Local Stats- Foreclosure is Driving the Market

With all these talks about foreclosed properties, we, your agents, do not see enough of them as was reported. This another of observation as I had experienced this in the 90s, I hope that the banks/investors who are holding these papers will have the courage to put them out in the market as they come. There are buyers waiting for these properties, and probably beyond my understanding is the REASON why these properties are released in trickles:

AUGUST 2008 CLOSED SALES NUMBERS FOR SFR's AND CONDOS

ORANGE COUNTY:

1,848 SFR closed sales transactions
$500k median sales price
30% price decline from AUGUST 2007
731 CONDO closed sales transactions
$310k median sales price
31% price decline from AUGUST 2007

LOS ANGELES COUNTY

4,311 SFR closed sales transactions
$385k median sales price
36% price decline from AUGUST 2007
1302 CONDO closed sales transactions
$356k median sales price
17% price decline from AUGUST 2007

RIVERSIDE COUNTY

3,247 SFR closed sales transactions
$235k median sales price
41% price decline from AUGUST 2007
277 CONDO closed sales transactions
$215k median sales price
28% price decline from AUGUST 2007

Time Is Of the Essence

THE FINANCIAL BAIL OUT IS REAL ESTATE PER SE..... TIME IS OF THE ESSENCE. I have been ... I have been... Let the chips fall where it may! We are all in the same predicament. This is where value is a pie in the sky.

Sign of the Times

"This is unique, and the Fed has never done something like this before. If you go all the way back to 1921, when farms were failing and Congress was leaning on the Fed to bail them out, the Fed always said, 'It's not our business.'"-ALLAN MELTZER, a professor of economics at Carnegie-Mellon, on the expanding role of the Federal Reserve.

This is exactly my thoughts.

HOUSING,HOUSING,HOUSING

Latest Shared Item: It's Housing Stupid

Since I started blogging, I have always been pointing out that the life and blood of this economy is housing and before , I was scratching my head why , with all these brilliant minds, cannot put a transparent and simple solutions to this problem. Way back '07, I have been advocating for a "short sale refi"(please see my blog on 3/5/08) so that there will not be a tremendous number of foreclosures; refinance the property irregardless of income and credit report and close the transaction within thirty days.Henceforth, the homewners need not move and continue their payment that is affordable. Six months after, it's getting its way to mainstream like a trickle of water from a turned-off faucet since the full enactment is not until October. In the meantime, the gush of foreclosed properties continue like there is no tomorrow.

Lately, my blog was urging anybody who will listen to provide an array of loan menus for those truly deserving homebuyers .. this remains to be seen... and yes, some very brilliant writers from Wall Street realized what the problem is... It's housing stupid!!! Now I AM ALMOST READY TO PULL MY HAIR IN FRUSTRATION!!!!!

Another Job for a Real Estate Agent

It was early morning. I dressed up in my gold C21 jacket.. I was going to court. No , I was not in trouble, I had to represent the bank in the eviction process and I was nervous (again). My nerves are wired lately- since most of my assignments are still in legal proceedings. So here I was in court , looking front, back and sideways to know where the previous homeowners are seated. I did not see them -whew, I was off the hook! But then the lawyer for the bank called me and told me to stay put and then the court clerk announced that we got to move to another department. So we did and when we opened the door , they were starting the cases already (criminal cases!). Ohmigosh! My hands were getting cold and my lips are getting pale and yet, I was able to to find me a seat and started to listen to the case intently. When I was listening to this criminal case, I momentarily forgot what I was there for. This is the synopsis: it was a drunk-driving case where this lady did not show up for her court date 15 months ago! She narrated all the bad things that happened to her why she was not able to show up. It was a string of sad stories after another. I really felt bad for her, if the judge was not convinced in her tale of woes then she will go to jail for 30 days . I was honestly rooting for her. I did not want her to go to jail since she stated that she is leading a different life and I was still whispering to myself "judge please give her a break"... and when the judge rendered his decision, he spared her and gave her probation. I was sooo thankful but the irony is, this woman just murmured a simple "thank you". She did not even show gratitude- and took off hastily like she was in the ring of fire. I was flabbergasted! This was not good and totally let me down . I did not feel sorry for her anymore and was totally incensed!!!! But the judge snapped me out of it when he called our case and "my" lawyer stood up. There, I was called back to earth again but it was a very swift decision- petition granted!!! Why? What just happened? The "defendant" did not show up. ... my precious time was gone.

Now I have to wait for the lawyers to call me again and this time with the sheriff for another eviction episode. Till next time.

Let Us All Hope And Pray.......

New Shared Item: Government Seized
Fannie and Freddie

The Long and Winding Road

Latest Shared Item: Foreclosures still on the Rise... Sad.

Bobcats Invade A Home in Southern California

LAKE ELSINORE , CA

NICE CRIB! COOL!!!!!