he'll my friends grandmother just passed, and her mother is getting the house but her cold ass uncle and aunt have refied the old ladies house so many times the mortgage is skyhigh for a house purchaed like 25 years ago.

: SoCal Homes for Sale
: CORONA July 15, 2008, 01:07:19 AM

Check out the foreclosure chart  on the bottom...  WOW. Like never before in decades.... we are headed for a HOUSING DEPRESSION.  DQ News..... a so called reliable source.



http://www.dqnews.com/RRBay1107.shtm

: SoCal Homes for Sale
: pdogg July 15, 2008, 01:24:27 AM

Yes, I agree the market is really bad right now.

: SoCal Homes for Sale
: CORONA July 16, 2008, 10:27:29 AM

: "redeyes";p="17958"

I am glad,wife came w/her childhood home..
Great package deal

Redeyes.... your one lucky dude.....  :wink:

June Foreclosure Report, its a bit long, but excellent information.   :shock:  :shock:  :shock:


It is that time of the month again folks! The June monthly CA foreclosure report is ready, data courtesy of Foreclosure Radar. It was another ‘record’ month, which when speaking of foreclosures, is not a good thing. However, in a couple of areas we show some ‘leveling-off’.

‘Leveling-off’ is considered to be positive by many but that sometimes is not the case. For example, if retail sales ‘level-off’ going into December, it is not a good thing because sales should accelerate in the Holiday’s. This is analogous to what happened in the foreclosure arena in June. Although numbers seem to be leveling off, the situation is continuing to worsen according to the way I see the data.

One thing is for sure, this report confirms what I have said for months, that the REO market is now ‘the real estate market’ and the banks are the ‘market makers’. For the first time in history, the seller controls the price and not the buyer, which is responsible for pile-driving prices throughout the state and nation. CONTINUED…

For a second straight month, CA lenders took back over $10 billion ($10.2 billion) in properties from the foreclosure auctions throughout the state. Last month banks took back $10.4 billion. If the banks are lucky and sell the properties for 60 cents of the NEW appraised value, which could be as little as 30-40% of the value at the time they initially lent on the property, then this could represent another $6 billion+ in losses for the nations largest lenders in one state for one month. In case you were wondering, CA represents roughly 30% of the total foreclosure count and 45% of the total foreclosure volume of the entire nation.

Just think how many second mortgages were completely wiped out.  In bubble states, when a first mortgage is foreclosed upon and there is a second mortgage in place, typically the second mortgage is totally wiped out.

Let’s break it down.

1. Notices of Default (NOD), the first step in the CA foreclosure process when borrowers go down 90-days in payments, were down just 1.5% to 42,151 filings from 43,011 last month. This is also an 88.8% increase from a year ago. These are from people who first began missing payments in Feb and March. But is this small drop a positive? For the reasons listed below, I think the drop should have been much more substantial.

First, in January through early March, there was a mini refi-boom, as rates fell sharply. If not for that, the NOD count could have been much worse. Since then, rates are up sharply and mortgage application volume has been consistently falling. This means more people may be missing payments due to the lack of financing options, which will lead to an increase in NOD’s over the next few months from these already historically high levels.

Second, beginning around January we began seeing a fairly significant decrease and leveling-off in subprime defaults and subsequent increase in Alt-A and Prime defaults. This transition may have caused a temporary decrease in NOD’s. The disturbing part about this is that the Alt-A and Prime universes individually dwarf the subprime universe. If Alt-A and Prime defaults continue to increase at the rate we have seen for the past 4-5 months, once the seasonal effects of the summer selling season subside, that could spell trouble. :cry:

Last but not least, the summer selling season brings ‘hope’ to sellers.  Nearly every listing you see lately says ‘potential short sale’. Seasonality factors likely kept NOD’s down a bit, as people kept themselves below the 90-day late threshold for the summer in order to try to sell the home during the busy time of year. Come Sept if this segment’s homes do not sell, NOD’s could spike going into year-end.

I imagine the NOD counts would have been much higher if not for the reasons listed above.  These various and unique circumstances have masked the underlying problem and come Sept and the end of the selling season, the market could get hit hard as it did last Sept, which was the beginning of the 30% median home price fall in CA over the past 12-months.  

The vast majority of NOD’s are first mortgages because second mortgage holders quit filing NOD’s months ago, due to values falling to levels that make it futile. If you are a second mortgage holder and there is no value in the property, there is no reason to foreclose because the first mortgage holder gets it all. For this reason, second mortgage loan defaults are soaring and the loans are essentially worthless. Borrowers know that lenders have to use more traditional means of collection and are not paying on their second mortgage. A second mortgage lender is usually completely wiped out when a home goes into foreclosure. This problem will not go away.

Roughly 75% of  NOD’s make it all the way through the foreclosure auction stage and end up on banks balance sheets. This number is continuing to rise as fewer chose to cure their default due to having no equity in the property. About 25% of NOD’s are cured by various means by the time auction hits. If you combine the past 3 months NOD’s the total is 128.654. At a 25% cure rate, 96,491 homes will be auctioned and most taken back by banks from Oct through Dec, which are historically poor sales months. There is little chance buyers will swarm at this time of year.

2. Notice of Trustee Sale (NTS ) were at an all-time record high of 35,544 new filings from 34,564, representing a 3.6% increase over last months record. This is huge. This means much fewer people are curing their NOD’s than in the past. The June NTS figure is primarily from NOD’s 3-4 months prior, as by law the NTS can be filed 90-days after the NOD.  However, due to the back log, the average time it took a lender last month to file the NTS was 105-days. Lenders can take a home to auction 21-days following the NTS.

In February, NOD’s were 37,078 so the percentage that made it from NOD to NTS was 93.22%. This is a new record by a long shot. If you go back a year, many more were able to cure their default by refinancing, borrowing money, selling their home etc.  For the record, June 2008 NTS were up 216% over June 2007.

