OfflineBanks Giving Timely Mortgage Relief
It appears that the $25 billion mortgage relief settlement is running ahead of schedule. This is according to the monitor of the program. While the program is moving along, the number of households helped by the settlement has fallen short of predictions. The settlement includes a combination of mortgage relief and short sales.
Shiller Says Some Markets “Bubbly”
Robert Shiller is seeing “bubbles” developing in some markets around the country, and he is predicting more in the near future. He defines a bubble as: “A tendency to view housing as an investment is a defining characteristic of a housing bubble.”
Of course, he’s speaking mostly of the individual home buyer who plans to live in their home. The real estate investor still seems to be doing quite well creating supply for a growing rental property demand.
Shiller's work included survey research that asked investors and stock traders what motivated them to make trades; the results further bolstered his hypothesis that these decisions are often driven by emotion instead of rational calculation. - YOR Health
Here in So Cal in San Diego specifically there is low inventory, we have about 2 months worth of inventory and some of the reasons are that many of the homeowners that were foreclosed on or had short sales about 3 yrs ago and reentering the market because the time it takes to repair credit is now only 6-12 months and they have dipspoable income and now they are competing with the first time homebuyers.
Also construction is still lagging because it takes time for the builders to purchase subdivisions, permit them from the govt, etc so were' not seeing a ton of construction going on here and it is tight tight tight. So the bright spot is when you get a deal boy you have hungry investment buyers who want to gobble it up. I have buyers calling me for deals here in So Cal and KC MO, it is refreshing to have them call me instead of me calling them. Of course this was all spoken about by Dean at the Edge event this yr and in prior Web cast's so go to this yr's edge coming up and don't miss any webcasts Dean has, thought I would put that plug in
Hey Dean!
When is the next Web cast? Can't wait.
Tony
Go faster do more! GFDM!
Well I don't have any story for this week. Hope fully in next week.
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