Sacramento Foreclosures
#1
Posted 05 March 2007 - 06:00 PM
Better to ignore me than abhor me.
“Wise men don't need advice. Fools won't take it” - Benjamin Franklin
"Beware of false knowledge; it is more dangerous than ignorance" - George Bernard Shaw
Demagogue: A leader who makes use of popular prejudices, false claims and promises in order to gain power.
Technical Watch Subscriptions
#2
Posted 05 March 2007 - 06:19 PM
It's the illiquidity, stupid !
#3
Posted 05 March 2007 - 06:21 PM
Did I warn you about collapsing Sacramento market in August last year? It was one of the first markets in California to turn down sharply, other one being Riverside.
Here is the problem with Sacramento. It is in the middle of flatlands, and there is no shortage of land to build homes around. The oversupply there is phenomenal - and all are new homes. On the other hand, population has less earning than Santa Barbara, or bay area. Now, all the new homebuilders had to sell the houses, and did that to poor people by selling with toxic loan. At the same time, many bay area people saw prices of Sacramento going up, and bought second or third homes.
The fun is just starting now, because none of those homeowners will be able to get any other loan, when their ARMs reset. Their favorite lenders just jumped off the cliff today.
Add Phoenix, San Bernadino, Yuma to that scenario too!!!
www.lasvegaslandbaron.com!!!
#4
Posted 05 March 2007 - 06:21 PM
Edited by greenie, 05 March 2007 - 06:22 PM.
It's the illiquidity, stupid !
#5
Posted 05 March 2007 - 06:24 PM
Did I warn you about collapsing Sacramento market in August last year? It was one of the first markets in California to turn down sharply, other one being Riverside.
Here is the problem with Sacramento. It is in the middle of flatlands, and there is no shortage of land to build homes around. The oversupply there is phenomenal - and all are new homes. On the other hand, population has less earning than Santa Barbara, or bay area. Now, all the new homebuilders had to sell the houses, and did that to poor people by selling with toxic loan. At the same time, many bay area people saw prices of Sacramento going up, and bought second or third homes.
The fun is just starting now, because none of those homeowners will be able to get any other loan, when their ARMs reset. Their favorite lenders just jumped off the cliff today.
not to mention sacramento is an area where some people move to by default usually -- e.g, they can't afford a house in the bay area.
speaking of which, there are still thousands and thousands of condo-like units under construction in silicon valley.
ed rader
#6
Posted 05 March 2007 - 06:41 PM
#7
Posted 05 March 2007 - 09:20 PM
I recently moved to Florida from Hawaii......i have been looking for a home to buy, however, i am really just window shopping for now, waiting for that 1/2 million house to sell for 250k or less.....and its getting there. I have looked at 40 maybe 50 homes in past three months at least........80% of these homes are VACANT........like I said, i will wait at least another 6 - 12 months to find that 1/2 million house for 250k or less.
http://flippersintrouble.blogspot.com/
Edited by hamakua, 05 March 2007 - 09:24 PM.