3. Total homes that went to auction actually decreased 4.8% to a total of 24,286 properties. Of these, 23,526 or 96.8% received no bid higher than the lenders opening bid and became lender owned (REO). This number is lower than expected and can be explained by either a) banks delaying foreclosure auctionslonger than the typical 21-35 days, which has been the typical time frame in the past several months b) short-sale approvals taking so long it has stretched out the final leg of the foreclosure process. c) one or more large banks imposing a moratorium on certain foreclosures due to the fact they already own so many and 96.8% come back to them from auction.

This last point is only speculation on my part and it will require more research but we saw Countrywide put off foreclosing in Dec 2007 and Jan 7th was the largest single foreclosure day ever in the state of CA due to Countrywide. I assume they did this to make their Q4 and full-year 2007 look better.

Or, banks have simply reached the maximum they can process and the time it takes to go from NTS to actual foreclosure auction has has become very protracted.  

One thing to note that will make bubblevision happy: Sales to 3rd parties at auctions continued to increase, up 9.8 percent from the prior month, and lowering the percent of properties returned to the lender to 96.8%, the lowest it has been since last October. Last month is was 98%. Puh-lease!  :roll:

4. Discounts at auction were at a record. 87% of all homes were discounted at an average of 31% at the opening bid. Last month, 80% of all homes were discounted an average of 30%. Nearly 25% were discounted by 50% OR MORE!  :cry: Opening bids exceeded 40% in the largest subprime areas such as Sacramento, San Joaquin, Stanislaus and Merced. Remember, most first mortgages were at an original 80% loan-to-value or less so the actual discount from the original sales price or appraised value is much less.

For those of you who live and die by the monthly existing and new home sales report, remember that in most cases, bank REO sales are counted in the existing sales number. Therefore, when you see ‘home sale rising’ be careful to read between the lines. Although ‘total sales’ may have increased last month, so did foreclosure sales, which means ‘organic’ sales actually decreased. As a matter of fact, Data Quick reported that 38% of last month’s total CA existing home sales were from the foreclosures.

With so much new foreclosure inventory entering the system and discounts getting deeper each month, there should continue to be more bank REO sales of existing homes in the future, making it seem as the housing crisis is ‘leveling off’ or improving. This is the primary problem with so many ‘analysts’ positive housing predictions.

But, how can you truly judge sales and inventory numbers when the banks are taking back as many home as they sell each month? Remember, the ‘months supply’ number is calculated using ‘listed’ inventory and a very small percentage of bank REO inventory is listed. The amount of ‘non-listed’ bank REO or, shadow inventory, is staggering.  :shock:

What is most frightening is how quickly values are dropping as a result of the shadow inventory. With as much bank REO inventory selling for as deep of discounts as we are seeing, it is forcing an immediate and swift mark-to-market change in values of entire neighborhoods all over the state. We have never seen a real estate market in which one seller (banks) controls so much inventory and has the ability to sell it for whatever it takes to move it quickly.  :shock:

If a few of these REO homes sell at 20%-30% below the most recent comparable sales within a mile radius of your home, your value will be negatively impacted. Very quickly, America’s real estate is being marked-to-market by the bank’s shadow inventory, accelerating a natural process that should take years. This causes even greater numbers of home owners to go into a negative equity position, causing even more loan defaults. It is a vicious cycle that has never been seen before.

: SoCal Homes for Sale
: Anonymous July 16, 2008, 11:59:25 AM

WOW...

: SoCal Homes for Sale
: Double_G July 22, 2008, 09:12:01 AM

wow nick i read that whole thing, it's scary cause even when you think your buying a short sale at a great price and fucking over all your new neighbors exisiting values. you have no guarentee that the same wont happen to you within 6 months.  u never know when to buy. like i said before it anything nice drops into the low 200,000's i'd buy it and just make sure i'm ready to stay there alot of years.

: SoCal Homes for Sale
: CORONA July 25, 2008, 04:55:54 PM

The market will fall down to your price range soon enough CJ..... IMHO.... but no one really knows the future. Check out this vid. This clown Paulson thinks we are through the worst of the housing crisis, but then why would we need a $300 BILLION bailout out.... money that the taxpayer will have to pay.... any government bailout is payed by the taxpayers... right now our government has a debt of 9 TRILLION DOLLARS...  $300 BILLION wont save the average home owner, it will only save the banks by devaluing our currency...

http://www.europac.net/Schiff-FBN-7-23-08_lg.asp

: SoCal Homes for Sale
: Anonymous July 25, 2008, 08:11:54 PM

We are actully thinking of purchaseing a bigger house....Even though the one we are is paid for.

My boys are getting older and need more space/own bathrooms.They are taking extremly long in bathroom/shower>Beating the meat..Plus there shit stinks.2 bathrooms are not enough.

Basiclly i do not want to get fucked on new purchase.Because this is where i will stay till boys finish high school..

: SoCal Homes for Sale
: CORONA July 25, 2008, 10:10:01 PM

LOL on the long showers.... anybody member those?????LOL   Some people were calling a housing bottom in late 2006... when sales slowed down a bit... now sales and prices are down....  around 25% in CA...  check out this link.

Peter Schiff, has been predicting and voicing the decline for years.  Look at all the other fools laugh at him.... guess who's laughing now. Amazing.

http://www.europac.net/Schiff-Fox-12-16-06_lg.asp

: SoCal Homes for Sale
: CORONA July 26, 2008, 12:25:31 PM

Knowing when to buy depends on many things, but buying when things are going downhill, with an increasing rate... one has to think, its not a good time to buy.... $1 TRILLION loss, at least... the bailout will be a drop in the bucket.

1 day old vid.

http://finance.yahoo.com/tech-ticker/article/42434/Garnick-More-Inventory-Coming-1-Trillion-Minimum-Cost-of-Housing-Crisis?tickers=FNM,FRE,IVZ,XLF,XHB

http://cosmos.bcst.yahoo.com/up/player/popup/?rn=3906861&cl=8991448&ch=4226713&src=news

: Re: SoCal Homes for Sale
: Anonymous July 27, 2008, 05:59:55 PM

Depends on how much CASH and CREDIT your ass got really dont it.......cause if i had the cash I'd be buying up land an sitting on it.....till shit 4 eva....jus love land........... 8)

: SoCal Homes for Sale
: CORONA July 28, 2008, 08:51:11 PM

I wouldnt buy land, Id rather buy property that can be rented out.

