Are we about to have a DOUBLE DIP? San Diego thinks so...

Asked by Patrick Hale, San Diego, CA Thu Aug 12, 2010

I feel it. San diego is about to have a titlewave of foreclosures coming out. Does this mean not to buy? NO! This means buy right and buy now!

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Petercanada, Home Buyer, Gilbert, AZ
Thu Jan 13, 2011
I would wait. You can't tell where the bottom is until we recover a little. So wait until prices start moving up and then buy.
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Rudi Hofmann, Mortgage Broker Or Lender, El Segundo, CA
Tue Sep 14, 2010
You hear a lot about that, from various media. In reality, something can't be double dipped, if it hasn't fully recovered from the first one. My 2 cents. .... Happy funding, Rudi
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Ginger Jones, , Yuma Commerce Center, Yuma, AZ
Mon Sep 13, 2010
Patrick is correct. My direct contact at reoprep has told me to make sure my account is up to date because not only short sales but way more reo listings are coming up. I just received two more bpo orders today which is also a sign of this happening.
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Thom Colby, Agent, Irvine, CA
Wed Sep 8, 2010
IMHO, the banks need to release ALL inventory that's being held back as well as they need to approve short sales quicker.

Think about it, it's like pulling off a band-aid. Pull it off fast - it may hurt for a little while but it will heal quicker. If they release all the inventory and approve all the short sales in process, yes the market may plunge for a short while. But, inventory will clear-out, values will begin to rise again, and we'll get otu of this mess quicker!

just my .02

Thom Colby
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
We NEVER DOUBLE-END a Transaction in our Brokerage. There is NO benefit to the Seller or Buyer but only benefits the Agent. Also, NEVER use your RE Agent / Broker as your Lender and NEVER use teh RE Company Escrow and Title.
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Connie Wilda…, Agent, Long Beach, CA
Tue Sep 7, 2010
have to agree with Patrick... but I think the dip wave will keep hitting for a while... and be spradoic around the state... but we are not finished on this yet... the good thing for many homebuyers ... and I know this is a beaten dog, but interest rates are so low... for some this is the right time... if we do get even more challanged on value the issue I see the ablility to obtain a loan... it is not getting eaiser... and our goverment is making thing worse all the time... this run is not over yet...
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Patrick Hale, , San Diego, CA
Tue Sep 7, 2010
I do agree that the "double dip" seems to be coming or has started to come already. The only thing that is going to fix this economy is lowering the unemployment rate. They can reduce the interest rates as much as they want, but the fact is that there are a lot of people that want to buy, that cant get the money because they have taken a reduction in income.

I see another wave of distressed homes and foreclosures coming this next year. Like I said, if you can get financing, it is a great time to buy as long as you buy right and buy like an investor.

MY TEAM HAS OVER 100 PRE-LISTED FORECLOSURES AND WE ARE THE LISTING AGENT! - Please Email Me If you Are Looking For A Foreclosure In San Diego. Over 30 of them are FHA/VA Approved and Fully Renovated!

Hope this helps!

Patrick A. Hale, CDPE, RSD
Short Sale & REO Listing Agent
Associate Broker

"The Best Way To Predict Your Future Is To Create It"
Keller Williams Realty
Toll Free: (866) 538-6057 I San Diego: (619) 309-7883
Mobile/Text: (858) 539-6803 I DRE License # 01777558
Office: 4370 La Jolla Village Drive, Suite 400
San Diego, CA 92122

"Help Over 360 Distressed Home Owners Avoid Foreclosure"
If You or Someone You Know is in Financial Distress Visit:
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Khrystyna Ch…, Agent, Downtown San Diego, CA
Mon Aug 30, 2010
Hi, Patrick,
I understand your advice to buy now and I do agree that the timing is good.
The rates are the lowest they've been forever and prices are amazing.
The last 13 consecutive months prices in San Diego have been increasing steadily although not radically.
But what about July's drop?
27% of resale and around 13% of new homes sales plummeted!
The tax credit is gone and the sales are gone with it!
Is it just a temporarily coincedence or a sign of economy getting worse once again?
Unemployment is still up, and since 2009 and beginning of 2010 sales were driven by 1st time home buyers, that wave is currently absent.
Nobody has a crystal ball to exactly predict the future, but I do believe that the recovery is not as quick as a lot of us believe it is.

Your thoughts?
Khrystyna Chorna
Prudential California Realty
516 5th Ave,
San Diego, CA, 92101
tel: 619-808-7064
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