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Comments on: A Useful Working Assumption



Examining the home price boom and its effect on owners, lenders, regulators, real estate agents and the economy as a whole.



Published: Sat, 21 Apr 2018 08:40:34 +0000

 



By: frankie

Mon, 27 Feb 2012 11:15:06 +0000

While it is self evident that realtors or as we would say in the UK Estate Agents are liars, I suspect they fall into the "It is difficult to get a man to understand something, when his salary depends upon his not understanding it!" section of society and are quite happy for the rest of us to join them in LaLa land.



By: Cantankerous Intellectual Bomb Thrower©

Sun, 26 Feb 2012 21:23:20 +0000

"My home was bought for around 97,000 in 2002 and had a nearly $100,000 remodel in 2007 before I purchased the home." Are there lots of sellers out there living under the delusion that the market value of their home increases dollar-for-dollar with their remodeling costs?



By: Cantankerous Intellectual Bomb Thrower©

Sun, 26 Feb 2012 20:02:22 +0000

Here is what comes up when you search Freddie Mac's REO site for San Diego County homes with 4 or more bedrooms. You have to wonder what kind of drastic renovation might be necessary to bring a 5br home priced at $235K up to habitable condition. Homesteps Search Results Click a photo to view property details or begin a New Feature Search 5 Properties Found (Limit: 100) Page 1 of 1 Address Price Rooms Beds Bath 6075 SCHUYLER ST SAN DIEGO, CA $219,900 9 4 2.00 1137 KERN PL ESCONDIDO, CA $234,575 5 5 2.50 379 PASEO MARGUERITA VISTA, CA $297,500 7 4 3.00 1811 NAVAJO PL ESCONDIDO, CA $339,900 7 4 2.50 830 RANCHO BRAYDON LANE ALPINE, CA $419,900 15 5 3.0



By: Cantankerous Intellectual Bomb Thrower©

Sun, 26 Feb 2012 19:53:49 +0000

This is classic: Change your estimate of my home's value, or I am never going to use your web site again! LOLOLLOOLLOLLLOOOOL!!!!!!! My home's zestimate is way off. Can I contact anyone to have them review it? My house is showing a zestimate of 96,000. This is miles away from reality, My home was bought for around 97,000 in 2002 and had a nearly $100,000 remodel in 2007 before I purchased the home. I am assuming this is why the zestimate is off. I know many people come to this site to get a rough idea of what properties are worth and to look at homes for sale. My wife and I are considering selling in the next year to move back closer to her family and I would love to use Zillow to help sell my home. I think its a fantastic site and for the most part, the zestimates are pretty accurate. But I am not going to use zillow at all if it is telling potential buyers that the home is worth $75,000 less than fair market value. their bird's eye view even points to a home that is not mine.... it's 5 houses down Is there a way to contact someone to have my property reviewed? I recently updated a few flaws in the home facts, but I don't think it will impact my zestimate as largely as it should. ...



By: Cantankerous Intellectual Bomb Thrower©

Sun, 26 Feb 2012 19:50:58 +0000

"$494,900" Don't know how accurate that Zestimate of $1.2m for the Feb 2005 price is, but for the record, the recent sale price represents a reduction of ($494,900/$1,200,000-1)*100% = -58.8%. I honestly had no idea home prices in our area were down by over 50%...



By: Prime_Is_Contained

Sun, 26 Feb 2012 19:48:32 +0000

I used to live under the delusion that there were laws in the U.S. against price fixing and collusion. It's even more fun once you realize that the majority of these colluding/price-fixing "trade association" cartels were specifically approved into existence by the government during the Great Depression under the theory that doing so would help stimulate the economy. BWAAAAAAHAHAHAHAHAAAAAAAHAHAHAHAAAAA!!



By: Cantankerous Intellectual Bomb Thrower©

Sun, 26 Feb 2012 19:44:37 +0000

"$494,900" There was a fellow I used to know quite well when he lived down the street from us and we shared carpool duties to get our daughters, who were best friends, to school. I once discussed the possibility of his family buying a home in that area where Bristol Terrace is located, but he opined that they could never have afforded it. To make a long story short, the urgency of wifey's nesting instincts overcame his superior judgment about three years ago, when they paid around $500K for a crappy condo in a far less attractive area...