: SoCal Homes for Sale
: CORONA September 07, 2008, 01:51:42 PM

Hold on to your hats........

(http://i14.photobucket.com/albums/a350/LA_MAYHEM/Random/SoCal1.png)

: SoCal Homes for Sale
: CORONA September 11, 2008, 11:38:39 PM

http://www.cbsnews.com/video/watch/?id=3756665n%3fsource=search_video

: SoCal Homes for Sale
: Big Scoop (The Enforcer) September 13, 2008, 12:07:15 AM

Pay your FUCKIN BILLS.

: SoCal Homes for Sale
: CORONA September 15, 2008, 01:36:24 AM

LOL, according to some data out there, theres a significant amount of people who dont....lol

: SoCal Homes for Sale
: CORONA October 23, 2008, 01:55:03 PM

When is a good time to buy?

http://www.youtube.com/watch?v=1PDeMZYRjLQ

: SoCal Homes for Sale
: weechona October 28, 2008, 02:03:53 PM

I am looking for a pad.  $280,000 in G-Town Pedro, Torrance or Lomita

: SoCal Homes for Sale
: Rudogg October 28, 2008, 03:17:40 PM

Go check out the house on orchard! Four houses right from my mother in-laws. It’s like 220?

: SoCal Homes for Sale
: weechona October 29, 2008, 09:53:41 AM

I saw it.  Thats a terrible neighborhood.  LOL

: SoCal Homes for Sale
: Rudogg October 29, 2008, 11:38:26 AM

It sure is LOL

: SoCal Homes for Sale
: CORONA November 03, 2008, 07:47:27 PM

Terrible neighborhood in Gardena???? Say it aint so...lol  

Loan modifications for those who need it....

http://www.youtube.com/watch?v=Hs30On1LW6w

: Re: SoCal Homes for Sale
: CORONA December 19, 2008, 04:01:28 PM

This is from a Loan Officer in the business, lost job, lost savings, lost investments, lost house... if some one in the business is hurting like this, imagine the rest of us....


--------------------------------------------------------------------------------
Its been a long fall. Many of you have been a friend of support and an ear of commiseration in the spiral this last 18 months.

I have been imploded a couple times, laid off, breached on contract and still remain in the industry I have had the honor of working in the industry these last 20 years. Never rich but never poor. Could have made more but always took the high road. Happy to work hard and make money for myself and the bank, but never able to cross a line and put anyone in harms way.

The 401K followed the trail of the demise of the income and the industry. Bank stock value? Gone. Income @ less than 1980 level. Savings exhausted. I could have left the industry so many months ago, but always had hope it could turn. Stubborn. Still hoping and although on my 5th bank in 14 months and they are healthy and trying so hard, all is an unknown.

Tomorrow, I am told the bank note holder, which is a demon seed of a bankrupt company that imploded that burned me for 20+ thousand in commission that was acquired by another bank with fed money - is going to offer me a "cash for keys" deal.

My attorney is telling me to take the money and run. The "agent" representing the owner bank is also the agent that sold me the house 4 years ago. My "friend" How ironic. The same gal that represented both sides on a house that didn't have the utilities on, so we never knew the electrical system was shot and the built in vac system didn't work.

This is just going to go on and on and on. By remaining in the industry, my bank has told me they are accepting TARP money, even though they never applied for any and are reasonably healthy. WE/I could benefit. Short of a minimum wage slot in retail somewhere, I will stay on this freight train to h**l and see it through.

I am the preferred lender at the same real estate company that will market my house. The managing broker/owner will be the listing agent. It is all public in a small community. It is personal and we can all see every side and every facet and every failure.

If nothing else. We have all found our humanity. Our humbling. I am fortunate for great friends - even people that offered to bail me out. But I know that only hard work and adjustment and time and hope will cure what ails us.

It is more about the future than the present. There are things in the works but it is slow and a few months in the making.

I have missed you all but it has been a nose to the grind stone trying to find a way to make it work. My heartfelt hugs to everyone still working in the industry. I had the opportunity to visit many past and present associates these last few days and it was a brutal update. Apparently the banks have created a scorecard on many of us originators in audits of past loans. I am running at 98% performing, which is maintaining my chair in the business.

Just ironic that I couldn't sustain my own mortgage. Just an update.

: Re: SoCal Homes for Sale
: CORONA March 28, 2009, 02:39:19 AM

Current news...

http://www.dqnews.com/Articles/2009/News/California/Southern-CA/RRSCA090317.aspx


FOR THE NON READERS.....

JAN 2006    JAN 2007
Los Angeles 7,309 6,805 -6.9% $490,000 $520,000 6.1%
Orange 2,868 2,400 -16.3% $600,000 $600,000 0.0%
Riverside 4,695 3,089 -34.2% $410,000 $415,000 1.2%
San Bernardino 3,321 2,373 -28.5% $355,000 $370,000 4.2%
San Diego 2,898 2,772 -4.3% $500,000 $472,000 -5.6%
Ventura 804 689 -14.3% $604,500 $565,000 -6.5%
So.California 21,895 18,128 -17.2% $462,000 $485,000 5.0%


 Sales Volume Median Price
All homes Feb-08 Feb-09 %Chng Feb-08 Feb-09 %Chng
Los Angeles         3,468     4,590    32.4%      $460,000     $299,000    -35.0%
Orange              1,471     1,879    27.7%      $520,000     $375,000    -27.9%
Riverside           2,147     3,420    59.3%      $325,000     $190,000    -41.5%
San Bernardino      1,242     2,324    87.1%      $290,000     $153,000    -47.2%
San Diego           1,954     2,473    26.6%      $415,000     $285,000    -31.3%
Ventura               495       545    10.1%      $445,000     $327,000    -26.5%
SoCal              10,777   15,231    41.3%      $408,000     $250,000    -38.7% T




The number of sales are up from a year ago, but down from 2 and 3 years ago.  Median price fell from 505K at the peak to 250K... thats over 50% off, BAD

The February average is 18,120, last months sales was 15,231, NOT TOO BAD

56% of houses sold were foreclosure resales, BAD

CONCLUSION, it seems that the inland areas of Socal seem to be bottoming out, since the amount of sales have improved, but the coastal, higher priced areas are still not selling. Deterioration seems to be slowing down in the inland area, but prices may fall further, still too soon to tell.  Low interest rates help keep prices of homes up, so when they do rise...... prices of homes will fall through the floor, so watch out and dont believe the hype. Stay tuned.....

