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Platinum Super Contributor
buyinghouse
Posts: 5,890
Registered: ‎04-23-2011
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A tide of foreclosures are coming your way!

Platinum Trusted Contributor
elt1
Posts: 5,172
Registered: ‎01-04-2010
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Re: A tide of foreclosures are coming your way!

Looks good for CA foreclosures at a 51 month low. SF down 8% year over year....the robo signing moratorium in the East has ended increasing activity there....
Regular Contributor
Lysistrata
Posts: 175
Registered: ‎04-13-2011
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Re: A tide of foreclosures are coming your way!

[ Edited ]

Yes, I just noticed four or five new REO listings in the Northern San Mateo Co. area within the last 24 hours, and that's just within our price range.  Actually, make that eight.  I just went back and counted them.

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buyinghouse
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Re: A tide of foreclosures are coming your way!


Lysistrata wrote:

Yes, I just noticed four or five new REO listings in the Northern San Mateo Co. area within the last 24 hours, and that's just within our price range.  Actually, make that eight.  I just went back and counted them.



Will they get tons of offers? I bet yes!

Regular Contributor
Lysistrata
Posts: 175
Registered: ‎04-13-2011
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Re: A tide of foreclosures are coming your way!

Some will, some won't.  I'm sure all will eventually sell, it's just a matter of when and for how much.  I'm guessing San Mateo will get multiple offers; South City will sell quickly (unless it backs up to the VA cemetery, is too small, or needs a lot of work) San Bruno is more or less the same.  Daly city and Colma will go fast if priced low enough and not too much of a fixer.  Houses like this one http://www.redfin.com/CA/Daly-City/160-Wyandotte-Ave-94014/home/552844 will probably linger for a while; possibly have the price reduced at least once, and then sell to an investor if the market continues to go up as it is.  

 

I still say that with the foreclosure moratorium lifted earlier this month, we'll be seeing an increase in REOs hitting the market in the next  in the next 6 months that will continue for about a year.  Perhaps the demand will outweigh it enough that we will soon be in another RE bubble... but I still don't see small, run-down properties in Daly City getting caught up in bidding wars, even at these prices, any time soon.  But you never know...

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stockton_newbie
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Registered: ‎01-31-2010
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Re: A tide of foreclosures are coming your way!

lol

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tjh
Posts: 5,071
Registered: ‎01-09-2010
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Re: A tide of foreclosures are coming your way!


stockton_newbie wrote:

lol


Well, if you're from the town indicated in your moniker above, you are already familiar with this drill, right?

 

:smileywink:

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buyinghouse
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Re: A tide of foreclosures are coming your way!

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returningson
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Registered: ‎02-24-2012
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Re: A tide of foreclosures are coming your way!


buyinghouse wrote:

Kind of sad watching!

 

http://news.yahoo.com/elections/remake-america/


Sad?  It's outrageous!  

 

The guy has a successful career for years.  Then he has a stroke.  His company dumps him and he and the family lose their health insurance.  Now is he and his family are about to lose their home.   All because he had a stroke.  

 

In addition to health insurance most companies provide disability insurance which pays about 80 percent of your pre-disability income for as long as you are disabled.  I'll be he lost that too.  

 

If nothing else, this demonstrates the need for universal health insurance that is not subject to loss due to unemployment.  ObamaCare may not be the perfect solution but it's better than what we had.   

 

 

Platinum Trusted Contributor
tjh
Posts: 5,071
Registered: ‎01-09-2010

Re: A tide of foreclosures are coming your way!

returningson:

 

The only comment you made that I can, in good conscience agree with, is that this is sad.  Sad it is, and I can empathize with those people.


But outrageous?  Not particularly. 

 

Small businesses are more likely to fail than not.  Thus, "investing everything" one has into such a venture after a serious and debilitating medical event, in one's retirement years, is not smart.  It's fraught with risk, serious risk.  There needs to be personal responsibility here.  Accepting that and moving on with his life would be his best option.  Dumping the business or the house, would be a good start.

 

As I said, I can empathize, I've had some rough times in my own life and had to make heartbreaking decisions.  But sympathizing and supporting some sort of societal bailout only rewards bad behavior and makes it self perpetuating.

 

It's also telling that he was a highly compensated, retail executive.  If he was, why did he make these choices?  One would expect him to know better than that.  Maybe he was let go, not because of his health issues as he may have implied in his comments, but because of non-performance. 

 

If he was let go for health reasons, then he would have a pretty good case for a wrongful termination complaint.  If so, he could end up with all of his financial problems resolved.

 

And, you'd better check your information on disability insurance.  There is no law compelling companies to provide such coverage for their employees, although some do as an employment incentive.  Often, it is offered but the employee picks up the tab.  And, just about anyone can purchase such insurance on their own as well. It is not always employer provided.  But, most importantly, I've never seen 80% of salary coverage.  40% is pretty much standard and 60% is often available at a much higher cost.

 

Universal health insurance?  You don't understand disability insurance but you advocate for another as well.  I don't think you understand "insurance" at all.  You seem to advocate consistently, for societal underwriting for individual missteps and, you expect that support to come from the government and large corporations.  You support the former as the "insurer" of all things and despise the latter as "the evil empires".  

 

Are you an OWS protester by chance? 

 

Are you expecting someone else to buy you a house?