OK my op is completety off track but yes I am loving it. Can't wait for tonights Giants Dodgers series start. My family held Giants season tx from 58? till '90 when I left the Bay Area. We had 6 Box seats 2 rows above the visitors dugout. GO Giants
jerawyn said:
Does anyone remember when everyone was crying about the sluggish stock market a couple years ago ? People took their money out two years ago and invested in real estate. Many, many people who were not investors were tempted into the market based on the following years of "booming RE market" reports. It's not surprising that the original investors have taken the gain, reinvested in the stock market, causing the rise this last week, and also the sudden drop as they capture profits back.
Yes, there are a lot of foreclosures. Many many more than last year, and probably more to come. I imagine that people who cashed out their stocks will be taking advantage to the falling market and reinvesting in the foreclosure market.
Non-traditional lenders are not the problem, less than ethical mortgage brokers and short sighted agents aren't helping, but there are plenty of people who benefited from being able to get a loan without income qualifying -- including me. I'm self employed, and work on a commission type basis. I don't get a traditional W-2 income statement, and without one, I'd pretty much never be able to get a traditional loan.
Timing is everything, and if you don't have that, get a consultation from an appraiser before you make an offer, or even, before you list your property. The money you spend may just save your bottom line.
You left out the part where the current boom or bubble if you'd prefer was subsidized to the tune of 20% or more depending on the market by the glut of free capital coming out of the sub prime industry. In short, many people need non traditional loans because of the existence of non traditional loans. True, buyers should educate themselves but the market conditions are still caused by rapacious short sighted lending practices.
Subrosa
San Francisco, CA
July 2004
JUL 31, 2007 07:47 AM