: SoCal Homes for Sale
: Double_G March 29, 2009, 01:55:00 PM

so you saying it's still not time to buy. well atleast stuff is coming down. i need a mail order bride. damn what i wouldn't give for a 2nd income.

: SoCal Homes for Sale
: CORONA March 31, 2009, 10:01:58 AM

STICKING OUT LIKE A SORE THUMB.


Check this out.... what do you guys think..?  To buy or not?


"The battle to offer the lowest mortgage rate is in full swing, with homebuilders decidedly leading the way.

Struggling homebuilder Lennar, which is looking to dump its excess inventory, is offering a 3.625 percent (4.22% APR) “fixed “for life” mortgage on select homes, likely those in the hardest-hit areas of the country.

The offer is only good for purchase agreements written by April 23, and they must close by April 30th.

The mortgage program in question, offered by Universal Mortgage Co., has specific guidelines, including a minimum credit score of 700 and a down payment requirement of at least 10 percent.

The home must be owner-occupied and the loan cannot exceed the standard conforming loan limit of $417,000.

Last month, Lennar announced its “Peace of Mind” mortgage payment protection program, which provides up to six months of mortgage payments if a new buyer loses their job shortly after purchasing a home.

Homebuilders have been upping the gimmicks in recent months as they struggle to manage overflowing supply.

Funnily enough, they don’t seem willing to lower prices, but instead, have relied upon interest rate cuts to improve affordability.

Late last year, National Association of Home Builders president Jerry Howard called for 2.9 percent mortgage rates and a larger homebuyer tax credit to boost sales and clear inventory as the mood became increasingly desperate."




linky....
http://www.thetruthaboutmortgage.com/lennar-offering-3625-percent-fixed-mortgage-rate/

: SoCal Homes for Sale
: CORONA April 17, 2009, 03:46:16 PM

A LOOK INTO THE FUTURE.... say it aint so!

Are you ready to see the future? Ten’s of thousands of foreclosures are only 1-5 months away from hitting that will take total foreclosure counts back to all-time highs. This will flood an already beaten-bloody real estate market with even more supply just in time for the Spring/Summer home selling season - great timing!

For months prior to March, banks/servicers were on and off of foreclosure moratoria with many on a complete hold awaiting Pres. Obama’s plan to save the housing market and homeowners.

The bottom line is that there is a massive wave of actual foreclosures that will hit beginning in April that can’t be stopped without a national moratorium — this wave is so big I would not put it past them trying it.

My crystal ball is talking.... a good time to buy will soon be coming....

(http://i14.photobucket.com/albums/a350/LA_MAYHEM/Random/nod-march41.png)

: SoCal Homes for Sale
: FerNie Rox! April 17, 2009, 03:55:02 PM

Tight I'm going to buy like 2 houses when they get cheaper. And rent one to cj

: SoCal Homes for Sale
: CORONA April 17, 2009, 04:43:02 PM

Im looking to buy me a bank...lol

http://www.fdic.gov/bank/individual/failed/banklist.html

: Re: SoCal Homes for Sale
: magic.. April 20, 2009, 09:26:05 AM

My 6 year plan to move back to cali will have to cut  down and move in the next couple of years lol .......James where you at homie .Magic going back home lol  :D

: Re: SoCal Homes for Sale
: CORONA August 24, 2009, 09:48:17 PM

LET IT RAIN!!!!  LOL

http://www.youtube.com/watch?v=kunB4SnAh4g

: Re: SoCal Homes for Sale
: FerNie Rox! August 25, 2009, 12:12:49 PM

(http://i139.photobucket.com/albums/q305/RAZOR_BLADE_KING/makeitrain.gif)

: Re: SoCal Homes for Sale
: CORONA October 02, 2009, 07:05:38 PM

WELL, THINGS FOR REAL ESTATE AND EVERYTHING ELSE SEEMS TO BE GETTING WORSE... THE REAL UNEMPLOYMENT RATE IS 17% RIGHT NOW...

SOCAL HOMES FOR SALE WILL LITERALLY BE ON "SALE" MORE THAN BEFORE... NOW IS NOT THE TIME TO BUY..

http://cosmos.bcst.yahoo.com/up/player/popup/?rn=289004&cl=15871582&src=finance&ch=4043681

: Re: SoCal Homes for Sale
: Double_G October 14, 2009, 08:48:26 PM

im so confused, i just want a house.

: Re: SoCal Homes for Sale
: CORONA October 15, 2009, 01:02:07 AM

CJ, go ahead and buy one then... thats if you can get a loan. ;D

: Re: SoCal Homes for Sale
: ice October 15, 2009, 09:05:42 AM

: Double_G  October 14, 2009, 08:48:26 PM

im so confused, i just want a house.

becareful what u wish for....owning a home is a huge thing...make sure u can afford it and he taxes....keep in mind your taxes are about 10% of purchase price....so if you buy a $400k home your taxes will be around $4k a year....

do your homework....make sure you get a good loan....Nick knows his stuff.....loans are hard to come by these days...lenders are still throwing garage loans out there just to get ppl in homes and in 2 years they lose their home because their loan payment adjust on he 25th month.....

: Re: SoCal Homes for Sale
: crzysurf October 15, 2009, 09:44:33 AM

shit, i'd be looking to move back to Socal some time in the next few years.  not 100% sure where to buy a house though.  thought of SD, torrance and that areas, new port beach (that is lil out of my price range), and even HB.  loev the coast.

almost got suckered in buying a house that was a repo and with the loans at low interest rate and what not.  yet, always if something is too good to be true, it's not worth finding out.  one thing i did learn is watch the trend of the housing prices of houses in the area.  make sure the house has been inspected and no major repairs are needed unless you are willing to do them.  never ever go over your budget as if you get a loan for $500K, don't use all of it as that loan is (if it's a good one) is the MAX of your budget.  so you need to build in some safety net for anything that may come up.  ... shit you already know but i just like to hear /see myself talk.

