Know Thy Market!! Or Be Killed By Bad Investing!!

The spelling in the previous post was wrong, took me to a dead link.

Thank you DJ for pointing that out. I edited the post to reflect the correct website address.

It took me about 3 tries to figure it out. lol

Thanks for the great information! Very informative and helpful, I will certainly keep this in mind. Thanks for the links as well, I haven't tried a few of them. I'll have to check them out.

Thanks again and good luck!
-Mike Hutchins

Altoresearch has no information at all for the state of New Hampshire. Oh well, can't win em' all lol.
-Mike Hutchins

I just pulled up rochester. What city are you trying to pull up?

KimmyJ

Oh really? Hmm well I searched for Bedford 1st as thats where I live. Secondly I tried Manchester as it is the largest city in the state. Third I tried Concord as it is the state capital, tho slightly out of my target market.

I assumed if they did not have the state capital, they would not have any NH cities. That is strange that Rochester showed up, its a very small town which I have not even been to. I just tried Nashua as well (2nd or 3rd largest city in the state) to no avail. Rochester is the only city I see listed for NH so far haha. Odd lol.

Thank you for your input, I appreciate you taking the time to look into that for me!
-Mike Hutchins

Yeah, I tried pulling up Dover, but no luck. However, they had Rochester. Go figure... If I come across any housing data for your area, I'll PM you with it.

KimmyJ

Thank you very much, I appreciate your willingness help! People such as yourself are who make this site such a great place! You must be familiar with NH if you know some of these small towns, no?

Thanks again and good luck! If I can ever do anything to help you out, let me know!
-Mike Hutchins

with NH. Went online and googled new hampshire cities. I thought what ever came up should be some kind of big city. I just lucked out by picking Rochester!

KimmyJ

I tried several larger cities for Arkansas at the altoresearch site and none came up.

Ohh I see. I just assumed with the small towns you where mentioning that maybe you where familiar with NH lol. Thanks again for the help!
-Mike Hutchins

I went to an investors meeting on Tuesday. They had a market alalysist there who was pretty emphatic that there would not be a big rush of REO's. Me, I'm not so sure so will only work on wholesaling for the interim. His thoughts were that the banks havn't dropped all that shadow inventory yet and will continue to doll them out because:

They have bail out money and can wait this out to get top dollar

If they do release the inventory, it will adversly affect all housing prices including the ones they want to sell

Currently, by releasing them a little bit at a time, they are controling the market and getting multiple offers

It is believed that the government is pushing them not to do a big release as it will hurt the economy more.

and

They are selling them in lots before they ever hit the market.

We saw scads of charts and graphs and listen to many old timers in the business. During a "Haves and Wants" section of the evening, one man stood up and told the REO Brokers int he room that he would buy their REO lists, paying cash, to close in 7 days. (And I wondered where the REOs were. Now I have a better idea)

I do not promote the validity of these statements, only passing on what I thought was a very informational meeting. Personally I would rather be safe then sorry and see what the next couple of months hold.

Thanks for relaying the information. I guess we all just have to wait and see what happens. No matter the outcome there will still be plenty of money to be made, we just have to "think outside the box!"

Good luck!
-Mike Hutchins

There will be more REOs. Your club was correct that the banks are going to release foreclosures in spurts. This will help stabalize the market. However, the fact is that banks are in the busy of lending money not holding and selling real estate. They have to start getting the inventory out on the market and sold. The moratorium has kept them from foreclosing on many properties. There are still over a million properties in foreclosure and more every day starting preforeclosure. This mentality of lack amazes me because it took us well over five years of a strong, aggressive banking industry to pass out these subprime loans. We have just begun to see those loans go bad. There are still many foreclosures to come.

KimmyJ

Thanks to all for sharing this valuable piece of information. However, please be on the look out for those great deals or opportunities that may arise. God Bless.

Sandra

A BIG thanks for the KimmyJ for sharing the information with the DG family.

Thanks Kimmy for the great website. Except for one city, I was able to get the market data for my target areas.
Theresa

Great stuff!

Great post. I like the Altos website (if you are lucky and your target area is available )

I love coming to the DG website. There is always up to date information. Thanks for posting,
Kat

We were just discussing the market conditions, particularly the foreclosures, and some of the more expierienced investors have noticed that the foreclosures that are coming through now are of the Prime rather than sub-Prime varieties. They think this is due to their losing their jobs or having their hours cut because consumer spending has not bounced back like they had hoped. Just curious if anyone has noticed this in their areas? On a side note we are also starting to see an increase in the commercial foreclosures as well.

It's always great to come on this site and get such great information about all aspects of the real estate game. Thanks for the links, I'll go check out my area now.

Rick888

It looks like altosresearch doesn't have anything on Mississippi. I'll keep the link and check back in the future to see if they add our state later. Thanks again.

Rick888