July 2009 CA Foreclosure Update by Mike Munzing
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Mike, I love your positings and your email updates! Keep up the Great Work!
Of course don't forget that the commercial properties HAVE JUST BEGUN DEFAULTING! We are talking about $100,000,000. loans being foreclosed upon. They keep hyping up the housing reports to detract from the much larger problem looming on the commercial side.
From Maryam F, Commercial Realtors
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I was being sarcastic... look out for September when the quantitative easing program will expire
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Great video!
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Great video. The manipulation is out of control and needs to stop, I wish more major media outlets would speak out about this. 20+ offers on properties because of the lack of inventory and crazy increase in demand!? Houses tripled in less than 10 years, what did they expect? Prices needed to come down and still do! Let the market take care of itself! The strategy to decrease supply and increase demand may be good short term but it will be terrible long term. They still have not learned!
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I had a conversation with the biggest asset manager in LA county. He has stated that his business is struggling because the government has set a silent moratorium to the lenders not to release but X% of investor to the market at a time. That is why REO is aggressively priced... causing multiple offer... and the new accounting rule for OTC derivatives doesn't help also... can you say dead cat bounce.. I swear its a genius move
BTW... I love the new video style with the graphs! Keep it up.
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You may mean $100 Billion... as $100 Million could be 10 loans, on the commercial side. Yep, we have a long way to go. Thank you for your kind words.
mmunzing 2 years ago
Actually what I mean is that the size of these commercial loans are individually so large in comparison to residential loans, that their impact on the economy and banks will be very considerable. I happen to know of several loans, each in excess of 100 Million in default. God help us all once this important issue unfolds!
MAMYIRANI 2 years ago
YIKES!! :-/ Thanks for the clarification.
mmunzing 2 years ago
Well put... perfect analysis!! They need to let this market correct on it's own.
mmunzing 2 years ago
Hey, thanks for your kind words and support. I do wish that I knew more about the lender issues... I just know what I sense and this is being completely manipulated. Help me... who's genius move is it? Obama's crew? Can they control the banks forever with his polls tumbling?
mmunzing 2 years ago