tag:blogger.com,1999:blog-30802928670384078652024-03-12T18:48:50.288-07:00Look 4 HouseNOT A BANKERhttp://www.blogger.com/profile/13785699277743637719noreply@blogger.comBlogger13125tag:blogger.com,1999:blog-3080292867038407865.post-46750568920837286682010-05-23T18:38:00.000-07:002010-06-20T11:21:26.201-07:00Always check the basement ( or crawel space)Yes, it's dark and sometimes smell. But you must go in there.<br /><br />I apologize the photo is out of focus, I was trying not to laugh! Below photo is taking in a crawl space, I was wondering why the hardwood floor in the family room sinks a little. If you are not sure what you are looking at, the "blue" seems to be supported by bricks, one of them had already give up and see the two 4x4 support above ... not sure what that does :-)<br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://4.bp.blogspot.com/_gN9r9OK4j5Y/S_nZNdZjFJI/AAAAAAAAAFg/mZyTdktjsqU/s1600/IMG_0032.JPG"><img style="display: block; margin: 0px auto 10px; text-align: center; cursor: pointer; width: 320px; height: 240px;" src="http://4.bp.blogspot.com/_gN9r9OK4j5Y/S_nZNdZjFJI/AAAAAAAAAFg/mZyTdktjsqU/s320/IMG_0032.JPG" alt="" id="BLOGGER_PHOTO_ID_5474645647298860178" border="0" /></a><br /><br />Nothing interesting ... just leak<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://4.bp.blogspot.com/_gN9r9OK4j5Y/S_nmE3tpcKI/AAAAAAAAAFo/Th3_Pt1UtB0/s1600/BasementLeak2.JPG"><img style="display: block; margin: 0px auto 10px; text-align: center; cursor: pointer; width: 200px; height: 150px;" src="http://4.bp.blogspot.com/_gN9r9OK4j5Y/S_nmE3tpcKI/AAAAAAAAAFo/Th3_Pt1UtB0/s200/BasementLeak2.JPG" alt="" id="BLOGGER_PHOTO_ID_5474659793394823330" border="0" /></a><br />below basement shows that owner really did try to fix the <a href="http://www.google.com/images?hl=en&q=bowed%20wall">bowed wall</a>. But the water is still seeping in, I think it's because downspout problem.<br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://3.bp.blogspot.com/_gN9r9OK4j5Y/TA7vmRKBNZI/AAAAAAAAAFw/4DNNrUWVrYQ/s1600/basementwall.JPG"><img style="display: block; margin: 0px auto 10px; text-align: center; cursor: pointer; width: 320px; height: 240px;" src="http://3.bp.blogspot.com/_gN9r9OK4j5Y/TA7vmRKBNZI/AAAAAAAAAFw/4DNNrUWVrYQ/s320/basementwall.JPG" alt="" id="BLOGGER_PHOTO_ID_5480581237275964818" border="0" /></a>NOT A BANKERhttp://www.blogger.com/profile/13785699277743637719noreply@blogger.com0tag:blogger.com,1999:blog-3080292867038407865.post-46082895221882319342010-03-01T17:09:00.000-08:002010-03-01T20:48:20.253-08:00should be an intresting April for 1st time home buyer.As most of you know about the The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase. The deadline is April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify. <br /><br />I do see more people starts to bid up the price (good area not a bad investment), kinda remind me of 2004-2005. Which is kind of crazy because some of them will probably later realize it's not their "dream home". Picture is worth a 1000 word so here goes one of my favorite site <a href="http://www.visualeconomics.com">http://www.visualeconomics.com</a><br /><br /><a href="http://www.visualeconomics.com/the-cost-of-home-ownership/"><img src="http://www.visualeconomics.com/wp-content/uploads/2009/11/ve-home-prices.png" alt="the-cost-of-home-ownership"/></a><br /><br />Other articles on cost of home ownership:<br /><a href="http://moneycentral.msn.com/content/Banking/Homebuyingguide/P37628.asp">MSN</a> <br /><br /><a href="http://www.getrichslowly.org/blog/2007/07/16/renting-vs-buying-the-realities-of-home-buying/">Get Rich Slowly (from 2007)</a> the data is little dated but great reference.<br /><br /><a href="http://www.calculatedriskblog.com/2010/02/q4-homeownership-rate-declines-to-early.html">Q4: Homeownership Rate Declines to Early 2000 Level</a> homeownership and rental vacancy rate graph<br /><br /><a href="http://www.nytimes.com/2007/04/10/business/2007_BUYRENT_GRAPHIC.html?