Real Estate and foreclosure thread

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The housing market is showing signs of ‘normalizing,’ according to a new report.

The latest monthly report by Realtor.com, which tracks the housing market as of December, said that the number of home listings were growing and were also spending more time on the market.
...
The active inventory number is in part increasing as more homes spend a longer time on the market.

According to Realtor.com, the typical home spent 67 days on the market, which is 11 days more than it did over the same period last year.

Homes that spent the longest time on the market were in Raleigh, Phoenix, and Las Vegas.

Prices have also begun to reflect the weakness in demand. According to Realtor.com, home price growth fell to single digits for the first time since December 2021.

In December 2022, the median list price in the U.S. was $400,000. That was only 8.4% more than last year.

Across the country, about 14% of active listings saw their prices slashed in December.
...
Click to expand...

www.marketwatch.com

Good news for homebuyers: The housing market is showing signs of ‘normalizing'

A new report from Realtor.com says that the housing market is tipping in the buyers' court as listing price growth slows, and inventory grows.
www.marketwatch.com www.marketwatch.com
 
From the link:

The complaint against City National Bank, which was filed by the DOJ in federal court on Thursday, alleges that from 2017 through at least 2020 the bank avoided marketing and underwriting mortgage lending services to majority Black and Latino neighborhoods and discouraging those Los Angeles County residents from obtaining mortgage loans.

abcnews.go.com

City National Bank to pay $31M in redlining settlement with DOJ

The Justice Department announced a $31 million settlement with City National Bank over allegations that is engaged in "redlining" – a pattern of lending discrimination.
abcnews.go.com abcnews.go.com
 

Vornado gets booted from S&P 500​


The city’s second-largest commercial landlord is starting the year with some bad news.

Vornado Realty Trust cut its dividend by nearly 30 percent after the markets closed on Wednesday, Crain’s reported. The economic downturn and rising interest rates were to blame, according to the real estate investment trust, as well as an estimate on how much taxable income will fall this year.

Full article:

therealdeal.com

Vornado Booted From S&P 500

The real estate investment trust aso slashed its dividend by 30 percent, citing the economic downturn.
therealdeal.com therealdeal.com
 
Curious if anyone has experience buying at sheriff sales. How did it go? Smooth sailing or problems?
 
In our area search a group of pros flock to the foreclosure/sheriff sales. They walk in with several million pre funded having already agreed to the you bid property 1,4, 8, 10.... you bid 2,3 &5, I'll bid the rest.. It seems like its one pro on each vs. the general public minimally funded and not as confident. To win you have go over the pros price point...

Is outbidding a knowable pro a victory?
 
BackwardsEngineer said:
In our area search a group of pros flock to the foreclosure/sheriff sales. They walk in with several million pre funded having already agreed to the you bid property 1,4, 8, 10.... you bid 2,3 &5, I'll bid the rest.. It seems like its one pro on each vs. the general public minimally funded and not as confident. To win you have go over the pros price point...

Is outbidding a knowable pro a victory?
Click to expand...

Extremely dangerous and very few by at the foreclosure sale here. I have seen a couple but you really have to know what you are buying before the sale. And then be lucky that the value is somehow still more than the bank has lent on the property. Probably only works in really hot markets.
 
Sample Size of One Observation:

The house nearest to mine was put on the market for $940K five months ago. The nice folks who built it only lived in it one year. Illness.

Asking price dropped to $750K. I've not seen anyone even looking at it.
 
Unca Walt said:
Sample Size of One Observation:

The house nearest to mine was put on the market for $940K five months ago. The nice folks who built it only lived in it one year. Illness.

Asking price dropped to $750K. I've not seen anyone even looking at it.
Click to expand...
And aren’t people still moving to Florida? My understanding is Florida is one of the least affected by the downturn.
 
It is the sudden toxic mix of interest rate rise*** coupled with runaway inflation.

***The monthly payment on a $950K 30yr loan with a $200,000 down payment is $5,314.03

That's $178 PER DAY to live in your house.

Who the hell can afford such a staggering levy every month for 30 years? Not many.

Dropping the price to $750K with $200,000 down (who has that kinda cash?) gives you an easypeasy monthly payment of $4,195.29 o_O :eek:

And by the time the house is all yours (except for taxes) you will have paid $1,510,303.34 for the house.

Those hard numbers are why folks can come to Floriduh and wind up in a trailer park or condo. Stuff don't be sellin' mang.
 
Last edited:
Unca Walt said:
It is the sudden toxic mix of interest rate rise*** coupled with runaway inflation.

