Orange County Register

 15 Comments

• practical says:

  November 26, 2009 at 6 pm

  It is no longer a good time to buy ,but to buy a mistake a m#%$ F&*#ing realtor started to begin with !
• Wannabuy says:

  November 26, 2009 at 8 pm

  Uh huh. And in other news, economic theory no longer applies to real estate.
  • shockg says:

    November 27, 2009 at 7 am

    Real estate rarely does.
    • pdu says:

      November 27, 2009 at 10 am

      Does what, you clear thinking devil, you?
• Get Real says:

  November 26, 2009 at 9 pm

  “Bubblish…”
• Real Estate Fort Bonifacio says:

  November 26, 2009 at 10 pm

  I’ve read a lot in forums that buying properties in foreclosures are good. It gives them good price deal,thus increasing the rate of buyers in foreclosures helps a lot in recovering real state from downfall.
• pat b says:

  November 27, 2009 at 1 am

  Says the chief hype artist for the NAR.

  Name one time the NAR said you shouldn’t buy real estate

  All this is hype tied to cheap interest, once rates go up it’s all over.
• Tom M says:

  November 27, 2009 at 8 am

  Let me guess what he has to say, best time to buy?
• Scott says:

  November 27, 2009 at 9 am

  he is right.

  it is the number of short sales that will drive down the market.

  odd how there are so many abandoned homes listed as short sales but look like reo in nice exclusive parts of oc. call it what you want but the deals just keep getting better!
  • REO Karmadog says:

    November 27, 2009 at 11 am

    Yes they do!
• REO Karmadog says:

  November 27, 2009 at 11 am

  I love when guys say stuff like this. . . Who wants to bet that in Feb. 2010 REOs explode again? Antoher wave is coming and it is big. We will not be out of the woods until 2012. Although, there are plenty of ways to make money in Real Estate and lots of opportunity for the go getters. See you at the auction!
• Eat that! says:

  November 27, 2009 at 12 pm

  Note that he is talking about US prices, not Orange County. Here in supreme bubble land, RE values are entirely dependant on FHA loans and low rates. Recently, the FHA said they will tighten requirements for credit scores and high down payments. The Fed will have to raise rates next spring and stop buying MBS. What does that mean? It’s Spring 2008 all over again. No qualified buyers = no home sold = price declines. Good luck suckers.
• Jc says:

  November 28, 2009 at 9 am

  Realtors are cheatting again with exagerations, and lies.
  they are nothing more than “Rapacious-Vendors”
• R Jones says:

  December 9, 2009 at 10 am

  Just one example of bank foreclosure fraud…
  Homeowner in trouble hires attorney to save home as suggested by the Notice of Default to postpone foreclosure. Servicer agrees to 60 day postponement and then lifts foreclosure hold without notifying the attorney or homeowner and sells property at auction. So much bank fraud continues to take place and lawmakers are letting this happen. After breaking the contract, Servicer (AHMSi) foreclosed on homeowner and the Trustee (Citibank, pretending to be a third party investor) buys back the home at foreclosure auction for half the value. Default amount - $775K, Trustee purchased the home at auction for $350K. Property is stolen from homeowner, Bond Investors are ripped-off, and the state is cheated out of property tax revenue. Even in the worst case, Property should have remained as an REO until property sold and paid appropriate taxes; instead, the Wall Street fraud and greed continues. So many investment banks are involved making the paper trail very hard to follow for judges, politician, homeowners, and attorneys. Option One was the Original Lender, sold to AHMSi which is also the Servicer, the Loans were pooled in the name of Merrill Lynch Asset Back Securities 2007-HE2, CitiBank, N.A. the Trustee. CitiBank N.A purchased the home as the Trustee for Merrill Lynch Asset Back Securities. Homeowners need to go to the SEC.gov Edgar Search engine and research their loan info and see for themselves how Wall Street and our lawmakers are ripping them off, as well as the investors, and the taxpayers.

  Why won’t the banks/servicers work with more homeowners? Wall Street is making money hand over fist on the backs of homeowners by foreclosing. For these pooled loans, Mortgage Insurance was taken out on 62% of the pooled properties without required legal disclosure (PMI Insurer would provide insurance coverage, down to 60% of the value of the related mortgaged property.) This would be above board if the homeowner was told that they were paying for this through a higher interest rate and if it was stated on the HUD-1 as required by law, but in most cases, it is not. And to this add the undisclosed yield spread premium on all the other undisclosed Monthly fees to the Master Servicer, Trustee, PMI Insurer, NIMS Bond Insurance and the SWAP provider, - it’s no wonder we will have 475,000 notices of defaults in Calif alone this year. The nation could see as many as 13 million foreclosure starts according to Elizabeth Warren, chair of the Congressional Oversight Panel. Investors are warned of the risks when buying mortgage backed asset bonds but none of this is disclosed to the homeowner. So much deceit is still continues to carry on and our lawmakers are letting Wall Street Investment Bankers get away the fraud, greed and the unscrupulous business practices. It’s no wonder they can pay back TARP and Goldman has made a record $3B profit this last quarter. And we are relying on Geithner, who is in bed with Wall Street, to stop this?
• practical says:

  December 10, 2009 at 10 pm

  NEW YORK (CNNMoney.com) — Option-ARMs: File under, “It sounded good at the time.”

  http://money.cnn.com/2009/11/24/real_estate/option_ARM_defaults/index.htm