[Crimson92]

Originally Posted by E90SLAM

I'm getting a house in two years?

why are you asking?

[Bimmerbaby]

Originally Posted by Crimson92

why are you asking?

+1

[OC Guy]

Originally Posted by Crimson92

i know many people who are in that situation.....

john like i told you on friday...sit back and watch the show...the time to buy a house will become apparent soon

I don't agree with "soon" bro. I guess you have to define soon. Some people say 6 months, I think over 2 years.

There are a large number of bank owned properties not yet for sale on the MLS. When these get listed and sold, they will continue to push prices lower. Currently, there are more foreclosures each month than there are sales, and Irvine is in the eye of the storm. How long can that continue before the banks start becoming even more aggressive? We better hope there is an increase in sales volumes soon, or the lenders will own all of Southern California.

Bank owned properties = Foreclosures. As I said earlier, foreclosures will drive the market down. Appraisers cannot ignore the fact that a house down the street got foreclosed and sold for $100,000 less than your (the seller's) house.

People are losing a lot more than what they paid. Remember, if you bought a house for $600,000 and sold it for $450,000. You still have to pay the 6% commission fees. Not to mention all the fees you paid when you bought the house.

[OC Guy]

Originally Posted by E90SLAM

I'm getting a house in two years?

You can probably afford one...

[Crimson92]

Originally Posted by OC 335i

I don't agree with "soon" bro. I guess you have to define soon. Some people say 6 months, I think over 2 years.

There are a large number of bank owned properties not yet for sale on the MLS. When these get listed and sold, they will continue to push prices lower. Currently, there are more foreclosures each month than there are sales, and Irvine is in the eye of the storm. How long can that continue before the banks start becoming even more aggressive? We better hope there is an increase in sales volumes soon, or the lenders will own all of Southern California.

Bank owned properties = Foreclosures. As I said earlier, foreclosures will drive the market down. Appraisers cannot ignore the fact that a house down the street got foreclosed and sold for $100,000 less than your (the seller's) house.

People are losing a lot more than what they paid. Remember, if you bought a house for $600,000 and sold it for $450,000. You still have to pay the 6% commission fees. Not to mention all the fees you paid when you bought the house.

sorry i should of said soon enough...by soon i mean a few years...right its still too early to tell whats gonna happen

[OC Guy]

The Irvine Housing Blog now has a subscription to ForeclosureRadar.com. Their service is a good place to get a "heads up" and buy a foreclosure before it hits the market. I use it to find properties along with Redfin. I want to share with you an observation I have made while looking for properties to profile: many of the REOs are not listed yet. While looking for a house to profile for today's post, the first four properties I found on foreclosureradar were not listed on Redfin. These included 105 Mission, 9 Timberline, 14952 Greenbrea, and 11 Bull Run. There are more. What are the lenders doing with these? In all likelihood, they are simply overwhelmed with the number of homes they own, and nobody is actively managing them or trying to secure their disposal. Someday, they will. So how many distressed properties are there in Irvine?



Red is bank owned, blue is scheduled for auction, and green is in some stage of preforeclosure. If you want to find out more, go to ForeclosureRadar.com.

[E90SLAM]

i need to win a lottery...

[E90SLAM]

Originally Posted by OC 335i

The Irvine Housing Blog now has a subscription to ForeclosureRadar.com. Their service is a good place to get a "heads up" and buy a foreclosure before it hits the market. I use it to find properties along with Redfin. I want to share with you an observation I have made while looking for properties to profile: many of the REOs are not listed yet. While looking for a house to profile for today's post, the first four properties I found on foreclosureradar were not listed on Redfin. These included 105 Mission, 9 Timberline, 14952 Greenbrea, and 11 Bull Run. There are more. What are the lenders doing with these? In all likelihood, they are simply overwhelmed with the number of homes they own, and nobody is actively managing them or trying to secure their disposal. Someday, they will. So how many distressed properties are there in Irvine?



Red is bank owned, blue is scheduled for auction, and green is in some stage of preforeclosure. If you want to find out more, go to ForeclosureRadar.com.

