The Collected Works of Author and Blogger Larry Roberts

Archive for December, 2011

Welcome to the OC Housing News! After nearly five years of writing for the Irvine Housing Blog, I feel it is time to expand my gaze beyond Irvine to the rest of Orange County. The Irvine housing market does not exist in a vacuum. Properties in nearby communities compete with Irvine for the attention of buyers. To really understand any housing market, we need to review properties and market conditions in surrounding communities. Therefore, this new blog will examine interesting properties in all of Orange County, California. Add to your bookmarks If you like my writing, and if this is your first visit I suggest you take a moment to add to your bookmarks. The entertaining and insightful market…[READ MORE]

One of the great advances which has come from the internet is the quick dissemination of useful information. In short, secrets don't remain secret very long. Lenders don't want borrowers to know that their friends and neighbors have stopped paying their mortgages, and their lives have improved. Lenders want borrowers to remain in the dark and fall victim to old beliefs and habits which prompt them to keep paying even when it is not in their best interest to do so. Unfortunately, the quick spread of information on the internet is getting out the word, and "mavens" like myself are not helping lenders out. Too bad for lenders. What disease and strategic default on mortgages have in common November 17,…[READ MORE]

Some lenders may be increasing the rate of foreclosures, but overall, the time it's taking banks to foreclose is increasing. The foreclosure time now stands at a record 631 days. Foreclosures don't take forever, but they certainly do take a very long time. Foreclosure used to be a deterrent to prevent borrowers from becoming delinquent on their loans. Now that the process takes so long, the prospect of two years of free housing is actually becoming an inducement for strategic default. Average Foreclosure Time Sets New Record Published: Thursday, 1 Dec 2011 -- 9:30 AM ET By: Diana Olick CNBC Real Estate Reporter Foreclosures are setting new records again, this time not in their overall numbers, but in the time…[READ MORE]

  I don't have any political ax to grind with the left. In fact, on many issues, I lean more left than right, but on the issue of giving away free houses, I think the extreme left has it wrong. In their interest in pandering for votes, they are calling up the troops in the Occupy wherever movement and sending them to foreclosure auctions to disrupt the activities. Perhaps we should just stop all foreclosures and let everyone who occupies a house to keep it, right? Occupy L.A. takes its fight to foreclosure auction Protesters disrupt bidding outside Norwalk courthouse on homes owned by banks and title companies with chants of 'Shame on you' and 'Banks got bailed out /…[READ MORE]

So many buyers were so certain prices would rise 10% or more per year forever. Those same kool aid intoxicated fools are now underwater, trapped behind their over-improved walls, eating off their priceless granite tops, wondering how did it come to this? The hope of a recovery is dissipating with the double dip in home prices, and pessimism about the future is pervading the land. Those are exactly the sentiments one finds at the bottom of the real estate cycle. Housing is in last phase of 'bubble,' expert says Dec. 2, 2011 05:25 PM   Nishu Sood, director of Wall Street's Deutsche Bank Securities, used the term "revulsion" to describe the current phase of metro Phoenix's housing market. "Revulsion," as…[READ MORE]

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