_r=1">Is it better to buy or rent NYTimes</a><br /><br />Equifax's reported more than 8 percent of homeowners were behind 30 days or more on their mortgage loans, up 4.4 percent from December 2009 and 21 percent from last January. Let's hope the dip is due to xmas shopping.NOT A BANKERhttp://www.blogger.com/profile/13785699277743637719noreply@blogger.com0tag:blogger.com,1999:blog-3080292867038407865.post-1557623470786700092010-01-05T18:19:00.000-08:002010-01-05T18:30:41.575-08:00nothing new home sales in November tumbleThe number looks bad...probably due to the winter season in most of the U.S.<br /><br /><a href="http://online.wsj.com/article/BT-CO-20100105-710622.html">WSJ</a><br /><blockquote>The data on contracts follows a recent government report that new home<br />sales plunged 11.3% in November. Experts said the November drop in home<br />contracts and in new home sales reflected a falloff after a surge in activity as<br />buyers rushed into the market to take advantage of the tax credit before its<br />initial expiration Nov. 30. Congress in November extended that credit through<br />April and expanded it to include a $6,500 incentive for some buyers who already<br />own a home.<br /></blockquote>NOT A BANKERhttp://www.blogger.com/profile/13785699277743637719noreply@blogger.com0tag:blogger.com,1999:blog-3080292867038407865.post-17211500553126338162009-11-14T19:19:00.000-08:002010-05-23T20:04:55.180-07:00You house is a home or a "investment"?saw this article titled "<a href="http://boss.blogs.nytimes.com/2009/08/13/a-house-is-a-home-not-an-investment/">A house is a home, not an investment</a>" lot of discussion.<br />I paste a short version here you can read full on NYTimes. btw, it's NY Times so the price maybe different in your area.<br /><br />"spend a nice week at a friend's new house. At the end of a visit with friends a while ago, I took a little tour through the house to count the rooms that had gone unused through the long weekend. <p>There was a finished game room in the basement, a kids’ playroom on the second floor, the <em>second</em> guest room, a sitting room and formal living and dining rooms — all unvisited for three days while the seven of us hung out in the family room and kitchen. Finishing my tour, I found four big air-conditioning units humming beside the house, each as big as the single unit that cools my own home quite nicely. </p> <p>Now, our friends are very successful small-business owners, and they can afford this house. But, wow! There’s a lot of money committed to owning and maintaining this palace — money that could be invested elsewhere, put back into the business or kept in reserve in case the business hits a rough patch. Is the home really a good enough investment to justify such expense?</p> <p><span id="more-2527"></span></p> <p>We often hear that the home is our “biggest investment.” But there’s a good case to be made that a home isn’t an investment at all. On a purely financial basis, owning a home is generally more profitable over the long term than renting. But I believe an expensive home is generally not as good an investment as an inexpensive one — not considering the alternatives. "</p><p>Continue at <a href="http://boss.blogs.nytimes.com/2009/08/13/a-house-is-a-home-not-an-investment/">NYTimes</a><br /></p>NOT A BANKERhttp://www.blogger.com/profile/13785699277743637719noreply@blogger.com0tag:blogger.com,1999:blog-3080292867038407865.post-70418685965760860992009-07-27T07:32:00.000-07:002009-07-29T05:35:33.957-07:00New home sales is out for June 2009.hard to say if this is just another data point on the graph, but it's positive one and that is what everyone could hope for in this condition.<br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://1.bp.blogspot.com/_gN9r9OK4j5Y/Sm26qVLkNmI/AAAAAAAAAEQ/766QqJjmFzw/s1600-h/from_reuters_home_june.