: Re: SoCal Homes for Sale
: CORONA October 15, 2009, 01:18:30 PM

Tips to help confused buyers. Now, Im not a Realtor, or Loan Officer, but I am a homeowner, and a person who has nothing to gain from a person who is buying a home like a Realtor or a Loan Officer who do.


Trust no one when you are shopping for a house.  

Look up houses on the internet for yourself in neighborhoods you like, then call the realtor listed and set up an appointment to look at it, This way you don't have anyone pressuring you into buying a house just because they need a quick sale. Don't let them talk you into looking at other houses either, they will try hard to do this; You are a walking sale and they don't want you to walk away because you are now so hard to come by. If you follow this rule, you will find it much easier to negotiate because you're only allowing them to show you that one house and if they can't get you to buy it, they know they probably won't get a chance to sell you another. If you let them show you other houses, they will discover your weaknesses and prey on them; you don't want them to get to know you too well and whatever you do, don't ever let them know the most you are looking to spend!

See you next week..lol

: Re: SoCal Homes for Sale
: Rudogg October 15, 2009, 01:56:08 PM

Where the hell is the dude that started this post? He may answer your ? CJ jk lol

: Re: SoCal Homes for Sale
: FerNie Rox! October 15, 2009, 02:02:43 PM

Realtors are like car sales people, they're fuggen predators trying to snatch yo money!

: Re: SoCal Homes for Sale
: frezank October 15, 2009, 03:35:28 PM

Tell of how you really feel about realtors Fernie!  Dayum Fernie...relax!!!

: Re: SoCal Homes for Sale
: CORONA October 17, 2009, 03:28:27 AM

Come on now Burrito.... they're not all predators trying to snatch your money, there are actually some who work hard to get the job done, wether it be for your best interest or not.  Some are very well trained professionals that know their shit...

Check out this quick vid, this is what your up against!  :o   

COFFEE IS FOR CLOSERS!!!

http://www.youtube.com/watch?v=TROhlThs9qY

: Re: SoCal Homes for Sale
: FerNie Rox! October 17, 2009, 11:08:25 PM

They all are, look at byron























































jk

: Re: SoCal Homes for Sale
: CORONA October 26, 2009, 06:01:51 PM

BUYERS AGENTS

If you look around in the paper in some advertisements, you will see buyers tips that are given to you by realtors. These "tips" they give you are there to build your trust and to brainwash you into believing that buying now is a good idea and that they can show you how to get a better deal. These "tips" as they call them are nothing more than propaganda delivered to you by the real estate industry. My favorite one is about "buyers agents"; how they will tell you that you should get a buyers agent because "they work for you to negotiate the best possible price". Common sense tells me that anyone who is going to be paid a commission on a sale is going to want the sale price to be as high as possible. Don't be fooled by this, no agent is going to help negotiate the price lower because of this conflict of interest; they certainly will try to make you believe this though!  Some like to refer to them as double agents.

A buyers agent can tell you anything they want without any legal consequences whatsoever. They can tell you that a house will be worth X amount more in a few years and when the price falls instead, that is your problem not theirs. That is one of the things wrong with the housing industry; there are "no rules" and "no protection!"

See you next week, and DONT TRUST ANYONE.

: Re: SoCal Homes for Sale
: FerNie Rox! October 26, 2009, 11:18:20 PM

I need to start looking into this to see what the options are. All the info is overwhelming though, I need info with pix lol

: Re: SoCal Homes for Sale
: frezank October 27, 2009, 09:18:05 AM

Just like in kindergarden, Fernie only learned how to read with books that had illustrations...I wonder to this day how he learned how to write!

: Re: SoCal Homes for Sale
: FerNie Rox! October 27, 2009, 11:56:29 AM

Who said I knew how to write? Talk/type software is my friend.

: Re: SoCal Homes for Sale
: CORONA October 27, 2009, 03:05:19 PM

Typical Scenario: One day the wife asks her husband to look at some houses; it's Saturday morning.

Wife: "Why don't we look at some houses today?"

Husband: "Why would we do that? You know it's not a good time to buy, wait for prices to come down."

Wife: "I know, but why don't we just look and see what's out there?"

Husband: "What is the point if we're not going to buy?"

Wife: "Just to see what kind of a house would be good for us. What's the harm of just looking?"

Husband: "Ok, but remember, we are just looking?"

Wife: "Great, I'll get Suzanne." - [she immediately walks away].

Husband: "Suzanne????"

Suzanne [her "buyer's agent"] goes to take them to see a bunch of houses. The next morning, this is what happens.


http://www.youtube.com/watch?v=Ubsd-tWYmZw&feature=player_embedded


Explained vid.



http://www.youtube.com/watch?v=7Pzim8O7Fd0


No reading required..lol

: Re: SoCal Homes for Sale
: FerNie Rox! October 27, 2009, 03:30:12 PM

Haha nice! And yeah thats the typical scenario. lol

: Re: SoCal Homes for Sale
: CORONA January 28, 2010, 01:34:20 AM

People focusing on the Multiple Listing Service (MLS) data for an accurate picture of the current housing market are missing the bigger picture. The data that most of the public dont see without digging deeper into foreclosure and pre-foreclosure data.  Shadow inventory, are houses that are not on the MLS, that banks are holding off to keep the appearance of low inventory. In fact, many houses dont even put up for sale signs anymore.  So an improving housing market has a ways to go in 2010.

Here is a chart that shows the number of houses for sale on the MLS, giving the appearance that there is low inventory.


(http://i14.photobucket.com/albums/a350/LA_MAYHEM/socal-mls-data1.png)


At the peak of the bubble, 350,000 homes were sold a year in Southern California.  Last year, a supposedly banner year where over 40 percent of home sales were foreclosure re-sales, under 250,000 were sold.  This is a drop of nearly 30 percent from the peak sale year.

