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I sympathize with people in tough housing situations, but you are accurate in your use of the term thief. To the degree the theft impacts a community at large, you have to consider if the owner was taking appropriate measures to secure their property. You don’t hear a lot of people squatting in vacant rental homes? Are there a lot less of them, or do landlords do a better job of keeping people out than banks do.
It’s a matter of cost. The realtor should not be the one confronting a squatter - it should be your guy from Vegas (only partially kidding - dangerous jobs should be done by those ready and prepared for the danger). How about the bank paying house-sitters? For a small remodel, as this one is, you’ll have one open bedroom, and with the home occupied, it will be much less likely to be vandalized. And you have another home for someone, with cash flowing from the bank to the people (or just a legally negotiated free rent). If it’s a major reno, it’s the contractor’s responsibility to maintain the site - I trust the contractor to do a better job than a realtor at kicking someone off property.
The main reason to buy if you have to move in 3 years is for the appreciation. You may be not the best rental candidate (Rottweiler that requires a large fence, or a dog that eats drywall), but really, that’s nothing a large security deposit or higher rent can’t fix (a cost you’d bear even if owning).
Over the past 8 years, I’ve seen a lot of people move to our area for work training. Nearly every married couple bought if they were going to be here > 1 year, with many only staying for 3 years. That reflects two things: a negative perception of renting, and in our area, comparable homes are much cheaper to buy than rent. Make comparable homes cheaper to rent and I’m not sure if the situation changes ,but there is still a perception of renting that needs to change.
I don’t think the perception of renting will change. Why would it? It was so much cheaper to rent a few years ago, yet people still wanted to own. Just as more people understand the peril of financing/ownership now in 2011, the spread between owning vs. renting is so much smaller and heading toward favoring financing/owning.
One more point - I’ve talked to several friends (& friends of friends seeking counsel) who are underwater, and I’m always shocked at how important one factor is to their decision to stay or walk. That factor is the Fannie Mae 7 year waiting period after a “strategic default.” I think it’s 5 years for Freddie Mac currently and may another year or two less for FHA.
People do not want to be locked-out of financing their next house. That appears to be worth hundreds of additional dollars monthly and many thousands of dollars in underwater positioning.
Isn’t the trustee sale public information?
It contains the address and the name of the defaulter.
There is a new wave of data aggregators like Spokeo.com that collects all kinds of personal info about people including everything they post on facebook. Why wouldn’t they collect information about foreclosures and bankruptcies?
If I were lending half a million to a person, I wouldn’t mind paying a few dollars to verify if he’s ever defaulted, not only during the last 7 years.
But the government agencies are stupid, they can give money even to illegals. Thus, I think Fannie Mae won’t be alive in 7 years buried under trillions of unpaid debts.
This assumes, of course, that Fannie Mae / Freddie Mac will either one be around 7 years from now. Strategic defaulters are going to find that the old way of doing business will no longer apply.
Where is the bank’s responsibility in all of this?
The banks should take decisive measures to secure their properties when they foreclose.
They can’t have it both ways, by recklessly forelclosing, then failing to secure properties or pay HOA dues.
Of course banks can have it both ways. They own the Government so they write the rules.
I’m sure that using actual facts and information is hopeless, but I would just like to point Planet Realty to a couple of links:
http://www.redfin.com/city/9361/CA/Irvine
https://www.wellsfargo.com/mortgage/rates/
So, Mr. Realty, your two big points for months have been 1) The best time to buy in Irvine was spring 2009. Everyone here missed the boat, and 2) Interest rates will continue dropping and get down near 2%.
Ladies and Gentlemen, the clear and unassailable debunking of Planet Realty.
Thanks for playing…
But Abroad, you aren’t keeping up with the new spin that the bulls are using. Used houses are so middle class. It’s all about “new” houses now. The Irvine Company set low goals and sold more than expected so that is reason to put the lampshade on your head and start dancing up a storm.
Yeah, you’d think that TIC would make it easy for an average guy like Dave to buy a new home in Irvine.
Instead, there’s a “priority registration” process.
You qualify first, and then wait in line hoping to be selected.
Meanwhile, buyers holding “red envelopes” are automatically placed in a express line.
They are using red envelopes now? When did they stop using the cowbells? MOO
If you look at houses only (exclude condos), prices in Irvine (and many other cities) were in fact lowest in the first half of 2009.
That is changing fast Geotpf. The low end in University Park has hit a new low, and I don’t think they are done yet. It’s too early.
On the other hand, though, a house one step up from the low end came on the market at a healthy price and went into back up offers in about a week. I’m waiting to see if it goes back to active again.
Buy now or be priced out!
Abroad,
In your redfin link, I love the YTD divergence between $/sf listed and $/sf sold. All the lemming sellers bought the [r]ealtor spin that RE will come back in 2011, so they listed higher. Buyers, otoh, aren’t falling for it, and the REO tsunami continues to roll through Irvine.
-Darth
Abroad,
While I’m not trying to defend PR anyone that quotes Wells Fargo’s rates is missing the boat. Last week when rates rose many came out and said here they go..rates are on a upward spiral.
A week later and the average is (according to bankrate.com) 4.87%.
Besides Wells Fargo is one of the worst to deal with. Excuse me while I vent a bit. They tried to stick me with an appraisal fee of over $600 after I had canceled using them in escrow. It took several months with another big bank to get them to credit me back the amount. (I had the paper work ready for small claims, just in case.)
Even at 5% that is historically low. They are not going to go to 2% and I think he was being sarcastic. At the same time I doubt if you see 10% or even 7 or 8% anytime soon. The Fed won’t allow it.
He was not being sarcastic at all. PR did not actually make the 2% prediction. The 2% number came from ochomehunter and PR replied saying that he agreed 100%.
PR did say that interest rates would “continue to break record lows”. At this point, shouldn’t we be seeing some kind of indication or reason for rates to go lower?
Is the turmoil in the Middle East a reason for rates to go lower or higher?
Try QE part Deux. Where are the record breaking low rates?
I think the unemployment rate in CA will go up faster than the interest rates. Especially with the buffoons we have in Sacramento running the show.
Who’s more stupid? The electorate or the elected?
Electorate, by far.
Another Irvine company follows the outsourcing trend.
http://economy.ocregister.com/2011/02/25/webvisible-closing-irvine-office-170-cut/49995/
Webvisible is closing its Irvine office and laying off 170 people.
A year ago, it opened an office in Mumbai and hired 130 people.
I wonder which company will be next.
Impossible. Have you been to the IRVINE SPECTRUM at all lately? It’s like Christmas and Ramadan every day, teeming with Irvinites flush with cash! And even if white-collar jobs WERE leaving Irvine—which could never, ever happen, by the way—every morning I look out the window to see hordes of FCB’s hungrily arriving in Irvine, ready to spend their cash reserves on choice Irvine real estate. Irvine home prices are ready to hit the stratosphere, so you’d better buy now or be priced out forever. It’s a different market out there, and no city in America is as stable and well-heeled as Irvine.
You can’t go wrong buying in Irvine!
My point exactly! California is the way it is because of the electorate! The masses have spoken! It’s been this way for over 40 years…nobody else to blame but us! Problems with illegals sucking up state welfare? Look in the mirror! Taxes too high? Look in the mirror! Problems with corrupt politicians? Look in the mirror! We’ve gotten exactly what we’ve voted for…
Now back to your regularly scheduled program…