You’d think, with the way so many people blow their horns over layoff’s here and bailout’s there, that this came as a big surprise. Well, when have the car companies in Detroit NOT needed a bailout from their crappy retro designs and (just as old school) manufacturing
processes? Why would companies NOT close an unprofitable area of operations unless is was government subsidized? Why are banks tearing down newly built homes? What?
Yup, that’s right – As you may have heard Guaranty Bank of Austin, TX started ripping down newly built homes in Victorville that, they said, would be too expensive to finish and it was cheaper for them to knock them down than keep on the books and try to sell. Talk about a strange turn around! Another one to look at closely is that as of Friday, in Santa Clara County alone, and with the main buying season here, “only” about 5100 homes were for sale, down from over 5900 just last month. What is this saying about the housing market in the area? Well, its too early to say, but the lower number may be due to the moratorium on foreclosures, which recently ended. Let’s see if the number is higher in the coming months.
Some say short sales are down too, at least at the higher end of the market, with owners
holding properties off the market – that may be true, but it in my view, there will be growing market for short sale luxury homes in LA and Orange County, as more and more high-end home owners just want to get as their option ARMs reset to a much higher principal and interest payment.
Shortsense.com – Lean how to short sale. Find short sales for sale.