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Old 05-20-2020, 04:01 AM
 
Location: Coastal San Diego
5,024 posts, read 7,579,551 times
Reputation: 4055

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Quote:
Originally Posted by amokk View Post
Last quote I got was 3.25% on 85% LTV with no PMI. Good stuff.
I refi'd my house @ 2.875% a month ago. No points and minimal closing costs. Lender paid my appraisal. 65% LTV. I have a 30 year relationship with the lender. I'll ride that loan till I die.
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Old 05-20-2020, 09:57 AM
 
6,089 posts, read 4,991,955 times
Reputation: 5985
Quote:
Originally Posted by cruitr View Post
I just noticed this one on Fox Pl. It closed for $1.2M less than 3 weeks after it went pending. Must have been an all-cash deal.

My powder is dry. Waiting for a price collapse. It may take longer than I figured.
You won't get a drastic collapse, but if you pay close attention to the auction and foreclosure market and have a good amount of cash ($1-2 million liquid), you could get some steals. I'm actually keeping my eyes open myself.
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Old 05-20-2020, 10:11 AM
 
Location: Oroville, California
3,477 posts, read 6,515,659 times
Reputation: 6796
I've read time and again from multiple sources that the real estate industry doesn't anticipate a 2008-2010 price collapse. The financial mechanisms that caused that are absent with the coronavirus crisis. So far prices are firm in my area and plenty of home sales are pending. Inventory is still pretty tight and many sellers are just waiting.
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Old 05-20-2020, 10:18 AM
 
Location: SoCal
4,169 posts, read 2,145,865 times
Reputation: 2317
Quote:
Originally Posted by BeauCharles View Post
I've read time and again from multiple sources that the real estate industry doesn't anticipate a 2008-2010 price collapse. The financial mechanisms that caused that are absent with the coronavirus crisis. So far prices are firm in my area and plenty of home sales are pending. Inventory is still pretty tight and many sellers are just waiting.
It's anticipated that unemployment will be around 15% and as high as 30%. How do you think we will avoid real estate crash?
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Old 05-20-2020, 12:17 PM
 
Location: Dessert
10,908 posts, read 7,406,054 times
Reputation: 28087
When interest rates rise, but the feds have to stop printing funny money for that to happen.
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Old 05-20-2020, 12:35 PM
 
Location: in a galaxy far far away
19,222 posts, read 16,714,281 times
Reputation: 33352
Quote:
Originally Posted by BeauCharles View Post
I've read time and again from multiple sources that the real estate industry doesn't anticipate a 2008-2010 price collapse. The financial mechanisms that caused that are absent with the coronavirus crisis. So far prices are firm in my area and plenty of home sales are pending. Inventory is still pretty tight and many sellers are just waiting.
Same here in my area. Prices haven't declined at all but inventory has declined as some homes in pending are now sold and no new ones going on the market. At least, not until things are safe again.

Quote:
Originally Posted by looker009 View Post
It's anticipated that unemployment will be around 15% and as high as 30%. How do you think we will avoid real estate crash?
Who's to say that the number of unemployed are homeowners? And it could be a good number of those unemployed now won't affect the RE market. They could very well be renting which wouldn't affect the price of homes one bit. Age and sector of industry they work in makes a difference. As Beau Charles said, what caused the crash in 2008 isn't even remotely related to the reason for the current unemployment rate.
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Old 05-20-2020, 01:01 PM
 
Location: Living rent free in your head
42,850 posts, read 26,307,990 times
Reputation: 34059
Quote:
Originally Posted by HereOnMars View Post
Same here in my area. Prices haven't declined at all but inventory has declined as some homes in pending are now sold and no new ones going on the market. At least, not until things are safe again.

Who's to say that the number of unemployed are homeowners? And it could be a good number of those unemployed now won't affect the RE market. They could very well be renting which wouldn't affect the price of homes one bit. Age and sector of industry they work in makes a difference. As Beau Charles said, what caused the crash in 2008 isn't even remotely related to the reason for the current unemployment rate.
Good point about how many unemployed are homeowners. Among my friends and family, the ones who are unemployed are mostly gig workers or have jobs in relatively unskilled professions that are hardest hit by this, i.e casinos and hotels. The accountants, auto mechanics and tech workers are doing fine. and retired people are basically unscathed by this. At least in California it's pretty hard for an hourly employee to buy a house, let alone live from paycheck to paycheck.

I'm not sure why inventory has declined but it could be that people think it would be difficult to show it. We have a BMW in the driveway that we decided to sell in March but we took the ads down by the 3rd week in March, it just didn't seem like many people would want to test drive a car.
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Old 05-20-2020, 01:35 PM
 
Location: in a galaxy far far away
19,222 posts, read 16,714,281 times
Reputation: 33352
Quote:
Originally Posted by 2sleepy View Post

I'm not sure why inventory has declined but it could be that people think it would be difficult to show it. We have a BMW in the driveway that we decided to sell in March but we took the ads down by the 3rd week in March, it just didn't seem like many people would want to test drive a car.
Down this way, inventory's declined because people aren't selling right now. However, there was a house down the street from me that went on the market and sold in three days. I wasn't surprised, though. It was/is in immaculate condition, outside and in. There was a video included in the listing where anyone could look at it but then if really interested, they could schedule a physical viewing. To my understanding, that's how it's being done right now. As for inventory, I'm simply not seeing too many for sale signs. I'm certain it will improve once people aren't focused on the virus.
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Old 05-20-2020, 03:03 PM
 
Location: SoCal
4,169 posts, read 2,145,865 times
Reputation: 2317
Quote:
Originally Posted by HereOnMars View Post
Who's to say that the number of unemployed are homeowners? And it could be a good number of those unemployed now won't affect the RE market. They could very well be renting which wouldn't affect the price of homes one bit. Age and sector of industry they work in makes a difference. As Beau Charles said, what caused the crash in 2008 isn't even remotely related to the reason for the current unemployment rate.
Doctors and nurses are being furlough so are engineers etc. Do not think for a second that high earners have escaped this economic meltdown
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Old 05-20-2020, 03:09 PM
 
Location: Riverside Ca
22,146 posts, read 33,563,927 times
Reputation: 35437
Quote:
Originally Posted by looker009 View Post
It's anticipated that unemployment will be around 15% and as high as 30%. How do you think we will avoid real estate crash?
I’ll give you two reasons why it’s not gonna happen.... reduced supply, and record-low mortgage rates. Dude....right now I’m refinancing from a already low 3.65 to a 3.125. If I wanted to shop around I could probably get a 2.8 but I already locked in and my loan is about to close so it’s not really worth it now. Hell I’ll ride this payment of 1650 forever. At this price I would be looking at maybe a one bedroom apartment in OC. And yo7 know that isn’t gonna be that price for 30 years.
I 10 years this payment will be a joke. It already is a good laugh for me.

The people who aren’t making payments....lenders will work with them until they can’t anymore. Those people aren’t gonna rush out and sell to go rent. What did we learn about last crash? Banks aren’t gonna he on a hurry to take the house back and people will squat especially if they think they aren’t gonna get hurt. Hey why rush out to go fight for a rental when you can stay in a place for free. Your credit is shot, no job, what’s the rush? They aren’t going to disrupt the kids school/life and they aren’t gonna rush out to get a monthly rent bill to increase the monthly costs without a job.

Fewer people selling homes combined with lenders not particularly being in a hurry to foreclose...the house removes will go up rather than down. With rates at 3.8-3.5 .....yeah don’t expect a market crash anytime soon.
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