By: Cantankerous Intellectual Bomb Thrower©

Sun, 26 Feb 2012 19:41:03 +0000

"A big problem for consumers is the data stranglehold UHS have." Totally! Before I started posting on this web site, I used to live under the delusion that there were laws in the U.S. against price fixing and collusion. Now I know better.



By: Cantankerous Intellectual Bomb Thrower©

Sun, 26 Feb 2012 19:38:05 +0000

Here are three Fannie Mae REO homes in our zip code. The Zestimate for the Bristol Ridge Terrace home shows $1.2m as the value in February 2005, but I have no idea how they come up with that cr@p. 17161 Alva Rd Unit 1724 San Diego, CA 92127 Condo/Co-op Under Contract 1 br / 1 ba $139,900 YES 15996 Turtleback Rd San Diego, CA 92127 Single-Family Under Contract 2 br / 2 ba $324,000 YES 15499 Bristol Ridge Ter San Diego, CA 92127 Single-Family Under Contract 3 br / 2.5 ba $494,900 YES



By: Ben Jones

Sun, 26 Feb 2012 19:35:02 +0000

All three have REO websites. They are often incomplete, especially HUD. Properties are being added, taken off (under contract), and then added back (deal falls through) continuously. For HUD, there are UHS in every area who are HUD brokers. Contact them and they'll email you a PDF list when it comes out, usually with photos. A big problem for consumers is the data stranglehold UHS have. The MLS will have the best picture of what's available any given day. Then you have price reductions, which are obviously important. How long has it been on the market? Disclosures, seller remarks, all sorts of things. Try to find a free MLS website that allows you to sort details, check 'new foreclosures today', price reductions. Then check it every day and that will be about as good as you can get. A combination of the above is even better.



By: Cantankerous Intellectual Bomb Thrower©

Sun, 26 Feb 2012 19:28:57 +0000

Millions of homes in shadow inventory, yet only nine HUD REO homes, none of them half-decent, for all of the 3m San Diego County residents? Hmmmmmmm... Search Results for HUD Homes in San Diego County, CA 9 listings found Details 044-426890 15935 Spring Oaks Rd #199 El Cajon, CA 92021 San Diego County $39,600 [The Listing and Selling Brokers are eligible to receive a commission of $1,250 for the sale of this property] 3 2.00 Extended [All Bidders] 02/27/2012 View Street Map it Email Info 044-429527 1423 Graves Avenue Unit 172 El Cajon, CA 92021 San Diego County $80,000 1 1.00 Exclusive [Owner Occupants, Nonprofits, and Government Agencies only] 02/28/2012 View Street Map it Email Info 044-429589 614 Great Sandy Trl #T Julian, CA 92036 San Diego County $106,400 [Price Reduced] 3 2.00 Extended [All Bidders] 02/27/2012 View Street Map it Email Info 044-433574 4150 Charles Street La Mesa, CA 91941 San Diego County $249,000 [New Listing] 2 1.00 Exclusive [Owner Occupants, Nonprofits, and Government Agencies only] 03/03/2012 View Street Map it Email Info 044-437585 2230 Jefferson Avenue Escondido, CA 92027 San Diego County $255,000 3 2.00 Exclusive [Owner Occupants, Nonprofits, and Government Agencies only] 02/27/2012 View Street Map it Email Info 044-438173 235 Country Garden Lane San Marcos, CA 92069 San Diego County $376,000 [Price Reduced] 3 2.00 Extended [All Bidders] 02/27/2012 View Street Map it Email Info 044-438208 1476 Levant Ln #1 Chula Vista, CA 91913 San Diego County $161,100 [Price Reduced] 2 2.00 Extended [All Bidders] 02/27/2012 View Street Map it Email Info 044-439293 1632 San Miguel Ave Spring Valley, CA 91977 San Diego County $179,000 [New Listing] 3 1.50 Exclusive [Owner Occupants, Nonprofits, and Government Agencies only] 03/06/2012 View Street Map it Email Info 044-440015 1720 Englewood Drive Lemon Grove, CA 91945 San Diego County $195,000 3 1.10 Exclusive [Owner Occupants, Nonprofits, and Government Agencies only] 02/27/2012 View Street Map it Email Info



By: Cantankerous Intellectual Bomb Thrower©

Sun, 26 Feb 2012 19:05:10 +0000

Is there any centralized information source for identifying REO properties in your area which are HUD/Fannie/Freddie owned?