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New Housing Developments

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BOBBYGINE

Thread Starter
Sophomore Member
Joined
Nov 26, 2007
Professional Status
Licensed Appraiser
State
California
I know all of you California appraisers are seeing the pattern that I am. MASSIVE foreclosure. Total destruction. The irony is that the builders are screwed twice, they required that people use their lenders in most cases. I'm not sure if CTX is a direct lender? Anyone? Whatever the case, not good for them. I love free markets, let them stay.

California is a great place isn't it, some areas are destroyed and others are still fine.
 

panappr

Elite Member
Joined
Dec 5, 2007
Professional Status
Certified Residential Appraiser
State
California
I know all of you California appraisers are seeing the pattern that I am. MASSIVE foreclosure. Total destruction. The irony is that the builders are screwed twice, they required that people use their lenders in most cases. I'm not sure if CTX is a direct lender? Anyone? Whatever the case, not good for them. I love free markets, let them stay.

California is a great place isn't it, some areas are destroyed and others are still fine.
This is a huge issue in Los Angeles. While some markets are stable at current pricing levels (3+- months back) there continues to be a sharp decline in certain sectors, primarily lower income neighborhoods where sub-prime lending was most prevalent. The problem is, with so many different communities in close proximity to each other it has become increasingly difficult to write creditable reports. Everyones eyes sees something differently.
 
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ZZGAMAZZ

Senior Member
Joined
Jul 23, 2007
Professional Status
Certified Residential Appraiser
State
California
I've researched approximately 50 properties during the past 2 weeks, all in different neighborhoods and most in different cities, each of which reveal: 1) foreclosures during the past 90 days are 80% of the total number of transfers requiring the comparables' search radius to be extended geographically rather than back in time more than 30/45 days; 2) the current foreclosure-heavy SFR re-sale market is predicated upon active listings that are 15% - 25% below market value effective 30 days ago.

This dramatic & precipituous decline in concert with pending regulatory and lending changes marks the beginning of the end of declining markets. Nobody can predict the future but we're often asked to describe "1-Unit Housing Trends" and I've been tuned in to "stable" all week because that's the snapshot I'm starting to see.
 
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