***The monthly payment on a $950K 30yr loan with a $200,000 down payment is $5,314.03

That's $178 PER DAY to live in your house.

Who the hell can afford such a staggering levy every month for 30 years? Not many.

Dropping the price to $750K with $200,000 down (who has that kinda cash?) gives you an easypeasy monthly payment of $4,195.29 o_O :eek:

And by the time the house is all yours (except for taxes) you will have paid $1,510,303.34 for the house.

Those hard numbers are why folks can come to Floriduh and wind up in a trailer park or condo. Stuff don't be sellin' mang.
Click to expand...

I've heard lots of problems with your home owners insurance. Maybe that's more a Condo thing with lots of HOA's 2-4x their fees this year.
 
I want to live in a Quonset or container home with few neighbors or problems and even lower taxes. Low maintenance is also a priority. Low quality new appliances at all price points are now an issue. Cheap crap from China and Mexico are ruining this country.
 
nickndfl said:
I want to live in a Quonset or container home with few neighbors or problems and even lower taxes. Low maintenance is also a priority. Low quality new appliances at all price points are now an issue. Cheap crap from China and Mexico are ruining this country.
Click to expand...
There it is. ^^^^^^^^^^^^^^^^^
 
searcher said:
Curious if anyone has experience buying at sheriff sales. How did it go? Smooth sailing or problems?
Click to expand...
In my neck of the woods these sales are pretty much worthless. The sales basically mean you buy the home along with the mortgage meaning the buyer is tasked with evicting the current occupants/mortgagees. It can b e a very tough nut to deal with these people as they have no intention of moving without strenuous court battles that they seem quite adept at using to their advantage. Depending on the judge these things can take years to work out meanwhile the tenants take their viscous feelings out on the property. You would be amazed at the deliberate damage these people do the places. Things like filling the basement drains with concrete then turning on the water full blast, stripping the wiring and plumbing out and other assorted things that can be very expensive who then call the governing bodies getting the place condemned.
Some people logically know that they bit off more than they could chew, a job loss or whatever and recognize it is not the houses fault but so many want someone or thing other than themselves to blame and naturally there is the house sitting there with no protection.
Be careful and investigate all angles and if its basically the mortgage you are buying recognize the difficulties in obtaining a foreclosure plus possession.

(BTW don't forget if the President puts a moratorium on housing evictions/foreclosures the buyer at that sale becomes the bag holder for the whole mess...talk about a negative cash flow)


Anyway just sayin...
 
The $68 billion Blackstone Real Estate Income Trust (BREIT) has failed to stem soaring redemption requests from high-net-worth investors, Blackstone President Jonathan Gray told Financial Times in an interview.

Gray said it was "a little early" to say redemption requests of the nontraded real-estate investment trust were slowing.
...
BREIT gives wealthy clients exposure to a portfolio of commercial real estate properties such as apartment buildings, office towers, and warehouses, but how the investment firm structures product on nontradeable markets opens up liquidity risks in periods of economic turmoil.

The ultimate fear is that money managers with clients in BREIT all ask for their cash back at once. Though that hasn't happened, Blackstone has had enough redemption requests to implement a redemption cap to prevent a further run. This creates a vicious feedback doom loop of anxiety for investors.
Click to expand...

Blackstone President Says BREIT Still Has "Backlog" Of Redemption Requests | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com www.zerohedge.com

Thisisfine.jpg
 
Nothing special, just an interesting story about a British guy with a passive income.

Man makes over $8k renting out his parking space​

Story by Talker News • Thursday

A Londoner who rents out his parking space says the side hustle has made him £7k ($8,661) - and pays for vacations to Italy or Spain multiple times a year.

Alessandro Rossi, 35, started renting out two unused parking spaces at his home in Dalston, East London, six years ago - as a way to earn some extra cash.

Since advertising the spaces for £100 ($123) each a month, Alessandro has been able to visit family in Italy multiple times a year and jet to Spain on vacation too.

Read the rest here:

 
I enjoy reading stuff like this. It's like a Dear Abby for money.

From the link:

THE MONEYIST

Dear Quentin,

My mother passed away three years ago and left the house to my brother, my sister and me. What little was left in her bank account was distributed among the three of us.

Our brother is still living in the family home. He pays the taxes, insurance and utilities to live there. The house was to be split three ways among us.

If he wants to continue living in the house, my feeling is he needs to get a loan on a fair appraisal for the house, and buy both my sister and me out.

