If you've seen any of my answers to questions in the past, you've probably thought I'm pretty pessimistic on real estate. I'm not pessimistic so much as realistic on where things are headed. Over the last year or so, I've spoken with numerous people who were in trouble with their mortgages, and the banks hadn't bothered to foreclose on them, some for more than a year in default. I'd spoken with enough people that I knew there was a second round of foreclosures in the offing, and that the various government incentives were there to prop the prices of real estate up.
Why would the government want that? It would keep money in the banks, and allow for higher property taxes. As usual, follow the money.
Other than in Southern California, prices have been dipping. California is coming next.
Read this article from the NYT
Can't believe it's been more than a month since I last posted.
Since then I was given back a mobile home that I was carrying paper on, finished moving (but not unpacking), visited relatives in Arizona, changed the timing belt and spark plugs in my Honda Element, had the transmission go out in my old MB grease burner, and some transmission problems occur in my old 4x4 4runner, closed an escrow for a client after 6 months of short sale purgatory, and dealt with the wife's health problems. It's been so busy and I have so much more to say.
My boss is also thinking of opening offices in the High Desert, Las Vegas, and La Paz Mexico. I'm game for anything at this point.
1 year ago