I think I read on the news that foreclosures are down this month, as in at least this month, they're getting better. Same with last month I believe - but it's really up and down now-a-days
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I have been looking at purchasing a short sale or foreclosure vacation home in Big Bear Lake or Lake Arrowhead, (Ca.) lately, and it is definitely getting worse, and the prices are dropping quickly.
Right now because of foreclosures, there is a huge amount of homes currently owned by banks. They are trying to release them in limited amounts, so the housing market remains somewhat level, and they don't lose as much as if they let them all go at once. If you can qualify for a loan, or have cash, you can negotiate a pretty good price.
The sad part is the fact that nobody can get a loan, might not have a job, or doesn't have enough money to pay cash, so they just sit and rot, and this is dropping prices.
I know many realtors will disagree with me, but they are starving as well, and are looking thru "rose colored" glasses.
I sell them in Vegas. There is (or will be) enough assets to last the next 4-5 years. Look for a lot more in the next two years. If you are interested in buying in Vegas, send me a PM. I've sold about 1500 of them here in the past couple of years.
Right now because of foreclosures, there is a huge amount of homes currently owned by banks. They are trying to release them in limited amounts, so the housing market remains somewhat level, and they don't lose as much as if they let them all go at once. If you can qualify for a loan, or have cash, you can negotiate a pretty good price.
The sad part is the fact that nobody can get a loan, might not have a job, or doesn't have enough money to pay cash, so they just sit and rot, and this is dropping prices.
I know many realtors will disagree with me, but they are starving as well, and are looking thru "rose colored" glasses.
Real estate agents who made a lot during the boom and don't know how to cope with the changes are all starving out there. The market is rough and is very different than it was EVER. It will be bad for years to come.
BTW, where in La Verne do you live? I used to live in Live Oak right next to Marshall Canyon. I was smart and sold my house there for $720K after making over $100K on it. I looks like that same house is in the $500s now.
BTW, where in La Verne do you live? I used to live in Live Oak right next to Marshall Canyon. I was smart and sold my house there for $720K after making over $100K on it. I looks like that same house is in the $500s now.
I've always liked those houses. They are still up in the mid 7's, and is just east of me a "stone's throw" away.
I've always liked those houses. They are still up in the mid 7's, and is just east of me a "stone's throw" away.
Are you one of those lucky guys that have that spectacular canyon view for your back yard? I used to mountain bike up and down that thing everyday after work. I so miss it!
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