Here is a chart of the median price and the average number of houses sold in SOCAL.

(http://i14.photobucket.com/albums/a350/LA_MAYHEM/socal-sales-data1.png)

: Re: SoCal Homes for Sale
: Double_G January 28, 2010, 02:13:31 AM

i need a house for 150 k

: Re: SoCal Homes for Sale
: ice January 28, 2010, 08:55:53 AM

All i know is that I bought 3 houses in the last 12 months....paid cash ( i closed a few CD's and took out 100k out of my 457K )

these homes were for closed and the banks wanted rid of them. I got 2 of them at a auction and one from a friend who referred me.....3 homes @ $410k that are 80% paid off because I took a Helock loan out on one of them to do upgrades to all 3 of them.

I rent them out for now for $1800-$2300 a month now......

Once the market picks back up I will be able to sell them and make my money back plus a nice profit....

now if you going to tell me I am stupid.....go ahead.....I will see you at the bank in 18-24 months !

if they dont pay off by then....no biggie cuz i got an extra $6k coming in from rent each month from them and my payment on them is only $2800...so again I am ahead of the game.

: Re: SoCal Homes for Sale
: FerNie Rox! January 28, 2010, 12:01:55 PM

(http://www.lotustalk.com/forums/attachments/f68/125042d1245905733-best-place-sell-jewelry-ballin.gif)

: Re: SoCal Homes for Sale
: Chingon January 28, 2010, 01:24:02 PM

I have a 1986 Donruss Jose Conseco Rookie Card that i am putting all my money on...lol

(http://i395.photobucket.com/albums/pp31/tarheelsnipe/Cards/Personal%20Collection/Canseco1986Donruss39.jpg)

Money in the Bank Shorty what you Drank.....Money in the Bank Shorty what you Drank.....Money in the Bank Shorty what you Drank.....

: Re: SoCal Homes for Sale
: CORONA January 28, 2010, 02:43:13 PM

: ice  January 28, 2010, 08:55:53 AM

All i know is that I bought 3 houses in the last 12 months....paid cash ( i closed a few CD's and took out 100k out of my 457K )

these homes were for closed and the banks wanted rid of them. I got 2 of them at a auction and one from a friend who referred me.....3 homes @ $410k that are 80% paid off because I took a Helock loan out on one of them to do upgrades to all 3 of them.

I rent them out for now for $1800-$2300 a month now......

Once the market picks back up I will be able to sell them and make my money back plus a nice profit....

now if you going to tell me I am stupid.....go ahead.....I will see you at the bank in 18-24 months !

if they dont pay off by then....no biggie cuz i got an extra $6k coming in from rent each month from them and my payment on them is only $2800...so again I am ahead of the game.

First... I would not say your stupid.. because I know you arent.

Second... in your analysis wether or not its a good investment, you have to take into consideration Property taxes, Fire insurance, and maintance which can eat up much of your so called profits.

Third, from what you are saying, you invested over $400K of your own money, seems like a risky bet, but risky bets either pay off big, or you loose big... unfortunately, I dont think they will sale for much more than what you paid for them.. if these properties are in SOCAL, especially in only 2 years. 

Fourth, what I dont quite understand is, how do you have $2800 payments if the properties are paid off in full??? Or, close to being paid off? Having a payment that high leads me to believe you owe quite a bit of money, somewhere in the range of over $400K. Considering your loans are somewhere in the 7% interest rate, since these are investment properties, which makes bank charge a higher interest.

: Re: SoCal Homes for Sale
: frezank January 28, 2010, 03:17:19 PM

: Chingon 35  January 28, 2010, 01:24:02 PM

I have a 1986 Donruss Jose Conseco Rookie Card that i am putting all my money one...lol

(http://i395.photobucket.com/albums/pp31/tarheelsnipe/Cards/Personal%20Collection/Canseco1986Donruss39.jpg)

Money in the Bank Shorty what you Drank.....Money in the Bank Shorty what you Drank.....Money in the Bank Shorty what you Drank.....

LMAO...should have sold it with your Garbage Pail Kids cards when you had the chance...

(http://www.wgpkr.com/GPK/Images/FakesButton.gif)

: Re: SoCal Homes for Sale
: CORONA January 28, 2010, 05:39:13 PM

: Double_G  January 28, 2010, 02:13:31 AM

i need a house for 150 k

What city CJ?

: Re: SoCal Homes for Sale
: FerNie Rox! January 28, 2010, 06:34:11 PM

Only place ur getting one for  150 is detroit.

150 will get ya a condo here in LA

: Re: SoCal Homes for Sale
: ice January 29, 2010, 09:13:52 AM

Nick
When you take a load out against your 401k or 457k you pay yourself back with a interest....plus i have a property management company to pay each month that maintains all the records and that for my tentants....so there is a fee in that as well. I could have paid them off with cash, but would have lost out on the taxes and that when it comes tax time.....my guy who is a investor for an investment firm here in LA has been advising me and after seeing his income and the properties he is sucking up the past 8 years I tend to think his method is working.....he is the only 35 year old that I know that could retire now and never have to work again.

plus I took out a helock loan to do repairs on the homes that I bought. 2 of the 3 homes are in West Covina and the other is in Alhambra.......either way if they dont make me huge money in 2 years due to the market not picking up I can always keep them as rentals and have 100% profit ( minus propety taxes) in 3 years time.

: Re: SoCal Homes for Sale
: Double_G January 29, 2010, 02:35:41 PM

Wish my 357 could get me 100k.

