Just because I had posted this article last night... Specifically the point on real estate. Just from my perspective, we had two verbal offers pretty close to our asking price which is well above the comps as the banks cleared out inventory at a discount. The strange thing is, the latest offer is wanting to move on the property so fast it's scary. They expected Anna to sign a contract tomorrow when they haven't even submitted a contract for us to read, they haven't put down the standard deposit that usually comes with an offer and a contract. For some reason this person is really serious about getting the deal done right away, but willing to let Anna stay in the house for an additional 60 days after closing so it's not a fast closing for rental purposes, I really don't know why this person is so interested in closing so fast, all cash, no inspection!
So this article I saw tonight seemed like a reasonable follow up, as I said last night, I don't know how the rental real estate bubble is going to pop, but I think it does and provides a massive amount of inventory and really cheap prices while at the same time many HELOCS from the property bubble are set to change and see their rates go up, it has something to do with a 5 year fixed and then a higher rate so many banks are getting ready for another bout of foreclosures, this time on the HELOC or second mortgage side.
In any case, I think there's opportunity for those who are patient and paying attention.
Here's the article I saw tonight about cracks in the NY real estate market. We have some interesting real estate data due out this week as mentioned last night as well. It's like a feeding frenzy down here in Florida, we've had properties in our community going for ABOVE asking prices after they have been offered to people who want to live in them as part of some Freddie of Fannie Mae program, after a month or so they open them up to investors and the bids go well above the asking price, interesting huh?
5 years ago
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