Sonoma Housing Bubble

Pulling the cork out of Sonoma's bubbly housing foolishness

Thursday, March 29, 2007

Subpoenas, Crazy Talk, & Vanishing Offers


In case you haven't seen this graphic over at Marinite's place... (ps. Thanks Reskeptic)

In other news

"Beazer Homes USA Inc. on Thursday said it has received a grand jury subpoena from the U.S. Justice Department for documents related to the company's mortgage origination business."

"Earlier this week, a representative at the FBI office in Charlotte said the agency was "conducting a potential fraud investigation" into Beazer, which builds houses for many first-time buyers."

'"We believe many buyers entered into aggressive mortgages due to the stretched affordability in many markets, but we think it may be difficult to prove fraud," Bank of America Securities analyst Daniel Oppenheim wrote in a note."

"According to an article earlier this week by BusinessWeek, the probe into Beazer stems from a series of articles that appeared in the Charlotte Observer earlier this month. Those stories described questionable lending practices and high foreclosure rates among some Beazer customers."

"Home builders with large mortgage businesses, such as Centex Corp. and high exposure to entry-level buyers, are most at risk for spillover from allegations of aggressive lending at Beazer, Oppenheim said."


On a more local note:

"Now that sales volumes are down, re-fi fever has cooled and some markets have softened, mortgage brokers and even lenders try to set their target value in advance of hiring their appraiser." 'Real estate will have to go back to 2000 levels. And a lot of people who just bought a home will find that instead of having an asset, they have a liability.'"

"'Internet-based mortgage companies call all the time,' says Curt Thor, a Marin appraiser for more than 20 years. 'They're fishing for appraisers. They tell me what the number is and ask me if I can match it.'"

Rubberstamp appraisers in God's country? Say it isn't so! (ps. thanks marinite!)


And this... said like it's a good thing? (found on Craig's list Sonoma)

Buy in the Neighborhood that Realtors do!

Date: 2007-03-20, 11:49AM

Realtors know where the appreciation is. More than 15 properties in this neighborhood are owned by local Realtors. That is because they know that this neighborhood, equidistant to the Plaza as much more expensive "East Side" homes, is going to increase in value probably more than any other within a mile of the Plaza.


We will likely be seeing many more of these kind of posts too... hold on tight... (also found on Craig's list Sonoma)

back on market offer not qualified

Date: 2007-03-18, 4:50PM

beutiful 3 bd 21/2 bath all the bells and whistles must see low maintanace yard beutiful solid marbal fountain this is nice naighborhood and guest unit or office

(ps. yes, this is the same guy we have featured here before) ;-)

7 Comments:

At 3/29/2007 10:07:00 PM , Blogger Marinite said...

Dnag! I meant to post that Marin appraiser's comment too and TOTALLY forgot about it. How could I? I must be losing my mind. No, I think I lost that long ago. Still have a heart though. Maybe I ate too much ice cream and froze a vital brain region. ANyway, I am going to steal that quote and re-cross-post it. Thanks Athena. You're a goddess.

 
At 3/29/2007 11:15:00 PM , Blogger Athena said...

Feel free! The work was all yours anyway. ;-) I am a slacker and have had no time to be posting all the really good stuff sent in by readers. Thank you, Thank you, and keep it coming. Things are settling down and I'm starting to catch up.

 
At 3/29/2007 11:18:00 PM , Anonymous x man said...

Excellent work athena!

I have been a faithful reader sunce last summer.

your fan,

x in sf

 
At 3/29/2007 11:22:00 PM , Blogger Athena said...

This search just in... Search Engine: google.com
Search Words: is it good buy condo sonoma county


What? Are you kidding me? That is today's dumbest question.

 
At 3/30/2007 09:55:00 AM , Anonymous marinite said...

is it good buy condo sonoma county

I can't help but think that Google searches are now the modern equivalent of asking the oracle at Delphi.

The Oracle at Google.

If you really want to know what to do, everyone knows you ask Conan:

http://tinyurl.com/3x6jau

 
At 3/30/2007 10:05:00 AM , Anonymous marin_explorer said...

"More than 15 properties in this neighborhood are owned by local Realtors."

Uh...that's somehow not very reassuring. I don't suppose these genius realtors can guess why.


(Btw--I am also "reskeptic".)

 
At 3/30/2007 10:38:00 AM , Blogger Athena said...

Marinite's link

 

Post a Comment

Subscribe to Post Comments [Atom]

Links to this post:

Create a Link

<< Home

My Zimbio
Top Stories Bloggapedia - Find It!

Estate Real, House New

Housing Crisis

Free Site Submit by
SiteSubmitService.COM