Nick - damn near any city. I just don't want to keep considering leaving The state for cheaper home cost. And yes I know I need to get my income up

: Re: SoCal Homes for Sale
: FerNie Rox! January 29, 2010, 03:00:12 PM

You're 357 can get u anything u want if you hold it up to the right person's temple

: Re: SoCal Homes for Sale
: CORONA February 04, 2010, 11:09:12 AM

CJ- This condo is close to where I reside, great area, west Corona... Thats if you are ok with a condo.

http://www.zillow.com/homedetails/2380-Del-Mar-Way-UNIT-202-Corona-CA-92882/69280616_zpid/

: Re: SoCal Homes for Sale
: CORONA February 04, 2010, 11:21:12 AM

Ice... borrowing from a 401K is propably not the best way to invest. Reason why is because when you borrow from your 401K, that money that would have made money is no longer there to do so.... also, once you borrow from it, you have to repay with after tax dollars, and then when you finally do retire, you get taxed again, hence you are taxed twice for the same money..   I for one, am not a fan of 401K's unless, one does not have a mortgage, like CJ. If one has a mortgage, whats the point of the 401K... but to chase profits, that may or may not come to fruit. I know many say, dont put all your eggs in one basket, but thats when investing... and I think paying down ones mortgage is not investing, but more of a wealth preservation method. Personally, I think paying off a mortgage is more conservative than a 401K, providing a person with more liquidity,(easy access to cash) when needed.  Let me give you an example, if you had your house paid off in full, would you borrow against it to put in the stock market, ie. 401K?   I sure wouldnt...

: Re: SoCal Homes for Sale
: ice February 05, 2010, 09:49:39 AM

my 401k is from a job that i worked at in Gardena for 12 years. It not getting any more $$ put into it since I left that job. I had a chance to borrow against it at a 1.5% pentalty so didn't see the harm in it and was advised it was a good move by my investor advisor.

I currently have a 457K, which is a Goverment Employee savings on top of my Pension. They match dollar for dollar up to 8%. This is taxed at a lower rate bcuz of being a GOV employee.

I see your point with 401k's but tell me but if you do your homework and know what to invest in and when to rearrange your investment they can pay off....and if your company matches your money put in up to a certain percentage then i dont see why its not a good idea....i mean if I put in lets say $8k a year and my company matches 8% thats about an extra $1k a year i get for free to invest.

if your retirement is bases on the equaity of your home and solely on that, well sucks to be them right now because they lost 65% of their retirments when the housing market crashed.

again...we all have have different ways of making $$ and we do what is best for us and our families. We all take and I know I do what you say in to consideration when we make investment choices, and no offence to you, but i tend to lean more with my investment advisor who again is making $$ hands over fist right now and I am on a smaller scale doing what he is doing right now move for move and making some pretty good money.

CJ nothing wrong with a Condo as a starter home and to get your feet wet in the home owning world. just make sure you look into HOA fees and that before you buy Condos/Townhomes.

: Re: SoCal Homes for Sale
: CORONA February 07, 2010, 10:49:15 PM

Ice... you are right to say, that those who retire and hope to live off the equity of their home are not well prepared for retirement... when one retires, Social Security should not be the only form of income, and one must plan to have other forms of income ie. 401K, Real Estate, etc.  I was just pointing out the disadvantage of borrowing from a 401K, which like you pointed out with home equity, it can evaporate rapidly when the stock market crashes... like it did last year and everyone and their momma was trippen that their 401K statement showed a loss instead of a profit. Other types of investing methods are off track to this thread... this is the Socal homes for sale thread..lol   

So, a little article on strategic default which is when a person purchased a house a couple of years ago and are upside down, meaning they owe more than what their house is worth... and will not pay their mortgage, but will pay their credit cards, bills, etc. 

http://www.thetruthaboutmortgage.com/what-to-pay-first-mortgage-or-credit-card/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+TheTruthAboutMortgagecom+%28TheTruthAboutMortgage.com%29&utm_content=Yahoo%21+Mail

: Re: SoCal Homes for Sale
: CORONA February 11, 2010, 03:08:03 PM

Get paid to stay in your overpriced home... damm! lol

http://www.thetruthaboutmortgage.com/citi-offers-six-month-stay-in-exchange-for-keys/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+TheTruthAboutMortgagecom+%28TheTruthAboutMortgage.com%29&utm_content=Yahoo%21+Mail

: Re: SoCal Homes for Sale
: CORONA February 19, 2010, 07:22:37 PM

15 Percent of Mortgages Late or in Foreclosure....... and your telling me things are getting better????

http://www.thetruthaboutmortgage.com/15-percent-of-mortgages-late-or-in-foreclosure/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+TheTruthAboutMortgagecom+%28TheTruthAboutMortgage.com%29&utm_content=Yahoo%21+Mail

: Re: SoCal Homes for Sale
: CORONA March 19, 2010, 09:27:42 PM

It is obvious that in order to buy a house now a days, most will require to obtain a loan.  Right now, most loans(money) that is available is ultimately supplied by the government.  When a bank makes a loan, it is common for them to turn around and sell the loan to companies like Fannie Mae, Freddie Mac, etc, which are basically government companies.  Right now, both Fannie and Freddie are broke, requiring to get billions from the US gov. to stay afloat.  Also, some banks sell their loans as mortgage backed securities, (groups of loans) which the Fed is buying up and has been for about a year.... which helps keep interest rates low.  As of March 31, 2010, the Fed will stop buying these securities.. therefore, it will make it even harder to get a loan, and also resulting in an increase in interest rates. That will put more downward pressure for the housing market.  Interest rates will probably start rising sometime in June, since it takes a while for the process to go through.  Less money will be available to loan, thus, those with money will ask for a higher interest rate.. once the government stops buying MBS.  This year is really a risky time to buy... in my small brain opinion, prices will remain flat, or go down more...  so, no need to rush... get your things in order to buy.

1. Improve FICO score, above 700.
2. Pay off all debt.
3. Save up to 20% for down payment.


Happy hunting.

: Re: SoCal Homes for Sale
: Rudogg March 19, 2010, 11:15:20 PM

How much money do I need for a hooker? Can I get a loan for one? Do I have to have good credit?