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 400px; height: 338px;" src="http://1.bp.blogspot.com/_gN9r9OK4j5Y/Sm26qVLkNmI/AAAAAAAAAEQ/766QqJjmFzw/s400/from_reuters_home_june.jpg" alt="" id="BLOGGER_PHOTO_ID_5363147967671055970" border="0" /></a><a href="http://www.bloomberg.com/apps/news?pid=20601068&sid=aOdEKR9_Lz7s"> Bloomberg news</a>NOT A BANKERhttp://www.blogger.com/profile/13785699277743637719noreply@blogger.com0tag:blogger.com,1999:blog-3080292867038407865.post-73797186379831603622009-07-25T18:06:00.000-07:002009-08-01T11:17:56.151-07:00On site visit is a must!Depend on how long the build has been on the market or the type of person lived there before a short sell/foreclose house maybe in bad shape. See photo for two different house I visited.<br /><br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://4.bp.blogspot.com/_gN9r9OK4j5Y/SmusxtW0pwI/AAAAAAAAAEA/48PyaWARCYw/s1600-h/IMG_0050.JPG"><img style="margin: 0pt 0pt 10px 10px; float: right; cursor: pointer; width: 200px; height: 150px;" src="http://4.bp.blogspot.com/_gN9r9OK4j5Y/SmusxtW0pwI/AAAAAAAAAEA/48PyaWARCYw/s200/IMG_0050.JPG" alt="" id="BLOGGER_PHOTO_ID_5362569751303595778" border="0" /></a><br /><br /><br /><br /><br /><br /><br />A damage ceiling is not so bad, compare to molds..<br /><br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://3.bp.blogspot.com/_gN9r9OK4j5Y/SmutvKphadI/AAAAAAAAAEI/KzY0Ty6zGek/s1600-h/IMG_0049.JPG"><img style="margin: 0pt 10px 10px 0pt; float: left; cursor: pointer; width: 200px; height: 150px;" src="http://3.bp.blogspot.com/_gN9r9OK4j5Y/SmutvKphadI/AAAAAAAAAEI/KzY0Ty6zGek/s200/IMG_0049.JPG" alt="" id="BLOGGER_PHOTO_ID_5362570807138675154" border="0" /></a><br /><br /><br /><br />of course it looks bad, but the root cause is probably a old leaky roof which can be fix.<br /><br /><br /><br />next time I'll provide a list a simple check list of things to look for. Remember what you "see" may not be the true value of the property. If you know a contractor he maybe able to quote you the price to fix it up.NOT A BANKERhttp://www.blogger.com/profile/13785699277743637719noreply@blogger.com0tag:blogger.com,1999:blog-3080292867038407865.post-78225968761000221272009-07-21T22:21:00.000-07:002009-07-21T22:21:00.549-07:00credit is due...I was searching around for data points so I can compare the past 2 or 3 years foreclosure rate and found this graph from http://www.doctorhousingbubble.com most of the data are focus California, but still relevant.<br /><br /><br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://www.doctorhousingbubble.com/foreclosure-nation-highest-foreclosure-quarter-in-history-on-pace-for-35-to-4-million-foreclosure-filings-for-2009-california-housing-market-bubble-update-more-speculation-and-more-bubble-ec/"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 320px; height: 213px;" src="http://2.bp.blogspot.com/_gN9r9OK4j5Y/SmaENWx4gyI/AAAAAAAAADw/okV1CdoZoko/s320/nationwide-foreclosures.png" alt="" id="BLOGGER_PHOTO_ID_5361117771419124514" border="0" /></a>It looks so much better than my excel spread sheet! The blog titled "<a href="http://www.doctorhousingbubble.com/foreclosure-nation-highest-foreclosure-quarter-in-history-on-pace-for-35-to-4-million-foreclosure-filings-for-2009-california-housing-market-bubble-update-more-speculation-and-more-bubble-ec/">Foreclosure Nation</a>" if you like numbers and charts this web site got it all.NOT A BANKERhttp://www.blogger.com/profile/13785699277743637719noreply@blogger.com0tag:blogger.com,1999:blog-3080292867038407865.post-2243009469051210122009-07-17T10:59:00.000-07:002009-07-21T20:23:57.133-07:00Mix bag of mudForeclosure, seem to be a hot topic.<br /><br />· Foreclosure could be declining according to the <a href="http://www.fhfb.gov/">Federal Housing Finance Agency (FIFA</a>). April foreclosure starts were 85,938 down from the June's total of 88,491.