Open Thread 7-4-2009
Happy 4th of July! I hope you are enjoying this wonderful holiday weekend.
I was featured this week at the Irvine Homes Blog (Blogger: Irvine housing market nowhere near bottom). I will expand on some of those questions in posts next week.
I had business at the Orange County Courthouse this week, and I got to witness some foreclosure auctions taking place. It is a fascinating process. I hope to go back with a video camera and capture some of the proceedings to display here.
It is a little strange when you walk up to the courthouse and you see this group of people huddled around an auctioneer. There are people walking in and out of the courthouse on other business, and the auction takes on a street-performer atmosphere, an unusual sideshow distraction.
I did hear from some experienced auction buyers that some of the professional players have pulled back from their activities recently. Apparently, we are not the only ones paying attention to the news of shadow inventory and ARM resets and recasts. The professionals know they are buying and selling in a declining market, and there is much fear that they will be caught holding inventory in a quick and merciless drop.
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Shevy Akason
Evergreen Realty
shevy.akason@evergreenrealty.net
949.769.1599