: Re: SoCal Homes for Sale
: FerNie Rox! March 19, 2010, 11:53:41 PM

Theyll give u the $25 loan rudy.    Colt just bought a pad in pacoima. He said he got the loan pretty quick

: Re: SoCal Homes for Sale
: Double_G March 20, 2010, 02:32:26 PM

so according to nick i just need someone to give me 40k cash. and i'm ready to go

: Re: SoCal Homes for Sale
: FerNie Rox! March 20, 2010, 04:00:32 PM

Or 3% if u go through FHA

: Re: SoCal Homes for Sale
: King March 23, 2010, 03:19:27 AM

im to poor

: Re: SoCal Homes for Sale
: CORONA March 25, 2010, 03:20:41 PM

Speaking of loans... which is just as important... when applying for a loan, make sure to get the new Good Faith Estimate, which will allow you to shop for the best deal in regards to closing cost, rate, terms, etc. If your planning on buying anytime soon... consider yourself as a piece of meat in shark infested waters....lol

: Re: SoCal Homes for Sale
: King March 25, 2010, 04:25:11 PM

 :D

: Re: SoCal Homes for Sale
: Double_G October 19, 2010, 02:17:07 AM

I still want a home nick sell me yours please

: Re: SoCal Homes for Sale
: CORONA October 20, 2010, 12:23:17 AM

Soon you will find it on the foreclosure lists.... haven't made a payment for the last 9 months...... living rent free...lol. screw the banks.. >:(

: Re: SoCal Homes for Sale
: ice October 20, 2010, 11:07:48 AM

: CORONA NICK  October 20, 2010, 12:23:17 AM

Soon you will find it on the foreclosure lists.... haven't made a payment for the last 9 months...... living rent free...lol. screw the banks.. >:(

WHAT.....Mr ADVICE isn't paying his house payment....I think thats a lie

: Re: SoCal Homes for Sale
: Chingon October 20, 2010, 11:18:27 AM

I don't believe Nick for a second....no mientas cabron....we know you a baller!!!

: Re: SoCal Homes for Sale
: Rudogg October 20, 2010, 05:49:57 PM

: CORONA NICK  October 20, 2010, 12:23:17 AM

Soon you will find it on the foreclosure lists.... haven't made a payment for the last 9 months...... living rent free...lol. screw the banks.. >:(

Like chignon said English version “stop lying”  LOL
Why did you paint your house then? LOL

: Re: SoCal Homes for Sale
: Double_G October 23, 2010, 12:53:15 PM

nick purchased his house when the cows were still helping build houses in corona, he's mortgage is to low to not get paid. he's bull shitting.

what do you guess think about town houses, i'm not a fan of associations. anybody got any stories about the good or the bad?

: Re: SoCal Homes for Sale
: ice October 24, 2010, 03:44:56 PM

not a fan at all....

Friend had one and he shared a common wall....couldn't do crap to his house unless it was OK'd but the HOA.....no loud music...cars....had to watch how many friends he had over cuz of noise....

to me Town Homes are apartments that you are buying....

: Re: SoCal Homes for Sale
: Double_G October 27, 2010, 10:40:35 PM

anybody else have an opinion of townhouses and association fee's?

also when purchasing a home, what do you think about the option to buy down the interest rate?

 the program i'm using has an option to buy down your interest rate. for every one 1% of the homes price you pay you can buy down the interest rate .25%  ( keep in mind i did not say down payment but i said interest rate buydown)

: Re: SoCal Homes for Sale
: CORONA November 08, 2010, 06:57:54 PM

I would not do Town house... there are many for and against why... look at it this way CJ.... when you bought that mini truck... you were happy for about 6 months... then little by little you wish you had bought a real full size truck... same way as a town home and a SFR....  if you cant afford a real house... wait until you can... with 20% down.   
ba
As far as paying points to lower the interest... if you can recoup your money in 3 or 4 years then maybe a good idea... or if your planning on staying in the home till the mortgage is paid off... then it may be wise... although life always changes and you may want to refi later for many reasons... that said, I would probably not.

: Re: SoCal Homes for Sale
: Double_G November 10, 2010, 08:15:03 AM

good answers nick, I will take that into consideration, the home i'm looking for now will be a rental in 4-5 years anyway. I 100% cannot afford to buy the home I plan to be in for the next 20 years. but at these lower prices, it's making buying a house with a mortgage low enough to be covered by rent possible again.

as far as the buy down, i get what your saying also, I just wish it was a way to tell the difference, the calculator im using shows the savings over the full 30 years but you cant really tell what the interest savings is for the first 5 years. ( knowing you pay more interest in the begining that the end) also i plan to make biweekly payments to try to pay it off earlier than 30 years.

: Re: SoCal Homes for Sale
: CORONA November 10, 2010, 12:38:09 PM

CJ.. let me make it clear for you....when one takes out a 30yr fixed mortgage, one pays same amount of interest RATE.... not necessarily the same amount of interest.

Heres why... lets say I borrowed $100,000 at 5%.  The interest for the year will be $5,000.
Now lets say after 20 years into the loan, I owe $50,000, with the same RATE of 5%, the interest for the year will be $2,500 simply because I owe less, therefore the interest amount will be less.

So, one only pays more interest amount at the begining of the loan because you owe a larger amount and the interest is on that amount.  I dont recommend paying biweekly because most likely it will negatively affect your liquidity and it is the same a making one extra payment a year.. so do that instead... this of course if you have no other debt, car, credit card, and have at least 6 months of emergency money saved. 


Your LO can easily tell you how long it will take to recoup money spent on points... ask them,

: Re: SoCal Homes for Sale
: CORONA December 30, 2010, 01:43:15 PM

: CORONA NICK  August 17, 2007, 12:28:03 PM

In my opinion, the housing market is a mess to say the least.... hope no one bought into the hype.... some used to say the housing market would recover by the end of the year.... now, just several months later.... most say its gonna be several years before things turn around... which means... more than likely, time is on the buyers side... since house prices are not expected to go up this year.... only stay flat or may go down further....

Back in 2007.... ;)

: Re: SoCal Homes for Sale
: CORONA March 28, 2012, 03:04:07 PM

Soooo... 5 years later... houses in SOCAL lost about 50% in value... wow...  Today is 2012, and prices still are dropping, well at least from last year... with a drop of 3.7% according to DQ News... a respectable source for RE information.  Since 2007, people have been calling a bottom every year, but have been proven wrong.... today, interest rates are extremely low, making housing affordable.... only thing is, interest rates will not stay the same... and will eventually rise... and when that happens, the bottom will be evident in my opinion.... so until then, Im waiting on the sidelines, and in no rush to buy.