<br /><br />· Foreclosures rose 15% in the first half of 2009 impacting 1.5 million homes according to <a href="http://www.realtytrac.com/">RealtyTrac</a>. In addition foreclosures in June increased 5% from May. RealtyTrac also said June was the fourth consecutive month of 300,000+ foreclosure notices.<br /><br />· For the first half of 2009 Nevada #1 Arizona #2 in foreclosures<br /><br /><br />Job Market, it is all about jobs! Unless and until the job market gets better and people get back to work, or if they are working and not feeling good about their long term job security, the recovery is going to be slow. If you want to watch one statistic watch the continuing job claims number.<br /><br />· animated map provides <a href="http://tipstrategies.com/archive/geography-of-jobs/">visual timeline of job loss in U.S</a> (2004-March 2009) let's just say "red" win.<br /><br />· Initial jobless claims were down 47,000 to lower than expected 522,000 (the lowest level since January 2009).<br /><br />· Continuing jobless claims fell to 6.2 million.<br /><br />· Every quarter since March 2006 bankruptcies have increased. In the month of March 2008 there were 245,000 and a year later there were 330,000 in March.NOT A BANKERhttp://www.blogger.com/profile/13785699277743637719noreply@blogger.com0tag:blogger.com,1999:blog-3080292867038407865.post-2547243000406923332009-06-20T19:00:00.000-07:002009-07-21T19:42:41.328-07:00Google map can now display real estate listing!The power of search + map + street view integrated!!<br /><br />I am guessing it's still in beta like their other applications.<br />http://maps.google.com/help/maps/realestate/<br /><br />Looks like <a href="http://www.truliablog.com/2008/04/09/in-the-news-google-trulia-true-view/">Trulia</a> was the first one to uses <a href="http://googlemapsapi.blogspot.com/2008/03/street-view-in-api-or-how-i-spent-my.html">Street View's API</a> to add value into its real estate search experience.NOT A BANKERhttp://www.blogger.com/profile/13785699277743637719noreply@blogger.com0tag:blogger.com,1999:blog-3080292867038407865.post-19265832655969513452009-06-03T11:12:00.000-07:002009-08-01T11:15:03.892-07:00Are we there yet? Don't bet on it.<div class="entry"><p>So it seems we have a variety of opinions regarding the proverbial bottom of the market: folks with vested interests in a thriving real estate market, like Zillow.com and commercial real estate mogul Sam Zell, claim that there are signs the market will improve in the next few months. Well, actually, Zillow did an opinion poll of users and reported that a majority of respondents think the market has hit bottom...wishful thinking, perhaps?</p> <p>Meanwhile, economists familiar with the details of the actual economy - you know, employment, consumer purchases, home sales, default rates - have a sobering, and ultimately more accurate assessment.</p> <p>Here's why we're nowhere near the bottom of the foreclosure-driven real estate market:</p> <p>1. Unemployment continues to rise. Unemployment is near 9% nationally, and over 11% here in California. The rate is expected to top 10% nationally by the end of the year, and may top 12% in California. What's more, unemployment has a ripple effect on salaries and household incomes, because the few available jobs generally offer lower salaries and fewer benefits than jobs in a healthier economy. Because housing values (in a stable, realistic market - please ignore the 2002 through 2006 fiasco) are inextricably linked to household incomes, the "real" (read: the part of the market other than foreclosure investors and bargain hunters) housing market cannot recover until household incomes stabilize.