Investors buying pools of foreclosures

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[quote author="no_vaseline" date=1244685038]A continued colapse in the prices at the bottom end never entered into your equation? Becuase you don't have to look very far (Lancaster, Hemet) to find prices back to pre 1989 levels. Sorry for baiting you but I think you rule out further price reductions at your own peril.</blockquote>


But how new are those reductions? I don't believe prices have dropped all that much on the low end in the last few months. Also, price reductions (eventually) drive down rents to match.



This a very weird market. Prices and inventory shouldn't both fall at the same time.
 
Word is the folks two doors down from me didn't make a payment for 14 months before the auction in early May. They are just now packing up and moving out. They had it listed the whole time for a WTF price that would almost cover the first. So yeah, it's a wierd and distorted market.
 
[quote author="Geotpf" date=1244688703][quote author="no_vaseline" date=1244685038]A continued colapse in the prices at the bottom end never entered into your equation? Becuase you don't have to look very far (Lancaster, Hemet) to find prices back to pre 1989 levels. Sorry for baiting you but I think you rule out further price reductions at your own peril.</blockquote>


But how new are those reductions? I don't believe prices have dropped all that much on the low end in the last few months. Also, price reductions (eventually) drive down rents to match.



This a very weird market. Prices and inventory shouldn't both fall at the same time.</blockquote>
When 25% of home owners are underwater on their mortgage, the majority of listings are short sales and REOs, and you had artifically low it all added up to a weird market.
 
[quote author="no_vaseline" date=1244691165]Word is the folks two doors down from me didn't make a payment for 14 months before the auction in early May. They are just now packing up and moving out. They had it listed the whole time for a WTF price that would almost cover the first. So yeah, it's a wierd and distorted market.</blockquote>
So 14-16 months of free housing? Wow, if they were smart they could have socked away a good amount of cash.
 
[quote author="usctrojanman29" date=1244693621][quote author="no_vaseline" date=1244691165]Word is the folks two doors down from me didn't make a payment for 14 months before the auction in early May. They are just now packing up and moving out. They had it listed the whole time for a WTF price that would almost cover the first. So yeah, it's a wierd and distorted market.</blockquote>
So 14-16 months of free housing? Wow, if they were smart they could have socked away a good amount of cash.</blockquote>


It is a way jacked up story of recovering alcoholics, cancer, HELOC abuse, a failed housing related business, divorce, and falling off the wagon. In short, no chance.
 
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