tag:blogger.com,1999:blog-8451517.post342904492384664548..comments2008-05-08T02:46:06.217-07:00MaxedOutMamahttp://www.blogger.com/profile/08011469804162511617noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-8451517.post-55829812033532697412008-05-08T02:46:00.000-07:002008-05-08T02:46:00.000-07:00Rob - that's what I'm wondering.<BR/><BR/>In a way, most of CA is a special case. The state has a very low percentage of home owners, so a lot of possible demand. <BR/><BR/>Of course, what percentage of those people are recent immigrants? <BR/><BR/>But you're right. The best prospects will get sucked up this year. They have money in the bank and have been looking to buy for years but haven't thought it makes sense. As the good stuff comes on the markets at substantial discounts (and it isn't rare to get 30-40% off), they buy.<BR/><BR/>There's another cohort behind those. They have good jobs, but maybe not as much money in the bank. They can save up, but will need some time. <BR/><BR/>I don't see prices bottoming in CA overall until about 2010. The problem is that you almost have to sell REO at what will be the bottom price, or close to it.MaxedOutMamahttp://www.blogger.com/profile/08011469804162511617noreply@blogger.comtag:blogger.com,1999:blog-8451517.post-47666805885833639522008-05-07T22:04:00.000-07:002008-05-07T22:04:00.000-07:00Pendings are very misleading. If it takes twice as long to close pendings get double counted. <BR/><BR/>Next leg down; running out of buyers. The universe of qualified and interested is being winnowed from both ends. Fewer qualified and those that are qualified and interested are buying and thus reducing the pool. The next wave of REOs will go begging unless they instantly cash flow and even then I'll let somebody jump in first.Rob Dawghttp://www.blogger.com/profile/10042154106850545479noreply@blogger.comtag:blogger.com,1999:blog-8451517.post-54817131610477870892008-05-07T15:24:00.000-07:002008-05-07T15:24:00.000-07:00I think they do. As prices fall it brings far more people into the qualifying bracket. <BR/><BR/>The limiting factor for many of these places is that you need a decent-sized downpayment.MaxedOutMamahttp://www.blogger.com/profile/08011469804162511617noreply@blogger.comtag:blogger.com,1999:blog-8451517.post-42850254721156899042008-05-07T13:11:00.000-07:002008-05-07T13:11:00.000-07:00Do 'pendings' still mean anything? We've been house hunting 4 out of the last 5 years (no, I did not pray for patience, however I am now)and until a few months ago, kept houses in my favorites to watch for price reductions. Now it's more interesting to watch and see if 'pendings' go through. Hope all is well in your world!Gaylanoreply@blogger.com