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Southern California's  MLS inventory is growing, thanks to distressed homes.  That's from a report coming in from Dr. Housing Bubble, one of our most fav blogs.

Dr. Housing Bubble says that these distressed homes were supposed to have been put in a loan modification program called HAMP. The ambitious plan was to help upwards of 4 million distressed homeowners but it didn't reach anywhere near that goal.

What do you do with all that inventory that is now piling up?

How about the good ole MLS?

So these properties are in the MLS now but does that mean prices will come down soon?

Read Dr. Housing Bubble's detailed analysis of the Southern California housing market opportunities.

Bank scrapped new lease MODEL HOMES-housing market collapse | Poztman

Development UPDATES: Another bank begins to destroy 20 homes in Temecula in Southern California. New homes by editor Patrick Thatcher for the Victorville Daily Press-L'effondrement accommodation takes the form of a literal demolished an …

Real Estate: Inventory of Unsold Homes Growing Steadily Across the …

The nation's inventory of unsold homes – an important component of a more balanced housing market in the second half of 2005 – is growing steadily in many areas of the country even though buyer demand continues strong, according to … The percentage of member real estate agents reporting plentiful vs. limited supplies increased from 33% in the first quarter to 38% in April, May and June. Exceptions would be South Florida, Arizona, Southern California and certain other …

PR: wait… I: wait… L: wait… LD: wait… I: wait… wait… Rank: wait… Traffic: wait… Price: wait… C: wait…

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Curbed NY has some interesting news. I was struck by the New York City landlords who aren't  real popular with their tenants.  Now some of those unhappy  tenants have put up a Facebook Group that is not quite complimentary.  Whoops.

Just goes to prove you need to have as good a working relationship as you can have with your tenants because these days with all that Tweeting and texting on phones, etc. you might get some very unwanted publicity.

I have no idea what the real story is behind the "I Hate _____" facebook group, but if you try to treat your tenants fairly they will most likely bring you new tenants.  That has been the best kind of advertising for us.

Read Curbed's Post about unpopular landlords

Curbed also has some more interesting New York real estate news such as more of his curbed marketplace showing us what apartments in Manhattan are renting and selling for.

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He point out "lenders have backed off on forced evictions, allowing many to remain in their homes, essentially rent-free."

He thinks the government is putting pressure on the banks not to foreclose and to modify loans.  He says  this hurts everyone who is paying their mortgages. 

Could he be right? 

One point we have always made is that real estate is local, not national.  However, with Washington getting more and more involved that could possibly be  changing the local landscapes concerning the banks.

Read more of Dr. Housing Bubble's shocking analysis. 

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A foreclosure is not just a foreclosure. Here is a well defined list of 8 different types of foreclosures in Texas, but they can give you a general idea of what you may be coming across as you do some deals.
(Remember each state is different and these definitions are not legal advice.)
Types of Foreclosure in Texas by Business Making Money

Here's another interesting foreclosure market article about a recent Zillow study and what they discovered concerning how foreclosures affect the general market.  It also lists the city with the best foreclosure "bargains"

Foreclosure Home Prices 28% Lower, Form 'Distinct Market …

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Now it's party time, apparently.

A  manse in  the Atlanta area that has been on the market for two years was the scene of a such a large party  the police had to order taxis to transport all the guests back to their cars parked at a local grocery store.

A heads up for real estate agents and property owners is that some party givers are looking at the houses and pretending to be interested buyers.

While the realtor is being distracted one of the "buyers" opens up a window to make sure they can come back and get into the house later.  Then they invite their guests to join them during late night hours.  Many of these guests pay to come.

Read Parties At Vacant Houses

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image from realtor.com

 Here are five properties that were sold for $1.00

I know, what's the catch?

When you're looking at the the Dodger's Statium, for example, there's a lot to catch.

Then there are the other examples such as the 33,000 square foot Washington manse that was shipped to Canada by barge after it sold for $1.00.

So if the value of the dollar is declining, does that mean these folks got an even better deal?

Read $1.00 Properties

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There are even more problems with the Chinese drywall as we now move in for round two.

Two insurance companies have dropped Florida homeowners who have made claims about the defective drywall.

As we've written before, the drywall is considered defective in some cases because it can emit sulfide fumes.

There have also been problems with the fumes causing corrosion of wiring and plumbing, plus some skin and breathing problems.

What?

The really bad news here is these insurers are demanding that homeowners fix the defective drywall themselves.

They must do that within six months of the date of notice.

That could cost as much as $80,000 upwards to $100,000 for the average homeowner.

Our take on all of this tragic mess is that we can't expect rehabbers and wholesalers to move in and work with these properties.

Read the Wall Street Journal's Article About More of the Chinese Drywall Problems

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A new administration moved in promising new jobs.  Guess what?   That often means bureaucratic jobs in government, right?

Those new people need a place to live, of course.

Washington Post real estate columnist Elizabeth Razzi gives us some good insight about what's going on in that market.

She also tells one of the absolute golden buyers' secrets.

"It's going to be life events… job changes, retirement, hard times, etc."

What she is referring to is why people move, or why homeowners will be forced to sell often below market value.

This is huge because a lot of investors seem to miss it.

It's also funny because one of the rather stupid questions some first time homebuyers asked her was why they were being constantly outbid on every property they have been bidding for.

Some buyers really need some better brain cells.

Another important point Razzi brings out that we should never forget is that real estate is local.  Just because one area is going up or down doesn't mean the whole country is.

Read Real Estate Live with Elizabeth Razzi

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That's better than having an occupied unit with a deadbeat.

Here's how we got rid of one of them without doing the credit check which would have cost us at least $25.

He was a very nice young man with the nicest manners I have seen in a long time.

He was personable and made an excellent first impression.

"Where do you work?" I asked.

"Well, I really don't have a job…" he told me. "I'm having trouble finding a job."

(Zonk.  You're out, my dear.)

He went on to explain he was working not one, but  two waiter jobs while he looked for a real job because he was a business major.

Those jobs were iffy at best because one of the restaurants was very small.

Here's what I told him…

"Our rule of thumb is that your rent really shouldn't exceed one third of your income at the most.  We prefer that it is only one fourth of your monthly income."

That was the end of that meeting and he left.

Here's today's quick landlord tip…

Be matter of fact with them and up front.  Show confidence.

Tell them you have standards (example, "we recommend your rent not exceed one third or one fourth of your income.")

They'll know you're on top of things. 

When you add that you'll do a credit check, they'll really get the message that you're on top of things.

Don't ever get discouraged when you get several deadbeats in a row.   That can be normal. 

Remember: It's a whole lot easier to get rid of them up front than it is to get them out later- when they won't pay you your rent.

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