I've been slow getting up some posts I have in the works. In the meantime here are some interesting links from around the web:
Underwater with Little Hope (Press Democrat): The Ochoas Real Estate agent no doubt told them in 2005 that they were making the the most important investment decision of their lives and to act now before they were priced out of the market. Now Sal Ochoa admits the home was "the worst investment I've ever made in my life." They put $120,000 down on their home yet are still almost $100,000 underwater on their loan. Trying to modify their mortgage is proving near impossible. If the terms they are offered are anything like those I've seen being offered to some of our readers (artificially low rates that creep up yearly, massive balloon payments in 25 years) they would be better off walking away.
HAMP = Another Exotic Mortgage (WSJ): Related to the above, the Obama program to help homeowners looks like they are curing the disease with more poison. As such, the Home Affordable Mortgage Program looks like at best will just kick the day of reckoning down the road.
Will BofA aggressively unload 500,000 foreclosures on the market? (Naked Capitalism): Various readers write in to shed some light on the rumor that Bank of America is about to flood the market with foreclosures.
New Healdsburg/Windsor Real Estate Website (GreenVine): I just stumbled upon GreenVineBlog.com run by Andrew Meyer that covers the local market. Looks like it has some good pictures and updates on projects going on around town.
Sales in Healdsburg Skyrocket (Redfin): Sales in Healdsburg surged in September and remain at an elevated level. My opinion is that this is a result mainly of the government throwing everything and the kitchen sink at the housing market trying to prop it up. A local agent also relayed that there are several first time buyers(many with the help of family members) who have been sitting on the sidelines for a while and now think they are timing the bottom. Readers of this site know I think we've got a long way to go before we see real estate prices bottom out. Still, the sales numbers can't be ignored:
Schedule for Week of October 26th
4 hours ago