Real Estate Blog - Mortgage Fraud + Shielding a Client--Part I
I was driving around Carlsbad California today with a friend who is a Real Estate investor. When I mentioned that I saw this same no money down sign all over Encinitas and Carlsbad.
He said yes, and a few weeks ago there was a sign all over which spoke of an apprentice job where they were looking to pay the apprentice 20,000. My investor friend figured they were looking for someone with good credit to pull a fraudulent real estate deal.
The link above is an example of the type of fraud that seems prevalent in the San Diego Real Estate market, according to my investor friend. As we were driving through his neighborhood he pointed out two homes which involved homes that were marked up too high and then sold with cash back to the buyer.
Therefore, at least 2 of the 4 recent comps for a very popular neighborhood are fraudulent.
Buying a home in Carlsbad or other parts of San Diego - make sure you know what you are doing or you are working with someone who knows what they are doing.
Showing posts with label San Diego Real l Estate. Show all posts
Showing posts with label San Diego Real l Estate. Show all posts
Sunday, July 29, 2007
Saturday, June 23, 2007
When does a real estate market turn?
It has been reported at the recent Bank of America Homebuilders conference the CEO of Hovnanian Enterprises said the following.
When asked about the signs he would be look to to indicate a turning point in the decline Hovnanian responded:
“Well clearly, one of the things we are much more focused on then we ever were before is MLS listings in a given market. That is a dynamic that’s changed, we’re tracking it in every market. At the moment, unfortunately, most markets are showing negative signs in terms of the increasing MLS listings and lower monthly sales every month. ”
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this is interesting that it is a new dynamic for him. Real Estate agents have been taking about it for 3 years. We look at supply and demand to determine (novel idea?) - buyers, balanced and sellers markets. I noticed the market changed from buyers to sellers in Sarasota, Bradenton and Lakewood Ranch within in a few weeks of President Bush announcing that his blue Ribbon committee suggested a change to the home mortgage deduction. During the height of the bubble where houses were going up 10% a month we had about 40 "sales" ( I use pending and backups needed so I do not have to wait a month for "sale" data) and 40 properties "active". Now we have over 600 homes listed in our area and recently we popped up from about 20-22 sales going pending and backup needed to 45.
When asked about the signs he would be look to to indicate a turning point in the decline Hovnanian responded:
“Well clearly, one of the things we are much more focused on then we ever were before is MLS listings in a given market. That is a dynamic that’s changed, we’re tracking it in every market. At the moment, unfortunately, most markets are showing negative signs in terms of the increasing MLS listings and lower monthly sales every month. ”
===
this is interesting that it is a new dynamic for him. Real Estate agents have been taking about it for 3 years. We look at supply and demand to determine (novel idea?) - buyers, balanced and sellers markets. I noticed the market changed from buyers to sellers in Sarasota, Bradenton and Lakewood Ranch within in a few weeks of President Bush announcing that his blue Ribbon committee suggested a change to the home mortgage deduction. During the height of the bubble where houses were going up 10% a month we had about 40 "sales" ( I use pending and backups needed so I do not have to wait a month for "sale" data) and 40 properties "active". Now we have over 600 homes listed in our area and recently we popped up from about 20-22 sales going pending and backup needed to 45.
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