At what point do I bring this up? He claims it’s his home, as he lives there, and we need to give notice when we go there to visit.

More:

 
Skyrocketing interest rates through most of 2022 put some much-needed pressure on the housing market after home prices hit record highs across the nation. However, since December, mortgage rates have been on a steady decline during the first month of the new year. Even so, many economists remain mixed about whether home prices will continue to decelerate throughout 2023—or even drop at all.

For one, the nation’s overall housing supply remains limited, as those who purchased homes in recent years at extremely low mortgage rates are staying put. In addition, new home construction fell again in December, adding to the longstanding inventory problem. Tight inventory has kept prices from substantially dropping off, making homes still unaffordable for many, especially first-time homebuyers.

Yet, even though home prices remain high year-over-year (YOY), they’re not as eye-popping as they were in early 2022. But how far home prices dip in 2023 will likely depend on where mortgage rates go.

As we begin to move through 2023, housing experts maintain a watchful eye on the economy, which continues to be pulled in all directions by high inflation, steep interest rates, ongoing geopolitical uncertainties and recession fears, to name a few.

Nevertheless, there are indicators that a housing market correction is underway. For one, mortgage rates are showing signs of ease, with rates now less than double what they were a year ago.

And after a couple of years of a meteoric rise, home prices seem to be coming down to Earth, albeit slowly, making it difficult for many homebuyers to access affordable housing.
...
Click to expand...

www.forbes.com

Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again?

Though mortgage rates are better now than they were in the fall, and experts are optimistic that rates will drop further in 2024, home affordability challenges aren’t going away anytime soon. A perfect storm of still-high mortgage rates and home prices amid historically low housing stock continue
www.forbes.com www.forbes.com
 
searcher said:
On the local front.

www.spotlightpa.org

Thousands in PA in limbo as mortgage relief stumbles

Pennsylvania homeowners face months of delays, risk utility shut-offs as a $350 million state assistance program struggles to get the money out.
www.spotlightpa.org www.spotlightpa.org
Click to expand...
Socialism writ large:

1. Gummint uselessness and negative moves causes problems.
2. Problems gonna be solved by gummint, says gummint.
3. Gummint unable to work with rest of gummint to solve problems.
4. Peons freeze, landlords lose their properties to banks that are managed... under gummint rules.
 
Nothing special. Just an interview with Tracy Miller.

It’s All about What You Do With Your Income - Tracy Miller #5716​

Feb 3, 2023


16:53

Summary: As we encounter another basis point hike, you may be wondering what this will mean for the real estate market. How can we continue to prosper in uncertain times? Oftentimes, successful outcomes start as unfavorable situations transformed by dedication and hard work, and Tracy Miller comes on the show to talk about this. Tracy came from what she describes as an ordinary, middle class background. Learning to juggle being a single mom, continuing her education, and climbing the corporate ladder, Tracy was motivated to find a career that would enable her freedom and to utilize her people/business skills. This led her to real estate, and she is now a successful speaker, coach, entrepreneur, and investor—to name a few pursuits she has taken on over the years. Now focused on educating and sharing the information she has learned in her life and career, Tracy is eager to help others transform what they have into something great. Tune in for more insight.
 
Looks like the tech industry layoffs are having an impact on California real estate...

... with big numbers being thrown around about how many people have left Silicon Valley and San Francisco. The City of San Francisco alone lost about 56,000 residents, or about 6.3% of its population, in the period of 2020 through 2022, according to Census data, even as about 12,000 new housing units were completed over the same period.

The median price in the nine-county Bay Area plunged by another 8% in January from December, by 17% year-over-year, and by 35%, or by $540,000, in 10 months from the crazy peak in March 2022, from $1.54 million to $1.00 million, according to the California Association of Realtors.
...
Click to expand...

San Francisco Bay Area Housing Market Crashes, Prices Plunge 35% from Crazy Peak: Where’s Demand Supposed to Come From? | Wolf Street

wolfstreet.com
 
A Canadian couple recently learned that their home was sold by fraudsters without their consent while they were out of town. Experts say theft of this nature is rare, but there has been a notable rise of similar cases in the country's most populous city.

Early this year, Toronto police said they wanted the public's help in catching two people who were involved in a complex fraud scheme.