HOLY CRAP!!!

[OC Guy]

My +1's parents keep pressuring us to buy a house in 6 months. I'm like no thx. I don't want to buy something and it be 20% less in 2 years.

$500,000 * 20% = $100,000 loss. NO THX!

[e90fanatic]

Originally Posted by OC 335i

I don't agree with "soon" bro. I guess you have to define soon. Some people say 6 months, I think over 2 years.

There are a large number of bank owned properties not yet for sale on the MLS. When these get listed and sold, they will continue to push prices lower. Currently, there are more foreclosures each month than there are sales, and Irvine is in the eye of the storm. How long can that continue before the banks start becoming even more aggressive? We better hope there is an increase in sales volumes soon, or the lenders will own all of Southern California.

Bank owned properties = Foreclosures. As I said earlier, foreclosures will drive the market down. Appraisers cannot ignore the fact that a house down the street got foreclosed and sold for $100,000 less than your (the seller's) house.

People are losing a lot more than what they paid. Remember, if you bought a house for $600,000 and sold it for $450,000. You still have to pay the 6% commission fees. Not to mention all the fees you paid when you bought the house.

yea...the damn agent fee is 6%!! basically i buy a M3 for the damn agent. But without them it's hard to sell. Foreclosed properties also have liabilities that you must repay inorder to own the property.

[Bimmerbaby]

Wow that is crazy! talking about the map

[Crimson92]

wow that is bad.....good for us...and bad for us

[OC Guy]

Originally Posted by e90fanatic

yea...the damn agent fee is 6%!! basically i buy a M3 for the damn agent. But without them it's hard to sell. Foreclosed properties also have liabilities that you must repay inorder to own the property.

What type of liabilities?

Is $100,000 less than the asking rate worth it? To me it sounds like it is. I'm asking because I don't know the liabilities, don't take this the wrong way.

[E90SLAM]

Originally Posted by OC 335i

My +1's parents keep pressuring us to buy a house in 6 months. I'm like no thx. I don't want to buy something and it be 20% less in 2 years.

$500,000 * 20% = $100,000 loss. NO THX!

my parents too....

[OC Guy]

Originally Posted by Bimmerbaby

Wow that is crazy! talking about the map

Originally Posted by Crimson92

wow that is bad.....good for us...and bad for us

Yeah and it's not like Irvine is a bad or poor income area either. These are most professionals who are considered the upper-middle class and up.

[OC Guy]

Originally Posted by E90SLAM

my parents too....

Print out stuff from these blogs and educate them! Luckily my sister has educated my parents on this so they aren't bugging me at all. They just want me to save, which I have been doing (no more mods to the car!).

[Crimson92]

Originally Posted by OC 335i

Print out stuff from these blogs and educate them! Luckily my sister has educated my parents on this so they aren't bugging me at all. They just want me to save, which I have been doing (no more mods to the car!).

same boat...but some things are more important

[OC Guy]

Originally Posted by Crimson92

same boat...but some things are more important

that being said i spent a ton already. +

[Crimson92]

Originally Posted by OC 335i

that being said i spent a ton already. +

again....with you there too.....shit i shouldnt even have an e92..but sometimes you have to spoil yourself

[Bimmerbaby]

Originally Posted by OC 335i

Yeah and it's not like Irvine is a bad or poor income area either. These are most professionals who are considered the upper-middle class and up.

It is sad. I"m wondering do these ppl just not care how about the sudden jump in payment or were they just ignorant?

[Bimmerbaby]

Originally Posted by OC 335i

that being said i spent a ton already. +

wow laugh and cry at the same time? That's pretty emo for you John!

[Crimson92]

Originally Posted by Bimmerbaby

It is sad. I"m wondering do these ppl just not care how about the sudden jump in payment or were they just ignorant?

at the time they were making good money....then the economy took a shit


if you look at the people who live in that area and what they do for a living

many are involved in the banking and mortgage business...plus you also have lawyers and doctors but they are not affected as much