TOPIC: California Housing Picture Improving?

After reading this article, maybe not....

blogs.wsj.com/developments/2009/07/21/ar...-inventory-of-homes/

I say buy buy buy.  The old saying goes, buy low, sell high.  People and lenders are bound to make the same mistakes again!!!

There's 10 empty houses in my condo complex (according to our HOA meeting last week). None of them have for sale signs on them. There's only 96 places in here. Sounds like they're holding back to me!

When I attended the FDIC vender meeting at the Irvine Marriott a few months ago, they mentioned that another 8-10 million foreclosures were coming on the market over the next 24-36 months.  So many here in California, Nevada and Arizona that they opened a 200,000'sf regional office in Irvine, CA and hired 600 employees to staff it in March of this year.

C-Span stated today the U.S. Government via Fannie and Freddie are now controling 56% of all mortgages in America.  When you add the Governments control of B of A and Citi Corp the number jumps to 64% of all mortgages.

I'm not at all sure you need to buy, buy, buy at the current time.  Particularly when Obama is trying to rent, rent, rent the short sales, notice of default and or foreclosures to the current owners of same.  Government socialized control of the housing industry may change the equity growth scenario for years, if not decades to come...

Man if you cant find a steel of a deal in real estate right now, then you need to open your eyes.  I would be willing to bet there are many out there buying all they can.  That's just my opinion though. 

The banks are holding back with there Inventory of homes to drive the prices up. So far what I have been told and have seen it has not worked as much as they would like. It may take longer to show that it is working, One thing I can say REO properties last year at this time may have gotten one or two offers are now getting 10 to 15 offers I have seen some with up to 30 offers but this is far a few between. There is also a article that came out I have to find it, that shows Sales of new homes in SoCal is up . Some first time buyers are using there stimulus money on a purchase of new over old. Here is a link www.npr.org/templates/story/story.php?storyId=106113137   Dom what is going on in complex is the same over here in the Hemet area there are condos that have been empty for a year and they have not made any effort to sell them because there is very little value in them with the market the way it is now. I was at a meeting MLS back in May and  here is what they said. Home inventory is going into June 09 at a 4 year low,With stronger than expected home sales,Buyers are finding fewer homes to choose from..