Stockton, CA. Foreclosure Capital Of US

[Pressing-On]

Originally Posted by StMark

That's because the understand that real estate goes in 7 year cycles

Yes, it sure seems to.

[RandyWayne]

Ahhh, the benefits of being in a buyers market! Especially when your the buyer!

Arizona hasn't gone as nutz as California has in home prices, but they did get pretty high the past two years. Now sellers are accepting some incredible deals just to get rid of their homes before the banks take them. And even the banks are accepting some very low offers to unload them themselves.

This is truly a tragic situation for many but it is also just due for others who have been hit! If people just don't go totally crazy and maintain their head our economy can survive this quite well... more as a correction than a crisis. If, on the other hand, everyone reacts to the media created doom and gloom the crisis will be bigger than we can even imagine! It is time for cool heads to prevail!

Houston went through a couple of severe price corrections and now their market is unbelievably affordable. When I was in Houston a week ago Saturday I picked up a copy of the "for sale by owner" magazine and there were some incredible values in the NW Houston area around Spring and The Woodlands. Many 4 to 8 year old homes with 2000+ (some 3000+) square feet for under $150,000. It was hard to believe when in Louisiana the prices are significantly higher... probably due to the Hurricanes in 2005.

[BoredOutOfMyMind]

Originally Posted by Ferd

Ron, it isnt greed buddy. the seller isnt the one causing the problem. it is the knucle head buying the house.

you cant be greedy when you are buying a 1300 sq ft house that doesnt look any better than a hillbilly shack. that kind of place in california will cost you a half million bucks!

the seller is expected to accept the higest bid. it is the goof balls paying that kind of cash that are the issue.

if they would look a broker in the eyeball and say "that costs too much" well then you wouldnt have half this problem.

Ferd, with all respect,

You don't have a clue what you are talking about here.

[Pressing-On]

Originally Posted by philjones

This is truly a tragic situation for many but it is also just due for others who have been hit! If people just don't go totally crazy and maintain their head our economy can survive this quite well... more as a correction than a crisis. If, on the other hand, everyone reacts to the media created doom and gloom the crisis will be bigger than we can even imagine! It is time for cool heads to prevail!

Houston went through a couple of severe price corrections and now their market is unbelievably affordable. When I was in Houston a week ago Saturday I picked up a copy of the "for sale by owner" magazine and there were some incredible values in the NW Houston area around Spring and The Woodlands. Many 4 to 8 year old homes with 2000+ (some 3000+) square feet for under $150,000. It was hard to believe when in Louisiana the prices are significantly higher... probably due to the Hurricanes in 2005.

I wouldn't live in Houston if someone gave me a house! lol

[BoredOutOfMyMind]

Originally Posted by StMark

It's all about the same and as you know, that whole area has all grown together. we are only 30 min from modesto turlock is 18 miles - it's all been hit hard. I hear that 1 in 4 homes are in foreclosure in Elk grove(south sacramento).
but southern CA. is being hit really hard too- just ask socaliupc.


Also, Miami,FL is almost as bad as CA.

They only had a "small fire" there.

[RandyWayne]

So many people are panicking because of their homes current value. If they just "breathed" for a bit they would realize that in a few years, their homes value will be back up. The danger is because people ARE panicking that politicians are smelling blood in the water and lining up to propose new spending legislation to address the "problem".

[TRFrance]

Originally Posted by ReformedDave

Who's getting rich by this?

Many investors who are snapping up these properties at bargain basement prices.

Originally Posted by Ferd

You dont have to be rich to be a forclosure investor!

this is a great market to get into and it doesn't take much $$$ to start. It does take some effort.

Yes, I know. You don't have to be rich... but the richer, more experienced, more established investors are the ones in a position to capitalize on this, much more than the little guy.

Same thing with the great depression of the 1930's (yes, different situation, I know). When the stock market crashed, and people were losing their shirts, many rich investors were able to come in and buy up stocks of quality companies at fire-sale prices, and when the market recovered later on, they made a killing.

[TRFrance]

Originally Posted by RandyWayne

So many people are panicking because of their homes current value. If they just "breathed" for a bit they would realize that in a few years, their homes value will be back up. The danger is because people ARE panicking that politicians are smelling blood in the water and lining up to propose new spending legislation to address the "problem".

The issue for many is not just the homes losing value.

It's that their adjustable rate mortgages have adjusted or will adjust soon. And people are are struggling/will be struggling with the increased payments and losing their homes.

[ReformedDave]

Originally Posted by TRFrance

Many investors who are snapping up these properties at bargain basement prices.

I don't see a problem with that.