Wednesday, March 31, 2010

You know this already - prices are up

By the time you read this post, you will probably already have read this story from today's LAT about home prices rising in the first part of the year.  If you've been out looking, that won't surprise you.  What surprises me here is how some of the industry statistician-experts refuse to say die (or is that "live") re the r.e. market's downturn.  Sure, there could be another downturn.  But from what I see in the markets I serve, there's nothing indicating that will happen anytime soon.

Monday, March 29, 2010

How my short sale is going, Chapter Two

If you read down the page, you'll see a post regarding my experience listing a short sale property.  Here's the latest: all in all, it's not going that badly, so far.  Yes, I have to call the processor every day and he never calls me back.  But I expected that.  And he tells me that the file has been sent to the closing department.  Huzzah!  But he also tells me that it will be a week to ten days before a closer is assigned.  Again, this is par for the course.

Wednesday, March 17, 2010

LA Times says home prices are up, but don't just read the headline

Today's L.A. Times has a story in it's business section that states home prices have risen 10% in So. Cal over the last year. But wait!  In L.A. County, the rise has only been 5.4%.  Still, not bad, and better than where a lot of experts said we'd be at this point.

Monday, March 15, 2010

Regarding Bank of America, I eat my words - sort of

If you're a regular reader of this blog, you are probably aware of my awful experiences with Bank of America.

But wait.  BofA closed the transaction on 1441 N. Pass exactly on time and with no drama.  That's a first, and it's rare.  Way to go, BofA.

Of course, it sure doesn't hurt that the buyer/borrower was a BofA executive.

Sunday, March 14, 2010

Sunday reading from the NY Times

Here's an article from today's New York Times' business section entitled Great Time to Buy (Famous Last Words).  It's not pro-home buying (and not strongly against it either), but it is worth reading.  And by the way, I never tell people it's a great time to buy.  It's only a great time to buy if it's a great time to buy for the particular buyer

Of course, all r.e. markets are local, so I disagree with many of the author's points.  Just about all of us have been renters at some point and most of us have nightmare landlord stories.  And the loss of "opportunity costs" of your mortgage downpayment?  What opportunity?  To go gamble your money away in the stock market?  And the evil of property taxes?  Again, that's a very local issue.  But how else to fund local infrastructure? And wouldn't your landlord be passing along his/her property taxes to you in the form of rent anyway?

One important correction to the text.  I originally read this as a hard copy.  When I went on line to get the url, there was this disclaimer at the bottom: An earlier version of this article misstated the additional amount by which Barry Ritholtz believes homes prices need to drop in the short term in order to return to their historical norms. It is 15 percent, not 50.

Friday, March 12, 2010

Here's how my short sale is going

I have a short sale listing at 10862 Bloomfield.  We have an all-cash offer.  For those interested in the process, here's how it's going so far.  The buyer has two loans; both are with Chase.
- 2/25/10 -All required documents uploaded to Chase Bank
- 2/26/10 - Chase confirmed receipt for the first but not the second.  I resent.
- Last week: I called six different short sale department numbers and still had to send the documentation for the 2nd to Chase.  Twice.  They finally copped to getting them on the 3rd.  And told me that different departments will handle each loan.
- This week: Called six numbers at Chase again; sent parts of the document package that they said they didn't have again.  Was told that a processor has been assigned for the first loan.  Left him a message.
Actually, I don't think this is all that bad.  I just plan on spending a half an hour, minimum, on the phone with Chase for little bites of info.

Saturday, March 06, 2010

Open tomorrow: 947 N. Brighton

The listing below, 947 N. Brighton, Burbank, 91506 will be open tomorrow, Sunday, 3/7, from 1 to 4 pm.  I hope to see you there.