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September 01, 2005

Bubble Fever

Alligator A rash of insider selling at homebuilding companies appears reminiscent of a similar trend right before the technology bubble burst in 2000…

America's riskiest real estate: Watch out Bostonians; rest easy Seattleites

Go ahead and ride the bubble. Welcome to Ridiculous Real Estate

The Assessor of The City of Carson, CA allows you to access any property in the city, to find out who owns it

More real Castles For Sale in Europe

Cabin Fever: The rustic Russian dachas get gaudy

The Painted House, 3265 Mc Clintock Ave S Seattle, and other Unusual Homes. (From the wonderful site of Realtor Marlow Harris

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Riding on the City of New Orleans
Illinois Central Monday morning rail
Fifteen cars and fifteen restless riders
Three conductors and twenty-five sacks of mail
All along the southbound odyssey
The train pulls out at Kankakee
Rolls along past houses, farms and fields
Passin' towns that have no names
Freight yards full of old black men
And the graveyards of the rusted automobiles

(From Steve Goodman’s City of New Orleans. MP3 from Goldenfiddle)

The craigslist>New Orleans>lost & found is being used by people who are trying to find their New Orleans relatives

Many More Unusual Real Estate Stories Here

September 1, 2005 in Real estate | Permalink


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"America's riskiest real estate: Watch out Bostonians; rest easy Seattleites"

Amen. Housing prices in and around Boston are astronomical these days. Add in traffic and lack of parking and the Pacific Northwest starts to sound awfully good.

Posted by: Chris at Sep 1, 2005 6:07:35 AM

Having seen prices essentially double in the past 5 years, I was surprised when I first that article that says Seattle is one of the safer places to be a home owner! But glad to hear it none-the-less. :)

Posted by: Dustin at Sep 1, 2005 12:28:28 PM

Is the bubble ever going to burst?

Posted by: real estate guy at Sep 10, 2005 3:27:05 PM

Great blog! You heard about people having sex in open houses? Thought you'd get a kick out of these discussion links:



Posted by: Buckhead Wally at Oct 4, 2005 10:04:27 PM

Understanding Foreclosures

It is an unfortunate commentary, but when economic activity declines and housing activity decreases more real property enter the foreclosure process. High interest rates and creative financing arrangements also are contributing factors.

When prices are rapidly accelerating during a real estate "bonanza", many people go to any lengths available to get into the market through investments in vacation homes, rental housing and "trading up" to more expensive properties. In some cases, this results in the taking on of high interest rate payments and second, third and even fourth deeds of trust. Many buyers anticipate that interest rates will drop and home prices will continue to escalate. Neither may occur, and borrowers may be faced with large "balloon" payments becoming due. When payments cannot be met, the foreclosure process looms on the horizon.

In the foreclosure process, one thing should be kept in mind: as a general rule, a lender would rather receive payments than receive a home due to a foreclosure. Lenders are not in the business of selling real estate and will often try to accommodate property owners who are having payment problems. The best plan is to contact the lender before payment problems arise. If monthly payments are too hefty, it may be that a lender will be able to
make some alternative payment arrangements until the owner's financial situation improves.

Let's say, however, that a property owner has missed payments and has not made any alternate arrangements with the lender. In this case, the lender may decide to begin the foreclosure process. Under such circumstances, the lender, whether a bank, savings and loan or private party, will request that the trustee, often a title company, file a notice of default with the county recorder's office. A copy of the notice is mailed to the property owner.

If the default is due to a balloon payment not being made when due, the lender can require full payment on the entire outstanding loan as the only way to cure the default. If the default is not cured, the lender may direct the trustee to sell the property at a public sale.

In cases of a public sale, a notice of sale must be published in a local newspaper and posted in a public place, usually the courthouse, for three consecutive weeks. Once the notice of sale has been recorded, the property owner has until 5 days prior to the published sale date to bring the loan current. If the owner cures the default by making up the payments, the deed of trust will be reinstated and regular monthly payments will continue as before.

After this time, it may still be possible for the property owner to work out a postponement on the sale with the lender. However, if no postponement is reached, the property goes "on the block". At the sale, buyers must pay the amount of their bid in cash, cashier's check or other instrument acceptable to the trustee. A lender may "credit bid" up to the amount of the obligation being foreclosed upon.

With the recent attention given to foreclosure, there also has been corresponding interest in buying foreclosed properties. However, caveat emptor: buyer beware. Foreclosed properties are very likely to be burdened with overdue taxes, liens and clouded titles. A buyer should do his homework and ask a local title company for information concerning these outstanding liens and encumbrances. Title insurance may or may not be available
following a foreclosure sale and various exceptions may be included in any title insurance policy issued to a buyer of a foreclosed property.

Your local title company will be happy to provide additional information.

La Jolla, San Diego, Real Estate, Homes, Condos,

Posted by: Justin Chimento at Jul 7, 2006 3:08:04 PM

Many people think of foreclosure investors as being "bottom feeders" or parasites - taking advantage of the misfortunes of others. Others view them as being a necessary evil - or safety net that will help to adjust the market price and stabilize the real estate market. Whatever you think, someone must buy these properties. Just as "vultures" have their place in the natural ecosystem; so too foreclosure investors have a place in bringing some sanity and stability back into a real estate market that had become a feeding frenzy of over extended buyers driving ever higher prices in already over heated markets.

Posted by: John at Dec 6, 2007 7:41:10 AM

The general rule which has to be kept in mind while going for foreclosure is that the lender would rather receive payments than receive a home due to a foreclosure, he is not in the business of selling real estate and will often try to accommodate property owners who are having payment problems. The best thing is to contact the lender before payment problems arise.

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