Norcal Spotted and BS Thread

anyone feel like blazing in concord?

 

Red with custom bumper and satoshi grill and black wheels
Turning on old redwood hwy

 

Que? Haciendo cosas ilegales no es buena.

 

What blazing?!?!?

 

Yea. He has All Pro front and rear bumpers as well as sliders and black wheels.

 

Saw a nice white DC. Lifted, sweet wheels and tires and a matching white tonneau cover. Heading into Sports Authority in Sunnyvale. Got a wave on the way past.

 

smchecmiclas i might be down after school on tuesday pm me i got to dvc

 

Looks like you don't need Shemicals....LOL!!!!

 

It has come to my attention that we will probably never see MJ anymore. He will be that name that everyones like... 'who?'


Congrats on the engagement buddy!

 

I've noticed a lot of condo/apartment construction lately. Hopefully, that's a good indicator.

 

Things are starting to move just a little bit, it's gonna be a long time before we see anything like it was

 

I think it depends on the sales of the stuff getting built. And indicators are it will be good, not great. We can hope.

 

Well the biggest problem is the banks, they are sitting on a lot of houses that they are keeping off the MLS, they are trying to keep prices higher. Well everyone knows this and until all that inventory is sold nothing is going to really start moving. Prices have not quite hit bottom yet in some of the mid markets because of this.

 

I want to say the last inventory number I'd heard was a year or two's worth of inventory that's not on the market.

The other telling thing is commercial occupancy. That's still down and until that increases, idk what will happen.

 

They should dump the inventory, renegotiate the underwater mortgages at current values, let the prices settle where they should be, make loans that make sense to the people who qualify, bring the credit to the people who can and will pay and the market will bounce back fairly quickly.

 

It would be a lot better for everyone if that happened. Honestly, the longer they hold that property, the longer the 'crunch' will drag on. However, the loans that make sense will be harder to deal with. If you look at how the last boom came to be, it was via loans that made no sense and banked (largely) on incomes rising more than three or four percent per year for that first five years and people taking zero down loans. The fact is, not everyone can afford a home and therein lies the biggest problem.

I was wondering if the increase in rental property construction could be an indicator of longer term issues in the housing market?

 

pmd

babytruck you dont even want to know what the shemicals are hahaha

SAW THAT TOO!!! Atleast well see him in Tahoe.

 

Yes, it is a long term problem, a result in people who can't qualify for loans now (mainly because the qualify bar is set way too high), are now going to be renters instead of owners. Housing is everything in Cali, nothing happens unless it's moving. The bank's shareholders don't want to take the writedowns to fix the problem that they themselves created. They killed the Golden Goose. I reckon about another year if nothing is done, the mid-markets will slide a little more, maybe around 5-6%, then I see a lot of good values to be had for people that want to keep the houses, not flip them over. At some point, there will be lenders who will catch on and hopefully come up with sensible loan packages that will get people in with the tried and true 20% down standard. These will probably be smaller lenders. The biggest problem is that incomes never kept up with inflation and the bubble drove prices way out of reach for many people. If someone can come up with a 30 year fixed, 20% down on say a $225,000 three/two with a $1500 a month note with a qualifying income totaling say $85-$100k household income, then a lot of properties will move.

 

Just got to shoot a 50BMG... so badass... check the guns section for video.

 

This will be difficult. In part because you're looking at a segment of the market that will be depending on housing prices roughly half of what they are today. This could happen for bank owned properties. But what happens to those who own their homes or who are not underwater but want to sell? Prices of those homes will be driven down below purchase price and that'll be almost the opposite problem we have today.