Real Estate...is it really recovering?

[EL PRESIDENTE]

A few things been in the news recently. Shadow inventory, the inventory of available homes was greatly underreported.

Furthermore, I am shocked by the RECENT number of people I know, who make a good income AND can afford payments, yet are choosing strategic short sales and foreclosures. Even working with mortgage brokers who are delaying the processes to maximize the number of months they can live without making payments in "their" houses before going REO.


Some people are saying the housing bust is over from recent numbers, but on a personal level, I'm seeing a much different story.

thoughts?

 

[PapaG]

I don't believe anything I read or hear from the media or their boss, the Obama administration.

 

[tlongII]

No. The median home price is still declining.

 

[EL PRESIDENTE]

looks like OBAMA is going to try to turn the inventory into....rental properties sold in bulk to investors.

http://www.cnbc.com/id/45925851/

The Obama administration, in conjunction with federal regulators and led by the overseer of Fannie Mae and Freddie Mac, is very close to announcing a pilot program to sell government-owned foreclosures in bulk to investors as rentals, according to administration officials.

There currently are about a quarter of a million foreclosed properties on the books of Fannie Mae, Freddie Mac, and the Federal Housing Administration (FHA), and millions more are coming.

The foreclosure processing delays of last year created a mammoth backlog of properties yet to be processed, which are just now being re-started. One of the initiatives of this program is for the federal government to be in the position to mitigate and manage any new wave of foreclosures, sources say.

Late-stage delinquencies still in the pipeline number close to two million, according to a new report from Lender Processing Services. Foreclosure starts outnumber foreclosure sales by two to one and "the trend toward fewer loans becoming delinquent, which dominated 2010 and the first quarter of 2011, appears to have halted," according to LPS.

 

[DaLincolnJones]

looks like OBAMA is going to try to turn the inventory into....rental properties sold in bulk to investors.

http://www.cnbc.com/id/45925851/

yeah seen this

The guys who have big money know that the bottom has not been hit yet...guess is that we wont see that for at least 18 months, as it will be prolonged until after the election.

 

[EL PRESIDENTE]

Yeah, QE3 in a few months to artificially inflate the economy right before the election.

 

[PapaG]

looks like OBAMA is going to try to turn the inventory into....rental properties sold in bulk to investors.

http://www.cnbc.com/id/45925851/

Fewer owners, more renters.

Somebody want to tell me how that is a good thing?

 

[PapaG]

Yeah, QE3 in a few months to artificially inflate the economy right before the election.

Barry is already going to ask for another $2 trillion hike on the debt ceiling within the next few months.

 

[EL PRESIDENTE]

Fewer owners, more renters.

Somebody want to tell me how that is a good thing?

will lower housing prices?

 

[PapaG]

will lower housing prices?

I assume you're joking on that being a good thing.

 

[PapaG]

The Landlord Recovery.

It's a catchy campaign slogan. Why buy when you can rent from a rich dude?

 

[EL PRESIDENTE]

I assume you're joking on that being a good thing.

as a non-homeowner, yes.