Full article:

 
Edsl48 said:
In my neck of the woods these sales are pretty much worthless. The sales basically mean you buy the home along with the mortgage meaning the buyer is tasked with evicting the current occupants/mortgagees. It can b e a very tough nut to deal with these people as they have no intention of moving without strenuous court battles that they seem quite adept at using to their advantage. Depending on the judge these things can take years to work out meanwhile the tenants take their viscous feelings out on the property. You would be amazed at the deliberate damage these people do the places. Things like filling the basement drains with concrete then turning on the water full blast, stripping the wiring and plumbing out and other assorted things that can be very expensive who then call the governing bodies getting the place condemned.
Some people logically know that they bit off more than they could chew, a job loss or whatever and recognize it is not the houses fault but so many want someone or thing other than themselves to blame and naturally there is the house sitting there with no protection.
Be careful and investigate all angles and if its basically the mortgage you are buying recognize the difficulties in obtaining a foreclosure plus possession.

(BTW don't forget if the President puts a moratorium on housing evictions/foreclosures the buyer at that sale becomes the bag holder for the whole mess...talk about a negative cash flow)


Anyway just sayin...
Click to expand...
I've seen examples of situations like this where the new buyer offers to pay the tenants to leave. It would probably need to be agreed on ahead of time (before buying the property), but offering enough so that they can cover security deposit and a few months rent in a new place takes a lot of uncertainty away from the tenants. And is probably cheaper than a drawn out legal battle.
 
Jarrod32 said:
I've seen examples of situations like this where the new buyer offers to pay the tenants to leave. It would probably need to be agreed on ahead of time (before buying the property), but offering enough so that they can cover security deposit and a few months rent in a new place takes a lot of uncertainty away from the tenants. And is probably cheaper than a drawn out legal battle.
Click to expand...

I have heard that quite often but as for my stubborn self I refuse to do it. I will go through the eviction process, finally get the eviction then let the courts make a public record of the eviction. I will say people that I have evicted seem to have quite difficulty finding a new place often resorting to move in with friends or relatives. I know this because I follow them so as to file a garnishment of wage claims against them. I know it is perhaps the wrong way to do it from a financial standpoint but to me enough is enough.
 
searcher said:
What state are you in and how does this work out?
Click to expand...
I live in Illinois that is a hellhole for landlords. The eviction process is long and lengthy and the biggest problem is to bite the bullet and move on. These tenants can be quite crafty as they work the system to their advantage. A good sob story with promises tends to give the a month or two when the landlord is hoping to evade the Illinois court morass. I fell for that once years ago and never again. Miss the rent by two weeks and the system goes into play. A real shame in a lot of ways but that's how life is here.
The garnishment process is also lengthy here but I more or less find it amusing to refile when necessary. The tenants generally take the "you gotta make me pay and work for it" avenue but since I can add the additional costs to the refile it is a piece of cake. People have been paying me bits and pieces for years. I should add know how to do these things because paying a lawyer would make it much more different.
 
searcher said:
Squatters who took over a Washington state property during the coronavirus pandemic were finally removed by a SWAT team this week only to return to the property shortly after, according to the property owner.

www.foxnews.com

Washington property owner says squatters returned after SWAT raid: 'I'm going to give up'

A property owner in Washington state says that squatters have returned to her property after a police raid that yielded 5 arrests as part of a vehicle trafficking investigation.
www.foxnews.com www.foxnews.com
Click to expand...
Squatters do have rights particularly in certain states. The big issue is the police take the easy way out and wont arrest for trespassing maintaining it is a "civil matter". Thats how it is in Illinois and I sorta suspect it is that way in a liberal state like Washington as well
 
Something I never gave too much thought to. You drop your car off for repair. Shop owner loses shop, splits the scene, property owner takes possession of property - what happens to customers cars / trucks?

Customer Cars Towed After Body Shop Loses Lease​

Feb 19, 2023


It was more than ten customers. 9:39
 
searcher said:
Something I never gave too much thought to. You drop your car off for repair. Shop owner loses shop, splits the scene, property owner takes possession of property - what happens to customers cars / trucks?

Customer Cars Towed After Body Shop Loses Lease​

Feb 19, 2023


It was more than ten customers. 9:39
Click to expand...


They are NOT property of the land owner. This doesn't seem difficult. The people with the titles are the owners.
 
Voodoo said:
The people with the titles are the owners.
Click to expand...

Agreed.

Doesn't matter what you're dealing with. Vehicles, art, jewelry, coins, etc.

But if it's in a building or on a property leased to someone (who doesn't own the bricks) and the actual property owner takes back legal possession of the property for back rent or any other reason, what happens to your stuff?

Will you actually get your stuff back? And are you responsible for the costs (storage costs, legal fees, etc.,) to get your stuff back?

Could become a bit of a conundrum depending on who you're dealing with.
 
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