The Second Tidal Wave before the Tsunami
Posted 12-16-2008 at 10:01 AM by Valuator
[SIZE=4]The Second Wave of foreclosures will be the mid priced homes with creative financing from the last two years, that will come due for mortgage adjustments in 2009 and 2010 - the Option Arms and other creative adjustables taken out by otherwise good credit, capable buyers who were looking for bargains in the seeming never-ending rise in property values. These may be several million or more homes, unless something overtly creative can be suggested by the government as a "rescue". These foreclosures will be more dangerous to the overall economy and more difficult with which to contend than the simple but lethal "sub-Prime" mortgages of this past year.[/SIZE]
[SIZE=4] The third wave - the Tsunami - will than be the commercial foreclosures - their market always follows the residential markets down and up. Right now the commercial market is running silent but scared - and those in the know are dumping their awkward projects and battening down the hatches on future developments. Some examples can be seen in my local area (and every where else) in cancelled projects around and in Palm Springs
and the infamous rebuild, no remodel, no hold it for a while.... old Fashion Plaza.[/SIZE]
[SIZE=4]To everyone, everywhere in the US:
If you have a residential property with ANY KIND OF ADJUSTABLE ARM - hightail it down to your lender and get it into at least a 20 or 30 years fixed rate loan - NOW. Don't think a remaining 12, 18 or 24 months of the teaser rate is worth holding out for a Market change. Don't be a fool. You've already been fooled once - into the loan in the first place. But, what do I know 
- Certified Appraiser and Broker[/SIZE]
[SIZE=4]Barry Noble [/SIZE][SIZE=4]www.MyPropertyIsWorth.com[/SIZE]
[SIZE=4] The third wave - the Tsunami - will than be the commercial foreclosures - their market always follows the residential markets down and up. Right now the commercial market is running silent but scared - and those in the know are dumping their awkward projects and battening down the hatches on future developments. Some examples can be seen in my local area (and every where else) in cancelled projects around and in Palm Springs
and the infamous rebuild, no remodel, no hold it for a while.... old Fashion Plaza.[/SIZE][SIZE=4]To everyone, everywhere in the US:
If you have a residential property with ANY KIND OF ADJUSTABLE ARM - hightail it down to your lender and get it into at least a 20 or 30 years fixed rate loan - NOW. Don't think a remaining 12, 18 or 24 months of the teaser rate is worth holding out for a Market change. Don't be a fool. You've already been fooled once - into the loan in the first place. But, what do I know - Certified Appraiser and Broker[/SIZE][SIZE=4]Barry Noble [/SIZE][SIZE=4]www.MyPropertyIsWorth.com[/SIZE]
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Comments
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All of the stats are on the median home markets and average home markets. What do you foresee in the higher end 2nd home market of Palm Springs? The $800K and above segment? Is this at risk? Unstable? Pending foreclosures? Declining in parallel with the average sector?Posted 05-09-2011 at 12:28 PM by jko39