</p> <p>2. The foreclosure rate of prime loans is increasing. I hope that Congress is paying attention to this figure. According to <a href="http://www.nytimes.com/imagepages/2009/05/25/business/economy/25foreclose.grfx.ready.html" title="link to foreclosure data" target="_blank">data released by First American CoreLogic</a> , the number of prime loans at some stage of serious delinquency (90+ days late) or foreclosure is more than 1.5 million - nearly equal to the number of subprime loans in serious delinquency or foreclosure. What this means is that we can no longer pretend that the foreclosure crisis is limited to "irresponsible people who bought more than they could afford" - the problems in the housing market are hitting literally millions of people who fall outside that stereotype. Some economists estimate that more than half of the defaults this year will be caused by unemployment.</p> <p>3. The shadow inventory. We have a large number of homes that are not currently on the market, but will be soon, as REOs. Banks have been dragging their heels on foreclosures, mainly due to political pressure and their requests for taxpayer handouts. But now, with foreclosure activity ramping up again, banks will end up owning a lot more real estate. This is in addition to the real estate they already own but have kept off the market. Rising inventories of REOs will have to be liquidated sooner or later. This inventory is estimated to be hundreds of thousands of homes, and as we're on track to see close to 3 million foreclosures this year, those numbers are sure to rise. Banks keen on ridding their balance sheets of non-performing real estate assets will dump their REOs at rock-bottom prices, which will keep values depressed.</p></div>NOT A BANKERhttp://www.blogger.com/profile/13785699277743637719noreply@blogger.com0tag:blogger.com,1999:blog-3080292867038407865.post-45007727722562912372009-05-22T10:53:00.000-07:002009-07-21T20:26:23.369-07:00Will bubbles return?If people learn from their mistake, let's hope not.<br /><br />I found this article from forbes is pretty good read:<br /><br /><blockquote><a href="http://www.forbes.com/2009/05/16/real-estate-bubble-intelligent-investing-housing.html">The latest Case-Shiller Home Price Index is in, and it shows continued, steep declines in home values across the country. The Forbes.com Investor Team weighed in on what these latest numbers mean and discussed possible regulatory solutions. Overall, our industry observers see a long, slow slog back to normal for real estate as excess inventory is burned off.</a></blockquote>NOT A BANKERhttp://www.blogger.com/profile/13785699277743637719noreply@blogger.com0tag:blogger.com,1999:blog-3080292867038407865.post-43902212727678102009-05-15T11:22:00.000-07:002009-08-01T11:25:38.352-07:00Meet dumb and dumber! Mac and Mae<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://3.bp.blogspot.com/_gN9r9OK4j5Y/SnSIEymloAI/AAAAAAAAAEY/5wOpK0Cgdis/s1600-h/Freddie_Mac_and_Fannie_Mae_dumb.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 200px; height: 106px;" src="http://3.bp.blogspot.com/_gN9r9OK4j5Y/SnSIEymloAI/AAAAAAAAAEY/5wOpK0Cgdis/s200/Freddie_Mac_and_Fannie_Mae_dumb.jpg" alt="" id="BLOGGER_PHOTO_ID_5365062671989579778" border="0" /></a><br />I think the title pretty much express my view on the two fed backed company. Don't get me started on the bonus they are giving out.NOT A BANKERhttp://www.blogger.com/profile/13785699277743637719noreply@blogger.com0tag:blogger.com,1999:blog-3080292867038407865.post-47885488743215217872009-04-25T20:44:00.000-07:002009-07-21T20:50:14.086-07:00Please recycle your old news paper<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://3.bp.blogspot.com/_gN9r9OK4j5Y/SmaMEnq8i-I/AAAAAAAAAD4/hCRTiN4dfNQ/s1600-h/imagesnewspapers_home_online.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 400px; height: 305px;" src="http://3.bp.blogspot.com/_gN9r9OK4j5Y/SmaMEnq8i-I/AAAAAAAAAD4/hCRTiN4dfNQ/s400/imagesnewspapers_home_online.jpg" alt="" id="BLOGGER_PHOTO_ID_5361126417427631074" border="0" /></a><br />I guess I could just shop for house online :-) of course once you found the one you like you have to physically get there.NOT A BANKERhttp://www.blogger.com/profile/13785699277743637719noreply@blogger.com0