This is an interesting topic that we don’t hear much about so i looked up an article from the internet. Don’t know who wrote it but it contains interesting info about this subject. I suggest you save it in case you come across an empty property that might fir this.
Interesting. Just got back from Palm Beach County and they lead the nation in real estate price increase last year. They were up 35%. That is suspicious because it is a judicial foreclosure state which means it has to go through the courts. Not like California real estate foreclosure which has a trust deed system. There is no court approval needed here. It just goes through the system- 90 days for notice of default and then 21 days from notice of sale until actual sale. Because of the court approval needed, Palm beach cty has a 4 month inventory and we only have a 30 day inventory. Their market might be hot but is is no where as hot as ours is. Still interesting. Maybe i should be bi-coastal.
I told you that our housing downturn would only be short lived and that it ALWAYS comes back.(remember i told you in 2005 that it was going in the toilet)
One of the things i predicted was that the american dream would never die- owning your own home in the greatest country in the world. Just because people stopped coming to our country whether illegal or legal was simply economic-they could not find jobs, did not mean it was anything more than temporary.
Article from the San Francisco Chronicle:
“Right now the dominating force driving the rental market in California is foreclosed-upon former homeowners transitioning to renters,” Burke said. “That demographic is an important market segment for us.”
More borrowers missed payments in the 2nd quarter. Number of homes going into foreclosure rose 6%. Before you start wringing your hands, remember all the hoops the govt put the banks through last year. They are just starting to work their way though again. FHA loans were worse. California is doing better than other states because we are a trust deed state, not a judicial foreclosure state. That means that the bank only has to file paperwork to foreclosure. In other states, it’s like a law suit and there has to be a hearing in front of a judge. That takes more time. So our state will recover faster.